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Texas Land Trust Council: News Maincontent Local Navigation Supplemental Information print friendly search Regulations Publications Outdoor Learning Kids Game Warden Grants Get Involved Shop FAQ Calendar Español Experience Texas Fishing & Boating State Parks & Destinations Hunting & Wildlife Land & Water Doing Business Home Land & Water Land Private Tltc News Texas Land Trusts About Texas Land Trusts Starting a Land Trust Texas Land Trust Directory Foreword Listing Regional Index About the Texas Land Trust Council ( TLTC ) TLTC Board of Directors and Honorary Council News 2004 TLTC Conference Speech Bulletin Board TLTC Publications Land Trust Resources Texas Land Trusts Top 1-Million Mark in Acres Conserved What's this seal? 2004 Statewide Land Trust Conference What's a Lone Star Land Steward? Preserving Texas's Cultural Heritage Turning Brownfields Green Private Landowners Wildlife/Agricultural Tax Exemption The 2004 Statewide Land Trust Conference was held on Feb. 28-29 in Austin, Texas. This years' event was hosted by Texas Parks and Wildlife Department, National Parks Service and the Texas Land Trust Council. A total of 176 attendees were made up of representatives from 24 land trusts, numerous state agencies, federal agencies, city and county agencies, as well as river authorities. Participants included appraisers, range managers, attorneys, landowners, realtors, and corporate representatives. Several new organizations were at the conference this year including the National Wild Turkey Federation. While Texans made up the majority of the crowd; TLTC was pleased to welcome folks from Washington D.C., South Carolina, Colorado, Oklahoma, and Massachusetts. Saturday's morning plenary session sparked lots of interest. The panel of speakers discussed Ethics & Integrity in Land Conservation. Read the text of the speech from Ann Hamilton of the Houston Endowment from the Statewide Land Trust Conference. Event sponsors included Baker-Botts L.L.P., Locke Liddell & Sapp L.L.P. , Natural Texas, Guadalupe-Blanco River Trust, Lower Colorado River Authority, Texas Department of Agriculture, Jim Jeffries MAI, Magnolia Charitable Trust, Shield-Ayres Foundation, Jacob and Terese Hershey Foundation, C.F. Zavala Group and Integra Realty Resources. Contact Us | Help | Accessibility | Media | Site Policies | Complaints | Intranet | State of Texas | TRAILS Search | TexasOnline | Compact with Texans Texas Parks and Wildlife Department , 4200 Smith School Road, Austin, TX 78744 Toll Free: (800) 792-1112, Austin: (512) 389-4800 Content of this site © Texas Parks and Wildlife Department unless otherwise noted. Last modified: July 29, 2005, 4:38 pm
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Century 21 Real Estate: home buying, home selling, financing and property listings. español Put My Century 21 to work for you, simply register your email address and create a password. Once you're registered, you'll be able to • save property descriptions • store your search criteria • file agent information • build a custom library Find out more or register now! Already registered? Sign in . -- Welcome to Century 21 Real Estate Century 21 Real Estate is your online resource for home buying, home selling, financing and property listings. Whether it's a house, condo, or any other type of property, we can assist you with your real estate needs. Search for Properties Looking to buy a new home, condo or any other property? Search thousands of properties in our real estate listings. Search Property Listings » First Time Homebuyers Guide » View Our Buyer Service Pledge » International Century 21 Real Estate LLC is part of the largest real estate referral network in the world - with over 110,000 brokers and sales associates in over 30 countries and territories. Access our world offices today» Sell a Property Let our real estate agents create a customized marketing plan to sell your property. List your Property » View Our Seller Service Pledge » View Mortgage Rates View current mortgage rates, apply for a home equity loan, crunch numbers with home mortgage calculators and more! Apply for a Mortgage Now» Use Our Mortgage Calculators » Find an Office or Agent Find and contact a CENTURY 21 Office or Agent to handle your real estate needs. Find an Office or Agent » Quick Vote! Your vote counts! Let us Know Where do you spend the most time? Bedroom Living Room Kitchen Bathroom Dining Room ©2005 Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each CENTURY 21 Office Is Independently Owned And Operated. All rights reserved. Information appearing on this site has been produced by or obtained primarily from Century 21 Real Estate LLC and its representatives and from CENTURY 21 franchisees. Century 21 Real Estate LLC is not responsible for the accuracy or completeness of the broker information, sales associate information, listing information or other information provided by our franchisees appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such content. Certain conditions and restrictions apply to System promotions. Terms and Conditions of Use.
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Buying Investment Property, RichDad.com Get the book that started it all. The #1 New York Times Bestseller Rich Dad Poor Dad is the book that "rocked" the financial world, J.P. Morgan declares. The Wall Street Journal calls "Rich Dad Poor Dad a must-read for Millionaires" and USA TODAY says it's "A starting point for anyone looking to gain control of their financial future." Learn how to have your money work for you and why you don't need to earn a high income to be rich. ARE YOU READY T O G E T O U T O F THE RAT RACE? Rich Dad's Roads to Riches : 6 Steps to Becoming a Successful Real Estate Investor - Cassette/VHS This program, developed in conjunction with Time Life, will teach you about buying investment property. Missing any of this program can, and will create an investing nightmare when buying investment property. The program includes: - 5 Audio Cassettes -104-page Hands-on Workbook - 2 VHS Video Tapes Bonus Gifts - The book: '101 Ways to Massively Increase the Value of your Real Estate without Spending much Money' by Dolf De Roos - The Mortgage Calculator - Rich Dad's Real Estate Evaluator Rich Dad's Roads to Riches : 6 Steps to Becoming a Successful Real Estate Investor - CD/VHS This program, developed in conjunction with Time Life, will teach you about buying investment property. Missing any one of these steps can, and will, create an investing nightmare when buying investment property. The program includes: - 5 CDs -104-page Hands-on Workbook - 2 VHS Video Tapes Bonus Gifts - The book: '101 Ways to Massively Increase the Value of your Real Estate without Spending much Money' by Dolf De Roos - The Mortgage Calculator - Rich Dad's Real Estate Evaluator. Rich Dad's Roads to Riches : 6 Steps to Becoming a Successful Real Estate Investor - CD/DVD This program, developed in conjunction with Time Life, will teach you about buying investment property. Missing any one of these steps can, and will, create an investing nightmare when buying investment property. The program includes: - 5 CDs -104-page Hands-on Workbook - 1 DVD Bonus Gifts - The book: '101 Ways to Massively Increase the Value of your Real Estate without Spending much Money' by Dolf De Roos - The Mortgage Calculator - Rich Dad's Real Estate Evaluator Home | Sign Up | Events | Buy Products | About Rich Dad | Sitemap RealEstate Investment | RealEstate Investors | RealEstate Investing | Real Estate Investing FAQ | Getting Rich in Real Estate | Real Estate Books | How to Invest in Real Estate | Sample Articles of Incorporation | Buying Property | Biography of Robert Kiyosaki | Robert Kiyosaki Products | Success System | Financial Independence | Real Estate Courses | Passive Income Builders | Acquiring Passive Income | Passive Income Business | Types of Passive Income | Rich Dad Poor Dad Reviews | Rich Dad Poor Dad Book | RichDad | Rich Dad Poor Dad | Summary of Rich Dad Poor Dad | Examples of Personal Financial Statement | Personal Financial Statement | Financial Statement Example | Financial Statement Sample | Managing Money Tips | Cash Flow Notes | Winning in the CASHFLOW Business | CASH FLOW Quadrant Game | CASHFLOW Quadrant | CASH FLOW 101 Game | CASHFLOW 202 | CASHFLOW Game | CASHFLOW 101 Game | CASHFLOW for Kids | Financial Definitions | Cash Flow Definition | Achieve Financial Freedom | Financial Freedom Services | Manage Your Financial Freedom | Books on Financial Freedom | Get Out of the Rat Race | Rat Race Board Game | Escape the Rat Race | Give Up the Rat Race 2002-2003 | CASHFLOW is a Registered Trademark of CASHFLOW Technologies, Inc. CASHFLOW THE E-GAME Whatever your dream may be, CASHFLOW THE E-GAME teaches you money managing tips and how to get out of the Rat Race. Learn about money and finance in a fun, interactive environment. First Name Last Name E-mail Address --
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Buying a house with credit problems Click Here to Take Charge of Your Credit Buying a House with Credit Problems It happens to many of us. Obligations. Debts. Monthly bills. They allcan combine to get the best of you and as a result, credit problems arise. In the not too distant past, this oftenmeant having to wait 5 years, 10 years or more before attempting to purchase a home. Now, however, there are sourcesthat can help those who are doing their best to re-establish a solid credit rating. Overcoming Credit Problems Determine precisely what the problems are. You will need to have a clear picture of your current credit status so that you know whatto concentrate on. The quickest and easiest way to accomplish this is to run a credit check and begin to analyzeit. We have made arrangements with FreeCreditReport to offer a free copy of your credit report as well as a trial offer of their CreditCheckmonitoring service. Click here to get your free report . Or, you can see a number of options for obtaining a copy of your creditreport at ConsumerInfo's Credit Center . If your credit needs repair, begin the process at once. There are "credit repair counselors" who will, for a fee that is usuallyin the range of several hundred dollars, help you with the process. Or, with the right information at your disposal,you can handle the process yourself. Fresh Start: The Authoritative Guide to Consumer Credit Repair is a complete, 250 page manual that is reasonably priced and gives you a step-by-stepprogram for handling the credit repair process quickly and legally. More information . Start by getting the problems under control now. Do not incur any new debt. Do your best to begin to live within your means. This will be an advantagenow, when you are applying for a loan, as well as later, when you will need to meet your monthly mortgage obligation. Make a a commitment to a program of saving. Even if you have had credit problems, there are options available for mortgages if youhave downpayment money available. There is little or no hope if you have both credit problems and no cash. Concentrate on your needs in housing before your wants . Re-establishing your financialfooting is not as difficult as it used to be, but it is impossible if you attempt to buy more house than makessense. Be conservative! Concentrate on those lenders who specialize in working with thosewho have had credit problems. Spending time (and money) applyingto lenders who do not work with credit blemishes will accomplish nothing. If you have a local source that you knowwill consider such loans, take advantage of them. Other sources, available online, such as LendingTree , which has a large networkof lenders nationwide, including those who have experience in dealing with credit problems. HOME | YourChecklist | To-DoLists | Agents | Mortgages | Questions | Finda Home | Inspections | Research | More Links | Bookstore
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FCIC: Borrower's Guide to Home Loans Borrower's Guide to Home Loans Introduction Before you borrow money on your home's equity, think twice so you don't end up paying more than you expected. As part of AARP's Campaign Against Predatory Home Lending , AARP prepared this Borrower's Guide for you. We don't want you to be the next person who says, "They Didn't Tell Me I Could Lose My Home." AARP's Borrower's Guide gives you information that can help you get the best possible loan and avoid bad, or predatory, loans. You'll find worksheets , a glossary of terms , and information about: Getting the best loan possible ; Identifying the warning signs of a bad loan; Comparing home equity lenders ; Using reverse mortgages as an alternative to home equity loans; Making home improvements : contractors and contracts; Getting bids and selecting a home contractor ; and Examining the home improvement contract . People borrow on their homes for many reasons-to make repairs or improvements, to consolidate debts, to pay off medical bills, or something else. Sometimes there may be benefits to using your home equity when you borrow. But if the loan costs too much, the benefits disappear ... and so might your home. Remember: Get the facts before a bad loan gets you. Getting the Best Loan Possible Sometimes a home equity loan is a good way to borrow money, but there are some lenders that only bring problems. Predatory home mortgage lenders look for people who may have financial difficulty. They hunt for people who may be behind on property taxes, who need to fix up their home, or who need money for medical bills. Once they find these people, the lenders often use highpressure sales talk, high interest rates, outrageous fees, and repayment terms that the person can't afford. Fast talkers can trick homeowners into taking out loans that they can't afford to pay back. When they can't make the payments, their homes are at risk of foreclosure. Even if you don't have financial troubles, no one wants to pay more than is needed. Why pay interest rates higher than you need to? Why pay unneeded fees or charges? Whether you have excellent credit or not-sogood credit, you want the best possible loan you can get. Don't be fooled by loan offers you see on television or receive in the mail. They don't tell the full story. Be a smart borrower. Don't get caught in a bad loan! Follow these steps: Know your credit rating and credit score. Sometimes people who have good credit are charged higher rates and fees for loans because they don't know that their credit is good. Getting your credit report and credit score may help you negotiate the best loan for you so you don't pay more than you should have to pay. You'll want to look for any mistakes in your credit report and take steps to correct them. You can get your credit score on the Internet, usually for a fee, or a lender can give you a free copy when you apply for a loan. Avoid lenders who won't give your score to you. Most credit scores range from 300-850, and the higher the score, the better your credit. Most lenders consider scores over 700 as "good" to "excellent" scores. The three major credit reporting agencies are: Equifax: (800) 685-1111, www.equifax.com ; Experian: (888) 397-3742, www.experian.com/consumer ; and TransUnion: (800) 916-8800, www.transunion.com/index.jsp . For More Information AARP Webplace: Credit Scores and Credit Reports Check Your Credit Report Credit Scores: Before You Borrow Be cautious about using a home equity loan to consolidate credit card debts. Loan offers may tell you how you can save money by paying off credit cards with a home equity loan, but what they don't say is that your home is at risk if you do it. Yes, sometimes this type of loan is useful, but only if the loan's terms are very good-and you won't run up another credit card bill. Even then, if something should happen and you can't make the home equity payment, your home is at risk of foreclosure. An important difference: Credit card lenders can't foreclose on your home if you don't pay your credit card bills. But, a home equity lender can foreclose if you don't make the mortgage payment. Shop around. Get several offers and pick the loan that's best for you-not one that is best for the lender or broker. Use the worksheet on page 11 to help you pick the best loan offer you can get, and Know whether you want a loan or a line of credit. Talk to several lenders-not just those who send you mail, call you, or knock on your door. Start with several banks, savings and loans, credit unions, and mortgage companies. Understand the role of brokers if you decide to use one. Brokers charge you to find a lender; they don't lend the money themselves. Some lenders also pay the broker and then pass their cost on to you as a higher interest rate. Since you are paying the broker either directly or indirectly, using a broker may not get you the least expensive loan. Ask all lenders to explain in detail the loan plan they have for you. Pay close attention to the fees. Remember-the loan with the lowest monthly payment might not be the best deal. There could be hidden fees that may cost you more in the end. See a housing counselor to discuss your options. You can locate counselors certified by the U.S. Department of Housing and Urban Development (HUD) by calling 1-888-466-3487 or visiting the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm . Learn about reverse mortgages. For homeowners age 62 or older, this may be a better option than a home equity loan. These are loans you don't have to pay back as long as you live in your home. With a reverse mortgage you can get a lump sum of money, a monthly income, a credit line, or a combination of payment options. Close your deal carefully . Once you've found the loan you want, make sure you get the deal you were promised. Follow these steps: Read the loan papers carefully before you sign. Ask a lawyer, housing counselor, or a trusted friend to help you go over the papers. Be sure you understand exactly what the lender is offering -and what you're going to have to pay. Ask to have all fees explained. Ask questions if you don't understand something. Take your time. Don't be rushed. Be sure that all blank spaces are filled in on all copies before you sign. Know your options about credit life insurance. Only buy it if you really need it. Many people don't. If you do want it, shop elsewhere for the best terms. If the lender insists on it, find another lender. Be sure to look for this item on the forms given you at settlement. If what you read in the loan is not what you wanted or expected, don't sign the papers! Be prepared to walk out of the settlement (closing) if you find surprises. Tip: To Reduce Unwanted Credit Offers call 1-888-567-8688 or 1-800-353-0809 and ask all three credit reporting agencies Equifax, Experian, and TransUnion not to provide information about you to companies wanting to send you loan offers. Know your legal rights and use them. You have a legal right to know: The total cost of borrowing the money (fees and interest); The annual percentage rate (APR); The number of payments and the payment amounts; How long you have to pay back the loan; and The total amount you have borrowed With home equity loans, you have the right to change your mind, even after you have signed the papers. If you decide within three business days after you sign the papers that you do not want the loan, you have the right to cancel. You can cancel by sending the lender written notice of your decision to cancel by mail, hand delivery, or telegram within three business days. Saturday is a business day. For example, if you sign at 3 PM on Thursday, you have until the end of Monday to cancel. Ask for "return receipt requested" at the post office for proof of when you sent the notice. Report things that go wrong and get legal help. If you think that your lender is dishonest-for example, you discover fees that you weren't told about or you were required to buy credit insurance-report it! Call your State, County and City Government Consumer Protection Offices: (may be called consumer protection). You can find the phone number in the government listings of the phone book. Call your state Attorney General or state office of banking. You can find the phone numbers in the government listings of your phone book. Report the problem to the Federal Trade Commission (FTC) at 1-877-FTC-HELP, or at www.ftc.gov . Ask a lawyer to look at all of your documents to see if there are state or federal laws that would let you get out of the loan. Warning Signs Be cautious if anyone: Advertises or says,"Poor credit? No problem!" Calls on the phone or comes to your door offering you a "bargain loan." Rushes you to sign that day. Asks you to pay a fee "up front" to cover a first payment or other expenses. Offers you a loan with small monthly payments and a balloon payment that you'll have difficulty paying when it comes due. If You're Over 61, a Reverse Mortgage May Be a Better Choice for You A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die. Eligible Homeowners All homeowners must be at least 62 years old. At least one owner must live in the house most of the year. Eligible Homes Single family, one-unit dwelling. Two-to-four unit, owner-occupied dwelling. Some condominiums, planned unit developments or manufactured homes. NOTE: Cooperatives and most mobile homes are not eligible. How They Work Most require no repayment for as long as you live in your home. They are repaid in full when the last living borrower dies, sells the home, or permanently moves away. Because you make no monthly payments, the amount you owe grows larger over time. By law, you can never owe more than your home's value at the time the loan is repaid. You continue to own the home, so you must pay the property taxes, insurance, and repairs. If you fail to pay these, the lender can use the loan to make payments or require you to pay the loan in full. What You Get and How Much You Get Reverse mortgages can be paid to you: - All at once in cash; - As a monthly income; - As a credit line that lets you decide how much you want and when; - In any combination of the above. The amount you get usually depends on your age, your home's value and location, and the cost of the loan. The greatest amounts typically go to the oldest owners living in the most expensive homes getting loans with the lowest costs. Most people get the most money from the Home Equity Conversion Mortgage (HELM), a federally insured program. Types of Reverse Mortgages Loans offered by some states and local governments are generally for specific purposes, such as paying for home repairs or property taxes. These are the lowest cost reverse mortgages. Loans offered by some banks and mortgage companies can be used for any purpose. The Cost of a Reverse Mortgage The costs for loans from banks and mortgage companies usually include the following: - Application fee - Insurance - Origination fee - Monthly service fee - Closing costs - Interest These costs are usually added to the loan balance (what you owe). HECM loans are almost always the least expensive reverse mortgage you can get from a bank or mortgage company, and in many cases are significantly less costly than other reverse mortgages. Reverse mortgages are most expensive in the early years of the loan and generally become less costly over time. Before getting a reverse mortgage other than a government or HECM loan, carefully consider how much more it will cost you. What Else You Must Know The federal government requires you to see a federally-approved reverse mortgage counselor as part of getting a HECM reverse mortgage. For More Information AARP Webplace: Understanding Reverse Mortgages www.aarp.org/revmort " Home Made Money , "a free booklet by AARP, is available by calling 1-800-209-8085 or writing AARP Fulfillment, 601 E Street, NW, Washington, DC 20049. Ask for stock number D15601. Home Improvements Your home is worth a lot to you ... but dishonest home contractors see the value in it, too. Every year, people spend billions of dollars for home improvements. Usually the work is done well, but each year many homeowners are victims of poor, overpriced, or never-completed work. Some people posing as home repair specialists are simply con artists looking for easy money. Others are "front men" for predatory lenders. If you are planning on making repairs or improvements to your home, it is important to pick the right contractor and the right financing. Here's how. Identify what you want done and how much you can afford. Write a detailed description of the work you want done, including the quality of materials, brand names and model numbers you want to be used. Know how much you can afford to borrow and repay. Take time to find a reliable home improvement contractor. Get recommendations from friends, family and neighbors. Check with the State, County and City Government Consumer Protection Offices or Better Business Bureau to see if there are any complaints against the contractor. However, having no complaints filed is no guarantee of reliability. Have the contractor prove he is licensed, bonded, and has insurance. Check that information with local government offices. Get two or three written estimates that give details about materials, labor charges, and start and finish dates. Use the worksheet to help you ask the right questions to compare the bids you get. Remember: A clear and detailed contract can protect you if something goes wrong. In general, a contract should spell out who does what, where, when, and for how much. Don't be pressured to get your financing through a particular company. Be cautious of financing offered by the contractor. Dishonest mortgage brokers anc contractors often work together to take advantage of homeowners. Get several estimates for the financing, apart from the contractor's estimate. Ask a lawyer or housing counselor to explain all the terms of the financing agreement. Know your legal rights. You can cancel the home repair contract by sending a letter within three business days, if the contract was signed in your home or somewhere other than the contractor's permanent place of business. You can cancel the financing by sending a letter within three business days, and maybe even later, if your home is used as security for the loan. If you think your contractor or lender is fraudulent, notify the police, the local consumer protection agency, your state Attorney General, and state/city office of banking. Contact a lawyer. You may be able to sue the contractor or lender using state or federal laws. Warning Signs Be cautious if contractors: Sell door-to-door; Call you by your first name and act friendly. Say they are doing work "up the street" or "in the neighborhood." Claim to have left over material fro another job. Talk fast to confuse you or pressure yore to sign immediately. Accept only cash or want you to pay for the entire job upfront. Push you to borrow from their lender. Worksheet: Comparing Home Equity Lenders This worksheet can help you when you're comparing loans. Ask lenders questions and write down their answers. Remember, it's not only the monthly payment or the interest rate that matters in making your choice. If you compare the at least three lenders for borrowing the same amount, you may find a better deal. See the Glossary below to learn about any terms you don't understand. Worksheet: Getting Bids & Selecting a Contractor This worksheet can help you select a home repair contractor and compare bids. Ask contractors questions and write down their answers. If you compare at least three contractors, you may find a better deal. See the Glossary below to learn about any terms you don't understand. Glossary Adjustable Rate Mortgage (ARM): A home loan where the interest rate can go up or down during the time you are repaying the loan. Annual Percentage Rate (APR): The cost of a loan expressed as a percentage rate. It includes both the interest rate on the loan and many of the costs in getting the loan. APRs are the best way to compare loans. Balloon Payment: This is the very large payment that is due at the end of some loans. A balloon payment means that the borrower's monthly payments are used to pay the interest on the loan and that little of the payment is used to pay back the amount that was borrowed. Unless you know how you will make this payment, these loans can be risky. Bid: A written estimate of what your home improvement project will cost. Closing Costs: All of the "other" costs that you have to pay when borrowing money. They could include fees for credit reports, land survey, appraisal, title search, title insurance, document preparation, notary, points, credit life insurance, and attorney fees. Credit Insurance: An insurance policy (such as life, disability, or unemployment) that pays the lender the balance of the loan if something happens to the borrower before the loan is paid off. Sometimes the lender adds the entire price of the policy to the amount you are borrowing and this is very expensive because you pay interest on that amount. Credit Report: Credit bureaus collect information about your credit history-where you owe money, how much you owe, your credit cards, and your payment history. Lenders determine whether to give you a loan and how much to charge you based on information in your credit report. Credit Score: Your credit score is a number that is used by lenders to decide whether to give you credit and at what cost. It is based on information in your credit report. Equity: The difference between what your house is worth and what you owe on it. For example, if your house is worth $150,000 and you owe $100,000, your equity is $50,000. Fraud: Dishonest business practices that lead to your doing something against your best interest. Housing Counselor: Counselors can help you explore your options, find a loan, and explain loan documents. They also offer help with foreclosure problems. The Department of Housing and Urban Development (HUD) certifies housing counselors. Installment Payments: Partial payments made to home improvement contractors as the work is being done. Interest: The percentage rate lenders charge you for using their money. The higher the percentage, the more you pay. Line of Credit: A pre-approved amount that you can borrow. You only borrow what you need, when you need it. Mortgage Broker: A person you pay to help you find a lender. Points: Each point is 1% of the amount you are borrowing. Predatory Lenders: Lenders who take advantage of borrowers and make loans that the borrowers cannot afford. They may charge very high interest rates or fees, hide costs, or lie about loan terms. Principal: The amount of money that you borrow. Reverse Mortgage: A home loan you do not have to pay back for as long as you live in the home. Repayment of the loan is due when the last surviving homeowner dies, sells the home, or permanently moves away. Settlement: The meeting where you review and sign your loan papers. Also called a "closing." Total Amount to Repay: This is the total amount of fees, points, and all monthly and balloon payments that you will pay over the life of the loan. American Association of Retired Persons is a nonprofit, nonprtisan membership orgnization for people 50 and over. We provide information and resources; advocate on legislative, consumer, and legal issues; assist members to serve their communities; and offer a wide range of unique benefits, special products, and services to our members. These benefits include AARP Webplace at www.aarp.org , Modern Maturity , and My Generation magazines, and the monthly AARP Bulletin . Active in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP celebrates the attitude that age is just a number and life is what you make it. 601 E Street NW Washington DC 20049 Email: member@AARP.org © 2001. All rights reserved. Reprinting with permission only.