Home Equity Conversion (HEC).

Home Equity Conversions: Reverse Mortgages Home Equity Conversions: Reverse Mortgages Authors: Celia Ray Hayhoe, Ph.D, CFP®, Family Resource Management Cooperative Extension Specialist and Stacey Williamson, Graduate Assistant; Virginia Tech Publication Number 354-025, Posted April 2004 Many senior adults are finding it hard to live on their fixed retirement incomes and are looking for ways to supplement those incomes. For some, the largest asset they own is their home, but they do not want to sell their home and move. For these individuals, there is an option called Home Equity Conversion (HEC). One type of home equity conversion is a reverse mortgage. The equity or cash value of the house is used to provide income to repay the loan. All reverse mortgage options are not the same. They have different eligibility requirements, income amounts, timing of payments, interest rates, and/or initial costs. Homeowners should compare the different options, keeping in mind their goals and needs. Advantages The value of your house, not your income, is used to determine eligibility. You can receive a lump sum, a line of credit, or a monthly amount, without having to make a monthly repayment. You do not have to sell your home and move, and can continue to live in the same familiar surroundings. You do not have to worry about losing your home to foreclosure since the payments are made out of your equity in the home, not from your income. The loan must be repaid when the house is no longer used as your personal residence. However, the lender can only look to the proceeds from the sale of the house for repayment. They cannot go to your heirs if the house sells for less than what was borrowed. Money can be used for any purpose. You must attend a free HECM/HUD approved counseling session to see if this type of mortgage is right for you. Disadvantages Interest for a reverse mortgage is compounded, and cannot be deducted on income taxes until you repay it. The income you receive decreases the equity in your home, and the equity may not be adequate for your future needs or for your estate. Interest rates and initial costs (application fees, points and closing costs) are usually higher for a reverse mortgage than for other equity loans. Income ends when you sell your home or no longer use it as a principal residence. Payments may affect Supplemental Security Income and Medicaid payments. You must attend a free HECM/HUD approved counseling session. This may add time to the process of obtaining a loan. You may need to pay off your existing mortgage out of the proceeds of your reverse mortgage. You will be required to maintain the house, pay the taxes, and carry property insurance. Eligibility You could be eligible if you own your own home, use the home as your principal residence, and are at least 62 years of age. You must also have adequate equity in the home. A lender looks at the equity in the home plus any expected appreciation or depreciation in the value of the home to calculate a base amount. The costs associated with any reverse mortgage loan (application fees, interest rates, closing costs, initial charges, sales commissions, and homeowner's insurance) also must be considered. All reverse mortgages currently available in Virginia require homeowner's insurance. The lender and the homeowner must work together to determine the type of payment, the payment amount, and the time period. This is determined not only by the calculations of the base amount by the lender, but also by keeping your goals and financial needs in mind. Income Income from a reverse mortgage is not taxable, and will not affect Medicare eligibility or benefits. But the added income can affect both Supplemental Security Income and Medicaid eligibility and benefits for Virginia residents. Confused? A home equity conversion is not a home equity loan! Home-equity loans require that a homeowner has enough income to pay back the loan, and the payments are made in monthly amounts. A home-equity loan would not work for the majority of senior adults who are living on limited fixed incomes and who could not afford a loan payment. Example A wide variety of loan options are available depending upon your age, the amount of equity available, the time period of the loan, and the way payments are disbursed. For example, Mary Jones, a 75-year-old widow whose home is her principal residence, is looking at a ten-year reverse mortgage that will provide her with additional monthly income of approximately $450. At the end of the ten years the monthly income payment will stop. But because her loan is through an insured lender (loans offered by HUD approved lenders have government guarantees), the loan will not have to be repaid until she sells the home, moves, or dies. Home Equity Conversion Checklist These questions can to help you determine if you are eligible for a home equity conversion (HEC). YES NO 1. Are you 62 years of age or older? _____ _____ 2. Is your mortgage paid off in full or nearly so? _____ _____ 3. Do you use your home as your primary residence? _____ _____ If you have answered yes to questions 1 through 3, you might want to consult with an HEC lender for specific information. The following questions will help to determine if you are eligible for a Housing and Urban Development (HUD) home equity conversion. A HUD-HEC is similar to other HECs but with additional requirements for the property and residents. 4. Is your home a single-family dwelling? _____ _____ 5. Will your home probably meet HUD minimum property standards? _____ _____ 6. Is your family income less than 80% of area median? _____ _____ If you have answered yes to questions 1 through 6; you might want to consult with a HUD-HEC lender for specific information. The following is a list of HEC/Reverse mortgage programs. FHA - HECM (Home Equity Conversion Mortgage) Guaranteed by FHA/HUD Flexible Income Payment Option Growing Line of Credit Maximum Lending Limit - $ 280,749 Cash Account Flexible Income Payment Options Growing Line of Credit Higher Equity Release Options No Maximum Lending Limit HomeKeeper by Fannie Mae Guaranteed by Fannie Mae Line of Credit Options Maximum Lending Limit - $ 322,700 Zero Point Cash Account Closing Costs Limited Minimum Draw at Closing Required Interest Rate Cap No Maximum Lending Limit The following lenders offered HEC/Reverse mortgages as of March 2004: Mortgage Capital Investors Equity Division 6571 Edsall Road Springfield, VA 22151 (703) 941-0711 East West Mortgage - HECM, HK, CA 4321 Northview Drive Bowie, MD 20716 (866) 9REVERSE [(866) 973-8377] (301) 809-1568, ext. 225 Financial Freedom Senior Funding Corp. (Subsidiary of Lehman Brothers, FSB) - HECM, HK, CA (800) 368-3254 Reverse Mortgages of the Mid-Atlantic - HECM, HK, CA (800) 745-0102 Suntrust 564 Lynnhaven Parkway Virginia Beach, VA 23452 (757) 431-4876 Fidelity & Trust Mortgage, Inc. - HECM, HK, CA 7229 Hanover Parkway Suite C Greenbelt MD 20770 (703) 273-3797 (800) 458-4624 People's Choice Mortgage - HECM, HK, CA (757) 564-8596 Wells Fargo Home Mortgage - HECM, HK (888) 292-1180 Inclusion on this list of lenders does not imply endorsement by Virginia Cooperative Extension, nor does omission from this list imply a lack of endorsement. Home Equity Conversion Comparison Worksheet Name of Lender Features Payment Option: ----------------------- ----------------------- ----------------------- Lump Sum Option Line of Credit Option Monthly Benefit Option APR (Annual Percentage Rate) Time Period Application Costs Closing Costs Sales Commissions Insurance Costs Other Initial Charges For More Information AARP Home Equity Information Center 601 E. Street NW Washington D.C. 20004 (202) 638-2863 http://www.aarp.org/revmort/ Reverse Mortgage Money (866) 363-1914 requestinfo@reversemortgagemoney.com American Credit Counselors Tudor Square, Ste. 10 211 Roanoke St. Christiansburg, VA 24073 (800) 926-0042 virginia@cccsswva.org http://www.americancredit.org HECM Counseling National Center for Home Equity Conversion 360 Robert Street North Suite 403 St. Paul, MN 55101 (651) 222-6775 People Incorporated 1173 W Main St Abingdon, VA 24210-2428 (540) 623-9000 HECM Counseling Original authors: Patricia Gorman, graduate assistant, and Kathleen Parrott, former Extension housing specialist, Virginia View this document in PDF format Visit Virginia Cooperative Extension

real estate prices in

Towards Liberty International Society for Individual Liberty > Don't Get Stuck Paying "Zombie" Debt – Towards Liberty – A commentary on current events by Jarret Wollstein The Coming Real Estate Collapse – 05-24-05 – As real estate prices in much of the U.S. continues to soar, evidence is growing that both commercial and residential real estate is greatly over-priced in many of the country's hottest markets – including New York City, Boston, Washington, D.C., Miami, and much of California. One clear indication that real estate is overpriced is that rents are now a fraction of mortgage payments, and are continuing to fall in terms of real dollars. For instance, Forbes reports that cash return on income-producing real estate has fallen from 9% a few years ago, to just 5% to 7% now, and is likely to go lower. You can clearly see why rents are falling in overheated markets like California's Silicon Valley. In the San Francisco-San Jos corridor, there is currently over 33 million square feet of un-rented (and in many cases never occupied) commercial space. Last year, just 65 thousand square feet of this enormous inventory was rented. At that rate, it will take over 507 years to rent all unoccupied commercial real estate in Silicon Valley. Since most investors can't wait over half a millennium for returns on their capital, what's more likely is that commercial real estate prices in this "hot market" will soon fall like a rock. Another indication that real estate is poised for a fall, that fewer and fewer people can afford today's astronomically-priced houses. For instance, in California – where ordinary 2,000 square foot, 3-bedroom homes are going for $500,000 to $2,000,000+ – less than one family in six now qualifies to repurchase their own house. Another indications that real estate is ready for a fall: Of 362 U.S. metropolitan areas, about 15% are experiencing a housing "boom" – a three-year, inflation adjusted price gain of 30% or more – according to the Federal Deposit Insurance Corporation. That's the highest number of boom markets ever recorded in the 30 years that they have been tracked. In Americas hottest real estate markets – including the big cities in New York, Florida and California – housing prices went up by 15% to 35% in the past year alone. This is clearly unsustainable. No matter how low interest rates are and no matter how many schemes George Bush comes up with for an "ownership society," it's clear that we are rapidly reaching the point when hardly anyone can afford to buy a new house in a hot real estate market, without putting their financial future in jeopardy. So what's propping up the real estate bubble, and causing housing prices to go ever-higher, even as rents fall and commercial landlords face enormous vacancy rates? Besides artificially low interest rates, the answer, in a word, is speculation. Up to one residence in three in California is now purchased not to live in, but for resale, according to the San Francisco Chronicle . The comparable figure may be as high as one property in two in the Las Vegas area. In downtown Miami, 80% of approximately 35,000 new condos now under construction or just completed, are owned by investors – not people who actually plan on living in them – according to MoneyNews.com. Call it the triumph of delusion over reality. I can't tell you how many people have told me that real estate price "can't fall, because if they did, they would be bankrupt." In other words, because they want prices to stay up, they must stay up. If you believe that, there is a nice three-bedroom fixer-upper on a dirt lot, and on the edge of an eroding cliff, in Pacifica, California, I'd like to sell you for just $2.5 million. Buy this bargain now, before the price really goes up! (This is a real example.) In the current frenzied real market, self-delusion is rampant. In Florida's red-hot real estate market, one Miami realtor recently told the New York Times , "South Florida is working off a totally new economic model than any of us have ever experienced in the past." That's precisely what executives of dot coms told investors to justify their astronomical stock prices, just before the collapse – which triggered the destruction of over $3 trillion in stock value. Unfortunately, for many overextended home owners, property prices aren't immune to the laws of economics. Property prices can and do fall in America, as witnessed by the bear markets of 1974-75, 1980-82 and 1990-92. A personal example: One Northern California home owner I know bought his 2,000 sq. ft. house for $750,000 in 1989. In 1992, he was couldn't get $450,000 for his property, and was forced to declare bankruptcy after he lost his job. Millions of overextended American families with "interest only" and adjustable rate mortgages will likely find themselves in the same boat, when mortgage interest rates edge up above 7% or 8% – which is likely by the end of this year. (Fed Chairman Alan Greenspan has warned that we can expect at least a 2.25% increase in interest rates in 2005, on top of the 2% increase in 2004.) The brutal financial reality is that a mere 2% rise in mortgage rates, can increase ARM payments by as much as 40% – an unsustainable burden for families living on the edge. One way or another, at best , the U.S. real estate bubble has 1 to 2 more years to run before it collapses. If you or your children are among those living in overpriced homes you can barely afford, NOW is the time to sell, when the market is at or near its peak, and before prices drop by 30% or more – and they find themselves living in a Motel 6 or in your basement. To minimize taxes on the profits, reinvest in a home in a small town or rural area where prices arent so absurd, and bank the rest. Please stay in touch! Add yourself to our e-mail list. Two times per month we send an update on the activities of our members and new features at ISIL.org. Simply enter your e-mail address here and click the button. You can easily remove yourself (unsubscribe) at any time. E-mail us at isil@isil.org if you have any personal questions or comments. E-mail address: Subscribe Unsubscribe

Land Loan : 1.

LegalOnline.com: Your Source For Law - mccutchen - mccutchen.com McCutchen.com is for sale! $2,500.00 Sponsored results for Land Loan : 1. Land Loan Specialist in CA and NV Union Home Loan, Inc. lends for single family, commercial, developer lots, raw land, unimproved and improved property of all types and land purchases. It's easy to qualify. www.unionhomeloan.com 2. Found Your Dream Lot? You've found the perfect location to build your dream home. Now you need the perfect land loan. With a lot loan from IndyMac Bank, you choose the program that's right for you. hcl.indymacbank.com 3. West Coast Hard Money Expert: Land Loans Union Land Loan Center arranges loans for all types of land whether residential, commercial, or industrial. Hard money loans available from $20,000 to $3,000,000. Apply online today. www.unionlandloans.com 4. Land Loans - Hard Money Hard money for land and commercial real estate. No upfront fees. $150,000 minimum. No houses or construction loans. www.hardmoney.cc 5. Land Loan Quotes Get land and construction loan offers. Simple land lot loans application. Get competing rates. www.land-loans.net 6. Land Loans at Lending Universe At Lending Universe, your land loan request will be seen by 10,000 brokers, qualified lenders and private investors. Get multiple bids for your loan request. Sign Up Free. www.lendinguniverse.com 7. Resource for Land Loans If you have land we have a loan. Apply online and we can provide you a land loan. www.everysinglemortgage.com 8. Land Loans COBS Homes provides home plans, budget and materials. 100% construction and land loans. Step-by-step guidance helps you save money and keep control over your project. www.cobshomes.com 9. iBank - Land Loan Network Fast, direct, real-time lending. Connect with 225 commercial lenders nationwide. Compare rates and terms. Connect now - we process $7.1 billion commercial loans monthly. www.ibank.com 10. Oregon Land Loan - Free Quotes Compare mortgage and refinance quotes from 100's of local lenders. All credit OK, instant response. www.refinancelibrary.com More Results ›› RELATED LINKS Land Loan Bathroom Vanity Kitchen Remodeling Vinyl Siding Waterproofing Home Builder Pet Memorial Bathroom Cabinet Amerock New Home Builder Search: Other Categories | Advertising | Art | Automotive | Aviation | Baby | Boating | Books | Cash | Crafts | Credit Cards | Dating | Education | Electronics | Employment | Entertainment | Family | Fantasy Sports | Fashion | Finance | Fitness | Food | Furniture | Games | Gardening | Genealogy | Gifts | Health | History | Hobbies | Holidays | Home Improvement | Horoscopes | Jewelry | Loans | Mortgages | Movies | Music | News | Online Shopping | Pets | Real Estate | Religion | Science | Shopping | Small Business | Sports | Tattoos | Taxes | Technology | Travel | Weddings | Wellness ® 2005 YesDirect, Inc. About | Home | Privacy Policy | Terms of Use

rental property and share

SEQRents - Rental accommodation, property and share accomodation in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland SEQRents displays pictures and descriptions of rental property and share accommodation in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland. So if you are looking for a high rise apartment, flat, unit, house, townhouse, apartment, condo, duplex, tenant, flatmate, resort accomodation, holiday accommodation or share accommodation in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland. Why use real estate agents like LJ Hooker at www.ljhooker.com, Ray White at www.raywhite.com, Professionals Real Estate, Century 21, Raine & Horne, First National Real Estate, PRD Realty, Gabe Daly at www.gabedaly.com.au, REMAX Real Estate at www.remax.com.au, Jeff Jones Real Estate at www.jeffjones.com.au or WJ Tobin Real Estate. SEQRents displays executive accommodation, short term lease accommodation, long term lease accomodation, share accommodation, resort accommodation and holiday letting property. Unlike www.property.com.au, PropertiesRUs www.propertiesrus.com.au, Rentme www.rentme.com.au, No Agents Fee www.noagentsfee.com.au, Real Net www.realnet.com.au, Brisbane Exchange www.brisbaneexchange.com.au, Find a Bed www.findabed.com.au, The Owner Direct www.theownerdirect.com.au, Homehunter www.homehunter.com.au SEQRents displays pictures and descriptions of rental property and share accommodation in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland. So if you are looking for a flat, unit, house, townhouse, apartment, condo, duplex or share accommodation in Brisbane, Gold Coast, Logan City, Ipswich and South East QLD. Find out the rent, number of bedroom or bedrooms, bond, duration of lease or tenancy, if it is furnished or unfurnished, if your dog, cat, fish, bird, animal or pets are allowed in your rental flat, unit, house, townhouse, apartment, condo, duplex, resort accomodation, holiday accommodation or share accommodation in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland. Listing includes landlord, property manager, lessor, property owner, real estate agent, letting agent, flatmate, head tenant contact details for each flat, unit, house, townhouse, apartment, condo, duplex, tenant, flatmate, resort accommodation, holiday accommodation or share accommodation in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland appear on the page. 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With SEQRents you can take a seat, make yourself comfortable and view rental property in Brisbane, Gold Coast, Logan City, Ipswich and South East Queensland at a time and place that suits you. seqrents has links to REIQ www.reiq.com.au, The Property Owners Association of Australia POAA, The Property Owners Association of Queensland POAQ www.poaa.asn.au Tenants Union www.powerup.com.au/~tenunq and Residential Tenancies Authority RTA www.rta.qld.gov.au If you are looking for a flat, unit, house, townhouse, apartment, condo, duplex, tenant, flatmate, resort accomodation, holiday accommodation or share accommodation in Acacia Ridge, Albany Creek, Albany Hills, Albion, Alderley, Alexandra Hills, Algester, Annerley, Archerfield, Ascot, Ashgrove, Aspley, Auchenflower, Balmoral, Bardon, Beenleigh, Belmont, Boondall, Boronia Heights, Bowen Hills, Bray Park, Bribie Island, Bridgeman Downs, Brisbane City, Broadbeach Waters, Brookfield, Browns Plains, Bulimba, Buranda, Burbank, Burpengary, Caboolture, Calamvale, Camira, Camp Hill, Capalaba, Carina, Carindale, Carrara, Carseldine, Centenary Suburbs, Chapel Hill, Chelmer, Chermside, Clayfield, Clear Island Waters, Cleveland, Coolum, Coorparoo, Corinda, Cornubia, Crestmead, Daisy Hill, Doolandella, Durack, Dutton Park, Eagleby, Eagleby North, East Brisbane, Eatons Hill, Eight Mile Plains, Enoggera, Everton Park, Ferny Hills, Forest Lake, Fortitude Valley, Goodna, Gordon Park, Grange, Greenslopes, Hamilton, Hawthorne, Herston, Highgate Hill, Hill End, Hillcrest, Holland Park, Hope Island, Inala, Indooroopilly, Ipswich, Jamboree Heights, Jindalee, Kallangur, Kangaroo Point, Kedron, Kelvin Grove, Kenmore, Keperra, Kingston, Kuraby, Lawnton, Logan, Logan City, Logan North, Loganholme, Loganlea, Lutwyche, MacGregor, Manly, Manly West, Margate, McDowall, Meadowbrook, Mermaid Waters, Milton, Moorooka, Morayfield, Morningside, Mt Cotton, Mt Gravatt, Mt Gravatt East, Mt Ommaney, Nathan, New Farm, Newmarket, Newstead, Norman Park, Northgate, Nundah, Ormiston, Oxenford, Oxley, Paddington, Palm Beach, Palm Meadows, Parkinson, Raby Bay, Real Estate Agents, Real Estate Agents, Real Estate Agents, Real Estate Agents, Real Estate Agents, Real Estate Agents, Red Hill, Redbank, Redcliffe, Regents Park, Riverhills, Robertson, Robina, Rosalie, Runcorn, Russell Island, Salisbury, Samford, Seventeen Mile Rocks, Shailer Park, Shorncliffe, Sinnamon Park, Slacks Creek, South Brisbane, Southbank, Southport, Spring Hill, Springfield, Springwood, St Lucia, Stafford, Stones Corner, Sumner Park, Sunnybank, Sunnybank Hills, Taigum, Tanah Merah, Taringa, Tarragindi, Teneriffe, The Gap, Thorneside, Tingalpa, Toombul, Toowong, Victoria Point, Wacol, Wavell Heights, West End, Wilston, Windsor, Wishart, Woodridge, Woody Point, Woolloongabba, Wooloowin, Wynnum, Wynnum West, Yeronga or Zillmere SEQRents has free advertisements of residential and executive properties for rent. Complexes displayed on SEQRents include Archerfield Views at Acacia Ridge, Albion Place at Albion, Carrington Court at Algester, Algester Chase at Algester, Algester Gardens at Algester, A-Karma Courts at Algester, Aspromonte Court at Annerley, Drury Cottage at Annerley, Sorrento Apartments at Arncliffe NSW, Arundel Crest Terraces at Arundel, The Terraces at Arundel, Lakeside Manors at Arundel, Valencia Villas at Arundel, Country Club Meadows & Fairways at Arundel, Meadowlands Crest & Heights at Arundel, Country Club Meadows & Fairways at Arundel, Meadowlands the Park at Arundel, Arundel Links Estate at Arundel, Esperian Ascot at Ascot, Nexus Place at Ashmore, Ashmore Heights at Ashmore, Orchidcrest at Aspley, Aspley Mews at Aspley, Carsel Park Villas at Aspley, Aspley Rise at Aspley, Aspley Place at Aspley, Aspen Townhouses at Aspley, Aspley Chase at Aspley, Aspley Outlook at Aspley, Auchenflower Serviced Apartments at Auchenflower, Sylvan Grove Luxury Apartments at Auchenflower, 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Pinnacles at Caloundra, Sojos at Capalaba, Belgarah Place at Carina, The Links at Carina, Palmwood Place at Carina, Carindale Vista at Carindale, Carindale Links at Carindale, Monte Mariposa at Carindale, Carindale Landing at Carindale, Epala Villas at Carindale, Golden Outlook at Carindale, Carindale Views at Carindale, Nautilus Apartments at Carrara, Palm Crest Heights at Carrara, Carrara Gardens at Carrara, The Avenues at Carrara, Carseldine Gardens at Carseldine, Castlebrook at Carseldine, Paradise Isles at Chevron Island, Augusta Palms at Chevron Island, Chez Chaz Apartments at Chevron Island, Pacific Grande Apartments at Chevron Island, Clayfield Mews at Clayfield, Hampton Court at Clayfield, Promenade on Clayfield at Clayfield, The Crest on Bonny Ave at Clayfield, The Lakes at Island Quays at Clear Island Waters, Surfers Fairways at Clear Island Waters, Cleveland Central at Cleveland, Cleveland Terrace at Cleveland, Spinnaker Cove at Cleveland, Bayside Gardens at Cleveland, 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Indooroopilly, Ikon Apartments at Indooroopilly, Poinciana Park at Indooroopilly, Riva Apartments at Indooroopilly, Raffles on Capri at Isle of Capri, Centenary Quays at Jindalee, Kingsland Apartments at Kangaroo Point, Vicinity at Kangaroo Point, Oakford Apartments at Kangaroo Point, Highpoint Apartment at Kangaroo Point, MacLeay Tower and Villas at Kangaroo Point, Rivercity Gardens at Kangaroo Point, High Point Apartments at Kangaroo Point, Lana Place at Kangaroo Point, Silver Quays at Kangaroo Point, Bridgewater Quest Apartments at Kangaroo Point, Stradbroke Tower and Villas at Kangaroo Point, Shafston Towers at Kangaroo Point, Vantage Apartments at Kangaroo Point, Bridgewater Terraces at Kangaroo Point, Bridgewater Gardens Apartments at Kangaroo Point, Amity Myora at Dockside at Kangaroo Point, Goodwin Apartments at Kangaroo Point, Bridgeport Apartments at Kangaroo Point, Dockside Apartment Hotel at Kangaroo Point, 19 Thorn at Kangaroo Point, Mon Reve at Kangaroo Point, The Docks on Goodwin at Kangaroo Point, Aspire Apartments at Kedron, 45 Herston Rd at Kelvin Grove, Eureka Grove at Kelvin Grove, Grey Gum Cottage at Kenmore Hills, The Observatory at Kings Beach, Royale Gardens at Kingston, Royale Gardens at Kingston, Ocean Place Apartments at Kirra, Pearl of Kirra at Kirra, St Andrews Park at Kuraby, Chesterfield Lodge at Kuraby, Chesterfield Grove at Kuraby, Timbertop Grove at Kuraby, Jabiru Landing at Labrador, Granite Apartments at Labrador, Sandcastles on the Broadwater at Labrador, Grande Central at Labrador, Capistrano Bay at Labrador, Pebbles at Labrador, Metro On Central at Labrador, Central Heights at Labrador, Park Landing at Labrador, Grand Bay Luxury Apartments at Labrador, Springfields at Labrador, Broadwater Heights at Labrador, Coniston Townhouses at Logan North, Rosewood Park at Logan North, Country Meadows at Loganholme, Logandale Lakes at Loganholme, Suzette Court at Loganlea, Urban Ridge Terraces at Lutwyche, Park Lane Apartments at Main Beach, Seychelles On Main Beach at Main Beach, Scalinada Apartments at Main Beach, Spinnaker Apartments at Main Beach, Contessa at Main Beach, De Ville Apartments at Main Beach, The Crest at North Lakes at Mango Hill, Manly Brook at Manly, Moreton Manors at Manly West, Manly Park at Manly West, The Outlook Manly at Manly West, Highland Ridge at Manly West, Villa Hermosa at McDowall, Meadowbrook Court at Meadowbrook, Chamonix at Mermaid Beach, Sailfish Point at Mermaid Waters, Sailfish Cove at Mermaid Waters, Melaleuca Park at Mermaid Waters, Pacific Keys Central at Mermaid Waters, Miami Villas at Miami, Kedron Brook Park at Mitchelton, Mooloolaba Motel at Mooloolaba, Moorooka Manors at Moorooka, Coolum Villas at Mt Coolum, Resort Rez at Mt Gravatt, Hamlet On The Park at Mt Gravatt, Mt View Apartments at Mt Gravatt, Sunrise Views Villas at Mt Gravatt East, Garden City Estate at Mt Gravatt East, Pannorama Rise at Mt Gravatt East, Carindale Approach at Mt Gravatt East, Mt Ommaney Mews at Mt Ommaney, Somerset Views at Mudgeeraba, Somerset Park at Mudgeeraba, Somerset Heights at Mudgeeraba, Park Hill Village at Murarrie, Kookaburra Gardens at Nerang, Riverview Gardens at Nerang, Paradise Waters at Nerang, Riverbend Apartments at Nerang, Balmoral Rise at Nerang, River Springs Country Club at Nerang, Gilston Grange at Nerang, Casa de la Vista at New Farm, Cutters Landing at New Farm, Mountford Cottage at New Farm, Mountford Cottage at New Farm, Powerhouse Apartments and Terraces at New Farm, Freshwater at New Farm, Mountford Cottage at New Farm, Greenwich Apartments at New Farm, Mountford Cottage at New Farm, Mountford Cottage at New Farm, The River Gallery at New Farm, Coolden Apartments at New Farm, Edward Lodge at New Farm, Caravelle Apartments at New Farm, Mountford Cottage at New Farm, Belvedere Lodge at New Farm, Mercantile Dalgety Place at Newstead, No 1 Newstead Ave at Newstead, Riverstead Apartments at Newstead, The Establishment at Newstead, Manhattan on Newstead at Newstead, Mariners Reach at Newstead, Bond Store at Newstead, Teneriffe Apartments at Newstead, Newstead Terraces at Newstead, Mariners Reach at Newstead, Bella Casa Noosa at Noosa Heads, Wattle Hill Apartments at Norman Park, Vaucluse at Norman Park, Lakeland Villas at North Robina, Ormiston Springs at Ormiston, Ormiston Manor at Ormiston, Ormiston By The Bay at Ormiston, Riverlink Gardens at Oxenford, Oxley Rise Estate at Oxley, Pacific Pines Central at Pacific Pines, Lakeview Manor at Palm Beach, Off Shore at Palm Beach, Meadow Peak at Palm Meadows, Grand Mariner Residential Resort at Paradise Waters, Atlantis East at Paradise Waters, Kyema Gardens at Parkinson, Parkinson Outlook at Parkinson, University Square at Parkwood, University Village at Parkwood, University Square at Parkwood, Montessa Heights at Parkwood, Jabiru Place at Redbank, Waterview Apartments at Redcliffe, Redland on the Bay at Redland Bay, Somerset Gardens at Reedy Creek, Bentley Park Stage I at Reedy Creek, Forest Lake Approach at Richlands, Centenary Place at Riverhills, Ridge Heights at Riverhills, Emerald Gardens at Robertson, Unaccom University Accommodation at Robertson, Robertson Emerald Park at Robertson, University Park at Robertson, Scholars Cove Resort at Robina, Monet Gardens at Robina, Shanandoa Court at Robina, The Vintage & The Hermitage at Robina, Cordoba Manors at Robina, Varsity Shores at Robina, Robina Palms Terraces at Robina, La Hacienda at Robina, Central Park Apartments at Robina, Eastview on Robina Woods at Robina, Eastlake at Robina, Villas Tijuana at Robina, Paradise Springs Country Club at Robina, Maximes at Robina, Glades Easthill Nth Residences at Robina, College Park at Robina, The Reserve at Robina, Robina Quays at Robina, Varsity Mews at Robina, Lakewood Reserve at Robina, Chateau Martinique at Robina, Glades Easthill at Robina, Roseland Gardens at Robina, Country Lane at Runaway Bay, Limetree Waters West at Runaway Bay, Limetree Waters East at Runaway Bay, Settlers Cove at Runaway Bay, Mariners Village III at Runaway Bay, Monet Landing at Runaway Bay, Bayview Bay Apartments at Runaway Bay, Runaway Heights 4 at Runaway Bay, Harbour Landing at Runaway Bay, Sanctuary Park Villas at Runaway Bay, Runaway Vista at Runaway Bay, Gumtrees at Runcorn, Sunnybank Approach at Runcorn, Cornhill Gardens at Runcorn, Regency Heights at Runcorn, Tudor Gardens Village at Runcorn, Whitewood Place at Runcorn, Miles Mediterranean Villas at Runcorn, Glenmoor Court at Runcorn, Persse Villas at Runcorn, Parkside Runcorn at Runcorn, Lakefield Court at Runcorn, Salisbury Gardens at Salisbury, University Gardens at Salisbury, Salisbury Plaza at Salisbury, Jindalee Close Management at Seventeen Mile Rocks, Buena Vista at Sinnamon Park, Windermere Terraces at Sinnamon Park, Parklands Glade at Slacks Creek, The Arbour on Grey at South Bank, The Galleria Apartments at South Brisbane, Northbridge Apartments at South Brisbane, La Torretta Bed and Breakfast at South Brisbane, Northstar Property Management at South Brisbane, Corio Apartments at South Brisbane, Riviera Apartments at South Brisbane, River Plaza at South Brisbane, Riverside Hotel at South Brisbane, The Oasis at South Tweed, The Oaks On Southport at Southport, Allamanda Heights at Southport, Summer Place at Southport, Albatross Park at Southport, Melrose Place at Southport, Sea Bay Luxury Apartments at Southport, Park Breeze Luxury Apartments at Southport, Adelphi Springs at Southport, Vista del Mare at Southport, CBD on Broadwater at Southport, Grandview Apartments at Southport, Sadona Place at Southport, Waverley Apartments at Southport, Telesto Place at Southport, Chapala Apartments at Southport, Parkside on Whitby at Southport, 48 Lenneberg St at Southport, Mayfair Residences on Wickham Tce at Spring Hill, Barbizon Apartments (Long Term) at Spring Hill, Barbizon Executive Apartments (Short Term) at Spring Hill, Barbizon Apartments at Spring Hill, Spring Hill Square at Spring Hill, Edwardian at Spring Hill, Oxygen Apartments at Spring Hill, Frisco Apartments at Spring Hill, Spring Hill Manor Apartments at Spring Hill, Spring Hill Central at Spring Hill, Centrepoint Central Apartments at Spring Hill, Tribeca Apartments at Spring Hill, Avalon Parkside at Spring Hill, Bonapartes Serviced Resort Apartments at Spring Hill, Sedgebrook on Leichhardt at Spring Hill, Birley Lane Apartments at Spring Hill, Spring Hill Gardens Apartments at Spring Hill, Spring Hill Mews at Spring Hill, The Romantic Stone Cottage at Springbrook, Springbrook Canyon Cottage at Springbrook, Kempson Court at Springfield, Springfield Green at Springfield, Autumn Leaves & Forest Pines at Springwood, Henley Apartments at St Lucia, Sandford Manor at St Lucia, Bryce St at St Lucia, Cambridge Square at St Lucia, Killara Court at Stafford, The Lodge at Stapylton, The Grange at Strathpine, Sunnybank Boulevard at Sunnybank, Jackson Rise at Sunnybank, Sunnybank Central at Sunnybank, Sunnybank Pines at Sunnybank Hills, Acacia Green at Sunnybank Hills, Rosegarden Manors at Sunnybank Hills, Sunny Rose at Sunnybank Hills, Sheridan Park at Sunnybank Hills, Crown Pines at Sunnybank Hills, Surfers Riverside Holiday Apartments at Surfers Paradise, Budds Beach Apartments at Surfers Paradise, Beaches at Surfers Paradise, Trilogy Gold Coast at Surfers Paradise, Sydenham Mews at Sydenham VIC, Lemke On The Park at Taigum, The Oval at Taigum, Hanford Grove at Taigum, Parkwood Gardens Two at Taigum, Jargarra Villas at Tanah Merah, Taringa Quest at Taringa, Kingshome at Taringa, Manchester Mews at Taringa, Whitmore Park Apartments at Taringa, Ansonia Apartments at Teneriffe, Cannery at Teneriffe, Kingsholme Apartments at Teneriffe, Signature Park Apartments at Teneriffe, Wharfside Teneriffe Apartments at Teneriffe, Ellington at Teneriffe at Teneriffe, Fusion at Teneriffe, Winchcombe Carson Woolstore at Teneriffe, Dakota Apartments at Teneriffe, MacTaggarts at Teneriffe, Nouvelle Apartments at Teneriffe, Saratoga Apartments at Teneriffe, Teneriffe Hill at Teneriffe, Teneriffe Village at Teneriffe, Walton Way at The Gap, Kirribilli Manor Bed & Breakfast at Thorneside, Bayshore Central at Thorneside, Kirribilli Gardens at Thorneside, Wondall Gardens Estate at Tingalpa, Fairwinds & Fairbreeze at Tingalpa, Fairbreeze at Tingalpa, Gateway Grove at Tingalpa, The Brook at Toombul, Rivers On The Park at Toowong, Miskin Hill at Toowong, Precinct Toowong at Toowong, Encore at Toowong, Regatta Riverside at Toowong, Inn On The Park at Toowong, Navarre Lodge at Toowong, Campbell Marque at Toowong, Centro @ Toowong at Toowong, Lu Elle Palms at Tweed Heads, The Grove at Tweed Heads, The Grove at Tweed Heads, Oxford Mews at Upper Coomera, Ellington at Upper Coomera, Harvard Mews at Upper Coomera, Oxford Residential Management at Upper Coomera, POAQ Members at Upper Mt Gravatt, Forest Mews at Varsity Lakes, Varsity Manor at Varsity Lakes, Lakeside on Varsity at Varsity Lakes, Northview Apartments at Varsity Lakes, Mapleton Crest at Varsity Lakes, Ranier Sunrise at Varsity Lakes, North Shore Villas at Varsity Lakes, Victoria Cove at Victoria Point, Victoria Cove at Victoria Point, Manly Crest at Wakerley, Huntington Estate at Warner, Riverbend Gardens at Waterford, Sealark Cove at Wellington Point, Wellington Shores at Wellington Point, Euro West End Apartments at West End, Ambleside Court at West End, Leftbank Apartments at West End, Ambleside Court at West End, Silhouette at West End, Regatta West End at West End, Greenwich on Cordelia at West End, Ambleside Court at West End, West End Central Apartments at West End, Leftbank Apartments at West End, Ambleside Court at West End, The Village at West End at West End, Westlake Villas at Westlake, Michael's Court at Windsor, Brisbane Cottages at Windsor, Garden City Close at Wishart, Garden City Manors at Wishart, Wishart Rise at Wishart, Eco Park at Wishart, Wishart Views at Wishart, Matswell Manor at Woodridge, Snooze Inn at Woolloongabba, Wynnum Gardens at Wynnum, Wynnum Cove at Wynnum, Nut Tree Hill at Wynnum, Wynnum Waters at Wynnum, Camellia Grove at Wynnum, Baytrees at Wynnum, Nuttree Grove at Wynnum, Melaleuca Chase at Wynnum West, Wynnum on the Bay at Wynnum West, Wynnum Shores at Wynnum West, Villa Aetna at Yeronga, Oxford Park Villas at Zillmere

Home Loan

Home Equity Scams: Borrowers Beware! Home Equity Loans : Borrowers Beware! D o you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk. Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home. The Practices Equity Stripping You need money. You don't have much income coming in each month. You have built up equity in your home. A lender tells you that you could get a loan, even though you know your income is just not enough to keep up with the monthly payments. The lender encourages you to "pad" your income on your application form to help get the loan approved. This lender may be out to steal the equity you have built up in your home. The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home. Hidden Loan Terms: The Balloon Payment You've fallen behind in your mortgage payments and may face foreclosure. Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal-that is, the entire amount that you borrowed-is due in one lump sum called a balloon payment. If you can't make the balloon payment or refinance, you face foreclosure and the loss of your home. Loan Flipping Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan. You now have some extra money and a lot more debt, stretched out over a longer time. The extra cash you receive may be less than the additional costs and fees you were charged for the refinancing. And what's worse, you are now paying interest on those extra fees charged in each refinancing. Long story short? With each refinancing, you've increased your debt and probably are paying a very high price for some extra cash. After a while, if you get in over your head and can't pay, you could lose your home. The "Home Improvement" Loan A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem-he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction. Credit Insurance Packing You've just agreed to a mortgage on terms you think you can afford. At closing, the lender gives you papers to sign that include charges for credit insurance or other "benefits" that you did not ask for and do not want. The lender hopes you don't notice this, and that you just sign the loan papers where you are asked to sign. The lender doesn't explain exactly how much extra money this will cost you each month on your loan. If you do notice, you're afraid that if you ask questions or object, you might not get the loan. The lender may tell you that this insurance comes with the loan, making you think that it comes at no additional cost. Or, if you object, the lender may even tell you that if you want the loan without the insurance, the loan papers will have to be rewritten, that it could take several days, and that the manager may reconsider the loan altogether. If you agree to buy the insurance, you really are paying extra for the loan by buying a product you may not want or need. Mortgage Servicing Abuses After you get a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are being charged late fees. But you know your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term. The lender doesn't provide you with an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement that's inaccurate or incomplete. The lender's actions make it almost impossible to determine how much you've paid or how much you owe. You may pay more than you owe. Signing Over Your Deed If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it's a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through. Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don't own the home any more, you won't get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you can be evicted from your home. Protecting Yourself You can protect yourself against losing your home to inappropriate lending practices. Here's how: Don't: Agree to a home equity loan if you don't have enough income to make the monthly payments. Sign any document you haven't read or any document that has blank spaces to be filled in after you sign. Let anyone pressure you into signing any document. Agree to a loan that includes credit insurance or extra products you don't want. Let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it. Deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust. Do: Ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates. Keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate. Check contractors' references when it is time to have work done in your home. Get more than one estimate. Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Consider all the costs of financing before you agree to a loan. For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues , visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP www.ftc.gov April 1998