land loans, commercial mortgage,

Union Home Loan, Inc. Lender details Union Home Loan, Inc. Lender details Banks Directory Lenders Directory Articles About Credit Cards Credit Basics and FAQs Credit Card Tips Glossary NCUA Credit Union Directory • 2005 Credit Union Directory • 2004 Credit Union Directory Household Finance • Consumer Credit Report Calculators • Loan Calculator • Extra Repayments Calculator • Lump Sum Payment Calculator • Rent Vs. Buy Calculator • Simple Loan Calculator Rules & Acts • Consumer Leasing Act • Credit Repair Organizations Act • Electronic Fund Transfer Act • Equal Credit Opportunity Act • Identity Theft Act Home » Lenders Directory » Union Home Loan, Inc. Lenders Directory Browse by Alphabets A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Union Home Loan, Inc. offers home loans, commercial real estate loans, and asset-based loans using mortgage notes or trust deeds as collateral. Home Loans Overview: Union Home Loan, Inc. offers home loans and home equity loans, for purchase, refinance, debt consolidation, and home improvement. Property Uses: Primary Home, Secondary / Vacation Home, Investment Property Property Types: Single Family Home, Condominium / Town Home, Multifamily 2-4 Units, Rural property / Lot loan Loan Types: Fixed, No Income Documentation Loan Purpose: Purchase, Refinance, Home Equity / 2nd Trust Deed Credit Req: A - Excellent, B - Good, C - Minor Problems, D - Bad Min Loan: 250,000 Max Loan: 1,000,000 Commercial Loans Overview: Union Home Loan, Inc. offers commercial real estate loans to investors and owner-users for most commercial properties. Property Uses: Investment, Owner - User / Occupied 51% or more Property Types: Agricultural / Farm, Amusement Park, Apartment / Multifamily, Auto Dealership, Bowling Center, Business Condo, Car Wash, Casino, Child Care Center, Church / Temple, Convenience Store, Condominiums / PUD, Factory Outlet Center, Fitness Center, Funeral Home, Gas Station / CStore, Golf Course, Healthcare / Senior Housing, Hospital / Rehabilitation, Hotel / Motel, Industrial, Land, Marina, Office, Mixeduse, Mobile Home Park, Movie Theater, Parking Garage, Regional Mall, Resort, Restaurant, Retail (Anchored), Retail (Unanchored), School / College, Self Storage, Single Tenant, Special Purpose, Warehouse Loan Types: Mezzanine / 2nd Trust Deed, NonRecourse, Private / Hard money Loan Purpose: Purchase, Refinance, Bridge / Short Term Credit Req: A - Excellent, B - Good, C - Minor Problems, D - Bad Min Loan: 1,000,000 Max Loan: 5,000,000 Miscellaneous Loans Overview: Union Home Loan, Inc. offers asset-based collateral loans against mortgage notes and trust deeds for personal or business use. Collateral Offered: Mortgage Notes / Trust Deeds Credit Req: All Min Loan: 10,000 Max Loan: 500,000 Contact Information North America, United States, California Steve Goldfield President 23586 Calabasas Road Calabasas, CA 91302 USA (818) 223-0000 www.unionhomeloan.com Email: steve@unionhomeloan.com Available Loans: Home Loans, Commercial Loans, Miscellaneous Loans North America, United States, California Residential Loans Customer Service 1-800-400-0011 www.unionhomeloan.com Email: info@unionhomeloan.com Available Loans: Home Loans, Commercial Loans, Miscellaneous Loans North America, United States, California Miscellaneous Customer Service 818-223-0000 www.unionhomeloan.com Email: info@unionhomeloan.com Available Loans: Home Loans, Commercial Loans, Miscellaneous Loans North America, United States, Nevada Available Loans: Home Loans, Commercial Loans, Miscellaneous Loans Union Home Loan, Inc. Union Home Loan, Inc. offers home loans, home equity loans, home improvement loans, refinancing, second mortgages, debt consolidation loans, bad credit loans, commercial real estate loans, and asset-based collateral loans. At Union Home Loan, Inc. we offer home loans, commercial real estate loans, and asset-based loans using mortgage notes or trust deeds as collateral. We arrange loans for commercial, land, mixed use, residential, apartment, industrial, casinos, hotels, and unusual properties. We are a direct lender as well as private money brokers. With Union Home Loan, Inc., it's easy to qualify on equity and a hard money loan for commercial, industrial, homes, land, and unusual properties. We do hard money loans, real estate financing, hard money commercial loans, land loans, commercial mortgage, hard money land loans, trust deed investments, private money, raw land loan, apartment loan, private investor, easy money, casino, mixed use loans, equity loan, union home loan, California mortgages, unusual properties, easy qualify, industrial, direct lender, bridge, swing loans, mortgage broker, foreclosure, and mixed use lenders. For hard money loans for commercial, industrial, homes, land, and unusual properties-bad credit is okay. With Union Home, you can be sure that you'll get your money fast, we also lend in Nevada. Copyroght 2005 - All Rights Reserved Home | Calculators | Articles | Lender Directory

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

Investment Property

Investment Property Databank IPD Home About IPD Portfolio Analysis Services Events Indices and Market Information Indices for Derivatives Online Services -- Research Services Indices & Publications Downloads Price List Property Vehicles Databank Lease Events Review In UK Europe France Germany Netherlands Ireland Sweden South Africa Canada Denmark Norway Spain Portugal Price List UK - Publications, Research and other Services Order Form (pdf) Annual Index Free Richard Gwilliam +44 (0)20 7643 9283 Monthly Index Sample 350 Angela Porter +44 (0)20 7643 9291 Quarterly Review 1000 Mark Callender +44 (0)20 7643 9238 Property Investors Digest Sample 3500 Mark Callender +44 (0)20 7643 9238 Key Centres Report Sample 6500 Anglea Sheahan +44 (0)20 7643 9238 Local Market Monitor Sample 250 Anglea Sheahan +44 (0)20 7643 9283 Monthly Market Monitor Sample 2000 Angela Porter +44 (0)20 7643 9291 Market information for Portfolio Managers (MIPS) £3000 Steven Devaney +44 (0)20 7643 9283 Property Funds Review Free to PAS Clients. £495 for non-PAS clients Kevin Swaddle +44 (0)20 7643 9275 Research Studies Quote from: Mark Callender +44 (0)20 7643 9238 Data to Order Quote from: Richard Gwilliam +44 (0)20 7643 9283 UK and European Directories of Property Vehicles UK - £450 European - £650 Both UK & European for £1000 Andreas Arend Mark Callender +44 (0)20 7643 9327 +44 (0)20 7643 9238 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Europe Order Form (pdf) European Digest Package (excl. UK) £7000 Andreas Arend +44 (0)20 7643 9327 European Digest Package (incl. UK) £9500 Andreas Arend +44 (0)20 7643 9327 UK and European Directories of Property Vehicles UK - £450 European - £650 Both UK & European for £1000 Andreas Arend Mark Callender +44 (0)20 7643 9327 +44 (0)20 7643 9238 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 IPD Multi-Country Spreadsheet Flyer €750 Siobhan Callaghan +44 (0)20 7643 9246 France Order Form (pdf) Portfolio Analysis Service Quote from: Christian de Kerangal +44 (0)20 7643 9319 +33 (0)1 4501 4102 Property Investors Digest 1100 Carine Dasse +44 (0)20 7643 9319 Key Centres Report 1100 Carine Dasse +44 (0)20 7643 9319 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Germany Order Form (pdf) Portfolio Analysis Service Quote from: Nassos Manginas +44 (0)20 7643 9316 Germany Property Digest 3000 Nassos Manginas +44 (0)20 7643 9316 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 The Netherlands Order Form (pdf) Portfolio Analysis Service Quote from: Ian Townson Aart Hordijk +44 (0)20 7643 9245 +31 70 349 0195 Property Investors Digest 1500 Ian Townson +44 (0)20 7643 9245 Local Market Performance 2000 Ian Townson +44 (0)20 7643 9245 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Ireland Order Form (pdf) Portfolio Analysis Service Quote from: Phil Tily +44 (0)20 7643 9311 Property Investors Digest 1500 Phil Tily +44 (0)20 7643 9311 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Sweden Order Form (pdf) Portfolio Analysis Service Quote from: Andrew Buckley Joakim Franspm Christina Gustafsson +44 (0)20 7643 9265 +46 (0)850 565231 Property Investors Digest 2500 Andrew Buckley +44 (0)20 7643 9315 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 SFI / IPD Swedish Long term Property Index Report £2500 Christina Gustafsson +46 (0)850 565231 South Africa Order Form (pdf) Portfolio Analysis Service Quote from: Richard Wetherell Stan Garrun +44 (0)20 7643 9266 +27 11 883 0679 Property Investors Digest 1500 Richard Wetherell +44 (0)20 7643 9266 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Canada Order Form (pdf) Portfolio Analysis Service Quote from: Phil Tily +44 (0)20 7643 9311 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Quarterly Digest $5000 Ca Phil Tily +44 (0)20 7643 9311 Denmark Order Form (pdf) Portfolio Analysis Service Quote from: Andrew Buckley +44 (0)20 7643 9315 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Norway Order Form (pdf) Portfolio Analysis Service Quote from: Andrew Buckley +44 (0)20 7643 9315 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Spain Order Form (pdf) Portfolio Analysis Service Quote from: Julia Marciano +33 1580 53682 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 Portugal Order Form (pdf) Portfolio Analysis Service Quote from: Luis Francisco Antonio Gil Machado +44 (0)20 7643 9318 +35 19 3973 6055 Remuneration Service Brochure Quote from: Vida Godson +44 (0)20 7643 9300 1 St. John's Lane London EC1M 4BL Tel: +44 (0)20 7336 9200 Fax: +44 (0)20 7336 9399 Privacy Policy | © 2005 IPD Ltd. All Rights Reserved. Home | About IPD | Portfolio Analysis Service | Events | Indices and Market Information | Indices for Derivatives | OPD Designed by Webrepro

Las Vegas Real Estate

AOL City Guide: Las Vegas - Real Estate, Homes, Apartments, Realtors, Mortgage Site Map | City's Best Ticket Marketplace | Hot Tickets Casinos | Strip Map | Weather | Getting Around | Maps & Directions | Golf Events | Gambling Guide People | Local Personals | White Pages | Yellow Pages | Autos | Real Estate | News & Headlines | Sports | Jobs | Movies Out of Work? Get ahead of the competition. Find jobs, career advice and more. Summer Love Search photos and find a summer romance. Get lovin' now. Choose property type. - Property Type - Apartments Senior Housing & Care Corporate Housing Enter city name. Select State Ala. Alaska Ariz. Ark. Calif. Colo Conn. Del. D.C. Fla. Ga. Hawaii Idaho Ill. Ind. Iowa Kan. Ky. La. Maine Md. Mass. Mich. Minn. Miss. Mo. Mont. Neb. Nev N.H. N.J. N.M. N.Y. N.C. N.D. Ohio Okla. Ore. Pa. R.I. S.C. S.D. Tenn. Texas Utah Vt. Va. Wash. W.Va. Wis. Wyo. · Find the Perfect Neighborhood · Best City Neighborhoods · Best Cities for Young People · Local Schools Information Home Values Find out how much your home and nearby properties are worth. Family-Friendly? Discover the best cities for safe schools and affordable housing. New to the Area? Meet area singles like you at CityGuide Local Personals. For Sale By Owner Find FSBO listings or list your own home for sale on RealtyTrac. Check out our featured listings to find great homes near you. Type: Rate: • See rates from area lenders Enter city Enter State State Ala. Alaska Ariz. Ark. Calif. Colo Conn. Del. D.C. Fla. Ga. Hawaii Idaho Ill. Ind. Iowa Kan. Ky. La. Maine Md. Mass. Mich. Minn. Miss. Mo. Mont. Neb. Nev N.H. N.J. N.M. N.Y. N.C. N.D. Ohio Okla. Ore. Pa. R.I. S.C. S.D. Tenn. Texas Utah Vt. Va. Wash. W.Va. Wis. Wyo. Enter State State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennesee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming AOL Keyword: Local Real Estate Bars, Music & Nightlife | Restaurants & Dining Guide | Movies | Tickets People & Personals | Real Estate | Visitor's Guide | Shop & Find | Yellow Pages | Government Guide About Us | Advertise With Us | Help & Feedback | Updated Privacy Policy | Terms of Use | Trademarks | Site Map AOL Music | Moviefone | AOL Games | AOL TV | Black Voices | Shopping AOL CityGuide has a finger on the pulse of this city, and cities around the nation: from New York restaurants to Las Vegas entertainment, Chicago real estate, Washington hotels, Florida weather, San Francisco theaters, Boston markets and Los Angeles nightlife. You'll find the best local restaurants, hotels, entertainment, movies, concert tickets, events, weather, bars, nightlife, personals and so much more. We're the better way to search your city. © 2005 America Online, Inc. All Rights Reserved.

home loan that you

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.