Saturday, July 4, 2009, 5:11PM ET - U.S. Markets Closed.
Top financial questions asked and the answers given by real people on Yahoo! Answers
A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she got that loan, because they thought she would eat up their inheritance. But she sure loved life those last years of her life, going to the off-track horse racing, bought a new car, new hi-def tv, remodeled her kitchen with Viking appliances. So, yes it can be a very good thing. But you must remember that it is basically selling your house slowly back to a financial institution. If my mom would have lived long enough, my brother and sister (and me) would not have inherited a dime, but that was ok with me. Anyways, you can find some info and resources about reverse mortgages here: http://reversemortgageresource.blogspot.... _____________
Call your mortgage company. Talk to the loss mitigation department and advise them you can't afford the home and you want to do a "deed in lieu of foreclosure". This will adversely effect your credit score for many years, and perhaps interfere with buying a new house. FHA and VA would be no different, all lenders will report it to the bureaus. Is it possible to rent it? Try to hang in there until the market rebounds? Just food for thought, good luck!
No you need some kind of income. Now if your looking for a cheap car and have some cash on hand, then you can get a car with putting down a good amount of it upfront.
Student loans can not be forgiven unless except under specific situations. You die, you become disabled, the school closed before you could graduate, and a couple of others I'll link later. This is federal law, so if you want the law changed, I'd definitely write your local and state reps. However they will not be able to help your more immediate situation of having a defaulted student loan. Best make small payments (every little bit helps) to start bringing down the balance because a small loan that long ago will have a ton of interest added onto it. Eventually they'll catch up to you and garnish your wages and take your income tax returns.
People who use pay day loans probably can't get credit anywhere else due to damaged credit and had something come up that needed to be paid right away that had they an emergency fund would have covered (flat tire, unexpected bill, illness). People who are using these types of places are probably already living paycheck to paycheck already so that they'll never be able to get out of the cycle of the pay day loan. States that allow people to have more than one pay day loan out at once really open them self to trouble, because then they'll start using one to pay the other and not really pay off either. Not to mention the fees are steep, but if you can't get help anywhere else...they are a better choice than what the bank charges you for over the limit and overdraft fees. I think they have a legitimate place in our society, although not pretty. It's a nature of the financial envirnoment right now. It's really hard to get up out of it.
See today's average rates across the country.
| Loan Type | Today | Last Week |
|---|---|---|
| 30 Year Fixed | 5.34% | 5.46% |
| 15 Year Fixed | 4.86% | 4.86% |
| 1 Year ARM | 4.07% | 4.04% |
| 30 Year Fixed Jumbo | 6.51% | 6.51% |
| 5/1 ARM | 4.56% | 4.79% |
| 3/1 ARM | 5.39% | 5.18% |
| Loan Type | Today | Last Week |
|---|---|---|
| $30K Home Equity Loan | 8.37% | 8.34% |
| $50K Home Equity Loan | 8.23% | 8.20% |
| $75K Home Equity Loan | 8.22% | 8.18% |
| $30K HELOC | 5.06% | 5.04% |
| $50K HELOC | 4.80% | 4.78% |
| $75K HELOC | 4.80% | 4.79% |
| Loan Type | Today | Last Week |
|---|---|---|
| 36 Month New Car Loan | 7.14% | 7.15% |
| 48 Month New Car Loan | 7.30% | 7.31% |
| 60 Month New Car Loan | 7.39% | 7.40% |
| 36 Month Used Car Loan | 7.77% | 7.78% |
| 48 Month Used Car Loan | 7.89% | 7.90% |
| Card Type | Today | Last Week |
|---|---|---|
| Balance Transfer Credit Cards | 10.14% | 9.98% |
| Low Interest Credit Cards | 10.41% | 10.41% |
| Business Credit Cards | 11.41% | 11.24% |
| Cash Back Credit Cards | 11.56% | 11.20% |
| Reward Credit Cards | 12.10% | 12.03% |
| Instant Approval Credit Cards | 12.99% | 12.49% |
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