Reverse mortgage market grows to $1.8b
Australia’s reverse mortgage market has ballooned in the past 12 months to be worth $1.8 billion and is likely to keep growing as baby boomers look to fund a more comfortable retirement.Reverse mortgages allow retirees to borrow against the equity in their home.The loan, plus interest, is usually paid back at once when the borrower [...]
PAYDAY LOANS THRIVE IN COLORADO
In Colorado, colorado, lenient legislation has created the perfect breeding ground for payday operators; there is a payday loan lender at every corner in every low income neighborhoods through out the state. The venders are some many that they now out number fast food joints. The last seven years have witnessed remarkable growth in payday lenders, in 2000 there were 212 throughout the state, currently there are over 650. In Colorado, rollovers are permitted and there are no laws to limit the interest rates imposed on payday customers. The state?s General Assembly has attempted several times to regulate the industry but has failed on all occasions. The failure put legislation to check the lenders is that those opting for fast cash have no where else to, therefore regulating the industry would put them financial jeopardy. The number of those families that currently use cash advances is growing with no alternative in the offing.
Australia: Reverse mortgages not thicker than blood
Parents who use a reverse mortgage to lend funds to their children could face losing part of their pension on a technicality, said Louise Biti, head of technical services at Asteron.“Children in a great deal of debt may place pressure on their parents to take out a reverse mortgage in order to help them financially,” [...]
Fixed Rate Reverse Mortgages - Stable Alternative Receives Enthusiastic Welcome
Time brings change. Nowhere could that be truer than in the world of reverse mortgages. During the past three years, there’’s been a huge increase in the choices and benefits that reverse mortgages provide to borrowers.Many previously undecided homeowners are making the move and enjoying the benefits of a reverse mortgage. The big change that’’s [...]
OHIOANS HAVE SEEN EXPENSES GROW, SALARIES STAY
A new study by Policy Matters Ohio, a non-profit consumer law group, blames stagnant salaries for the growth in payday loans. According to the study about 60% of Ohio?s ohio, working population has not had a significant raise in 20 years. The report released on September 1st indicated that the typical Ohio punter is making just about the same as they did eighteen years ago, while inflation has progressively risen. The stagnant salaries have been blamed on the growth of payday loans and have impacted negatively on low income families who have borne the brunt of inflation.The story for the high income families is not the same; they have grown richer over the same period. The inequalities in income growth in Ohio has lead to the growth of sub-prime lending this has not gone unnoticed; there are plans by the legislature at Columbus to pass legislation to control the industry particularly payday lenders.
Reverse mortgages can help seniors with retirement
A lengthy retirement should be relatively stress-free, but as Americans live longer, the biggest worry today is whether they will outlive their money.“The challenge for people approaching retirement is longevity and how long they’ll live in retirement,” said Ted Provenza, a certified estate planner with The Provenza Group of Owings Mills.Provenza says people entering retirement [...]
PAYDAY LOANS AND GIFTS DON?T MIX
A disturbing new trend has emerged in the recent past. Many young adults in their twenties with well paying jobs have been trouping to payday loan shops for the most ?trivial? of reasons. Wedding, birthday and baby gifts were the main reasons according to a recent survey driving them to payday lenders. What is surprising is the need to borrow was more to please their friends than to benefit themselves. Many of those borrowed only understood that they were charged interest for only two but didn?t understand that those loans carried interests as high as 500% per year, many of them admitted that they would use the service if they encountered any financial difficulties.
Five important questions to ask when selecting a reverse mortgage lender
With the introduction of new product and pricing options, there has never been a better time for seniors to consider a reverse mortgage. In the first half of 2007, the industry has seen a flurry of new, lower-priced products that offer greater benefits to the consumer, as well as a range of new providers. This [...]
MISSOURI STATE ATTORNEY GENERAL ATTACKS PAYDAY LENDERS
Missouri senate Missouri, has been debating to limit the scale of the payday lending. The developments have made headlines country wide. The Cash advance industry has taken advantage of loop holes in the existing laws. Municipalities in various cities and towns have imposed their own laws to control the payday lenders. Missouri state Attorney General, Jay Nixon recently wrote an article in a leading Kansas City daily hailing the recent attempts to put curbs on the industry which he believes has done more harm than good for the low income families in the state through the predatory lending practice by payday lenders. The present laws allow lenders to charge as much 1,900% annually, last year the industry lent out over $3 million with the average interest per loan at over 400%. The state division of finance licensed over 1,550 payday licenses last year.
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LAWMAKERS SEEK TO CAP PAYDAY LOANS
The payday loans industry has experienced explosive growth in the last 10 years throughout the country. In some states there are more payday loans stores than there are fast food joints, most of the growth has been concentrated in low income neighborhoods where majority of the residents live from pay check to pay check.The growth has not gone unnoticed, consumer advocacy groups have been up in arms against the industry players, and they have been campaigning to have caps put on the interest rates charged on the loans. Legislators in many states have heeded the call and have passed laws to cap the interest, in some states the most a lender can charge is 36%. The consumer groups are not satisfied with that, they want the industry to be heavily regulated to protect the customers from predatory lending. They want the lenders to limit the number of roll over?s per loan and also allow the borrower to negotiate at no extra cost, on a payment plan if they are unable to repay the loan.
SomeSimple Facts About Payday Loans That You Need To Know
ABrief History of Loans

PAYDAY LOANS THRIVE IN COLORADO
In Colorado, colorado, lenient legislation has created the perfect breeding ground for payday operators; there is a payday loan lender at every corner in every low income neighborhoods through out the state. The venders are some many that they now out number fast food joints. The last seven years have witnessed remarkable growth in payday lenders, in 2000 there were 212 throughout the state, currently there are over 650. In Colorado, rollovers are permitted and there are no laws to limit the interest rates imposed on payday customers. The state?s General Assembly has attempted several times to regulate the industry but has failed on all occasions. The failure put legislation to check the lenders is that those opting for fast cash have no where else to, therefore regulating the industry would put them financial jeopardy. The number of those families that currently use cash advances is growing with no alternative in the offing.
Home Equity Loans - Use home equity to battle debt
Use home equity to battle debtMonterey County Herald, CA - Nov 1, 2006... Still, refinancing usually guarantees a lower interest rate than most second or home equity loans. Compare your options before you decide. ... Provident Bankshares Announces 12% Increase in Net Income for ...PR Newswire (press release), NY - Oct 19, 2006... $62.4 million or 1.8% -- Average residential construction loans increased $199.1 million or 66.7% -- Average consumer home equity loans increased $171.4 ...
Home Equity Loans - Adjustable Rate Mortgages - The Facts, The Figures, and The Future ...
Adjustable Rate Mortgages - The Facts, The Figures, and The Future ...American Chronicle, CA - Aug 26, 2006... Given that home equity loans are tied to prime, the average HELOC interest rate nationwide will be 9.50%. As most equity lines are prime plus 1%. ... Mortgage Cash-Out