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Like virtually every business, lending has moved online. And like most changes, the move to online business lending offers both opportunities and risks. I typed ‘business lending’ into Google and instantly saw hundreds of options to pursue! Options are good for business owners in need of funds for expansion, growth, marketing, payroll, inventory, debt consolidation, equipment or other business needs. Needing money doesn’t mean that your business is in trouble! Healthy, growing businesses need cash infusions as a regular growth process.
The great news is that there are ample funds and lenders available. The real challenge is finding the product and lender best for you. There’s not a lot of oversight in the world of commercial lending and potential borrowers are going to get offers for products that don’t make sense for them as well as high pressure sales.
It's really hard to be a saver these days. If you put your money in the bank, such as in a CD, savings account or money market fund, you get pretty much 0%. Even if you are willing to commit your money for 5 years, you will barely earn 1% a year. Meanwhile the prices of goods and services you need every day such as gasoline, health insurance, college tuitions and food keep rising far faster than the official 2% inflation rate so you need to make your money grow to keep up with inflation.
I wanted to let you know about some dramatic changes in the federal government senior Home Equity Conversion Mortgage (HECM) program, which are commonly called Reverse Mortgages or the FHA insured reversed mortgage program. Many of you have heard me talk about the great benefits this program offers in the past for seniors aged 62 or older who want access to their home equity without having to sell or leave their homes.

This program was first launched under President Ronald Reagan to assist senior homeowners pay off their mortgages and other debts. It also allows seniors to take out cash for any reason including long term health costs, home improvements or to supplement their monthly income. In the past, the loan approval process was simply based on these factors: Your age and the value of your home. There was no requirement to prove your level of income or creditworthiness. Even if you had credit issues including a bankruptcy or foreclosure in the past, you could still get a reverse mortgage.

Staring March 3rd , all that is going to change. If you apply after that date you will be approved for a reverse mortgage based on your income, debts and credit rating. If your credit or income as shown on your tax return is not sufficient to meet the new guidelines set by FHA, the reverse mortgage lender will be required to hold back some of your loan proceeds to pay for future property taxes and property insurance. This might lower the amount you receive from a reverse mortgage by a large amount. Experts estimate that as many as 30% of the people who are now eligible for a reverse mortgage will no longer qualify after these new rules go into effect.

There is still time to apply under the existing guidelines, but you have to move fast. If you are interested in getting information on reverse mortgages and how they may be able to help you, I urge you to contact United Mortgage Bankers at www.smartmoneyreverse.com or call them at 855-979-0502 or 631-396-1809 and ask for Russell Silver.

As most of you know, a home has become one of the largest investments people make.

If you would like to get more out of what you own and what you earn, put your money to work by saving interest with Equity Optimization. Your bank will not tell you about this program.

A great resource on Equity Optimization, I recommend on my radio shows is Truth In Equity. The typical Truth In Equity customer saves 10’s of thousands in interest and 15 or more years off a 30 year and 10 or more off of a 15 year mortgage.

Truth In Equity is not a mortgage company. Truth In Equity is a financial strategy company that is fluent in all aspects of financial strategies helping you get more out of what you own and what you earn.

When you visit Truth In Equity you will immediately discover just how much unnecessary interest you have paid and will be paying with conventional practice. Many discover that paying more toward principal isn’t an advantageous practice since it COSTS money before you can SAVE money. Get out of debt years sooner than you ever imagined and discover how you can save and build a stronger financial future for you and your family by visiting http://www.TruthInEquity.com.