It is often case that credit card companies will offer both balance transfer and 0% on purchases on same card. When this is not case it is wise to keep balance transfers and purchases separate. This is because balance transfer portion of an outstanding balance will be paid off quicker than standard rate purchases. Therefore an increasing portion of balance will be subject to standard rate and balance transfer portion will decrease at a faster rate. There is nothing to stop a consumer obtaining a credit card with a balance transfer and a separate low interest credit card for any purchases to be made. That way benefits of offers are maximised.

In summary balance transfer and 0% purchase offers can be of great benefit to consumer provided that consumer understands how to use offers to their advantage. A degree of discipline is required in managing repayments. Also, cardholder should be aware of any penalties that may cause offer to be cancelled. Armed with this knowledge then these cards can be made to work for consumer, but remember that when comparing credit cards to pay close attention to typical APR, which is, always stated where UK credit cards are promoted.

Further to discussing advantages and disadvantages of a reverse mortgage with a counselor, you also need to understand that there are certain costs involved in reverse mortgage process. Costs may include application fees, closing costs, insurance, appraisal fees, credit report fees, and quite possibly a monthly service fee. Remember too that since a reverse mortgage allows you to continue living in your home, you’re still responsible for property taxes, insurance and repairs. If these payments are not maintained, loan could become due in full.

A reverse mortgage may also affect eligibility for federal or state assistance as well as Medicaid. That said, any reverse mortgage money that is received is tax-free and does not affect Social Security or Medicare benefits.

The condition of your home is also a large part of approval process. It must be structurally sound and in good repair. If it’s determined that home repairs need to be done, costs can also be financed through reverse mortgage loan.

The total amount a homeowner can borrow all depends on kind of reverse mortgage selected, how much equity is in home, loan's interest rate and most importantly, age of borrower. Typically older a person is, more they can expect to receive.

A borrower can receive reverse mortgage payments in one of following ways: in a lump-sum payment; fixed monthly payments; a line of credit or a combination of any of above. Most homeowners go for line of credit option which allows them to draw on loan whenever money is required.