Save Big By Being PatientWritten by Jeffrey Strain
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Publishing Guidelines: This article may be freely distributed so long as copyright, author's information and an active link (where possible) are included - there is no need to include these guidelines. A complimentary copy of any newsletter or a link to website where article is posted would be greatly appreciated. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Save Big By Being Patient By Jeffrey Strain When people claim they have saved money or found a great deal, you usually hear about time, effort and research they put into getting bargain. This gives impression that getting good deals takes a lot of work. While good research and organization can go a long way to getting you great deals, truth is that doing nothing is often your best resource when getting a great deal. The personal quality of patience is rarely mentioned when reading about how to get best deal, but if you are a person who can simply wait, you'll save yourself thousands of dollars a year. In this instant gratification society, having patience to wait even a short amount of time can cut expenses dramatically. While Jones' are trading in for a new luxury car every 2 years and purchasing latest and greatest gadgets as soon as they hit retail stores, if you have patience to wait, you can often get same items at a fraction of cost. People who don't have patience end up paying premium prices. A recent example is Google Gmail email accounts. These are email accounts that are going to be free to anyone who wants them. When trial for accounts was first announced, however, you could only get them by an invitation from a friend. Many people considered them a must have item when they were first announced and paid as much as $100 for one less than a year ago. They now sell for less than a dollar on online auction sites and you can even find many places where Gmail accounts are being given away for free.
| | Reverse Mortgages ExplainedWritten by Robert Hutchinson
A 'Reverse Mortgage', also known as 'Equity Release', is a popular way to use your main asset (your home) to free up some cash for other purposes. In a standard loan, your income stream is used to 'qualify' for loan. The bank will want to see that you have enough cash-flow from your job or other source of income in order to make payments on loan. By securing this forward loan on your house, bank has extra security. After all, if you stop paying, they can take away your house. As years go buy, you will build up 'equity', which is difference between what your house is worth, and how much you owe on loan, which will be reducing as you pay off principal.A reverse loan, in contrast, requires no proof of income, no credit checks etc, you simply have to own home you are borrowing against. The reason for this is that interest payments are 'rolled up' on reverse loan - i.e they are added to loan, and not repaid. Over time, of course, this starts to eat up your equity, because as each interest payment is added to loan, interest starts being charged on previous interest too!
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