For some seniors, a reverse mortgage represents a viable option for funding long term health care. Now don’t confuse a reverse mortgage for a home equity loan because there is a major difference. While a home equity loan requires you to pay back the cash you receive with interest, a reverse mortgage does not. Basically it allows you to enjoy the value of your home now while still being able to live in it and not make any payments. And in the case of a senior in need of assistance funding long term care, the cash advance can be a…
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Whenever making loans — to anyone — there should be a written promissory note that spells out the amount borrowed, whether interest is being charged and how repayments are to be made. It’s fine if it’s merely a demand loan and there’s no repayment schedule. But parents should also specify, in their wills or trusts, how the loan should be handled after they die. Require it to be repaid? Forgive the loan? Offset it with interest? Without interest? A loan is not a gift; if you’ve spoken with a bank representative or a particularly pennywise relative. We talk a lot…
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A little-known aspect of the Small Business Jobs Act of 2010 is the temporary waiver on fees for some loans guaranteed by the Small Business Administration (SBA). The fees, which can range from two to 3.5 percent of the loan amount, can be substantial on high-value loans. While some business borrowers may not feel the pinch, since the fees are typically rolled-into the financing of the loan and not charged upfront, the fee waivers still account for significant savings – especially if the loan value is high. For example, consider a recent article in the Burlington Free Press, highlighting a…
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