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The Pros And Cons Of Equity Release Schemes

Equity release schemes are programs that let homeowners access the money tied up with their property. These programs mainly benefit people between the ages of 55-70 who have already paid off their mortgage and own their home.

What is an equity release scheme?

An equity release scheme is basically a loan, which is paid in either one lump sum, or drawn out over a number of years. This loan is paid against the value of your home, which is passed onto lenders after you have passed away, or have been moved into a retirement home.

January 30, 2012

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Should I Take Out An RRSP Loan?

What is an RRSP Loan?

When you borrow money from the bank in order to contribute to your RRSPs, you are using an RRSP loan. There are different types available. Some need to be paid off within a year, while others you can pay off over a much longer time period. You will often be given a more favorable interest rate if you have your RRSP at the same financial institution that grants you the loan.

January 27, 2012

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How Online Cash Loans Can Be Used To Cover Funeral Costs

We often think of online cash loans as associated with our living costs, with good reason. Even the thriftiest can be hit with unprecedented unemployment, injury or illness that leaves them cash short. Instant cash loans are invaluable in filling short-term needs. However, did you know that online cash loans can also come in handy when it comes to paying for the cost of dying?

Funeral Costs

The standard cost of a burial in America is well over $6,000, even going as high as $10,000 or more. Good for undertakers and funeral parlors, but an unexpected blow to the families of the deceased who have to deal not only with their grief but also with the numbing cost of the funeral. Though online cash loans especially in United States are restricted to a maximum of $500-$1,000, it may turn out to be what you need to provide a loved one with a fitting farewell.

January 12, 2012

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How We Saved Thousands On Our Mortgage

When my husband and I bought our first home we started off with a 5 year fixed rate mortgage with an amortization of 25 years. Within our first year when we looked at our mortgage statement we were floored when we discovered that we had spent more than $7000 in interest in our first year!!! We could hardly believe that on such a small mortgage the interest would be so high. And we had a pretty good interest rate at that time, too. Our interest rate was 4.99% when most people were stuck paying at least 6%.

November 30, 2011

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5 Things To Consider Before Buying Mortgage Life Insurance

Buying extra life insurance that is attached to your mortgage may be a good idea for some folks; however, there are a few things you should consider before making your decision.

1. Do you already have life insurance? You may already have adequate life insurance through your work or another company. If you already have enough to cover all expenses plus your mortgage, then you have no need for additional insurance. However, if you dig up your paperwork and discover that you don’t have enough to cover all anticipated expenses plus your mortgage, you may very well benefit from buying mortgage life insurance.

November 4, 2011

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