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DID YOU KNOW?

	Stoozing can reduce interest paid on credit cards. Many credit card companies offer special introductory interest rate offers in an attempt to win customers. This is like a loss leader in a shop - they tempt you to use their credit cards with a low interest rate, and then increase the APR when you owe them money. Stoozers use these special 0% and low interest rate offers to reduce the amount of interest paid over time. Many credit card customers in the UK have high balances on which they pay high interest rates. Normal interest rates on credit cards are higher than mortgages and loans - it would not be unusual to save thousands of pounds per year by stoozing. A stoozer will take advantage of introductory rates by applying for a credit card with 0% apr and transferring their existing credit card balance to it. After six or nine months (or whenever the free balance transfer period ends) they will apply for a new credit card and begin the interest free period again. This can continue until the debt is repaid, saving hundreds of pounds in interest. Some people who stooze do not have debts. They put the money into a high interest savings account (such as an ISA) instead. In this way the stoozer will actually earn interest.

You've made the decision that you need some extra assistance in meeting your monthly financial obligations. One of the best options for those over sixty-two years of age who own their own home is a reverse mortgage. Instead of you paying the bank each month, the bank will actually pay you. The loan can be taken out as a lump sum, a fixed monthly payment or as a line of credit. You do not have to pay back the loan until you sell your home or move out permanently. There are many reverse mortgage lenders such as banks and credit unions that you can contact to obtain details about these loans. Rates may vary so you will want to check around with various banks before deciding. There are several types of reverse mortgage loans and they include the following:

Home Equity Conversion Mortgage - HECMs are the oldest types of reverse mortgage loans and the most popular. They are insured by the federal government through the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development. The amount of money you can take out as a reverse mortgage loan depends upon your age, the appraised value of your home, current interest rates and the location of your home. The older you are and the higher the equity (what it would sell for less what you still owe), the higher the loan amount can be. For 2006, the loan limit for a home in a rural area is $200,160 while the limit for high cost areas is $362,790.

Another reverse home mortgage product that you can obtain from a lender is the Fannie Mae Home Keeper. Fannie Mae is the largest investor of home mortgages in the country and a major investor in reverse mortgages. Fannie Mae developed its own reverse mortgage product as an alternative to the HECM to address the needs of customers who had a higher property value on their home. Home Keeper loans can be larger than HECMs because their mortgage limit is higher. Another Fannie Mae reverse mortgage product is the Home Keeper for Home Purchase program. This is for seniors who wish to use the reverse mortgage loan to buy a new home. For example, let's say someone sold his home for a $60,000 profit and wants to buy a new house for $100,000. He could get a reverse mortgage using money from a Home Keeper loan so he would not have to use his savings to purchase the more expensive home.

The opportunities are endless for borrowing against the equity in your home from reverse mortgage lenders you can depend upon.