Eliminate Financial Stress With A Personal Line Of Credit

There are plenty of reasons you might find yourself in some financially dangerous waters. You might have had to run your child to emergency care and are left to deal with the subsequent bill; you could be in between work contracts and come up short for your next utility bill. Whatever the case may be, sometimes you aren’t prepared for what life throws at you – through no fault of your own. But that doesn’t make the reality of being strapped for cash any less harsh. When you find yourself momentarily short on money, do you know where you can turn?

Not everyone is blessed with family or friends who can help you balance the check book when you’re in need of some help. Even if it’s just $300 to smooth out the edges until your next contract starts up again, that can be out of your (and your social circle’s) abilities. Luckily, there’s an organization that you can turn to and no – it’s not the bank. In order to secure a loan with your local financial institution, you have to jump through hoops and hurdles just to speak with a bank representative, after which you’ll have to wait weeks while they review your application and credit score. When you’re bills are due in a few days, you can’t afford to wait and play by the bank’s schedule.

The alternative that you’re looking for is a personal line of credit with an accredited direct online lender. These lenders understand the importance of having cash for when you need it, so they’ve developed a process whereby your application won’t have to go through credit bureaus and other institutions before it’s approved. As opposed to the average traditional lender, they’re the lender that directly approves and facilitates your loan. By cutting down on the middle man, they can give you your loan that much faster.

A direct online lender like MoneyKey can approve your application quickly and deposit your approved limit in just 24 short hours. The limit of a personal line of credit from MoneyKey depends on your state of residence, as they pride themselves in following the rules and regulations provided by the state. That’s because they want to set you up with the appropriate tools for responsible lending habits. By following state sanction laws and providing you with information regarding online lines of credit, they want you to flourish. They don’t want you to take out a line of credit amount higher than you can reasonably pay back any more than you do.

Having a line of credit for whenever you find yourself short on cash (be it when your child is in the hospital or when you’re a couple of weeks away from the start of another contract), can take a stressful situation and make it more manageable. When you finance your credit with a responsible direct online lender, you can trust that you’re covered for when life puts a crick in your budget.

source: christianfinanceblog.com

Reverse Mortgage—A Loan of First Resort

Typically the reverse mortgage has been seen as a “loan of last resort.” The idea stems from very outdated assumptions about closing costs and, quite frankly, some major ignorance about how the loan works.

Over the next few weeks, I will be doing a series of articles showing the value of using a reverse mortgage line of credit in retirement planning. As with most financial tools the sooner you start the better the return!

If you, like many baby boomers, purchased or refinanced in your 40s or later and used a 30 year fixed rate mortgage, you will be paying a mortgage into your retirement years. This payment coupled with a common decrease in income during retirement could open you up to foreclosure or unnecessarily selling your home.

The secure future reverse mortgage is a simple plan that overcomes the problem while allowing you to create a line of credit that will give you the comfort and security of liquid assets throughout your retirement years.

To see how it works, take a look at this video:






The line of credit created in this model does not require any extra savings. You simply make the same payment you are presently making on your mortgage.
The benefits:

• The ability to miss or reduce payments. If finances are tight you can reduce the monthly payment or stop making payments. No fear of foreclosure through nonpayment.
• The option to borrow at any time from the line of credit.
• The ability to borrow large amounts, tax-free. No need to be re-approved.
• Insurance against home value decline. If your home’s value goes down, a traditional HELOC can be frozen or cancelled.
• Security against interest rates rising. If they do rise, so does the growth in the Line of Credit.
• Protection from market volatility. If your IRA or 401K tanks with the market, the line of credit can meet needs until it rebounds.
• The security of a government insured line of credit. If the bank fails or the economy crashes the line of credit is still available, even if the line is higher than the home’s value.

source: totalmortgage.com