One of the gatekeepers to your most sensitive personal information was hacked, bigtime. Here’s how to protect yourself.
The government is changing the loan’s insurance costs and reducing how much applicants can borrow—and the window for borrowing under the old rules is closing fast.
In a surprise move, the government is changing the reverse mortgage rules again. And the changes, which affect the cost of insurance and borrowing limits, are a mixed bag for borrowers.
Upfront mortgage insurance premiums will be a flat 2% for every loan, a change that means some applicants will pay more, while others will save. If you qualify to take up to 60% of the eligible loan amount in the first year with the remainder available the following year, your upfront cost will rise one and a half percentage points from the previous 0.5%. For those who qualify to take more than 60% in the first year, generally because of an outstanding mortgage that must be paid off, the upfront cost drops by half a point, from 2.5%.
Ongoing insurance costs will drop for all borrowers, with the annual premium falling from 1.25% to 0.5%. “Over time, that could have a significant impact,” says Peter Bell, president of the National Reverse Mortgage Lenders Association. For every $100,000 in loan balance, you’ll save $750 a year. The lower ongoing cost may offset much or all of the higher upfront cost.
Most investors worry about losing their money to the market — not to their financial professional.
When it comes to saving for retirement, maybe you’ve done everything right. You started early, maxed out your 401(k) plan, invested in a diversified portfolio and avoided costly mistakes, such as cashing out your retirement plan. Fantastic. But now comes the hard part: making sure you don’t outlive your money.
Drivers can expect to pay more at the gas pump when they hit the road for Labor Day weekend. Devastating floods unleashed by Hurricane Harvey have taken more than 10% of the nation’s oil-refining capacity offline, which means less fuel available during one of the busiest travel weekends of the year. The storm itself has weakened, but the flooding along the Texas and Louisiana coasts is still worsening, which means it’s too early to say when the region’s refineries can return to normal operations.
These 5 often-overlooked issues could make or break your retirement.
Tech stocks weren’t born during the dot-com boom of the 1990s. In fact, many of today’s biggest publicly traded technology companies got their starts decades earlier. One of the most storied names in Big Tech dates back more than a century.
Bought your Powerball ticket yet? The grand prize has climbed to $700 million, and will climb even higher if no one matches the winning numbers Aug. 23. Read more
Before you set out on what could be a 30-year-long road trip, you’ll need a good map.
Between Facebook, iTunes, email and digital banking and investment accounts, most of us lead pretty active lives online. Do you have a plan for what will happen to all your passwords and accounts when you pass away?