Consumer Finance Programs - The following sub-directories of companies and services offer a wide variety of financial service programs to assist you with the management of your personal finances. Consolidate debt with a debt consolidation loan or use a credit counseling service or mortgage refinance for help with the consolidation of your charge card debt and other monthly payments.
- Debt Management Credit Counseling - Having trouble keeping up with your monthly credit card payments? Compare debt management services in this online list that can try amd help you get a grip on your personal financial situation.
- Debt Settlement Company - High credit card balances making your monthly payments impossible to meet? The negotiation of your outstanding bills with your creditors may be a good debt solution for you. Educate yourself on your available options and compare available programs online.
- Debt Consolidation Services - If you have a large amount of credit card and other debts, now may be a good time to consolidate your debt and lower your payments.
A Special Guide for Seniors and Families
Helping Your Money Last... After Your Last Paycheck
Reverse Mortgages: These are home equity loans available to homeowners age 62 or older. In general, a reverse mortgage is a loan that provides money that can be used for any purpose, and the principal and interest payments typically become due when you move, sell your house or die. A reverse mortgage also differs from other home loans in that you don't need an income to qualify and you don't have to make monthly repayments.
While reverse mortgages can be a valuable source of funds, they also have serious potential drawbacks. In particular, you will be reducing your equity, perhaps substantially, after you add in the interest costs.
"Reverse mortgages can help in some situations, such as when you have large medical bills that are not covered, to make major home repairs or to help people on low fixed-incomes make ends meet," said Cynthia Angell, a Senior Financial Economist at the FDIC. "However, you are reducing your ownership share of the home. That means the inheritance you are leaving to your heirs could be greatly diminished or you could have far less money available for other purposes, such as buying into a retirement community later on. That's why a reverse mortgage should usually be used as a last resort, not as an integral part of a retirement strategy."
Also, Angell said, the fees can be high, and that could make a reverse mortgage a poor choice to cover relatively small expenses.
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Fall 2005 |
Different Ways to Afford Retirement |
Social Security and Pension |
Retirement Savings Plans | |
FDIC Consumer News is published by the Federal Deposit Insurance Corporation
FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.
Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.
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Last updated on 3/23/2006