Have You Checked Your Credit Report?

     If you have ever applied for a credit card, mortgage, car loan or any other type of credit, you have a credit report on file. This report includes information on where you live, how you pay your bills, and whether you've ever been arrested, sued or filed for bankruptcy. The companies that manage credit reports sell the information in the reports to other entities that have a legitimate need for it, such as potential lenders, prospective employers and insurers, who will then use it to evaluate your                application.
     Each of the three consumer reporting companies -- Equifax, Experian, and TransUnion -- is obligated to provide you with a free copy of your credit report every 12 months, but you must request it. You can call 1-800-322-8228, go to www.annualcreditreport.com or submit a written request by   filling out an application form that can be downloaded from ftc.gov/credit.
     When you apply for your free report, you need to give your name, social security number, and date of birth. To maintain the security of your file, you will be asked some information only you would know, such as the amount of your monthly mortgage or the account number of a particular credit card. If you receive a phone call or an email (or see a "pop up ad) that purports to be from any of the national   consumer credit companies or www.annualcreditreports.com, it's probably a scam. Do not give them any information or click on any links! Give this information only if you initiated the contact.
      If you would like assistance in filling  out an application to get your free credit report, or if you would like help understanding your free credit report, you are invited to make an appointment with Shirley Mason, of Consumer Credit Counseling of NH and VT, at Bugbee Senior Center on Thursday, April 17th, starting at 12:30. To make an appointment, call 295-9068.

An Introduction to "Reverse Mortgages"
Adapted from Wikipedia, the free online encyclopedia

     A "reverse mortgage" is a loan available to seniors, age 62 and over, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to  repay the loan is deferred until the owner dies, the home is sold, or the homeowner leaves permanently (e.g., nursing home).
      In a typical mortgage, the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his/her property, and typically after the end of the term, the mortgage is paid in full and the property is released from the lender. In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month.
      To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age. There are no minimum income or credit requirements, but there are other requirements and homeowners should make sure that they qualify for the loan before they invest significant time or money into the process. For most reverse mortgages, the money can be used for any purpose; however, the borrower must pay off any existing mortgage(s) with the proceeds from the reverse    mortgage and, if needed, additional personal funds. A pending bankruptcy may, however, slow the process. Some types of dwellings, such as lower-value mobile homes, do not qualify. Before borrowing , applicants must seek free financial counseling from a source which is approved by the Department of Housing and Urban Development (HUD). The counseling is a safeguard for the borrower and his/her family, to make sure they completely understand what a reverse mortgage is and how one is obtained.
      If you would like more information about reverse mortgages, or if you have questions, be sure to come to the Bugbee Senior Center on Tuesday, April 15th, to hear an after-lunch presentation by John Olmstead, from the Department of Housing and Urban Development.

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