How to Avoid Loan Sharks and Predatory Lenders


In recent years, loan sharks and predatory lenders have been reinventing themselves by moving off the streets and onto social media. They’re using online platforms to both lure potential victims and intimidate those who miss a payment.

In light of the coronavirus pandemic, loan sharks are often looking to take advantage of those who are most vulnerable at this time and who feel that they have nowhere else to turn for help. They are often based in the local community and, if you are in a financial crisis, they may seem friendly and accommodating at the start. However, they can cause people immense misery in the long term.

If you are in a desperate situation, it may seem tempting to borrow money from a loan shark as a quick fix; however, you will always end up paying back much more than you originally borrowed.

Key Figures

  • A loan shark is someone who lends money without authorisation from the Financial Conduct Authority (FCA).
  • The UK’s Illegal Money Lending Team, which investigates and prosecutes illegal money lenders while supporting victims, is warning people to watch out for loan sharks online where they’ve become increasingly active. 
  • Around 300,000 households across the UK have been the victim of a loan shark since the records began in 2014.
  • One in ten of those met their lender on social media platforms like Facebook or Snapchat and even dating websites.

What are some signs that you may be borrowing from a Loan Shark?

If you have any doubt about who you are borrowing money from, the first thing to do is to check the Consumer Financial Protection Bureau’s database in the US, or the FCA website in the UK.

“Even though there are many legitimate online lenders in the US and UK, there are always going to be people out there looking to take advantage of you,” commented Michael Needham, co-founder of US loans connection service, Doddler. “Especially since the coronavirus pandemic, online loan scams have become extremely common,” he added.

Some telling signs that you may be borrowing from an illegitimate lender are:

Lack of paperwork and documentation.

Paperwork, contracts and documents always make things seem more legitimate, which is something that loan sharks avoid at all costs.

Refusing to provide you with information about the loan.

Most loan sharks will avoid giving you clear details about your loan, such as the interest rate, details of previous repayments and the total amount you owe.

Taking possessions for security.

Although this is sometimes a form of secured loan, some loan sharks will illegally use your personal possessions, such as a passport or bank cards, to act as collateral.

If your repayment amount keeps on growing.

Loan sharks might increase the debt or add extra charges at any time, even if you’re making regular payments. It’s important you get help because the debt can spiral out of control very quickly.

Threats of violence.

Loan sharks can sometimes use intimidation and threats to frighten people into paying back their loan. Some even become violent towards their victims if they fail to make their repayments on-time.

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Break These 5 Bad Money Habits in 2023

Avoiding bad money habits is as important as building good ones. Many people don’t realize some simple money mistakes and lose substantial money in the long run.

Here are 5 bad money habits that you should break in 2023.

1. Not Creating a Budget

One of the biggest mistakes you can make is not creating a budget at all. Many people start a budget and then don’t stick to it.

The root cause of Inaccurate planning, overspending, late payments, debt accumulation, etc. is not to have a personal budget.

If you don’t create or follow budgets, you’re shooting in the dark.

How to Break the Habit

Start with a simple budget plan like a 50-30-20 budget or envelope budgeting. Aim to divide your total income into necessary costs, debt repayment, and savings.

Then, analyze each segment and adjust. Keep reviewing your monthly budgets until you find the right mix.

You don’t need to get it done on the first attempt. Start slow and keep building.

2. Having No Emergency Fund

If the last couple of years has taught us anything, it is to create an emergency fund.

Despite facing regular hardships, many people fail to set aside money for emergencies. It can be an unexpected medical bill, a house repair, an uncovered vehicle expense, or a loss of income.

Without an emergency fund, you’ll always revert to expensive borrowings. That’s one reason people turn to high-APR credit cards or payday loans.

How to Break the Habit

Calculate your monthly mandatory expenses first. Then, open a separate savings account to accumulate funds.

Start building the fund by contributing as much as possible. Aim to accumulate for three to six months of your non-discretionary expenses.

You can’t build an emergency fund overnight. The key is to remain consistent. Start with smaller contributions, say $50 per week, that would be $200 per month.

Once you build the habit, you can contribute more and build quickly.

3. Always Carrying Credit Card Debt

No emergency fund is a major reason for carrying credit card debt all the time. Several other factors to this dilemma too.

People swipe a credit card for convenience without paying with cash. Then, switch to paying only the minimum payable even when they could afford to repay the full outstanding amount.

This habit quickly piles up interest costs and your credit card bill shoots up quickly. Then, you’ll keep repaying interest costs with no sight to wipe out the credit card debt.

How to Break the Habit

Think of a credit card as an emergency tool only, not for convenience. Always keep an eye on your credit card APR, interest-free period, and existing balance.

Even when you pay by credit card, repay the full amount to save on interest costs. Plan before using the card and calculate the total interest charges if you need a large transaction.

Once you build the habit of calculating the total cost of using a credit card for each transaction, you’ll shift to other sources successfully.

4. No Plans for Savings

Another major mistake observed in personal finance is not having any plans for savings. People forget a simple rule that you need to save now for your retirement life later.

Saving money for your future includes several other financial goals like a downpayment for a mortgage, a major house repair project, relocation, educational expenses, sponsoring your travel tour, and so on.

If you don’t save enough, you’ll always remain in debt. Moreover, you’ll never be able to invest or save for your retirement.

How to Break the Habit

If your budget doesn’t allow it, look for extra income through a side hustle or passive income. Alternatively, find ways to cut discretionary expenses.

Start a retirement plan as soon as possible. If your employer offers a 401(k), make sure to maximize the contributions. Else, start your own IRA and stay consistent with your contributions.

5. Spending More Than Earnings

It’s a common pitfall and we all are guilty of it at some stage. In one way or another, people keep spending money without realizing they’re exhausting their limited resources.

Spending on nonessentials or discretionary expenses is the biggest driver to overspending for most people.

These nonessential expenses include dining out excessively, unplanned trips, impulsive shopping, overspending on decoratives, always buying new over used, and so on.

Overspending never lets you save money. It accumulates debt and never lets you accomplish financial goals even if you don’t realize it.

How to Break the Habit

If you want to break the habit of overspending, prefer cash over a credit card.

Always make a shopping list, cut discretionary items, and stick to your preferred list. Avoid impulsive shopping by ignoring discounts/promo offers for nonessentials.

Then, stick to your budget and always automate your savings. It will take time to control your overspending habit but you’ll eventually get there.

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How Refinancing Your Home Loan Can Help You Save Money

It’s everyone’s dream to own a home one day to avoid expensive monthly rent payments and troublesome property owners. However, since buying a home is a huge investment, many cannot afford a one-time full-cash payment for a property. As such, most people rely on mortgage loans to purchase their first homes. 

Mortgage loans offer borrowers flexibility and a long repayment term, which is normally between 10 years to 30 years. You need to meet certain criteria to get the loan as lenders try to avoid defaulters and minimize risk. You can read about how to maximize your chances of getting a mortgage to access your chances. 

As time goes by you may want to trade your old mortgage for a new one with better conditions. This is termed mortgage/home refinancing. What is mortgage refinancing and how can it help you save money? Read on for answers.

What is mortgage refinancing?

Mortgage refinancing is the process of replacing a current mortgage loan with a new one. This doesn’t necessarily have to be with your current lender as a new lender can refinance the home. You can rely on trusted local mortgage brokers with knowledge and experience in the field for a competitive rate. 

The refinancing process takes the same form as applying for a new mortgage. The lender will assess your finances, ability to repay, and risk, to determine your eligibility and favorable interest rate. 

That notwithstanding, the new loan may come with different terms. You will have new repayment years and a fixed rate instead of an adjustable rate. Most important, you may have a lower rate, which is one of the main reasons for refinancing.

Mortgage refinancing attracts a prepayment or closing cost. Your old lender will charge a prepayment fee for deciding to pay the loan early. As such, consider such fees and other terms before taking the decision. Also, consider how long you wish to live in your home, and your ability to adhere to new payment terms, before taking a refinancing loan.

When to refinance your home loan 

As a homeowner, you should only refinance your home loan when it is beneficial to you. Only take this decision if it can help you save money by replacing a high-interest loan with a lower one. Or, change the current loan terms for a more favorable one. Refinance your loan when

  • Mortgage interest drops significantly 
  • When you obtain a better credit score
  • Change the mortgage terms and conditions 
  • You want to Change from an adjustable rate to a fixed rate
  • You decide to shorten or increase your loan repayment period
  • To obtain a lower monthly payment rate

When refinancing can save you money

When it replaces an expensive loan

Replacing an expensive loan with a cheaper one is the main reason most homeowners opt for a home refinancing loan. When mortgage market value declines, loan rates fall; hence, new mortgages will have lower rates. For example, if the APR on your current 30-year mortgage is 6.7 percent, and rates begin to decline, you can trade the old loan for a better rate. So, you can refinance your old 6.7 percent rate mortgage with a new 5.7 percent rate, to save one percent.

Also, if your credit ratings improve significantly after securing your first loan, subsequent loans will attract lower interest rates. Meaning, you can have a better deal with your improved credit rate if you decide to refinance your loan.

Currently, the Annual Percentage Rate (APR) on a 30-year mortgage is 6.7 percent, while that of a 15-year mortgage is around 5.9 percent. With this rate, most homeowners wouldn’t find it ideal to refinance their homes. However, on any good day with better rates, it’s a smart move to replace your old loan. Note: a high old rate is not the only reason borrowers refinance their loans. Here is how mortgage refinancing can help you to save money. 

When it changes your loan terms

Depending on your current financial status or loan goals, mortgage refinancing can help to increase or reduce your repayment terms. So, if you are 5 years into your 20-year mortgage, you have 15 years left to offset the loan. You can instead take a new 20-year to refinance the old mortgage. This will reset the repayment terms back to 20 years instead of 15 years. 

Contrary, you can settle for a 10-year refinancing loan to pay off the 15 years left on the current one. This will help you repay the loan 5 years earlier. Instead of 15 years, you will have a ten years payment term, with higher monthly payments. 

Converts an Adjustable-Rate Mortgage (ARM) or Fixed-Rate Mortgage 

Adjustable mortgage rates (ARM) initially offer lower ratings compared to fixed rates. With time, the periodic adjustments of the ARM will increase your rates to surpass that of fixed rates. With this, you may want to convert your adjustable rate to a fixed mortgage rate for a lower interest rate. It also reduces concerns about having future hikes.

On the other hand, you can also change from a fixed rate to an adjustable rate as a financial strategy. When mortgage rates begin to fall, homeowners with fixed mortgage rates may not benefit from it. Therefore, you can convert your fixed rate to an adjustable-rate mortgage through home refinancing. This helps you to benefit financially from falling rates and save money.

Home refinancing can be a great financial tool to help reduce your mortgage rate or improve the loan terms. It is a great way to build or increase your home equity if properly utilized. Several considerations should be made before opting to refinance your home. You can seek professional advice from any trusted local mortgage broker before making a decision.

The bottom line

Home refinancing can be a great financial tool if properly utilized and strategically used. It can help you restructure your loans, and help you to build your home equity. However, you need to be careful when making such a decision. Several considerations must be made to avoid future regrets. You can rely on your trusted local mortgage brokers for professional advice.

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A guide to becoming a better novice trader in the United Kingdom

As a novice trader in the United Kingdom, it is crucial to become familiar with different types of options trading to make informed decisions when participating in the market. This guide will provide an overview of the UK’s main types of trading: share dealing, contract for difference (CFD), spread betting, and foreign exchange (forex).

Share dealing is the most common type of trading in the UK and involves buying and selling shares of companies listed on the London Stock Exchange. CFDs are similar to share dealing but allow traders to speculate on the price movement of a security without actually owning the underlying asset. Spread betting allows traders to bet in the direction of a security’s price movement, and forex trading is the act of buying and selling foreign currencies.

When choosing a broker, it is important to compare fees, account minimums, and the types of securities that each firm offers. It is also essential to read reviews and assess customer service offerings before selecting a provider.

Once you have chosen a broker, opened an account, and funded it, you will be ready to start trading. Before placing your first trade, however, it is crucial to develop a trading strategy. This strategy will help you make informed decisions about which trades to place and how to manage your risk.

A fundamental trading strategy

A fundamental trading strategy should consider the following:

  • Your financial goals. What are you looking to achieve by trading? 
  • Your risk tolerance. How much financial risk can you take on? 
  • Your time horizon. How long do you plan on holding your position? 
  • Your exit strategy. How will you know when to sell?

A money management plan

In addition to a solid trading strategy, it is also essential to have a sound money management plan. This plan should consider how much capital you are willing to risk on each trade and how you will manage your overall portfolio risk.

Some key money management considerations include:

  • Position sizing. How many shares or contracts should you buy? 
  • Stop-loss orders. At what point will you exit a losing position? 
  • Take-profit orders. At what point will you exit a winning position? 
  • Risk-to-reward ratio. What is your target profit versus your stop-loss? 
  • Diversification. How can you reduce your overall portfolio risk?

What are the risks of day trading in the UK?

There are a few risks to be aware of when day trading in the UK:

  • Market risk. The market can move against you, and you can lose money. 
  • Liquidity risk. There may not always be someone to buy or sell your security at your desired price. 
  • Margin call risk. If the value of your account falls below the required margin, your broker may force you to deposit more money or close out your positions. 
  • High-frequency trading risk. Algorithmic traders can place orders faster than humans, impacting the prices you pay or receive.

How can I overcome these risks?

The best way to overcome these risks is to have a solid trading strategy and money management plan which takes into consideration your financial goals, risk tolerance, and time horizon. Diversifying your portfolio and only trading with money you can afford to lose is also essential.

When day trading in the UK, choosing a reputable broker with low fees, good customer service, and a robust platform is crucial.

What can you trade in the UK?

The UK’s main markets are the London Stock Exchange (LSE) and the Alternative Investment Market (AIM). The LSE offers a wide range of securities, including shares, bonds, and derivatives. Futures contracts and listed options are also traded on the LSE. The trading hours for these products vary depending on the security.

The AIM is focused on smaller companies and is considered to be riskier. Other popular markets in the UK include the FTSE 100 index, the GBP/USD currency pair, and gold.


Day trading in the UK can be a profitable way to invest your money. However, choosing a reputable broker, developing a solid trading strategy, and having a sound money management plan is essential. Remember to diversify your portfolio and only trade with money you can afford to lose.

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Why are CFDs so risky for new traders in Singapore?

Contracts for Difference (CFDs) are a popular investment tool in Singapore, but they can be very risky for new traders. This article will explore the risks involved in CFD trading and why it’s essential to do your research before investing.

What are CFDs?

They are derivative products that allow investors to trade on the price movements of various assets, such as stocks, indices and currencies. They offer a high degree of liquidity and flexibility and can be used to speculate on markets’ movements or hedge against risk. Why are CFDs risky?

CFDs are a high-risk investment and can be especially risky for inexperienced traders. Here are some of the risks involved in CFD trading:

CFDs are a leveraged product.

It means that traders can control a large contract size with a relatively small amount of money. This leverage can work both ways, though, magnifying profits as well as losses.

Lower margins

The margin required to trade CFDs is usually much lower than traditional investments such as stocks and shares. It makes it easier for traders to enter into trades without committing a lot of capital upfront. However, it also means that losses can be incurred more quickly.


The prices of CFDs are based on underlying assets such as stocks, commodities or currencies. These assets can be very volatile, meaning that the prices of CFDs can rush up and down. It makes it difficult for traders to predict where the prices will go, resulting in losses if they are not careful.

No physical delivery

CFDs are a derivative product, which means no physical delivery of the underlying asset. It can be a disadvantage if the trader wants to take delivery of the asset, for example, if they are trading gold CFDs and want to take delivery of gold bullion.

Counterparty risk

CFDs are traded on margin, which means that the trader only has to put up a small amount of money to open a position. When the market moves against them, they may be required to post additional funds to keep their positions open. If they cannot do this, the broker may close their positions and lose their investment.

Limited order types

CFD brokers usually offer a limited number of order types, making it difficult for traders to execute their trades in the way they want. It can lead to frustration and poor trading decisions.

No protection against losses

Unlike traditional investments, there is no protection against losses when trading CFDs. It means that if the trader loses money, they lose all of it. There is no option to claim back any losses from the broker.

High fees

CFD brokers usually charge high fees for trading CFDs. It can eat into profits and be a disadvantage for traders who are not making a lot of money.

Liquid markets

CFDs are traded on margin, which means that the trader only has to put up a small amount of money to open a position. When the market moves against them, they may be required to post additional funds to keep their positions open. If they cannot do this, the broker may close their positions and lose their investment.

No regulation

CFDs are not regulated in Singapore, meaning there is no guarantee that the broker will honour their trades or that the trader will get their money back if the broker goes bankrupt. It can be a considerable risk for traders unfamiliar with how CFDs work.

No Dividends

CFDs do not entitle the trader to any dividends from the underlying asset. It can be a disadvantage for investors looking for income from their investments.


Many CFD brokers offer trading platforms that are designed to look like games. It can make trading feel more like gambling than investing, leading to poor trading decisions.

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Earnity’s Domenic Carosa and Dan Schatt on Overcoming the Hurdles of the Mass Adoption of Cryptocurrency

Before 2021 came to a close, decentralized finance (DeFi) firm Earnity had raised more than $20 million with the intent of developing a marketplace for crypto users to earn, collect, learn about, and gift tokens and portfolios of digital assets. The company hopes to make cryptocurrency available and accessible to a broader audience.

Earnity, led by co-founders Domenic Carosa and Dan Schatt, firmly believes that more people should reap the benefits of cryptocurrency. However, the world is still far from the wide-scale adoption of cryptocurrency that purists, enthusiasts, and early adopters had hoped for.

Earnity’s Domenic Carosa See More Room For Growth for Crypto

It is imperative to keep in mind, though, that the world is still in the early cryptocurrency days. Bitcoin may have been in use starting in 2009, but blockchain as a technology is still relatively young. The market capitalization for the popular cryptocurrency is more than $200 billion. And many others have seen massive valuations over the past years. Still, data suggests that crypto has much more room for growth.

Another roadblock to the mass adoption of cryptocurrency is the lack of education on how it works. Cryptocurrency and blockchain seem like abstract concepts that many people have found difficult to understand. The fear of not fully grasping how cryptocurrency functions have deterred countless users from entering the space.

Ease of use has also hindered the mainstream use of cryptocurrency. After all, not everyone will want to memorize or write down a 64-character seed phrase to access and transact with their funds. Until users can buy, sell, or hold without learning cryptography, the global adoption of cryptocurrency will remain a pipe dream.

Earnity’s Domenic Carosa and Dan Schatt seek to challenge these hurdles by creating a platform that makes transacting and earning crypto and DeFi products and protocols user-friendly yet secure. The company adheres to the notion that DeFi should be about access and not about putting up more barriers.

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Why Crypto is The Future of Finance Using Earnity from Dan Schatt

Cryptocurrency is a developing ecosystem that is slowly infiltrating the world’s traditional financial systems. According to statistics, the number of crypto users increased by 66 million between 2018 and 2020. Moreover, both private and public sectors are warming to the idea of using cryptocurrencies in their financial transactions, such as making payments, storing value, and investing. Finance legends Domenic Carosa and Dan Schatt have created Earnity to offer people a user-friendly way to transition.

The Dawning of Decentralized Finance

Many people believe that decentralized finance, or DeFi, will soon replace traditional financial processes by providing transparency and better transactional security.

DeFi is rapidly gaining traction in investing, trading, borrowing, and lending, which will spark a revolution in today’s financial services. The increased demand for and accessibility of cryptocurrency exchanges is expanding the global popularity of various DeFi systems. Along with it, cryptocurrency exchanges have grown in popularity among investors. As a result, industry experts expect a cryptocurrency to continue pushing changes to financial systems as you know them today.

Transactional And Banking Advantages

Acceptability and accessibility continue to receive attention as cryptocurrency use grows daily. In addition, the cryptographic technique and technology continue to evolve and advance, resulting in the development of a stronger cryptocurrency financial system.


Because various cryptographic techniques power the systems, it allows for anonymity while transacting. These methods ensure data security, preventing sensitive information from falling into the wrong hands. All data sent is hidden from unauthorized individuals.


Transactions made with cryptocurrency cannot be changed or forged, and the system transmits them over highly secure networks. On the other hand, entities can still trace financial records for proof.

Accessibility and Effectiveness

Cryptocurrency provides a viable and concrete solution in a world where a large population still lacks access to formal financial services. Dan Schatt and Domenic Carosa know that traditional banking is restrictive. People worldwide who do not have bank accounts can now take advantage of this financial model using Earnity, which provides instant access from anywhere, lower transaction costs, and quick transaction processing.

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Crypto Regulation Around the World

Regulation around cryptocurrency is still very unclear and governments around the world have very different ideas about it. While some jurisdictions are trying to ban it outright, others just want to have a bit more control over how it’s traded. Some jurisdictions still don’t fully understand crypto and still don’t know if it should be qualified as a currency or a security. Understanding regulations is very important for traders as they can have serious tax and legal implications. Let’s look at a few examples of how crypto trading is regulated around the world.

United States

Even if crypto trading and mining are very popular in the US, the country still doesn’t have a clear regulatory framework for cryptocurrencies. The SEC, the Treasury, and the Commodity Futures Trading Commission all see cryptocurrencies differently, calling them a security, currency, and a commodity respectively. Not only that, but the IRS classifies cryptocurrency as property, which further complicates things for traders.

The country has done a great job at regulating exchanges in the country, however. All exchanges have to comply with the Bank Secrecy Act and be registered with the Financial Crimes Enforcement Network. They also have to abide by the Anti-Terrorism Act and anti-money laundering (AML) legislation.


Japan is another country that has decided to embrace crypto, and like other regions has seen a rise in the popularity of crypto trading via a range of providers that seek to serve this booming market. These include “regular” crypto exchanges, to decentralized exchanges known as a DEX, to online brokers of crypto derivatives like contracts for difference. All locally based trading platforms have to be registered with Japan’s Financial Services Agency (FSA), which is one of the most rigorous financial regulatory agencies in the world. All exchanges have to be compliant with AML obligations as well. Crypto gains in the country are taxed under “miscellaneous income” and crypto is viewed as property from a tax standpoint.

United Kingdom

The UK, like many other countries, does not recognize crypto as legal tender, but as property. All exchanges operating in the country have to be registered with the UK Financial Conduct Authority. They also have to abide by special ‘know your customer’ (KYC) regulations and follow AMT and CFT guidelines.


Canada is one of the countries that has taken the most proactive measures to regulate crypto trading. All exchanges in the country have to be regulated by provincial agencies. The country is also one of the first to accept crypto derivatives by being the first to approve a Bitcoin ETF in February 2021.


Australia is relatively proactive when it comes to crypto and has some strict rules about what exchanges can offer services to Australians and even which coins they can offer. Australia is one of the only countries to formally ban privacy coins, and exchanges operating in the country have to register with the Australian Transaction Reports and Analysis Centre while abiding by AML/CFT regulations. Australia also has strict rules regulating initial coin offerings (ICOs) and crypto is treated as legal property under the tax code.

Even if most countries have similar legislation governing crypto, there are still some nuances. This is why traders living in these countries or thinking of trading within their borders should learn more about the regulatory framework in each country before starting.

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What to Do When Your Reverse Mortgage Becomes a Financial Burden

Did you take out a reverse mortgage? Many seniors consider reverse mortgages to deal with financial issues that they encounter during retirement.

There can be a lot of great reasons to take out a reverse mortgage. However, they are not without their own issues. You need to be aware of the potential pitfalls that you are going to encounter when you have a reverse mortgage.

Some of the problems with reverse mortgages might creep up on you over time. Fortunately, there are ways that you can deal with them.

Here are some things that you can do to offset any issues that were created by a reverse mortgage.

Consider refinancing your reverse mortgage

According to All Reverse Mortgage, “You can also refinance your reverse mortgage if you don’t like the interest or other terms associated with it. This might be your best option if you think that you will need to sell your property in a few years.” Refinancing will keep you from losing a large amount of money and interest. It would also be ideal if you want to make sure that your kids or other people inheriting your estate will get more.

The process of refinancing your reverse mortgage is very similar to that of refinancing a traditional mortgage. The only caveat is that you generally need to wait at least 18 months after taking out the original reverse mortgage before you can refinance it.

You should take a close look at your credit history before submitting a refinancing application. Your payment history keeping up property charges is going to be the most important factor for qualifying for a better HECM in most cases.

If your credit has improved since you took out the last reverse mortgage, you will possibly be able to qualify for that terms. You can also try to take steps to improve your credit score if you want to take preemptive measures to get a better deal. You should start by looking at your credit reports and seeing if there are any errors on them. Around 20% of all credit reports contain errors, which could be hurting your score. You should also take a close look at any outstanding debt that you have. If you still have a large amount of money from your reverse mortgage, then you should use it to pay off high interest debts, such as credit card bills. This will both boost your credit score and minimize your long-term expenses. It will be a win-win, especially if you get a cheaper read on your reverse mortgage.

You should also settle any possible liens on your property. They could be hurting your potential of getting a better read on your reverse mortgage.

Lease your home instead of selling it before you move

When you take out a reverse mortgage, the bank is going to give you money that will later be taken out of the value of your home. Unfortunately, you have to hold onto the property if you don’t want to pay the reverse mortgage loan back.

You might end up in a situation where you really can’t stay in your home. You might feel like you are a prisoner to your loan, because it is keeping you from relocating if you can’t afford to pay it back.

You might not have been concerned about this when you first took out your reverse mortgage. You probably thought that you would never relocate. Unfortunately, problems happen. You might get an unexpected divorce. You might develop health problems that prevent you from living in an area with bad weather or excessive pollution. Your kids might take new jobs in another state, which forces you to move as well if you want to be close to them.

Before you bite the bullet and sell your home to repay your reverse mortgage, you should explore other options. One idea that you might want to consider is leasing out your home and using the cash from it to pay for new housing wherever you want to relocate.

This might give you the best of both worlds. You get to keep the money that you secured from your reverse mortgage and have the flexibility to relocate at the same time. You don’t even have to physically deal with your tenants if you are willing to outsource that obligation to a property management company.

Explore property tax relief services

Property taxes are among the reasons that people when face problems with their reverse mortgages. You might be required to repay your reverse mortgage if you stop paying your property taxes.

You might be able to get ahead of the problem by seeking property tax relief services. The terms of these services vary between jurisdictions, so you should pay close attention to the requirements. The governor of Idaho recently signed a property tax relief bill, which is an example of how these services work. If you are eligible, you might avoid property tax problems that could trigger a requirement to repay your reverse mortgage.

Make sure that you are reverse mortgage is a benefit rather than a liability

There are a variety of reasons that reverse mortgages have become popular in recent years. They really do offer a lot of benefits. However, there are some situations where they could become a burden, so you need to take steps to avoid that from being the case.

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Robert Testagrossa – Why NFTs Work So Well

NFTs are a hot topic at the moment and we are seeing many companies set up by experts like Robert Testagrossa which are focused towards the rising success of NFTs. This isn’t necessarily a new idea, it is in fact one that has existed for a number of years now, but in recent months we have see an enormous focus on this aspect of the blockchain.

Today then we are going to take a look into what NFTs are and why they work so well for all parties involved.

Breaking Down an NFT

To those of you who aren’t sure what an NFT is, this stands for ‘non-fungible token’ in layman’s terms this means that it is a digital product which is not fungible, or transferrable across the blockchain. We can use NFTs in artwork, music, event tickets and many other forms of token. Those who buy an NFT, in whatever capacity it takes, will be the sole owner of that token. This can be resold by the owner, but the address for the NFT will always remain the same.


One of the biggest reasons as to why NFTs work so well is that they are an incredibly secure way of passing on and storing information. Back in the European Championships in 2016 we saw tickets being delivered as NFTs, which made them much more secure that paper tickets or even emailed tickets. This can also greatly help with concert tickets, which are often bought and sold by scalpers who drive the ticket prices up, and restrict people from having tickets. NFTs is a great way to solve this problem.

Control For Artists

In the world of art and music we are seeing time and time again that artists are not making the money that they should do from the work which they are completing. There are so many record companies for example who rake a huge cut from the artist’s work, as well as art houses who take a slice of artwork created. Using NFTs mean that the artists no longer need that third party in order to get their work out there. This gives them the power to release as many NFTs as they like, and it means that they will end up with an overwhelming proportion of the money which is made from sales.

Increased Demand

And finally, as more and more people learn about what NFTs are, and more and more professionals jump onto the possibilities of NFTs, we are going to see a huge increase in demand. This has already started of course and many NFT artworks are being snapped up each and every day, by people who perhaps usually wouldn’t. This increase in demand is great for everyone involved with NFTs.

The possibilities for this technology really are endless and in the coming years we are certainly going to be seeing big changes within the world of NFTs. What do you make of this new technology?

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