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New Millenium Bank Secured Black Diamond Mastercard

Approved regardless of credit history
Credit limits up to $10,000*
Reports to all 3 bureaus
Get cash at over 740,000 ATMs
No credit check
* Terms and conditions apply.

New Millennium Bank has guaranteed your credit approval for up to $10,000* in secured credit!

Build or rebuild your credit the SMART way with a

NMB Secured Black Diamond Visa®

• Approved regardless of credit history
  
• Credit limits up to $10,000*
  
• Reports to all 3 bureaus
  
• Get cash at over 740,000 ATMs
  
• No credit check
  
• * Terms and conditions apply.
  

• An established track record of trust and safety.
  
• Rated 4 stars (Excellent) by Bauer Financial Services.
  
• Passes stringent annual reviews by federal and state regulatory groups responsible for the safety and soundness of the national banking system.
  
• Deposited funds are insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC).
  

DID YOU KNOW?

	Are you one of those who are forever on a hunt for quick tips on investment? If so, then it is very likely that the term offshore investment has been tossed at you more often than not. What is offshore investment? Offshore investment is a way of making one's money grow by investing in various ventures abroad that is outside your own country of residence. Why venture into offshore investment? The most popular reason cited for investing in foreign waters is to evade the tax enforcements in one's own country. Most people who reside in high-tax areas like US, UK, Canada or Japan see domestic investments as a futile exercise because of the heavy tax penalties that one has to pay. While tax is the driving force behind majority of offshore investments, there are others who invest into foreign lands with the intention of earning huge returns and not of evading taxes. A survey by YouGov revealed that as much as 55% of adult Britons were seriously considering settling in another country. Two factors can be attributed to have triggered this feeling among Britons. The first being, the ever worsening pension situation in the country, which has prompted several Britons to look elsewhere for their retirement savings. The second of course being the universal dream of owning a holiday home in an exotic country. What options are available under offshore investment? United Nations Conference on Trade and Development or UNCTAD reveals that foreign investments have seen a recent shift towards services in all regions of the world. Besides the most popular overseas call centres, other services including water, electricity and business services have also started seeing a lot of money being poured into them. Besides these, property has always been a hot market for investments. As a potential investor you can also look into more traditional options like funds and savings plan. Beware Investor! No matter what your reason is behind investing or what scheme you are putting your money into, the catch phrase always is Caveat emptor! Or beware! As an investor you are solely responsible for your investment and so before taking the plunge you must assess your own risk tolerance.

In recent years property values have soared, while investment returns have been modest. This has created a situation where a lot of seniors are finding themselves in the position of being house rich and cash poor. These cash strapped seniors are looking for ways to increase their retirement income while continuing to live in their homes. These retirees find that their options are limited, and in most cases require them to risk their home. Enter the reverse mortgage, which can provide many advantages over these other less desirable options.

No Payments With Reverse Mortgages

The biggest advantage of a reverse mortgages is not having to make payments as long as you continue living in your home. In fact, this is the number one reason that seniors choose to borrow reverse mortgages. Almost 80% of reverse mortgage borrowers use a reverse mortgage to pay off their current loans in order to eliminate their house payments. Let's say you owe $50,000 on your first mortgage and borrow $80,000 with a reverse mortgage. This would pay off and eliminate the payment on the first mortgage and provide you with $30,000 to use as you please.

Live in Your Home as Long as You Like

The second advantage of reverse mortgages is the ability to live in your house as long as you like. The great thing about this is the amount you owe on the reverse mortgage can never be more than the house is worth. Let's say you live to 115 and have selected to recieve a $300 a month payments for life from the reverse mortgage. The amount received from the reverse mortgage payments could be substantially higher than the value of your home, yet the amount owed will still only be the value of the home. In this situation, FHA insurance will cover the difference.

Reverse Mortgage Withdrawal Options

Another advantage of reverse mortgages is the different withdrawal options that a you are able to choose. These options include lump sum distributions, line of credit, monthly payments, or any combination of these three. So if you were eligible to borrow $100,000 on a reverse mortgage you could select to receive $30,000 up front to cover current expenses, and hold the rest as a line of credit that you can use whenever you need it. This flexibility of reverse mortgages can significantly improve you financial independence during retirement.

Tax-Free Nature of Reverse Mortgages

Another advantage of reverse mortgage is the tax-free nature of the loan proceeds. The American Bar Association guide to reverse mortgages advises that generally the IRS does not consider loan advances to be income. This means that all the money from the proceeds of the reverse mortgage end up in your pocket.

With these features, reverse mortgage are definitely an option to consider if you are looking for ways to supplement your current income. As with any financial decision, you should seek the advice of a trained professional, a reverse mortgage counselor, to evaluate and determine if a reverse mortgage is right for your situation.