Word: loaning
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There are less eleemosynary reasons to chance a private loan. You can generally command a higher rate than you would get with a bank CD, even while offering the borrower a lower rate than would be available through a bank. Radena Stager, 28, borrowed $440,000 from her parents two years ago to purchase a home in Cupertino, Calif. She's paying a fixed rate of 4.9%, vs. the 5.9% market rate at the time. "I'm in more house than I could ever have afforded on my own," she says. Mom and Dad, meanwhile, are enjoying income above what...
...around too--if parents are the ones who need cash. Maybe one of your kids has become a rock star or hedge-fund whiz. By setting up a privately funded reverse mortgage, in which your well-to-do child is the bank, you may be able to cut your loan expenses by more than 50% when you bypass the bank. Meanwhile, the house stays in the family. You also get the benefit of keeping order if you have more than one child. The one who supplements your retirement income through a reverse mortgage will have documented equity in your home...
...income side of the equation appeals to you but you do not have a child or close friend you want to finance, consider some other private-loan options that have surfaced. At prosper com and zopa.com you get matched with borrowers who have been vetted through their credit reports. That's no guarantee they'll pay. Still, in some cases the borrowers are consolidating credit-card debt and agree to a rate of 10% or more...
...even try to change the world by lending as little as $25 to a Third World entrepreneur through kiva.org If the loan goes bust and ends up a gift, at least it went to something worthwhile--kind of like that bad loan to your kids...
...fulfill all the requests.” Quincy House submitted one such request, according to House Master Lee Gehrke, although no new machines have yet been moved into the House’s gym. “We anticipate getting some of the machines from the MAC on loan while it’s closed,” Gehrke said. “We do anticipate that there will be even heavier usage, and I think it will be a bit of a strain, but we’re hoping that the new equipment...will help alleviate that...