If you are thinking about purchasing a new home be aware of the difference between a pre-approval for a mortgage and an actual approval. Most people are unaware of what the difference is between the two and not knowing can end up ruining your life financially.

A pre-approval letter is something you secure from a lender in order to go house hunting. There are generally two ways you can get a pre-approval. You can go to a bank directly and deal with a mortgage specialist. This person will generally get enough of your personal information to pre-approve you for a house. The second way to get a pre-approval is to go through a mortgage broker. They will also take your personal information to pre-approve you; but when you’re dealing with a mortgage broker they deal with many mortgage lenders so in most cases they will go into more detail in order to secure the best rate for your situation.

Whether you are dealing with the bank directly or a mortgage broker you must be sure that you have an actual pre-approval and not just a pre-qualifier. The difference is that with a pre-qualifier a mortgage specialist has just asked a bit of personal information and based on what you said they give you an opinion that you should qualify. With a pre-approval they will find out about your job, length of employment, income, type of employment and credit history. They will make sure that you can provide proof of the information you have given them and based on this they will issue a pre-approval. You should make sure that this pre-approval is based on a credit report and verification of all other financial information.

A pre-approval is not a firm letter of commitment from a lender. It holds the rate of mortgage for 120 days so that if the interest rate increases while you are finding a house it won’t affect you. Most pre-approvals are contingent on appraisal of the home you want to buy and re-verification of your credit and income. Pre-approvals make a buyer look credible to agents and sellers and they smooth the whole mortgage process.

The most important thing to remember is when you find a house that you like and decide to put in an offer, always put a condition in the offer that gives you a week to obtain financing even with a pre-approval. Do not waive this condition because you have a pre approval; if for some reason the bank declines the mortgage you are still legally bound to purchase the house. In this situation you become vulnerable to a law suit or forced to accept a private mortgage at extremely high interest rates costing you thousands of dollars. The bottom line is if you want to protect yourself never waive that financing condition until you have something in writing from the bank stating that you can do so.

Now that you have found a house and your offer to purchase has been accepted you go back to your mortgage specialist with this document and they will now submit your application of a mortgage for a full approval from the mortgage lender. The lender will approve the property you want to purchase and re-verify your financial information. As long as nothing has changed they will generally issue an approval for your mortgage. Be aware that in Ontario a mortgage approval is only firm as long as all of the conditions of the loan are met right up to the day of closing. This means that after you get your approval you need to provide the proof to verify your personal information. This also means that you should not change your financial situation until after the deal has closed. Don’t take out loans to purchase things for your home because this changes your financial situation and there is the possibility that the mortgage lender might back out of the deal.

Purchasing a home is probably the largest financial commitment you will make and if you understand the process and follow the procedure it will be your most enjoyable and exciting purchase.

As a mortgage consultant I specialize in assisting clients obtain mortgages. Whether you are looking for a new home and want to get pre-approved or get rid of debt, a mortgage broker is the answer. For more information go to http://www.winyourmortgage.ca

Applying for a first mortgage can be a daunting task for the potential first time home buyer. Most first timers do not realize just how much is entailed. Yet, according to many real estate agents, first time home buyers are driving today’s housing market.

Today’s housing market that is actually booming right now is the homes in the $90,000 to $150,000 range. The higher priced home buyers are not to be found and the lesser priced homes can’t seem to make enough of a profit. When a home comes on the market that is intended to sell for $100,000 it generally goes quickly.

The first time home buyer is no different than the more experienced home buyer in their specific requirements. Most buyers are looking for a home that is affordable, is in a good neighborhood and has the amenities that fit their lifestyle. Where the first time home buyer differs; however, is in the space desired. Most new home buyers are looking for added room and even extra room to grow into.

Many first time home buyers are finding their dream homes at prices they can afford from the number of homes that are being repossessed by banks. Many banks are finding they own many homes due to repossessions and are selling them cheap just to get rid of them according to one real estate agent with Coldwell Banker.

According to a broker-owner of Re/Max, foreclosures are aiding in the lowered house prices. It is this that helps the first time home buyer find the home they desire instead of the starter home that first time home buyers once purchased. When the housing market benefits the seller, the first time home buyers often can only afford the traditional “starter home”.

There are still challenges that the first time home buyer will face despite being a buyer’s market. There is much to learn and understand regarding the loan process that most first time home buyers are unaware of. The loan process is a fairly complicated process and even with good credit most first time home buyers have never had a loan of this scale before.

To help ease the confusion and often reluctance of the first time home buyer the loan officer and real estate agent come together to assist. Many people applying for home loans today can expect to be approved with a Federal Housing Authority loan at a 30 year mortgage with low interest rates.

For a myriad of locations and neighborhoods this is the best time in the last 10 years to buy a home. This is due to the housing prices being low and the interest rates still being good. The dream home of many potential first time home buyers is a real possibility with today’s market; making for a happy ending to a beginner’s story.

J Stromsteen has many years expertise in the finance, real estate, and insurance industry. She contributes to the website http://first-time-home-buyer-s.com where you can find detailed information on a multitude of resources for first time home buyers.

The loan process you follow when searching for a construction loan has some similarities to that of obtaining a regular mortgage. You will still be judged on your income, credit, savings and monthly debts just like a regular mortgage.

However, with a construction to permanent loan, there are a few additional factors that lenders consider. Since the home is not yet built, an “as-finished” or “as-completed” value must be established by a “plans and specs” appraisal.

When you go to get a mortgage on an existing house, you will also need an appraisal to establish the value and to insure that you are not paying more for the house than it is worth. With a home that is not yet built, this is doubly important. The lender needs to see what the projected home will be worth based on other homes that are similar in the immediate area.

Basically, for an appraisal prior to construction, you will deliver to your appraiser a set of home plans along with a list of materials you intend to use to finish the home, such as flooring, appliances, countertops, etc. Then, the appraiser will go to the vacant lot upon which you plan to build, and he will determine an appraised market value based on the recent sale of very similar homes in the immediate area.

In addition to the appraisal, the lender will also examine your proposed budget carefully to determine if there is enough money to build the home and if the builder (or owner-builder) is over-spending to build a home of that particular appraised value.

Each lender can have its own set of guidelines and parameters it uses to determine if you are under-budgeting or if you are over-budgeting. But, in general, the lender’s goal is to protect you and themselves from some potential disastrous scenarios: either an unfinished house or an over-built home in a market that won’t support the price.

Therefore, think of your construction loan as requiring two sets of approvals. First, you must be approved as a borrower. Second, the project you wish to build must be approved based on the appraisal and budget.

And, typically, the qualifying guidelines, especially for owner-builders, are more stringent than for regular purchase mortgages. This is for two very simple reasons: risk and supply/demand.

There are thousands of loan programs out there for buying a house. You can have good credit, bad credit, low income, high debt or any number of other variables and still qualify for a purchase mortgage.

But the choices are more limited when building a home. Construction loans (and owner-builder construction loans in particular) are more risky for lenders. This is why not all lenders offer them. And, it is why those who do offer them can set tougher qualifying standards and be more particular about who they give their money to.

Risk, along with supply and demand, determines all mortgage pricing.

Remember that construction loans in general, and owner-builder loans in particular, are more complex than typical purchase mortgages. They will require more time to prepare for on your part.

And, they will take longer for your lender to process and get you to closing than normal. So prepare appropriately. If you understand the process before starting, and set your expectations accordingly, you will have a much more pleasant loan experience.

In fact, when considering the timeline required to close on a construction loan, keep in mind that many times the lender is forced to wait on you, the borrower. Often, the slowest part of construction loan planning involves waiting on the blueprints and the budgeting.

The underwriting of the loan cannot really begin until the blueprints and budget are complete. So, the lender is often forced to wait for the borrower to complete these items. This is not a bad thing. It is just an important point to remember when planning for your overall construction loan timeline.

Speaking of planning for construction loans, here is one last important point that you may not have considered yet. As the mortgage market has drastically changed nationwide over the last couple of years, one of the new mortgage industry catchwords that you will likely hear is “area of declining value.” Chances are you will hear quite a bit about this for the next year or two.

What does it mean if you live in, or want to build in, an “area of declining value?” Simply put, it means that the government has declared that your local area has seen significant enough drops in average home values to place your area on a watch list.

Mortgage lenders have adopted different guidelines for doing business in these areas – and all lenders are slightly different.

Be prepared: if you find yourself in one of these areas, you will likely have a different set of qualifying standards than if you were not in a declining market area. This is not a reflection of you as a borrower, but in the general market conditions that currently exist.

Overall, if you are considering building your home and need construction financing, hopefully this brief article helped you recognize some of the key differences between the simpler purchase loans to which most people are accustomed and the more complex construction to permanent loan that will be required for building your home.

What are the key things to remember? First, understand that the construction to permanent loan is more complicated and may take a bit longer to complete. Second, be aware that there are basically two sets of approvals that are required: your credit approval as a borrower plus the approval of your project’s budget and appraisal. Finally, be on the lookout for areas of declining value, as it might affect your construction loan in some way or another.

Chris Esposito provides owner builder construction loans nationwide through his Owner Builder 101 program. Visit http://www.OwnerBuilder101.com to be an owner builder and save tens of thousands on your next home. Or call Owner Builder 101 at (877) 876-3688.

This article is hopefully going to explain many of the things people believe about mortgages that are actually false.The most important thing you must realize about a mortgage is that what you believe it to be is actually wrong. For one thing, although we commonly call them Mortgage home loans, this is not at all what they actually are; in fact, they aren’t loans at all, nor are they something that has been given to you by lenders. The mortgage is a legal contract between the mortgagor who is buying the property and the mortgagee, the person supplying the finance and security against the property. In fact, in reality, this isn’t the debt but the security required by the lender to protect their interests for the duration of the term.

A mortgage is used as a method by which individuals or businesses can purchase residential or commercial property without paying the full value upfront. There are also misconceptions about how they work so below is a description of how the process works. Being the financier, the mortgagee is the person who lends funds to the mortgagor or borrower. A security measure designed for purchasing properties, called a lien, is enforced until the mortgage is cleared at the end of the term.

This is the collateral or the security for the mortgagee who has provided the security instrument. Information about the lien is registered at a county courthouse, or similar, to ensure the contract is official and binding. The lien stays in force while the debt remains but the property is actually owned by the mortgagor. This is a strange situation where the mortgagor still owns the property even though the debt still remains to be paid.

This means the only occasion that can arise whereby the mortgagee can legally sell your home is if you stop making payments and it needs to be sold to repay the finance used to purchase it. In the unfortunate event that requires the property to be sold or Foreclosed, then the case will need to be presented to the courts for approval. The reason behind this process is to ensure the legal procedures have been followed and also why it is called Judicial Foreclosure. Obviously there is much more to the subject than this, but these are the basic foundations upon which the mortgaging system has been constructed.

Despite increasing numbers of the population having a mortgage, it is amazing how few people actually know what they are and how they work. A common misconception is that a Mortgage is a Home Loan but this is false and people need to be educated about the fact that it is not a loan at all. The mortgagor is the person who owes money to the mortgagee (the person who finances the deal) using a legal contract called a mortgage. Actually, it is in fact a legal document that is designed to ensure the lenders financial interests are secure.

The facility that a mortgage creates means individuals and companies can acquire land or property without needing the full face value to purchase it at the time. To help understand how this works, some important information is discussed here. Unfortunately it is our own common use of word like Borrower and Lender that has mislead people into thinking a mortgage is a loan when they should be referred to as Mortgagor and Mortgagee respectively. A lien is a means by which the mortgagor can purchase a home but it is the mortgagee that retains legal ownership until the arrangement between them has been completed (the debt is paid off).

This system works so successfully because the risk of loss on the part of the mortgagee is all but eliminated as they have legal possession of the property until the debt is completely repaid. This lien than becomes a matter of public record when it is registered at the county courthouse or equivalent. This act makes the purchase and the ownership of the house official and no-one can transfer this ownership until the debt is fully paid off. So how this works is that the mortgagor (you) owns the property completely even though the mortgagee has possession of the mortgage but not the title.

The only time the mortgagee has any rights over your property is in the event that you default on payments when he can sell it to recover the outstanding debt. This is the dreaded process referred to as foreclosure but if the property is used as security, then the foreclosure must go through the court system. This is done in order for it to be considered legal; this type of foreclosure is referred to as a judicial foreclosure. This is only a short introduction as the subject is much more complex but this information should make this important issue much clearer.

Anthony Dean has helped many home owners with the loan modification process. See how he can help with your loss mitigation here http://www.feldmanlawcenter.com

There are many misconceptions about mortgages which I hope this article will put right. Often referred to as a mortgage home loan, they are not a loan in the traditional meaning of the word. There are three terms that you need to learn that are used: the first is mortgagor (the property owner), the mortgagee (the company that takes on the security for the property) and the mortgage (the contract to pay between the two). However, it is easier to explain it as a legally binding document where the lender is protected from loss by using the property as security for the debt.

The facility that a mortgage creates means individuals and companies can acquire land or property without needing the full face value to purchase it at the time. Although this article is brief, below are points that will help more in the understanding of how this system operates. As it is not a loan, the mortgagor should not be called The Borrower but mortgagor and the company providing the finance should not be called The Lender because they are the mortgagee. A lien is a means by which the mortgagor can purchase a home but it is the mortgagee that retains legal ownership until the arrangement between them has been completed (the debt is paid off).

The mortgagee’s money is then protected by this knowing the property is in fact security against its own debt. Being a legal contract, the lien will be lodged within the records at the county or city courthouse (or a similar public office). While the property is owned now by the mortgagor, the lien cannot be reversed until the amount specified in the debt is paid off. This situation may seem strange but in essence what it means is that the property is owned completely by the mortgagor and not the mortgagee who also does not have the title.

The mortgage is a surety for the benefit of the mortgagee, so should the debt remain unpaid then the amount owed can be reclaimed by the sale of the property. Should they need to reclaim these costs then the case will be held in court and the procedure called foreclosure will be started. To ensure that everything is legal and above board, the court will place a ruling on the disposal in a process called judicial foreclosure. I hope this brief introduction has further helped your understanding of an important but often overlooked area of personal finance.

Anthony Dean has helped many home owners with the loan modification process. See how he can help with your loss mitigation here. http://www.feldmanlawcenter.com

If you’re a senior 62 years or older with equity in your home, you can supplement your retirement with a reverse mortgage.

This is basically where the lender pays the borrower instead of the borrower paying the mortgage to the lender.

You may be wondering how this works. Basically the lender will pay you either a lump sum or monthly payments determined by the value of the home and how old you are. The more valuable your home and the older you are, the more money you’ll be able to get.

The reverse mortgage comes due at the end of the permanent occupancy of the senior in the home. When you move out of the home permanently, the reverse mortgage comes due.

One of two things may happen at that point in time. The home may be refinanced with a regular mortgage. This works well if the heirs or seniors decide they want the home to “stay in the family” or be able to have a say in who gets the home.

If the seniors or heirs decide to “walk away” at that point in time without arranging for refinancing with a regular mortgage, the lender or bank will take ownership of the home.

The reverse mortgage is a “non-recourse” loan which means that the amount due will not exceed the appraised value of the home.

Reverse mortgages require counseling by a 3rd party provider specifically so that seniors understand what the consequences are as well as the advantages of reverse mortgages. These 3rd party counselors are also required to explain alternatives for funding for seniors 62 & older as well.

Your local loan officer or mortgage broker that you communicate with on pre-qualifying or determining about how much you may get from a reverse mortgage will provide you a list of approved 3rd party counselors for you to visit with prior to committing to a reverse mortgage.

In addition to reviewing several options with you, the 3rd party counselors will make sure you understand what will happen to your home once the reverse mortgage comes due.

The nice part about all of this is that as long as you are the primary resident in your home, the loan will not be due. This means that until you permanently move out, the home still belongs to you. This will all be explained by both your loan officer as well as the counselor you’ll work with on the reserve mortgage.

Many seniors choose to pay off the existing mortgage which can easily be done if the numbers work out and there is a lump sum remaining or monthly payments. In fact as a note to add to this reverse mortgage article is that you can usually elect to either accept a lump sum payment, take monthly payments or a combination of both.

Brian Armstrong is a loan officer and is licensed to assist seniors to establish a Utah reverse mortgage. You can read more about reverse mortgages on his website http://www.weloanutah.com. He also assists seniors in Idaho and Montana with reverse mortgages.

Reverse mortgages are mortgages where the lender pays the borrower instead of the other way around. In the event of reverse mortgages, seniors need only be 62 years or older with equity in their home.

There are no requirements like credit score or income or anything else. Basically seniors with equity in their home and over the age of 62 can qualify.

Reverse mortgages require you to get counseling from a 3rd party advisor on whether or not a reverse mortgage is right for you. This mandated counseling is to specifically prevent seniors from being taken advantage of.

One of the main questions is what these funds from a reverse mortgage can be used for. Reverse mortgages funds can be used for anything including paying off an existing mortgage, traveling, home improvements, or simply enhancing the standard of living.

There are several websites that discuss reverse mortgages and provide details for seniors. Getting started with a reverse mortgage is usually done with a competent loan officer that can give you details, tell you how much you can qualify for and provide some insight into whether or not a reverse mortgage is right for you.

After this initial conversation with a reverse mortgage broker or loan officer, you will then need to proceed with either the paperwork or the required counseling with a 3rd party. Your loan officer will provide you with a list of counselors you can communicate with to discuss the reverse mortgage, your financial situation and alternatives.

This is the basic place to get started. You can find reverse mortgage lenders by searching on the internet or contacting local mortgage brokers in your area.

Reverse mortgages aren’t for everybody, but they can be used successfully to assist seniors who may be living paycheck to paycheck.

Many seniors choose to use this reverse mortgage to pay off an existing mortgage. You should inquire as to whether or not you’ll be able to do this or to use the mortgage to purchase a new home with a single transaction.

The great part about a reverse mortgage is that it can be a tool to aid in retirement not only for seniors having a difficult time with their finances, but also for seniors who are looking to take that trip they’ve always wanted to take or visit the grandkids more often.

Some seniors use this reverse mortgage to increase the equity in the home through home improvements as well which can put them in a better situation to refinance the home if they’ll be leaving it to their heirs or an estate.

Brian Armstrong is a loan officer in the state of Utah and is licensed to help seniors establish a reverse mortgage in Utah.

You can contact Brian through his website at http://www.weloanutah.com and in addition to the state of Utah, Brian works with seniors in Idaho and Montana as well.

Despite increasing numbers of the population having a mortgage, it is amazing how few people actually know what they are and how they work.This article is hopefully going to explain many of the things people believe about mortgages that are actually false. The first thing to put straight is that it is not a loan, although they are normally referred to as a mortgage home loan. A mortgage is a legal document between a mortgagor or the buyer and the mortgagee or the finance supplier and consists of a way for a person to purchase a property using it as security. Actually, it is in fact a legal document that is designed to ensure the lenders financial interests are secure.

If it wasn’t for the availability of mortgages, individuals and businesses would need to find the full amount for a property in order to purchase it. There are also misconceptions about how they work so below is a description of how the process works. As it is not a loan, the mortgagor should not be called The Borrower but mortgagor and the company providing the finance should not be called The Lender because they are the mortgagee. The security is in fact a lien which means the mortgagee has legal possession of your property until the debt is repaid.

This means that the property becomes security against itself and is the protection a mortgagee requires to fulfill his promise of funding. The lien (document) is normally recorded at the local courthouse in the public records section. This act makes the purchase and the ownership of the house official and no-one can transfer this ownership until the debt is fully paid off. Even if your property is mortgaged, you still own the property wholly and completely and nobody else, not even the mortgagee has title to the property.

However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. In the unfortunate event that requires the property to be sold or Foreclosed, then the case will need to be presented to the courts for approval. This is done in order for it to be considered legal; this type of foreclosure is referred to as a judicial foreclosure. For the sake of clarity this is only a brief description of a much more complex subject but it should have helped explain the basic subject.

Anthony Dean has helped many home owners with the loan modification process. See how he can help with your loss mitigation here http://www.feldmanlawcenter.com

If you were to be asked to describe and give a definition for the word mortgage, would you be able to, because it is surprising how few people know what they really are. For instance, they are often referred to as a Mortgage Home Loans but they aren’t actually loans in the traditional sense of the word. There are three terms that you need to learn that are used: the first is mortgagor (the property owner), the mortgagee (the company that takes on the security for the property) and the mortgage (the contract to pay between the two). However, it is easier to explain it as a legally binding document where the lender is protected from loss by using the property as security for the debt.

Without mortgages being available, people and many businesses would not be able to afford the full asking price of a property if it was required they pay this amount upfront. Misunderstandings on how the system works also create problems but the main points are dealt with during the rest of this article. Being the financier, the mortgagee is the person who lends funds to the mortgagor or borrower. The property has a lien, which is the legal ownership of the property by the mortgagee until the agreement between the two parties has been fulfilled.

The property you are buying does in fact become collateral for the finance that has been sought to pay for it and is the protection a mortgagee needs if he is going to continue financing house purchases. Information about the lien is registered at a county courthouse, or similar, to ensure the contract is official and binding. This act makes the purchase and the ownership of the house official and no-one can transfer this ownership until the debt is fully paid off. This is a strange situation where the mortgagor still owns the property even though the debt still remains to be paid.

However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. Should they need to reclaim these costs then the case will be held in court and the procedure called foreclosure will be started. To ensure that everything is legal and above board, the court will place a ruling on the disposal in a process called judicial foreclosure. For the sake of clarity this is only a brief description of a much more complex subject but it should have helped explain the basic subject.

Anthony Dean has helped many home owners with the loan modification process. See how he can help with your loss mitigation here. http://www.feldmanlawcenter.com

Times are tough for many Americans today. Some financial experts suggest we are teetering on the verge of a modern day recession.

Whatever the case one thing is true, we as Americans, are not financially prepared for the future. What is the definition of really being financially prepared? I believe financial preparedness is the result of having the following aspects in place:

To be DEBT FREE, a strategic plan to have all major debt reduced to nil come time to retire, mortgage(s)included

To have a working RETIREMENT plan, a strategically funded investment, designed to allow you to retire with all the money you need to continue your life style as you see fit, particularly a tax free plan not a 401K.

To have adequate INSURANCE protection, a whole life or fixed universal life policy in place to not only protect the family from the impending reality of life, but to also serve as the vehicle for retirement investments.

You see, most Americans today simply do not have a plan in place to achieve these goals and therefore are in real danger of finding themselves working as greeters at WalMart, in those most precious golden years. A harsh but realistic consequence for not planning properly.

I need to point out, that this is the mindset we are brought up with. Think about it, why is it that the richest 3% know so much more about finance than the other 97% of us? Is it the Ivy League educations or are they mostly just born into wealth or could it be that only those who pay for it, get access to it?

Maybe its only meant to be taught to the priveledged and not the rest of us, the truth is America makes a lot of money on our general ignorance. The banks know how to make and invest money, we all use banks, we pay their interest on their terms. We pay taxes and are told to invest money into our government designed retirement accounts such as 401K’s, etc. Why not, its to their advantage that we use these vehicles for our retirement investment as they take nearly half of it from taxation when its time to retire.

We are conditioned to do things a certain way, to trust the establishment, be good citizens, follow the leaders and live out our happy lives, quitely.

Consider, why we do not have classes in elementary or high school that teach our youth about the concepts of investing or retirement for their own benefit or perhaps world economics so we graduate international leaders who can actually solve our economic problems.

If our children understood finance and the dicipline of earning it and turning it into more through basic investment principles, perhaps there would be less crime and poverty, perhaps children would see a future for themselves that is not apparent to them today.

Only by first building a country where our children are brought up understanding the concept of finance and how it relates to their lives, can we fully begin to heal the damage generations of failed trust in relying on the establishment to do it for us.

Think about this, how many of us actually become engineers or physicists? We are forced to learn geometry, trigonometry, things that the majority of us will never use in real life. I personally, have been a mortgage planner my whole life and have not applied geometry or trigonometry once as an adult. But If I knew then financially, what I have come to learn though experience, wow would I have had a better head start on my own retirement plan.

Consider this scenario, Jon and Rebecca Smith decided to start an investment fund for their son Michael. They open a simple, but strategic, permanent life and tax free investment policy when Michael reaches the age of 10 years. They decide to use their annual tax return as the primary funding source for this policy and they maintain the monthly premium just as they would a regular bill (always consult your trusted insurance professional).

They then continue to build this investment until Michael reaches the age of 18 or graduates from college.

By then they have taught Michael about the purpose of this investment and what it means to his future, he then responsibly takes over the investment and manages it on his own from there.

If we teach our children about the value of saving money and what it can do for their future, it doesn’t take them long to grasp the concept. I’m suggesting raising a trust fund child, referring to a wealthy child with no real respect for the concept of earning money, but raising a child with the understanding that they, with proper discipline, can see a viable retirement a decade sooner than we ever could imagine for ourselves today.
Michael has a excellent chance of having all the money he would need to raise a family, build a life for himself and retire tax free because of a simple thing his parents decided to do for him all those years ago.

What would the world be like now, if our parents were encouraged to do this for us?

It would mean that we would have a nation where the majority of us were financially fit and healthy and no one would care for or about social security issues.

We would be self sufficient. We could even help to supplement our parents needs in those later years. Helping them retire to enjoy the remainder of their years. Not scraping away working at a WalMart.

I think the next thing worse than watching our parents retire in poverty is thinking of our children suffering the same fate. The only way to stop the cycle is to make sure, that we do not burden our children, all the while teaching them the principles that they can pass onto their children!

It all starts with us.

This is an interesting commentary and might provoke some thought from its readers, some of you might be saying, well, its too late for me to fix things, I am in my 40′s, 50′s or beyond.

Folks, its never too late to benefit from the same financial concepts banking institutions gain from. Its never too late to plan for a better future!

Learn as much as you can about how proper insured protection can be there to ease the things that happen to us all eventually. Talk to your financial advisor and insurance professional for more information on this subject and make sure your family is protected!

Live life with Abundance!

Jason Hoskins lives in S.California with his wife Laurie. Mortgage/Financial planner with 21 years experience.To learn more about these concepts visit, http://www.payitfaster.com/hvhgroup or http://www.hoskinsvanhorn.com. You may also email for more information to hvhgroup@aol.com.