Iron Hank and Super Ben Take Path to Save the World.

"THE PATH TO SUCCESS IS TO TAKE MASSIVE, DETERMINED ACTION." -Anthony Robbins.

And success in stabilizing the markets and the economy is exactly what the government is hoping will happen as a result of the massive, determined actions they took late last week in response to unprecedented happenings in the financial markets.

Treasury Secretary Hank Paulson announced that the US government will guarantee money market funds, after panic led to a "run on the bank" type of environment. A whopping $180 Billion was withdrawn from market funds on Thursday alone. And the fear was so great that a premium to put money into Treasury securities was paid, which actually exceeded the rate of return. So effectively, the return was negative! People were actually paying for a place to put their money that would be safe because they had fears of losing principal. The government guarantee helped to ease these fears and stabilize the markets.

The Fed announced plans to create a market place for illiquid mortgage debt. This should do a lot of long-term good to help the housing and lending environment. As if that weren't enough, the Securities and Exchange Commission also placed a temporary ban on the short selling of 799 different financially related stocks.

What prompted these dramatic actions? Very dramatic happenings earlier in the week.

After 158 years in existence, Lehman Brothers filed for bankruptcy last Monday due to overexposure of high-risk loans in the mortgage arena. Then, the Fed gave insurance giant AIG an $85 Billion lifeline to keep it from going into bankruptcy, after initially stating it would not intervene. Then it was announced that Merrill Lynch is being acquired by Bank of America, which will save them from the same fate as Lehman Brothers, and now troubled bank Washington Mutual is looking for a buyer as well.

Also playing a role was the fact that the Fed left its benchmark Fed Funds Rate (the rate banks charge each other for overnight lending) unchanged on Tuesday, not wanting to counter the recent improvements the US economy has made in the way of inflation. While this benefited Bonds and home loan rates earlier in the week, Stocks felt heavy selling pressure on the news...which added to the reasons for the actions taken late last week.

The government's announcements on Friday are great news for the overall health of our financial system, though they did cause Bonds and home loan rates to move away from their best levels of the week. All in all, Bonds and home loan ended the week slightly worse than where they began. Additionally, stocks had their most volatile week in history - but ended the week almost exactly where they started.

Please visit http://www.ascotmortgage.com for more mortgage news and a complimentary consultation.

Reverse Mortgages: Part Two

Top Eight Reverse Mortgage Misconceptions

1) I'll have to sign over the title, and the bank/lender will own my home.
As a homeowner, you never relinquish title to your home when taking out a reverse mortgage.

2) The bank will take my house when I use up my reverse mortgage funds and I'll be thrown out of it.
The purpose of a reverse mortgage is to help you stay in your home. It does not become due until the last surviving borrower permanently leaves the home, regardless of the balance of funds. The only exception is if you violate one of the terms of the loan (e.g. fail to pay homeowners insurance or property taxes, transfer the title to another name, or allow the home to fall into disrepair).

3) When my reverse mortgage comes due, the bank/lender will sell my house.
While the repayment typically comes from the sale of the home, that's determined by you or your estate. If the home is sold, your and your estate pays the reverse mortgage balance and keeps any remaining funds.

4) I'll owe more than my home is worth, passing debt onto my children.
Reverse mortgages are non-recourse loans, which means that the debt cannot be passed down to heirs. If the home is worth less than the loan balance, you only repay the current value of the home.

5) I won't qualify because of my bad credit or lack of income.
Income and credit scores are not determining factors for reverse mortgages. The lender only conducts a minimal credit check for identity-verification purposes and to satisfy government and investor guidelines.

6) I'm not eligible because I don't own my home free and clear.
You may qualify, even with a first or second mortgage on the home. Any existing mortgage debt will be paid off first with the proceeds from your reverse mortgage. You receive any remaining funds.

7) The bank/lender will take part of my home's future appreciation.
Prior to HUD's involvement in the reverse mortgage industry in the late 1980's, some loans did have a "shared appreciation" clause. However, we do not offer any reverse mortgages with this type of clause.

8) I don't need a reverse mortgage - I am not poor!
Reverse mortgages are not only for those with financial needs, but for those who simply want to improve their standard of living or make plans for their estate.

Don't hesitate to call Donna at (214) 360-9505 or visit Ascot Mortgage Services online for more information about home financing or investment properties in Texas.

Reverse Mortgages: Part One

What are Reverse Mortgage?

A Reverse Mortgage is a unique loan that enables senior homeowners to convert part of the equity in their homes into income without having to sell the home, give up title, or take on new monthly payments. Reverse mortgages are available to individuals age 62 or older who own their home.

How Does this Differ from a Conventional Loan?

· Does not require repayment until Borrower (s) move out, sell the property or pass away
· No income and minimal credit qualifications
· No monthly mortgage Payments
· Mortgages in Mexico

Reverse Mortgage Qualifications

Benefits are calculated by appraised value of home or maximum lending limit (whichever is less) The age of the youngest borrower Current interest rate No restrictions on how you use the funds in most States Proceeds from a reverse mortgage are non-taxable (please consult financial advisor)

How safe is FHA Reverse Mortgage? FHA administers the HECM (Home Equity Conversion Mortgage) and guarantees that borrowers receive their requested loan advances if the lender defaults You and your heirs will never owe more than your house is worth

Flexible Payment Options

Four payment options are available to you:

· Tenure Option (you pick the monthly payout amount for x years)
· Term Option (specific payment for x years)
· Line of Credit
· Combination of above
· You can change the plan at any time during the life of the loan (not all options available in all states)

Upfront and Financed Coasts

You will be provided an itemized estimate of closing costs, but typical costs include appraisal, title insurance, origination fee, counseling fee, FHA mortgage insurance, recording fees and other typical and customary closing costs. All closing costs are funded through the loan.

Appraisal Process and Borrower's Responsibility

· Home must meet FHA guidelines
· Termite report may be required
· Most repairs can be funded through the loan
· Property taxes MUST be kept current
· Maintain homeowners insurance
· Utilize home as primary residence

Repaying the loan

· No repayment necessary until borrower's move, sell or pass away
· No penalty for early repayment
· Non-recourse loan

SUMMARY OF REVERSE MORTGAGE BENEFIT . You maintain the benefits of home ownership . Satisfy your desires, needs, wants .

Stop Foreclosure

· You maintain the benefits as long as you remain in your home
· Allows you to maintain financial independence

The process is easy, please give Ascot Mortgage Services, LLC a call at 214-360-9505 or for more information about reverse mortgages and other loan programs visit us at ascotmortgage.com