Capital One Direct Banking is offering a $50 to open a new online saving account if you have $10,000 or more in your account on 5/29/09. 

With the account you get the following:

• 2.01% Annual Percentage Yield (APY) on balances of $10,000 or more
• Easy online transfers
• No Fees
• FDIC insured ($250,000)

When you apply be sure to use the offer code: get50cash.  The offer is not for existing customers.  The $50 will be credited to your account 4-8 weeks after 5/29/09.

To apply visit CapitalOneDirect.com/get50cash

Do you know if your mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac?  If it is, you may be eligible for a Home Affordable Refinance or Loan Modification to take advantage of today’s low interest rates. Many homeowners don’t know that their mortgage company doesn’t necessarily own or guarantee their loan. 

You can easily find out online whether Fannie Mae or Freddie Mac owns or guarantee’s your loan by visiting their website or by calling their toll free number.  To look up your loan, you will need to enter street address and social security number (required by Freddie Mac).

Look up your loan at:

• Fannie Mae
  • www.fanniemae.com/loanlookup
  • 1-800-7FANNIE (8am to 8pm EST)

• Freddie Mac
  • www.freddiemac.com/mymortgage
  •  1-800-FREDDIE (8am to 8pm EST)

If your loan is owned or guaranteed by Fannie Mae or Freddie Mac, you can then determine if you are eligible for a Home Affordable Refinance.

You may be eligible to refinance your home if:

• You are the owner occupant of a one to four unit home,
• The loan on your property is owned or securitized by Fannie Mae or Freddie
• At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
• You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
• You have income sufficient to support the new mortgage payments, and
• The refinance improves the long-term affordability or stability of your loan.

To be eligible for a home affordable modification, you must:

• Be an owner-occupant in a one to four unit property,
• Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties – consult your servicer),
• Have a loan that was originated on or before January 1, 2009,
• Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
• Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.
• If you answered YES to all of these questions, you may be eligible to apply for a Home Affordable Modification. Only your servicer will be able to tell you if you qualify.

To find out more information visit MakingHomeAffordable.gov.

So you filed your federal income taxes and you are wondering “where is my tax refund?”  Well did you know that you can visit the IRS.gov website to find out the status of your refund?  

If you filed electronically you will have to wait 72 hours for the IRS to receive your information.  If you filed by mail you may have to wait 3 to 4 weeks to get a status of your refund.

To get your refund status, when you visit the IRS.gov website you’ll be asked to enter the following information:

1. Your social security number.
2. Your filing status (single, married-filing joint return, married-filing separate return, head of household, qualifying widow(er).
3. The refund amount shown on your tax return. You must enter the exact whole dollar amount shown on your tax return for you to receive the correct response from the IRS.

Click HERE to check the status of your tax refund.

If you are text messaging junkie and reduce your text messaging cost then I have some ideas for you.  Many carriers charge 20 cents per text message, which can add up to big bucks over time.  Of course, you can add a messaging plan to your service plan that will cost an additional $5 to $20 per month.  But who wants to add on extra expenses in these rough economic times?
 
You can save money with text messaging by using a PC to send the message bypassing your cell phone carrier and saving money.  One service you can use to send free messages to any mobile phone is GizmoSMS.com, which is very easy to use.  Visit the site, pick the country of the recipient, enter the cell phone number and message, a code to prevent spamming and your message if off.  All for free.

If you want 2-way communication then checkout Cherple.com.  They offer a free software program for Mac and Windows that lets users receive and send text messages.  Cherple.com allows anyone with an Internet connection, anywhere in the world; carry on a 2-way text conversation with any U.S. cell phone.

Gmail users can also send text messages for free by enabling Text Messaging (SMS) in Chat, a new Google Labs feature that adds texting capabilities in Gmail.

For iPhone users, you can purchase SMS Touch for $3 that enables you to send unlimited messages.  Replies are sent to your e-mail inbox.  Visit the Apple App Store to purchase.

Forbes.com has a running list of layoffs since November 1, 2008, of the 500 largest public companies in the United States, which is measured by a composite ranking of sales, profits, assets and market value.

The layoff numbers includes layoffs at subsidiaries, joint ventures, and majority owned companies, which totals over 536,188 people.

Interestingly, the top 10 companies account for almost 50% of the total layoffs.  Below are the top 10 companies.

To see the complete list visit forbes.com.

Sometimes I feel brainwashed by society.  From birth I have been conditioned to go to kindergarten, elementary school, high school, college, graduate, get a job, get married, buy a house, have kid(s), invest in my 401k, plan for retirement, save for an emergency, go on vacation once per year, buy life insurance, buy medical insurance, follow the laws, pay taxes, exercise, eat right, clean my teeth every six months, get periodic medical checkups, practice safe sex, retire at 65, move to Florida, enjoy retirement, then die a comfortable death.  Many times I feel I’m playing this “playbook” right down the middle with no deviation!

The media teaches us how we should live our lives.  The media loves to highlight people who struggle by not following the rules.  Growing up, whenever, I saw these people; I paid attention and told myself I must follow the rules to stay out of trouble.  The problem with following the “rules” set by society is that I’ve grown to feel I have completely assimilated into society.  I’ve become a cog in the wheel.  I’ve become a Borg!

Remember the Borg on the TV shows, “The Next Generation” and “Star Trek: Voyager”? These shows were spin-offs of the Star Trek franchise.  The Borg is a fictional pseudo-race of cybernetic organisms that would go across the universe and get people to assimilate into their society.  Their tag line was “Resistance is Futile”, so you had better assimilate.  I have become a Borg because I have never resisted and I have completely assimilated into American society.  

Sometimes I feel like I want to make a detour, go a different route and no longer assimilate.  Sell everything, cash out, downgrade my lifestyle, live on the beach with my family, teach people how to scuba dive and that’s it.   But now I have a wife, a child and bills.  I have been conditioned by society that I must pay my mortgage on time, save for my child’s education, buy medical insurance, etc.  I better play it safe and not deviate because I could lose all these things that I must have to survive in this society.

At times I remind myself I shouldn’t complain.  I should be very happy and grateful for what I have. Society has created a very good lifestyle for me.  By following the rules, I live a fairly comfortable life.  I have access to good roads, highways, bridges, electricity, indoor plumbing, temperature controlled home, a good job, all the food I can eat, education, the best medical care the world (although expensive), police, fire station, 911, ambulance, cable TV, Internet, cell phones, gyms, vacations, clothes, relative safety, savings, money in a 401K, etc.  In all my life I’ve never gone to bed hungry or without shelter. I remind myself that many people in other countries don’t have access to these luxuries.  As an American I can easily travel to almost anywhere on the planet.  Many citizens of other countries can’t do that.

Nevertheless, sometimes I feel brainwashed by society.  Stepping out of the box to take a risk and live the true life I desire is risky because society has brainwashed me in believing I need to play by the rules to keep and maintain what I have. Oh well, I guess I’m a Borg!

A reverse mortgage is a type of home loan that lets you convert a portion of the equity in your home into cash. The equity that has built up over the years in your home can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. You are still required to pay your real estate taxes, insurance and other conventional payments like utilities.

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home. The older you are, the more valuable your home is, the lower the interest, the more you can borrow. You can use an online calculator on the AARP website to get an idea of what you may be able to borrow.

You can be paid from a reverse mortgage in 4 ways: 1 – get cash all at once; 2 – a monthly cash advance 3 – a creditline which lets you decide when and how much of your available cash is paid to you; 4 – a combination of these payment methods.

To qualify for a reverse mortgage in the United States, you must be at least 62 years of age.  There are or credit or minimum income requirements, however, there are other requirements that homeowners must make sure they qualify for before they invest significant time or money into the process. You must also reside in the home. Some types of dwellings do not qualify such as mobile homes, however, condominiums and manufactured homes that meet FHA requirements may be eligible.

With most reverse mortgages the money can be used for anything, however, the borrower must pay off any existing mortgage(s) with the proceeds from the reverse mortgage and, if needed, additional personal funds.

Before proceeding with a reverse mortgage, applicants have to seek third party financial counseling from a source approved by the Department of Housing and Urban Development (HUD). The counseling ensures the borrower completely understands what a reverse mortgage is and how it’s obtained.
 
You can contact the Housing Counseling Clearinghouse on (800) 569-4287 for the name and telephone number of a HUD-approved counseling agency and a list of FHA-approved lenders within your area.

For more information visit hud.gov.

Video:  Reverse Mortgage