The prime rate has been lowered another .25%. That's great news for anyone with a balance on their credit cards or who has a home equity line of credit. We'll wait and see for over the next couple of days how this plays out in mortgage rates. As you know from Rich's previous post, the Fed's actions do not always have a beneficial result in terms of mortgages.
We went through some additional reverse mortgage training today. If you are over 62 and have equity in your home or you know someone who does, this is a product that you need to be looking into. The idea is still relatively new so it will be interesting to see what adjustments are made to the program over the next couple of years as millions of baby boomers turn the magic age.
On a non-mortgage related note, as listeners to the show know, I ran the Marine Corp Marathon last Sunday. First, kudos to the Marines for organizing a fabulous race. It was very well managed and fun to be a part - yes, it was actually fun to run 26.2 miles. My knees are still telling a different story, but it felt great to accomplish the goal. I finished in 4:45:01, which is right around what I had targeted. I'll try and add a picture here soon.
We'll be taking your calls live this Saturday, so make sure to tune in at 11:30 on 105.1 FM, WAVA.
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