Land Around Tempe Lake Is Skyrocketing.

Get this. Tempe Town Lake is the third most popular private tourist attraction in Arizona according to the Arizona Office of Tourism. Only Chase Field in downtown Phoenix and the London Bridge in Lake Havasu enjoy more visitors.

Checkout this Arizona Republic article of March 30, 2007 which states that privately-owned land within the 743 acres that surrounds the Lake went up in value from $15.4 million to $93.6 million in the past nine years.

This is obviously great news for those that were willing to buy the land before much of the new development in and around the Tempe Town Lake took place before the dramatic land appreciation began to skyrocket including the condo complexes that are being built on the shores of the Lake.

Homeowners in the area are no doubt enjoying the ripple effect. Click here for more information about Tempe, Arizona.

Reverse Mortgages For The Retired Homeowner.

Well, you've spent the last forty or so years working hard everyday and it's now time to retire and enjoy the Golden Years. If you're like most retirees, money can become a little tight without a regular paycheck coming your way. On top of higher medical costs, particularly prescriptions, you also have continuing repairs and maintenance on the old homestead. Perhaps you want to travel, pay off some existing debt or join the local golf country club. But there's not quite enough cash to do the things you enjoy.

If you've built enough equity in your home after all those years, you might consider a "reverse mortgage." A reverse mortgage allows you to borrow against the accumulated equity in your home, but you don't have to pay it back until you sell your home, not longer live in the home or become deceased. To be considered you must be at least 62 years old and own the home you are living in. It's always prudent to discuss such loans with your accountant or attorney. An expert, professional and ethical lender can assist with any questions regarding things that you should consider before applying for a reverse mortgage. Always solicit multiple proposals from different lenders to get the best deal possible. For your financial protection, have a lawyer review all loan documents before signing any contracts.

The Subprime Crisis.

While it is true that rates of home ownership have risen to record levels over the last couple of years, it is also true that there has been a worrying rise in the number of late mortgage payments and foreclosures. This troublesome trend, precipitated in large measure by the anticipated failure of several so-called subprime lenders, worries many analysts who follow the housing market, and worries have grown that the trouble in the housing sector could spread to other areas of the market.

So far at least much of the problem seems to be confined to the subprime mortgage market, where many lenders found creative financing solutions for home buyers who otherwise would not have been able to qualify for a mortgage. While this creative financing, including no money down loans, interest only loans and even negative amortization loans did help get buyers into homes, it also helped to create an untenable situation for the future.

The low monthly payments that home buyers were able to enjoy came at a price, and much of that bill is now coming due. As interest rates adjust and interest only mortgages revert to traditional payment schedules, more and more homeowners are finding themselves unable to afford their mortgage payments. This has in turn led to an increasing number of foreclosures and distress sales.