A reverse mortgage allows you to borrow against the equity you’ve established in your home. To be eligible, you must be age 62 or older and own your home free and clear, or have a remaining mortgage balance that can be paid off by the reverse mortgage. You’ll want to consult a tax advisor to confirm this, but in most cases, a reverse mortgage gives you access to tax-free funds. Instead of making payments, you can choose to receive them, thus the “reverse.” You can also now purchase a home with a Reverse Mortgage and make no payments as long as you live in the home, pay your property taxes and insurance, and maintain proper upkeep of the property. Ask your Reverse Mortgage Specialist for more information.
With the price of an average new car well over $25,000, buying a vehicle is, indeed, a big decision these days. Fortunately, there are ways to keep your costs down.
Buy used instead of new. This could save you thousands of dollars right off the bat. Yes, you’ll want to have the vehicle carefully inspected. And yes, you’ll miss that new car smell (get a “new car scent” air freshener!). But if you’re willing to make a few sacrifices, a used vehicle might be just the ticket.
Save on your financing. A lower interest rate means lower payments. However, beware of some 0% offers. Read the small print, as oftentimes the 0% rate is only available on certain models and may not be available for the model you want. Sometimes it makes more sense to get the rebate and finance at the Credit Union. Your payment may actually be lower, plus you’ll get the car you really want. Read the rest of this entry »
Protect your vehicle investment, not just its value.
GAP, or Guaranteed Asset Protection, is a non-insurance product that covers the “gap” between your vehicle’s value and the amount you still owe on your loan. For example, you are involved in a car accident that totals your car (we’ll assume you walk away with not a scratch!). The insurance company will only pay you for the value of your car in this instance. So let’s say they offer you $10,000, but you owe $13,000 on your loan. That means you’re liable for the $3,000 “gap”. With GAP coverage, you won’t owe anything. GAP will pay the difference for you. GAP will kick in if your vehicle is stolen, too.
GAP not only covers cars – it will cover your boat, RV and motorcycle too.
The Los Angeles Daily News is holding their annual Reader’s Choice Awards! MCCU has won for four years, most recently in 2012, and we want to win again!
We have been serving the San Fernando Valley and beyond since 1963 and are proud of our financially healthy and safe and sound credit union. We were awarded a 5-star rating – the highest rating available – by Bauer Financial!
Please vote for us by clicking this link, and go to the Goods & Services category. Scroll down to Credit Unions and type in “Matadors Community Credit Union”! You can vote for your favorite restaurant, school, florist and more while you’re there. Let your voice be heard and vote for all your San Fernando Valley favorites!
You have until Friday, June 28th to vote!
We thank you in advance and please tell your friends and family to vote too!
Wouldn’t it be great to take a 90 day vacation….from making your car payment?
But wouldn’t it be better if you could also lower your payment?
At Matadors Community Credit Union (MCCU) you can do both!
When you refinance your car loan with MCCU, not only can we offer you a very low rate – as low as 1.99% APR¹, you won’t have to make a payment for the first 90 days!² And we make it so easy to apply. Simply go online for more information, then click the Apply Now button and you’re off! You won’t have to pay any application fees like some of the other lenders charge you, and you will know right away if you’ve been approved.
Our members save an average of $78 a month when they refinance their car loan with us!
So go ahead and apply – with the money you save, you may even be able to go on your own vacation!
1 APR=Annual Percentage Rate. Rates as of 6/01/13 and are subject to change at any time. Must meet credit and income criteria. Rate quoted is the preferred rate for a new or used auto loan with a 66-month term. Subject to credit approval and membership eligibility. Other rates and terms available. Sample Payment: $320.19 (based on 66 month new or used auto loan, $20,000, 1.99% APR). Refinancing of existing MCCU Auto Loans not eligible. Automatic payments required. Restrictions may apply. Membership required.
2 Interest accrues from date of funding.
It’s not even Summer yet, but for all of you who will be attending college in the Fall – or have kids/grandkids who will be off to college – it’s never too early to get help with tuition costs.
With college tuition rising across the board, it’s getting more difficult for students to pay for their college classes. This is where MCCU can help with a Sallie Mae private student loan. Sure, there are still federal grants and federal student aid, but oftentimes it’s just not enough to cover tuition, books, room and board, and all of the costs associated with college life. With a Sallie Mae loan, students can bridge that gap and get the extra funds they need.
The Federal Reserve Board announced today that the redesigned $100 note will begin circulating on October 8, 2013. This note, which incorporates new security features such as a blue, 3-D security ribbon, will be easier for the public to authenticate but more difficult for counterfeiters to replicate.
Click here to see the new bill’s new security features so you can become more familiar with it.
Click here to earn $25. With the MCCU Visa® Bonus Rewards Card you receive 2,500 bonus points after the first use of your card. Use the points to redeem a $25 statement credit or brand-name merchandise and gift cards from popular retailers. Apply Now!
About the Blogger
Marnie Nemcoff is the Vice President of Marketing for Matadors Community Credit Union. She has worked in the banking industry since 1989, and has been with credit unions since 1997.