Virginia 2nd Mortgage

Ray Boulger of John Charcol, UK Independent Mortgage Adviser, comments on today's decision by the Monetary Policy Committee (MPC) to hold Bank Rate at 5.25%.

“Today's decision probably resulted from another split vote and a 0.25% increase to 5.5% next month is widely expected by the market. However, this is far from a foregone conclusion, particularly in the light of the voting at last month's meeting, where there was one vote for a cut and none for an increase. It is notable that it was Prof David Blanchflower who voted for a cut and, as he spends much of his time in the USA, he will be much more aware than the other MPC members of the potential damage to the US economy from the dire problems in their housing market, and the risk of contagion to our economy if the situation deteriorates significantly.

Reverse mortgages put money in homeowners' pockets

Reverse mortgages are a good option for some seniors looking to supplement their income, but they aren't for everyone.

Many seniors have equity built in their house, but some aren't making enough money to get by. People in that situation might consider a reverse mortgage.

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LOCAL BRIEFS

Duke University officials are working on a plan to treat a common form of mold that was discovered this week in a residence hall on West Campus. Eddie Hull, dean of residence life and executive director of housing services, said the mold does not appear to be a serious health risk to students, and no students have been relocated. Hull sent an e-mail on Friday to students in the affected dorm, Edens 2A, informing them that mold had been found in four fifth-floor rooms. Duke's Occupational and Environmental Safety Office was contacted immediately and inspectors are collecting air and surface samples inside and outside the building. Preliminary test results indicated the mold inside the buildings "is of the type most commonly recurring in our local outdoor environment," Hull said. "We won't know for sure until Monday how serious the problem may be.