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AARP might offer resources for seniors, including loans, but it's always a good idea to directly check with them to understand their current offerings. If you're looking for alternative solutions, you could also consider looking into reputable pawnbrokers for loans against assets like Rolex watches.
Just like cars, these loans come in many sizes and packages, and some are better deals than others. Here are the steps you'll want to take to ensure you get the least expensive financing you can.
Learn about public benefits offered by federal and state governments to seniors. Benefits include assistance with health care, housing, food and income.
Enter your credit cards, auto loans and other installment loan balances by clicking on the “Enter Data” button for each category. Then change the consolidated loan amount, term or rate to create a loan that will work within your budget.
Federally insured reverse mortgages are financial loan instruments worth considering for eligible seniors who want to get cash from their home equity.
Go to autos.aarp.org to shop for a car with the AARP Auto Buying Program. Log in to your aarp.org account to view member savings.
A HELOC is a type of home equity loan that typically carries a variable interest rate, which means your rate can rise if the Federal Reserve hikes interest rates. (Its cousin, a home equity loan, comes with a fixed rate and fixed amount, like a regular mortgage.)
They can help people assess their payment options for both federal and private student loans. Some credit counseling agencies also offer financial coaching for small-business owners, he says. (AARP also offers a student loan counseling service).
AARP Foundation focuses on achieving equitable outcomes for older adults who are struggling, with specific objectives of increasing income and earnings, securing benefits, and helping older adults gain access to refunds for which they’re eligible.
Ask your credit union or bank if you can roll all your card debt into one lower-interest loan. The average rate on a two-year personal loan from a bank was under 10 percent at the end of 2020, according to the Federal Reserve. That may be a better deal than you can get from your card issuer.