With all the news about changing the Dodd-Frank laws in our financial institutions, particularly to the banking sector, there is a sector that is very crucial for the every day financial existence for millions of Americans, are the equity loans. like myself with health issues, I literally had to be locked down as an over-the-counter camera salesman, for not very much money, for the pure sake to have health insurance that would cover all of my pre-existing medical conditions(Cerebral Palsy. The only way I could attain my American dream, owning a house in the suburbs, two cars, and a health club membership was to take out a pretty large size equity loan, I was able to get rid of a lot credit card debt, and start catching up on some sleepless nights.

I thought I was on the right path of financial stability, wrong, I took what look like a pretty straight thirty year loan with a low interest rate at first, perhaps a coup;e of more rate increases in the next couple of years. What I did not expect, and I swear that it was never pointed out that after ten years, 120 months, I would have to make accelerated payments, huh, for the next twenty years, 240 payments, thus doubling my loan payment. I have already have seen two quarter of a point increases. Sure I can refinance this equity loan, but it will cost me, if I can refinance at the age of seventy around $2500.00.

I wish some of our stock market gurus would keep their mouths shut about we need the Federal Reserve  to raise interest rates. Tell these money hot shots to stick to their Monday night foot ball analysis’s.

We need to have President Trump, who is also seventy years old, to have some compassion for us  “Old Geysers” , eliminate the accelerated requirements on equity loans after ten years, and also to eliminate distributions of retirement funds starting at the age of 70 1/2.

All I want to do is to enjoy my remaining years, blogging and hopefully leave enough money that can make a difference in my family’s future.

Hopefully pur country, particularly The Federal Reserve, and The Congress can think about a “Good Frank” Act for us deserving Seniors.