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L.S. - abbreviation for "Locus sigilli", the place of the seal. At one time, individuals had seals, and documents were invalid unless the seal was affixed. Modernly, signatures are notarized and only corporations, in certain circumstances, must affix a seal.

LABOR - (1) Work as opposed to materials. (2) A land measure of 177 1/7 acres. Used in Mexico.

LACHES - unreasonable delay by a party making a claim or bringing an action, so that the rights of said party are waived. Laches are not controlled by a statute of limitations.

LAISSEZ-FAIRE - Leave alone, let proceed. French expression made popular by Adam Smith, and used to describe a theory that free trade promotes a better business climate than government controls.

LALLY COLUMNS - Load-bearing steel columns, which are filled with concrete (lally).

LAMINATE - word means both to split into thin layers and to combine thin layers, as well as to cover with a thin layer.

LAMINATED WOOD - Wood such as plywood, which is constructed in sheets, or veneered wood, such as cheaper softwood, covered with a layer of more expensive hardwood, and glued together.

LAND - general term which includes the ground and those things of a permanent nature such as trees, crops, oil and minerals in the ground, unless specifically excepted.

LAND BANK - accumulation of land held for future use.

LAND CERTIFICATE - certificate given by the federal government enabling one to obtain land by following certain registration processes. Used in the late 1800's.

LAND CONTRACT - When the buyer agrees to make payments directly to the seller at pre-negotiated terms. The seller agrees to deed the property to the buyer upon completion of the agreement. The buyer becomes the owner of equity in this type of sale. (Also see Owner Financing.)

LAND DEVELOPMENT LOAN - loan secured by a mortgage or deed of trust to prepare raw land for construction of structures. (Also See: Manufactured Lot).

LAND GRANT - gift of public land by the federal government to a state or local government, corporation, or individual.

LAND LOAN - loan with collateral security of unimproved land. Usually the loan to value ratio is less than on improved land.

LAND PATENT - Also See: Patent.

LAND RECLAMATION - Giving land a higher (more commercial) use by physically changing it (drainage, irrigation, fill, etc.).

LAND RESIDUAL TECHNIQUE - appraisal technique by which land value is determined by first determining the net return attributable to the building only; and deducting it from the total return to the property (may be estimated); the residual amount is capitalized to find the land value. The building value may be determined by construction costs (new building), depreciated construction costs (if only a few years old), or estimated present construction costs (if an older building).

LAND USE MAP - map of a given area, showing the different land uses in the area.

LAND USE PLANNING - development of long range plans for the use of land in a given area, such as through zoning plans.

LAND USE REGULATION - general term encompassing any regulation of land, whether pubic (zoning) or private (restrictive covenants).

LAND VALUE MAP - appraisal map showing the value of property in given areas, either in acres, square footage, or front footage.

LAND WARRANT - Also See: Warrant.

LAND, TENEMENTS, AND HEREDITAMENTS - Originally used to describe freehold estates only, it has come to mean the most technical and all-inclusive description of real estate.

LAND-POOR - Being short of money because of owning an excess of property which does not produce income.

LAND-SERVICE ROAD - access road between parcels of land and another public road or highway.

LANDING - (1) place for loading and unloading people or cargo from a boat, train, etc. (2) A flat surface adjoining a staircase at the top, bottom, or between flights.

LANDLOCKED PARCEL - parcel of land surrounded entirely by privately owned land, with no access to a public right of way (road). Condemnation for a limited access highway is a major cause of such parcels.

LANDLORD - owner of leased real estate.

LANDLORD'S WARRANT - warrant enabling a landlord to levy upon a tenant's personal property (furniture, etc.) and to sell this property at a public sale to collect delinquent rent.

LANDMARK - Originally, a monument on a boundary line. Modernly, boundary lines are usually established by walls or fences, and these are the landmarks.

LANDOWNER'S ROYALTY - In oil and gas leases, the portion of the value of each barrel of oil which goes to the property owner.

LANDSCAPE - picture or single view of inland scenery. In real estate terms, the surroundings of a structure which provide the setting for that structure. To landscape is to modify the natural setting.

LANDSCAPE ARCHITECT - One who, as a profession, plans and designs landscaping. Colleges now offer a degree as a landscape architect.

LANDSCAPE ARCHITECTURE - designing and planning of landscaping by a landscape architect.

LANDSCAPING - act of modifying a landscape, or features used in such modifications, such as trees, lawns, grade changes, etc.

LAP JOINT - connection (joint) formed by overlapping two ends or edges and attaching them together.

LAP SIDING - siding applied in a similar manner to clapboard siding, but utilizing longer boards, usually of better quality.

LARGER PARCEL - term used in eminent domain proceedings, signifying that the parcel taken is not a complete parcel but part of a "larger parcel"; the owner, therefore, is entitled to damages from the severance as well as the value of the parcel taken. Unity of ownership use, and contiguity must be present, although federal courts and some states do not require contiguity where there is a strong unity of use.

LATE CHARGE - penalty for failure to pay an installment payment on time. Usually not allowed as interest for tax deductions. May or may not be included as usury. If not, the amount of late charge is either set by statute or must be "reasonable".

LATENT DEFECT - hidden or concealed defect. One which could not be discovered by inspection, using reasonable care. In legal descriptions, a latent defect may be corrected, and a totally new description not necessary.

LATERAL - Proceeding from, situated at, directed to, or pertaining to a side. A line branching from a main line (such as a sewer line) is called a lateral line. See also: Lateral Support.

LATERAL SUPPORT - right of a landowner to the natural support of his land by adjoining land. The adjoining owner has the duty not to change his land (such as lowering it) so as to cause this support to be weakened or removed. See also: Subjacent Support.

LATH - support upon which wet plaster is spread. May be metal (usually a course wire screen) or a solid, cement-like substance (called rock lath).

LATITUDE - North-South distance above a meridian as measured from the equator.

LAUNDROMAT - business which provides, at its location, laundry equipment (coin operated) for self service use by the public.

LAVATORY - (1) basin or sink for washing one's hands and face. (2) A room containing a sink and toilet.

LAW DAY - (1) day (date) in a note, mortgage, etc., when the debt is to be paid. (2) A holiday honoring the law and legal profession.

LAYOUT - (1) arrangement or plan of any given area, such as the rooms within a structure. (2) The plans (drawings) showing the arrangement of a given area.

LEACHING - Removal of liquid waste material from sewage by filtration through sand, gravel, tiles, stones, etc.

LEACHING TRENCHES - Ducts, either dug in ground having filtration qualities (gravel, sand, etc.), or in which filtration materials are placed to remove the liquid waste from sewage.

LEADER - metal conduit carrying rainwater from a roof to a sewer or the ground.

LEAN-TO - (1) shed, abutting the wall of another structure, with three walls and a sloping roof. (2) A free standing structure of three walls and a sloping roof, the open side of which is sheltered from the prevailing winds. Used as a camping shelter.

LEASE - agreement by which an owner of real property (lessor) gives the right of possession to another (lessee), for a specified period of time (term) and for a specified consideration (rent).

LEASE WITH OPTION TO PURCHASE - lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period.

LEASE-PURCHASE AGREEMENT - Also See: Lease with Option to Purchase.

LEASE-PURCHASE MORTGAGE LOAN - financing method allowing a tenant to make payments on a mortgage plus an amount set aside to be used as a down payment for purchase of the property. Usually offered to low income buyers by local governments or community organizations.

LEASEBACK - Also See: Sale-Leaseback.

LEASED FEE - lessor's interest in the property.

LEASEHOLD - estate in realty held under a lease; an estate for a fixed term. Considered in many states to be personal property.

LEASEHOLD IMPROVEMENTS - Improvements made by the lessee. The term is used in condemnation proceedings to determine the portion of the award to which the lessee is entitled. See also: Tenant Improvements.

LEASEHOLD INTEREST - interest which the lessee has in the value of the lease itself in condemnation award determination. The difference between the total remaining rent under the lease, and the rent lessee would currently pay for similar space for the same time period.

LEASEHOLD LOAN - loan secured by the lessee's interest in the property.

LEASEHOLD VALUE - value of a leasehold interest. Usually applied to a long term lease when market rental for similar space is higher than rent paid under the lease. Some states allow the lessee to claim the leasehold value against the landlord in eminent domain proceedings, unless specifically prohibited by the lease itself. Other states, by statute, do not allow for such a claim. See also: "No Bonus" Clause.

LEAVES - panel-like parts of a door, window, table top, etc., which may be removed or moved to a different position by sliding or by hinge attachments.

LEGAL AGE - Also See: Majority.

LEGAL DESCRIPTION - method of geographically identifying a parcel of land, which is acceptable in a court of law.

LEGAL NAME - First and last name. Middle name included, omitted or incorrect will not matter. Today full names (for identification purposes) are required in many instances, but only for identification purposes (to distinguish between two men named John Smith, for example).

LEGAL NOTICE - notice required by law in a particular case. May be actual notice, constructive notice, etc.

LEGAL OWNER - term has come to be used as a technical difference from the equitable owner, and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than a lien.

LEGAL RATE OF INTEREST - rate of interest established by law, rather than by agreement (contract).

LEGAL TITLE - Usually title without ownership rights, such as the title placed in a trustee under a deed or trust, or the title in a vendor under a land contract.

LEGATEE - (1) One who receives personal property by will. (2) One receiving any property by will, real or personal.

LENDER - Any person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees, and beneficiaries under deeds of trust.

LENDER'S LOSS PAYABLE CLAUSE - Also See: Loss Payable Clause.

LENDER'S POLICY - Also See: Loan Policy.

LESSEE - party to whom a lease (the right to possession) is given in return for a consideration (rent).

LESSEE'S INTEREST - In appraising the value of a lessee's interest to determine the value of a potential sublease of assignment (sale) of the lease, the value is the market value of the property, less the interest of the lessor. The lessor's interest would be largely determined by the ratio of the return on the lease to the market value without the lease.

LESSOR - party (usually the owner) who gives the lease (right to possession) in return for a consideration (rent).

LESSOR'S INTEREST - present value of the future income under the lease, plus the present value of the property after the lease expires (reversion).

LETTER APPRAISAL - brief report giving only conclusions, as opposed to a narrative report detailing how the conclusions were reached.

LETTER OF ATTORNMENT - letter from a grantor to a tenant, stating that the property has been sold, and directing rent to be paid to the grantee (new owner).

LETTER OF CREDIT - letter, usually from a bank, requesting a person or company to extend credit to a certain person or company, and guarantying payment. Most commonly used in the purchase of goods from another country. The letter may be revocable or irrevocable, but most parties insist on the irrevocable.

LETTER OF INTENT - formal method of stating that a prospective developer, buyer, or lessee, is interested in property. Not an offer and creates no obligation. However, a builder who wants to build an office building, for example, may influence a lender by showing letters of intent from major prospective tenants.

LETTERS OF ADMINISTRATION - probate court order appointing an administrator.

LETTERS PATENT - instrument from the government (federal or state) granting land to an individual.

LETTERS TESTAMENTARY - Order of a probate court granting authority to an executor.

LETTING - synonym for leasing.

LEVEE - embankment constructed along a river or stream to prevent flooding.See also: Causeway.

LEVEL PAYMENT LOAN - Also See: Interest Included Note.

LEVERAGE - use of financing to allow a small amount of cash to purchase a large property investment.

LEVY - collection, seizure, assessment, etc., such as to levy (assess and collect) taxes.

LIABILITY - general term encompassing all types of debts and obligations.

LIABILITY INSURANCE - Coverage to protect the insured against claims of negligence resulting in injury or property damage to the claimant.

LIABLE - Obligated, responsible.

LIBER - latin word for book. Used instead of the word book in some states when referring to the book and page of a recorded document.

LICENSE - permission, either express or implied.

LICENSEE - (1) Regarding classifications of people entering upon another's land, a licensee is distinguished from a trespasser, and so has greater legal rights. (2) One who holds a real estate license (a salesperson).

LICENSING ACTS - Laws regulating the granting of real estate licenses. Because these are state laws, the requirements (education, testing, etc.), are not of equal severity. However, generally they are similar, requiring testing and granting exceptions, such as trustees, executors, owners selling property themselves, etc.

LIEN - legal claim on a property used as security for a debt.

LIEN THEORY - theory followed in several states that assumes a mortgage has only a lien on the mortgage property, and the mortgagor has legal title. Also See: Title Theory.

LIEN WAIVER (WAIVER OF LIENS) - For our purposes, a waiver of mechanic's lien rights, signed by subcontractors so that the owner or general contractor can receive a draw on a construction loan.

LIFE - length of time an improvement will last, either in relation to its physical utility or as an accounting procedure.

LIFE BENEFICIARY - One who receives payments or other rights from a trust for his or her lifetime.

LIFE ESTATE - estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party (remainderman).

LIFE IN BEING - remaining life of someone already alive. An expression used in rules against perpetuities.

LIFE INTEREST - interest in real estate for a period of the life of the one having the interest, or the life of another.

LIFE TENANT - One who holds land for the length of his, or another's life.

LIFETIME MONTHLY ADVANCE REVERSE MORTGAGE - Monthly payments to the borrower under this reverse mortgage continue until the borrower's death, even if the borrower sells the mortgaged property. Because the lender's collateral security is lost if the property is sold, the borrower must purchase an annuity at the origination of the loan.

LIFETIME PAYMENT CAP - Also See: Payment Cap.

LIFETIME RATE CAP - limit (cap) that the interest rate can adjust over the life of an adjustable rate loan.

LIGHT - single window pane, or opening for a single window pane.

LIGHT AND AIR EASEMENT - easement restricting the servient tenement from obstructing the light and air (usually the view) of the dominant tenement. For example: A developer builds a resort hotel. He may wish to obtain a light and air easement from adjoining owners so that they may not build tall structures and block the sun from the hotel's swimming pool.

LIGHT INDUSTRY - Encompassing most light manufacturing, as opposed to factories which tend to produce heavy pollution (air, water, noise, etc.). A zoning designation.

LIGHT WELL - (1) open space around a basement window, the top of which is at ground level. (2) A shaft designed to provide light and ventilation to inside rooms of a building.

LIGHTER - flat bottomed boat or barge, used to unload ships not at a quay, and for transporting goods within the harbor.

LIKE IN KIND PROPERTY - tax term used in exchanges. Property may be exchanged for like in kind property and the tax postponed. The term does not refer to the physical similarity of the properties but the purpose and intent (investment) of the taxpayer.

LIKE-KIND PROPERTY - Property that satisfies the requirements of a 1031 exchange. Most real property can qualify, such as unimproved property for improved property. Section 1031 of the Internal Revenue Code sets out the requirements.

LIME - white powder, formed by burning limestone, used in making bricks, mortar, plaster and similar materials, and for treatment of sewage, soil, etc.

LIMESTONE - sedimentary rock, formed mainly from sea shells and coral, and which, when burned, forms lime.

LIMING - To apply lime and water to wood (whitewash), limestone to ground, or in other ways apply lime.

LIMITATION OF ACTION - time in which a law suit may be begun before it is barred by statute. See also: Statute of Limitations.

LIMITED ACCESS HIGHWAY - highway with access only at spaced intervals, usually by the use of ramps. Abutting property occupants have no access other than at the regular stated intervals. Also called a controlled access highway.

LIMITED FEE - Also See: Defeasible Title.

LIMITED PARTNER - Also See: Limited Partnership.

LIMITED PARTNERSHIP - Used in many real estate syndications; a partnership consisting of one or more general partners who conduct the business and are responsible (liable) for losses, and one or more special (limited) partners, contributing capital and liable only up to the amount contributed.

LINE FENCE - fence erected along the property lines of a ranch or farm.

LINE OF CREDIT - amount of money a borrower may obtain from a bank without a special credit check. The money is generally for business purposes and the amount would not include the borrower's own home loan and other personal secured loans.

LINEAL - Concerning a line. A lineal measure is a distance measure rather than an area measure.

LINING - covering on the interior of a building, as distinguished from the exterior, or casing.

LINK - In surveying, a length of 7.92 inches.

LINOLEUM - floor covering used in heavy traffic areas (kitchens, bathrooms, entrances, etc.), made of cork, linseed oil, resins and pigments on a canvas or burlap backing, and applied from a roll. A quality material superior to many "tiles".

LINTEL - horizontal member spanning above an opening, such as a doorway, and usually bearing the load above it.

LIQUID ASSETS - Cash, or assets immediately convertible to cash.

LIQUIDATED DAMAGES - definite amount set forth in a contract to be paid by the party breaching the contract. It must be a reasonable estimate of damages or else it is considered a penalty and unenforceable. If the parties intend this to be the only remedy, it should be so stated.

LIQUIDATION - settling of financial affairs of a business or individual, by liquidating (turning to cash) all assets for distribution to creditors, heirs, etc.

LIQUIDATION PRICE - price paid for property sold to liquidate a debt. Usually less than market value since there is pressure to sell or a forced sale, either of which does not often bring the highest price.

LIQUIDATION SALE - Any sale of property to liquidate a defaulted loan secured by the property. This would include a foreclosure sale, trustee's sale and sale to the lender to avoid foreclosure. Also See: Deed In Lieu Of Foreclosure.

LIQUIDATION VALUE - Also See: Liquidation Price.

LIQUIDITY - Having liquid assets (see which).

LIS PENDENS - legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.

LISTING - agreement between an owner of real property and a real estate agent, whereby the agent agrees to secure a buyer or tenant for specific property at a certain price and terms in return for a fee or commission.

LISTING AGENT - real estate agent obtaining a listing (see which), as opposed to the selling agent.

LISTING SAVING (OR SAVING'S) CLAUSE - clause in a listing agreement by which the principal (seller) agrees to pay the agent (broker) a commission for a sale of the property for a specified time after the listing has expired. The agent must have offered the property to the buyers during the listing period. The agent registers the potential buyers with the seller during the listing period.

LITER (LITRE) - metric measure of volume, equal to 61.02 cubic inches (slightly more than one quart) liquid measure.

LITERAGE LIMITS - Area in a harbor which is serviced by lighters on a regular basis and standard charge.

LITTORAL - Concerning the shore of lakes and oceans, as opposed to rivers and streams, for which the word riparian is used.

LITTORAL RIGHTS - Rights concerning properties abutting an ocean or lake rather than a river or stream (riparian). Littoral rights are usually concerned with the use or enjoyment of the shore.

LIVABILITY - Minimum standards set by local government for the quality of residential structures (especially rental units).

LIVE - Having force or containing energy, such as a live volcano (one capable of eruption), live wire (one carrying electric current), etc.

LIVE LOAD - (1) Variable weight in a building, such as furniture and people, as opposed to the fixed weight of a building itself (dead load). (2) The weight of cargo in a truck which is taxed by weight. (3) The weight of traffic over a bridge.

LIVING TRUST - trust which is in effect during the life of the settlor, rather than upon his death (testamentary trust).

LOAD - (1) weight carried or supported by something, such as supported by "load-bearing" members of a building, or the weight carried in a ship, truck, etc. (2) The power of an electrical charge.

LOAD-BEARING - Supporting weight in addition to its own vertically, or supporting pressure laterally.

LOAD-BEARING WALL - Also See: Bearing Wall.

LOAN - lending of a principal sum of money to one who promises to repay said sum, plus interest.

LOAN APPLICATION - form on which the borrower supplies the lender's required information to determine if the applicant is qualified to receive a loan. It normally identifies the property involved and details the applicant's income, expenses and assets. Credit and property value are determined separately by a credit report and appraisal.

LOAN BROKER - Also See: Mortgage Broker.

LOAN COMMITMENT - Also See: Commitment (2).

LOAN CONSTANT - yearly percentage of interest which remains the same over the life of an amortized loan, based on the monthly payment in relation to the principal originally loaned. For example: A $1000 loan at 9% interest for 20 years can be amortized at $9.00 per month. A constant interest rate is figured by finding one year's payments ($9.00 X 12 months = $108.00), and expressing this amount as a percentage of the principal originally borrowed (10.8% of $1000).

LOAN ORIGINATION FEE - one time set up fee charged by the lender.

LOAN PACKAGE - file of all items necessary for the lender to decide to give or not give a loan. These items would include the information on the prospective borrower (loan application, credit report, financial statement, employment letters, etc.), and information on the property (appraisal, survey, etc.). There may be a charge for "packaging" the loan.

LOAN POLICY - title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalid title in the borrower, or loss of priority of the mortgage or deed of trust.

LOAN SERVICING - bookkeeping and collection of a loan. It may be done by the lender or by another for the lender.

LOAN TO VALUE RATIO - relationship between the amount of the mortgage and property value, usually shown as a percentage. Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loans, or government insured loans, is set by statute.

LOBBY - open area immediately inside a building entrance. Most commonly associated with hotels and theaters.

LOCAL GOVERNMENT - City, county, or other governing body at a level smaller than a state. Local government has the greatest control over real property.

LOCATION - geographical position of real property in relation to its intended use. It is impossible to have a good or bad location without knowing the intended use.

LOCK BOX - small container attached to a listed property that contains the keys to enter the property, allowing real estate agents to show the property when no one is at home. The modern box is computerized and records the identity of the agent and time of entry. A code is used to enter the box.

LOCK-IN - (1) guaranteed interest rate provided the loan is funded within an agreed upon period. (2) The prohibition against prepayment of a loan for a set period of time. The borrower is "locked in" to the mortgage for this period.

LOCK-IN PERIOD - time during which a loan rate is guaranteed not to change or a loan cannot be paid off. Also See: Lock-In.


LODGING - seldom used term meaning a temporary place to stay (lodge).

LOFT BUILDING - building containing an attic-like upper floor, usually open (without partitions).

LONG TERM CAPITAL GAIN - Gain on the sale of a capital asset which has been held for a specified time or longer. Long term capital gain is taxed at a special rate and not as ordinary income.

LONG TERM FINANCING - mortgage or deed of trust for a term of ten years or more, as distinguished from constructions loans or interim loans.

LONG TERM LEASE - general term which may refer to a lease 10 years or longer in term, or in some areas, 5 years or longer.

LONG-LIFE PARTS - most permanent parts of a structure, such as the foundation or bearing walls, as opposed to hot water heaters, roofs, etc.

LONGITUDE - East-West circle around the Earth, measured in relation to the meridian or latitude (North-South circle). It is measured from the Greenwich Meridian.

LONGITUDINAL - Pertaining to the length of anything which is measured.

LOSS MITIGATION - Any of several methods to help a borrower avoid foreclosure, such as Special Forbearance, partial Claim and Modification.

LOSS OF ACCESS - Taking away the right of an owner of property abutting a public road, to come and go to and from said road and his pro- perty. Usually happens in condemnation when the abutting road becomes a limited access highway.

LOSS PAYABLE CLAUSE - clause in a fire insurance policy, listing the priority of claims in the event of destruction of the property insured. Generally, a mortgagee or beneficiary under a deed of trust is the party appearing in the clause, being paid to the amount owing under the mortgage or deed of trust before the owner is paid.

LOT - Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.


LOT BOOK - Also See: Plat Book.

LOT LINE - boundary line of a lot in a subdivision.

LOT, BLOCK AND TRACK DESCRIPTION - legal description which refers to the recorded subdivision map. Also See: Parcel Map.

LOUVER - Affixed or adjustable formation of slats in a wall, ceiling, door, etc., to let in light and air, allow ventilation of fumes from within, yet keep out rain.

LOVE AND AFFECTION - Loosely called consideration. However, only valid where a valuable consideration is not required, such as a gift. Most contracts to be binding require "valuable consideration".

LOW DOC LOANS - Loans requiring less documentation than is usually required from the borrower. For example: The borrower would provide a statement of income but not be required to provide tax returns to prove said income. These loans are sometimes call "no qualifying loans".

LOW WATER LINE - Line on the shore marking the lowest ebb of the tide.

LUMBER - general classification of wood after it passes from the sawmill.

LUMINOUS CEILING - ceiling emitting light from its entire surface, through the use of fluorescent light above translucent glass or plastic.

LUMP SUM REVERSE MORTGAGE - Under this type reverse mortgage, the borrower receives a lump sum which is repaid when the borrower sells the property or dies. The proceeds are used to make home repairs, pay off an existing mortgage, or pay off consumer debt. Since the reverse mortgage requires no periodic payments, the borrower's monthly expenses can be reduced. See also: Reverse Mortgage.

Whatever your financing needs,
we will tailor a loan that's right for you.


Wall Street Journal
Commercial News

7/5/22 US Business

Bosses Offer Midyear Raises to Retain Employees
Employers say higher pay is needed to keep up with rivals and to reflect that staffers are paying more for gasoline, groceries and other daily living expenses.

Scandinavian Airline SAS Files for Bankruptcy Protection
The carrier has filed for bankruptcy protection in the U.S., saying a move by about 1,000 of its pilots to go on strike would worsen its already fraught finances.

Amazon, Microsoft, Google Strengthen Grip on Cloud
The three companies account for about two-thirds of cloud spending and are using their size to maintain their hold on the rapidly growing market.

Consumers' Inflation Psychology Worries Fed
Federal Reserve officials have indicated they accept the risks of causing a recession because they are determined to prevent something they view as worse: a change in consumer psychology that could sustain high inflation.

Accelerating Inflation in Asia Puts Pressure on Central Banks to Raise Rates
Accelerating inflation is rippling through the Asia-Pacific, stoking expectations that policy makers will need to keep ratcheting up borrowing costs to cool climbing prices.

Americans Tap Pandemic Savings to Cope With Inflation
With wage gains lagging behind soaring inflation, U.S. households are starting to dip into the huge pile of savings they accumulated over the first two years of the pandemic.

If the U.S. Is in a Recession, It's a Very Strange One
Economic output is down?but the job market is strong, unlike in previous recessions. It?s the latest twist in the odd trajectory of the pandemic economy.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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