The Mortgage Professor: Purchasing a house with a home equity conversion mortgage: How to do it right

Business / Business News /

One of the biggest upsides to purchasing a house with a home equity conversion mortgage is that doing so does not impose a monthly payment burden on the borrower. The disadvantage is that this type of reverse mortgage, offered through the Federal Housing Administration, will cover only about 50-60 percent of the house price, depending on the ...Read more

On the House: Down payment is renters' biggest hurdle, study finds

Business / Business News /

Renters, what's keeping you from making the leap to buying a house?

Would that reason be the same if you lived in the New York area? How about a place as expensive as San Francisco, or more affordable like Detroit?

According to a first-ever study sponsored by Zillow and conducted by market researcher Ipsos, no matter where renters live across ...Read more

Real estate Q&A: Sell your home to a relative on favorable terms, but put it in writing

Business / Business News /

Q: What do we need to consider if we sell our home to a close relative? Specifically, are there any tax ramifications or other potential issues if we want to help our family member by selling for significantly below market value?

-- Anonymous

A: You can sell your property at a discount and offer favorable terms, but get all that in a written ...Read more

White House unveils tax plan that's broad on goals, short on specifics

Business / Business News /

WASHINGTON -- The White House announced a broad tax overhaul plan on Wednesday that would dramatically cut taxes for corporations, but it did not explain how the government would pay for the massive tax reductions.

Treasury Secretary Steven Mnuchin and chief economic adviser Gary Cohn billed Wednesday's announcement as a starting point for ...Read more

Net neutrality is next and biggest target for new FCC chairman

Business / Business News /

WASHINGTON -- The nation's top telecommunications regulator on Wednesday unveiled a plan to dismantle the tough net neutrality rules for online traffic that Democrats pushed through in 2015 over the objections of major internet service providers.

Net neutrality regulations are designed to ensure the unfettered flow of online content. They ...Read more

Trump wants to lower business rate to 15 percent in 'biggest tax cut' in US history, Mnuchin says

Business / Business News /

WASHINGTON -- President Donald Trump wants to sharply reduce the tax rate for all businesses -- from multinational corporations to mom-and-pop shops -- to 15 percent in the "biggest tax cut" in U.S. history, Treasury Secretary Steven T. Mnuchin said Wednesday.

But the Trump administration has not embraced a House Republican proposal to include ...Read more

Twitter's revenue declines but beats Wall Street's expectations

Business / Business News /

SAN FRANCISCO -- Twitter on Wednesday reported its first revenue decline since going public in 2013, a sign the tech firm still faces an uphill battle to attract advertisers even as it lures in more users.

Twitter executives, pointing to the company's bump in users, said it's making progress.

"This past quarter is giving us a lot of confidence...Read more

Fiat Chrysler quarterly profits rise 34 percent to $698 million

Business / Business News /

DETROIT -- Fiat Chrysler Automobiles said Wednesday it earned a profit of $698.2 million (641 million euro) during the first quarter, a 34 percent gain compared with the same period a year ago, driven primarily by profits in Europe and gains by its Maserati brand.

The earnings are a record best for the company, which was formed from the merger ...Read more

A strike by TV and movie writers may be just days away. Here's what you need to know

Business / Business News /

LOS ANGELES -- Ready or not, Hollywood may be thrust into another writers' strike in less than a week.

A decade after the previous walkout that lasted 100 days, film and TV executives are once again bracing for a strike that could roil the business and Los Angeles' bedrock entertainment industry. The ripple effect of a walkout is expected to ...Read more

Starbucks Roastery in Chicago will be its largest yet

Business / Business News /

CHICAGO -- Starbucks plans to open a four-level Roastery flagship on Chicago's Michigan Avenue, its largest space yet for the high-end concept that the coffee giant is rolling out around the world.

Executive Chairman Howard Schultz said the company plans to bring its Starbucks Reserve Roastery showplace to the current Crate & Barrel building at...Read more

From Cape Cod to Aspen, visa cap hits popular holiday spots

Business / Business News /

WASHINGTON -- Stone masons in Colorado, thoroughbred caretakers in Kentucky and waiters in Cape Cod are in shorter supply after Congress allowed a temporary migrant worker program to shrink.

Lawmakers temporarily lifted the number of seasonal visas for unskilled, non-farm workers for fiscal year 2016: Workers who had used the program in recent ...Read more

At Chicago's Trump Tower, an 'amazing' number of condos for sale or rent

Business / Business News /

CHICAGO -- Chicago's Trump Tower has an unusually large number of condominiums for sale and for rent, and real estate agents predict that a glut of available units in the building may pressure owners to drop their prices.

Already renters in Trump Tower say they have been able to get sizable discounts.

Bearing the president's name in massive ...Read more

Tech Q&A: How safe is it to use a tablet on a public Wi-Fi?

Business / Business News /

Q: When my apartment building added free Wi-Fi, I bought my first wireless device, a Kindle Fire tablet computer (my PC has a wired internet connection.) But I wonder what security software I should use on the tablet, and how concerned I should be that the building Wi-Fi network is very public -- I don't even need a password to sign in. Should I...Read more

Jennifer Van Grove: The internet FAQ for cord-cutters

Business / Business News /

The spinning wheel of death. That's how I refer to one of the most annoying complications associated with streaming TV: buffering.

The problem is scary enough to keep you glued to your cable TV provider, and rightfully so. After all, if you love TV, you're not going to want to tolerate slow program load times or all-out freezes.

Thankfully, ...Read more

Nasdaq index crosses 6,000 as stock market extends rally

Business / Business News /

The technology-heavy Nasdaq composite index closed above 6,000 for the first time Tuesday as part of a broad rally in stocks being driven by a bullish outlook for U.S. corporate growth.

The Nasdaq index crossed the milestone 17 years after it first reached 5,000 during the height of the dot-com era, a market bubble that would burst when the ...Read more

Battle for Comic-Con hotel reservations looms

Business / Business News /

SAN DIEGO -- Now that Comic-Con attendees have survived the competition for getting a badge to the July convention, the next hurdle is nabbing a coveted hotel reservation.

Starting Wednesday morning, attendees can access a website for booking a room at one of more than 55 hotels that are part of a special convention room block that offers firm ...Read more

Uber's 'flying cars' set to land in Dallas by 2020

Business / Business News /

SAN JOSE, Calif. -- Uber plans to demo its first "flying cars" in U.S. cities by 2020, the ride-hailing company said Tuesday, moving one step closer to a future where workers take to the air for their daily commutes.

The first places to get a glimpse of the futuristic vehicles will be the Dallas-Fort Worth area and Dubai in the United Arab ...Read more

T. Rowe Price Group reports Q1 results up from last year

Business / Business News /

BALTIMORE -- T. Rowe Price Group Inc. reported a profit of $385.9 million in the first three months of the year, up 27 percent from the January-through-March period last year.

Earnings per share at the Baltimore-based investment management company rose to $1.54, up 36 cents compared to the first quarter of 2016.

The results were buoyed by a $...Read more

McDonald's new Big Macs fueled growth, but it's banking on tech to bring back lost customers

Business / Business News /

CHICAGO -- McDonald's said new food offerings and cheap drinks drove its first-quarter earnings growth but it believes technology in the form of delivery, mobile ordering and in-store kiosks are the keys to winning back lost customers.

The world's largest burger chain, headquartered in suburban Chicago, said its delivery partnership with ...Read more

Trump imposing tariffs on some lumber imports from Canada

Business / Business News /

WASHINGTON -- The Trump administration is slapping hefty duties on billions of dollars of lumber imported from Canada, marking an escalation of trade tensions ahead of the president's promised effort to overhaul the North American Free Trade Agreement.

The U.S. softwood lumber industry has long complained that competing imports from Canada are ...Read more

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