Authors:
Kimberly Code, Associate Prof of Education, Northern Kentucky University
Gary Clayton, professor of economics, Northern Kentucky University
Fee Payment: Gary Clayton's AMEX
Abstract
This is to be a presentation of an economic/financial literacy project that is being funded by the Kentucky Real Estate Commission. The project features a website that has approximately 15 short (10-15 page chapters) that starts with the logic of homeownership and takes the reader through an extensive set of presentations on different types of mortgages and even stresses strategies to follow in the case of being underwater or in foreclosure. The target audience is a precollege or college-educated individuals who are concerned about a broad range of topics dealing with home purchases and mortgages.
The main vehicle for disseminating the chapters is a website that features page-turning text images as a unique way to generate reader interest. The website features are being developed for, and will be visible on all types of Apple, android, and Windows devices. A typical page-turning image appears below.
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This site will be completely noncommercial, and has links to calculators to: 1) determine how much a consumer can borrow; 2) computing standard fixed rate mortgages and amortization tables; 3) computing variable-rate mortgages; and finally, 4) computing reverse mortgages. To the best of our knowledge, the project offers the most complete discussion of homeowner finances and different types of mortgages available on the web today. Economic concepts such as cost-benefit analysis, decision-making matrices, and other economic tools are embedded in virtually all of the lessons.