A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.
Michael Kors watches for men – Time to be in vogueRead More...
A watch might just be the thing which separates men from the boys. Let’s face it; it does more than just telling the time. It says volumes about your personality, taste, choice and even status. This makes it important to choose the right watch to match not only your wardrobe but also your personality.
In the world of men’s watches, very few have perfected the art of balancing trends with tradition. Michael Kors has to be one of them. With its chic designs, eye for details and distinctive signature styles, each watch crafted by the Michael Kors house of fashion, New York, is a masterpiece.
The traditional classy dial never goes out of style and is closely related to the image of a perfect gentleman. Just teaming up a Michael Kors Wilder collection with your lounge suit or a Michael Kors Ryker collection with that formal shirt is sure to steal some appreciative glances. Some notable models of the collection are:
- Michael Kors Wilder
- Michael Kors Ryker
- Michael Kors Greer
- Michael Kors Halo
- Michael Kors Brecken
- Michael Kors Jetmaster
Hybrid Smart Watch:
The hybrid smart watches from the collection of Michael Kors watches are a must have for the adventurous, pro-active gentleman, who believes in doing everything with style. This chic collection is the perfect mix of style and sturdiness. Why then, wouldn’t any guy dream of owning this piece of artistic technology? Some of the best options that are available to choose from are:
- Michael Kors Access Hybrid
- Michael Kors Gage Hybrid
- Michael Kors Slim Runway hybrid
A smart watch might be just an understatement for the watches which belong to the Michael Kors smart watch collection. These beautiful pieces of machinery are power-packed with features and are as sturdy as possible. Some of the best watches for your consideration are as follows:
- Michael Kors Dylan Smartwatch
- Michael Kors Access Bradshaw Smartwatch
The icing on the cake is when such a piece of mastery is available on sale. Be it the end of season sale, festive offer or New Year discounts, Michael Kors watches on sale are never-miss opportunities. The reason being, even if you buy a Michael Kors on sale, it is highly unlikely, or even next to impossible for that matter, that the watch will have been compromised in its quality. So the next time you see a board reading Michael Kors Watches on Sale’, we do recommend you to head straight in that direction to check out. No matter what the discount, it is sure to be a great bargain.
So, if you are looking to buy a new watch and are waiting for the right one to appear, we recommend a Michael Kors. No matter what your personal choice in watches may be, you just cannot go wrong with a Michael Kors. It will be one of those personal treasures that you will cherish for a long time.
Herpes: Things one should be aware ofRead More...
Herpes is a disease that is caused by the Herpes Simplex virus. The signs of this disease usually erupt on the skin and may be seen in the mouth or on the genitals of the patient, among other parts of the body, in rare cases. Read on to know more about herpes.
â€¢ Types of herpes
Herpes can be of two types. The first kind is known as oral herpes, which can happen when there are sores in the mouth due to persistent cold and cough as well as flu. Also, fever blisters can be caused by such a condition, where painful sores come to dot the mouth. This makes eating and drinking quite painful. The next type of herpes is known as genital herpes, which is caused by the HSV2 virus. This is a sexually transmitted disease (STD), which can be caused by unprotected sexual contact and intercourse with a partner who was suffering from this condition.
â€¢ Causes of herpes
The causes of herpes as per the pictures of herpes depend on the kind of contact that may have happened. This is basically a contagious disease that may take place when one comes in contact with an infected person, which leads to a transfer of the virus. If the person is already suffering from cold and flu, then the virus gets a congenial environment, in which it can grow. Also, this kind of contact can happen when you share utensils and clothes with someone who is already carrying the virus. For many children, once they are infected, there is the risk of carrying the inactive virus for the rest of their adult lives.
â€¢ Risk factors of herpes
For genital herpes, there are many people who may be at risk. The most common patients in such a case are those who have unprotected sex with many partners at the same time. Also, it is seen females more often than males. Further, if the immunity of the patient is already low, then there is a high chance of contracting herpes upon contact with an infected person.
â€¢ Symptoms and stages of herpes
There are various stages as per the pictures of herpes, which can point at the progression of the disease or infection. The first phase is one where the sores begin to develop, while the next phase is one where the person will experience pain. This pain may happen during urination in the case of genital herpes. In the third phase, severe itching takes place in the spots where the sores exist. Other symptoms include loss of appetite, fever, and headaches. The patient may also have swollen lymph nodes and constant fatigue.
â€¢ Diagnosis and treatment
A physical examination along with various lab tests to study the blood and urine samples will be carried out by the doctor in order to diagnose the condition. For treatment, the doctor may prescribe medication that will limit the spread of the virus so that it is not that contagious. The sores usually heal on their own and there is no set treatment for the condition as such.