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.
4 noteworthy laptops on saleRead More...
There are many laptops on sale online and offline. However, the idea is to find the best laptop on your budget. This requires extensive screening from a variety of prices, features, and brands. Here, we will discuss some of the best laptops that you can shop for in this article. Do watch out for the online sales on these laptops to ensure that you get more in less.
HP Spectre x360 14
Honestly, it is more or less impossible for us to come up with any complaint or drawback associated with the HP Spectre x360 14. It is a beautiful-looking laptop with a premium look and a sturdy build. But with the HP Spectre x360 14, it’s not just the looks. It has the Iris Xe integrated graphics and Intel’s latest 11th Gen processors, ensuring an excellent performance sans any freezes or slowdowns. Further, you get 10 hours of battery backup with the device. Further, the laptop has a roomy 3:2 display. You can choose between the OLED, FHD, 1,000-nit resolution options. You can use the device as a tablet. However, it is not a cheap offering. So, whenever you find HP laptops on sale, do not miss out on this one.
Acer Swift 3
The laptop comes with Radeon Graphics and AMD Ryzen 7 4700U processor, which makes it incredibly powerful. One of the best things about the laptop is that you get premium offerings at a budget price. The graphic performance is unprecedented, and with Acer Swift 3, you get a long battery backup of 11 hours. Further, its comfortable keyboard and good looks only make it desirable. However, the only downside is that it is not as bright as you would want it to be.
Dell XPS 13
This laptop has an immersive 15.6-inch Infinity Edge display. In addition, it has bigger keycaps and a responsive touchpad, about sixty percent larger than its predecessor. Equipped with Nvidia GeForce GTX 1650 Ti GPU and 10th Gen Intel Core processors, the performance you receive with Dell XPS 13 is incredible.
Microsoft Surface Pro X
It is a visually appealing device, which comes with an SQ1 processor. This laptop and a tablet hybrid are renowned for their sleek and chic design. It is super thin and lightweight. So, you can easily carry it along as desired. The battery life is decent, and the keyboard assures a comfortable typing experience.
Metastatic breast cancer in a nutshellRead More...
Advanced or stage IV breast cancer is termed as metastatic breast cancer. This is when the cancer spreads from the breast to other organs of the body such as the lungs, brain, or even the bones. Although the cancer has spread to the bones and the lungs, the treatment is still carried out by the same breast cancer killing drugs. It has been estimated that over 250,000 women in the U.S are diagnosed with metastatic breast cancer annually. Another noteworthy feature of the metastatic breast cancer is that it occurs in people who have once undergone full treatment for the other three stages of cancer (1, 2 or 3). The people who fully recover from breast cancer can also get diagnosed with the metastatic version after a few months or years of their treatment. This phenomenon is called distant recurrence.
Symptoms of metastatic breast cancer
Metastasis is all about the spreading of cancer cells. Metastatic breast cancer signs are not only localized to the breasts but affect the parts of the body (which are possibly infected) as well. Most common symptom can be diagnosed upon self-examination. These may include lumps visible on the surface of the breasts or in your underarm, nipple discharge (the process of discharge of fluid from the nipples) when pressed or not, bone pain and fractures, decrease in stamina, cough, extreme fatigue, etc. Some people also experience Increased abdominal girth (this is a measurement of the distance around your abdomen), swollen feet and hands, memory loss, headaches, blurry vision, and the like.
Metastatic breast cancer treatments
Metastatic breast cancer can be treated by one or a combination of the following treatments.
Also known as endocrine treatment, this treatment includes, SERM (Selective Estrogen Receptor Modulators). These compounds hinder estrogen from stimulating cells of the breasts. This is carried out by ingesting a pill orally. Side effects include hot flashes and uterine bleeding.
These are agents which reduce the estrogen levels by blocking the protein that’s responsible for estrogen secretion inside the ovaries. Side effects include bone loss and bone fractures.
These compounds block the impact of estrogen on the cancer-affected breast cells. These compounds are injected monthly. Side effects include hot flashes and pain at the injected site.
Sex steroid hormones
These include estrogens, progestins, and androgens. These agents are employed only in the third or fourth line of treatment.
This is the process of slowing down the growth of cancer cells. It’s done in a cyclic manner. A cycle is the amount of time required to carry out the procedure and letting the body recover from the side effects of the drugs used. A typical cycle lasts from three to four weeks.