A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
- Multiple options of disbursement
One of the biggest advantages of opting for reverse mortgages is that you can choose your payment method: whether it is in the form of monthly payouts, or receiving it in bulk.
- You retain ownership of your home
As opposed to other mortgages where you have to vacate your house, in a reverse mortgage, you can continue to own and live in your house without any interruptions. It is a great way to improve your immediate finances and is preferable to moving or selling the property.
- No tax liability
The payments that you receive as a part of a reverse mortgage are not considered to be taxable by the IRS since it is considered to be a loan advance instead of taxable income.
- Retirement safety
These mortgages are actually a great option for retired and senior citizens, since it allows them to have access to funds, which might otherwise be stuck in the form of a fixed asset like a house or a property.
- The property must be occupied
For properties that have been reverse mortgaged, it is important that it remains occupied at all times. Lenders visit the houses from time to time to verify that the house is occupied throughout the year.
- Risk of foreclosure
If you fail to pay your property taxes, HOA fees, homeowners insurance payments, and other costs on time, your house is at a risk of being foreclosed for violation of tax laws.
- High fees
When signing up for a reverse mortgage, information you must know is that there are several expenses involved in completing the entire procedure, which may include the mortgage fees, FHA insurance charges, as well as closing costs.
- Accumulation of interest
Since there is no monthly payment plan or schedule involved in a reverse mortgage, the amount that you borrow incurs interest over time. As a result of this, one needs to be careful to not default on any payment to avoid accumulating further debt.
Top 5 Models of Masterbuilt SmokersRead More...
Masterbuilt is one of the best companies to buy a smoker from. Right from a beginner to pro level, it has a smoker for everybody’s grilling and cooking needs. Following are top five models of Masterbuilt smokers that would make sure you cook your favorite foods to your heart’s content.
Patio-2-Portable Propane Smoker
The MPS 20|B Patio-2-Portable Propane Smoker is perfect for your patio and is good to take with you on-the-go too. It is available on various sites and stores such as Amazon and Home Depot. This smoker is large enough to accommodate several pounds of food to cook at once.
XL Propane Smoker
Just as the name suggests, this model has four different chrome racks to ensure that all your smoking needs are met. It is available online and can accommodate enough food to ensure that you and your loved ones celebrate Thanksgiving completely with all the yummy traditional foods required for the meal. Even a simple fun evening can be enhanced with this smoker, which is great for parties and events as well.
MCS 10B Charcoal Bullet Smoker
Perfect for backyard grilling, camping, and even tailgate parties, this smoker has an inbuilt temperature gauge and two racks that are coated with porcelain. This Masterbuilt smoker can be used with both wood chips as well as charcoal. Its dimensions are 21.65 inches by 31.49 inches and can accommodate several pounds of food, such as pieces of bread and corn on the cob, among others.
MES 35B Electric Smoker
The MES 35B Electric Smoker offers you all the taste that you require. One of the best Masterbuilt smokers in the market, the 35B Electric Smoker can accommodate enough food items to ensure that your Thanksgiving celebrations are worth it completely and unforgettable. The dimensions are 20 inches by 21.6 inches and the smoker requires electric type energy consumption.
MES 130B Digital Electric Smoker
This model is suitable for both beginners and pros. With the electric set up, you do not need to worry about harmful propane or use any charcoal for it. Additionally, the wood-sided chip loader is quite useful. It can accommodate several pounds of food at a go, ensuring that you get great flavors in your food.
The aforementioned options are among the best from Masterbuilt. Therefore, you can pick your favorite model wisely and get cooking to make your favorite smoked delicacies.
Top reasons to invest in clearance appliancesRead More...
If you wish to be a frugal individual, you need not save money by ignoring your needs; it can mean that you are spending your money wisely. This also suggests that if there are appliances that are cheaper now and may cost more in the long run, you should consider investing in them. Hence, it makes sense to splurge a little in the clearance appliances to save more in the future. When you look for high-quality discount appliances, you are saving more by buying equipment that will continue serving you for years to come. There are many online stores that help you save time besides money and get your choicest clearance appliances delivered at your doorstep. Here are a few thought-provoking reasons that will compel you to consider spending in these items.
Get appliances which offer great productivity at high discounts: If you had been waiting for significant household equipment such as a refrigerator an air conditioner or a vacuum cleaner, the appliances sale is the perfect place to shop for. The best part is that most electronics in a household do not undergo huge changes from one model to another. Thus, you can look for the clearance appliances without having to worry about their functionality and efficiency. There are certain models, which are perfectly productive, but have been discontinued by the company. You can get such discount appliances in the sale.
Get uniquely shaded and designed appliances at an unbelievable prices: Some appliances come in the standard black, white, steel and ash colors and most people own them in these color variations only. But if you wish to get an avocado green vacuum cleaner or a scarlet red iron or a baby pink humidifier, you can get them at unbelievably low prices. This is because most homemakers tend to opt for neutral colors and as a result, the companies have a surplus of these models. But if you want to get some of these sassy clearance appliances, gear up for the appliances sale.
Get a range of housewares for gifting: Even though you may think that you have ample supply of electrical appliances, you can still stock up for presenting it to your friends and relatives. They would be super excited when you gift them any of the needful appliances. Moreover, such a gesture won’t burn a hole in your pocket. You will find everything from the electrical mop to popcorn maker to iron to vacuum cleaners to the fridge in the appliances sale.
The appliances sale brings you a host of household gadgets and appliances, which you otherwise would not be able to indulge in. The clearance appliances are presented to you at a much lower cost, and thus, you must consider investing in it.