|By PR Newswire||
|November 12, 2012 10:32 PM EST||
LOS ANGELES, Nov. 12, 2012 /PRNewswire-iReach/ --
If you're near retirement age, and need some funding to finance home renovations, pay off your current mortgage, or to help cover medical expenses, there is a way to get cash fast -- without taking out a loan. It's called a "reverse mortgage", and many Americans over the age of 62 are taking advantage of it these days. How does it work? In a traditional mortgage, you pay your lender. In a reverse mortgage, your lender actually pays you. That's because in a reverse mortgage, you convert the equity of your home into cash, and you don't have to repay the loan as long as you live in the home. Instead, the loan is repaid to the lender when you die, sell the home, or when it's no longer your primary residence.In most cases, the proceeds of this type of loan are tax-free, and many reverse mortgages do not have income restrictions. There are three types of reverse mortgages:
1. Single-Purpose Reverse Mortgages -- Offered by some state and local government agencies and non-profit organizations, these are usually the cheapest option. Like the name implies, these can only be used for one purpose, as specified by the lender. For example, if you need money specifically to pay off medical bills, a lender may grant you this type of reverse mortgage, but you can only use the money for that purpose, and must provide proof that you are doing so. Typically, single-purpose reverse mortgages are for people with low to moderate income levels.
2. Federally-Insured Reverse Mortgages -- These are often referred to as Home Equity Conversion Mortgages (HECM) and are backed by the U.S. Department of Housing and Urban Development (HUD). Before applying for a HECM, you are required to meet with an independent government-approved housing counseling agent to go over the costs and alternative options. These reverse mortgages are very common, and they don't come with any income or use restrictions. The only catch is that the amount of money you can borrow is determined by your age, the appraised value of the home, and current interest rates. There are also several options of how you receive the money. You may get a fixed amount each month, fixed cash advances, or a line of credit where you can draw money whenever you need it. One thing to remember -- these reverse mortgages come with upfront costs. Be prepared to pay origination fees, a mortgage insurance premium, and closing costs.
3. Proprietary Reverse Mortgages -- These are private loans that are backed by the companies that develop them. They are similar to HECM in that they generally do not have income restrictions, and you can use the money any way you'd like. However, the value of your home and how much you still owe on your original mortgage can affect how large of a reverse mortgage you receive. Regardless which type of reverse mortgage you choose, there are a few things you need to keep in mind:
- Reverse mortgages do not affect your Social Security or Medicare benefits.
- You'll get to keep the title of your home.
- The reverse mortgage does not have to be paid off until the youngest borrower in the home dies, sells the home, or no longer lives there.
- In the HECM program, you can live in a nursing home for up to 12 consecutive months before you have to start paying the loan back.
- Some reverse mortgages have fixed rate interest, but many come with adjustable rates.
- The amount you owe on a reverse mortgage grows over time. Interest is charged to the outstanding balance and added to the amount you owe each month.
Media Contact: Daniel Torelli, RealtyPin.com, 514-836-1432, [email protected]
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems is strained, in large part due to misaligned objectives. In his session at DevOps Summit, James Urquhart, Senior Vice President of Performance Analytics at SOASTA, Inc., will discuss how measuring user outcomes –...
Oct. 3, 2015 11:00 PM EDT Reads: 263
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
Oct. 3, 2015 09:00 PM EDT Reads: 337
While testing is often ignored when it comes to DevOps - it could be the most important aspect of achieving true DevOps success. Without rethinking automated testing from the ground-up, the entire DevOps productivity gain cannot be realized. Large tech companies build their own rapid test automation that runs in minutes across functional, performance, security and other tests. In his session at DevOps Summit, Kevin Surace, CEO of Appvance, will discuss how we learn from these real-world succe...
Oct. 3, 2015 06:00 PM EDT Reads: 284
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Oct. 3, 2015 05:00 PM EDT Reads: 302
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, ...
Oct. 3, 2015 05:00 PM EDT Reads: 311
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
Oct. 3, 2015 03:00 PM EDT Reads: 257
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Oct. 3, 2015 03:00 PM EDT Reads: 261
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
Oct. 3, 2015 02:15 PM EDT Reads: 544
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
Oct. 3, 2015 01:15 PM EDT Reads: 557
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated a...
Oct. 3, 2015 01:00 PM EDT Reads: 360
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
Oct. 3, 2015 01:00 PM EDT Reads: 240
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
Oct. 3, 2015 01:00 PM EDT Reads: 595
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...
Oct. 3, 2015 12:45 PM EDT Reads: 219
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
Oct. 3, 2015 12:00 PM EDT Reads: 130
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 3, 2015 12:00 PM EDT Reads: 357