A reverse mortgage is a way to borrow money against the equity in your home to provide you with tax-free income. You can receive funds in any number of ways including:
Lump sum
Regular monthly payments for as long as you live (or reside in your home)
Monthly payments with a pre-determined cut off date
A line of credit to draw on when you need it
or a Combination of these
A reverse mortgage can enable you to enjoy retirement more, provide some financial cushioning for future emergencies or major expenses, while, allowing you to remain in your home and keep title to it. Being more complicated than a conventional mortgage, a reverse mortgage carries some pros & cons and has different qualifying requirements for borrowers. The most notable requirement is that the youngest borrower must be at least 62 years old when the loan closes.
Some other requirements are that the home must be your primary residents and remain so during the term of the loan, and that existing loans, or mortgages be paid off prior to closing on the Reverse Mortgage. (reverse mortgage funds can be used for this according to cash advance rules).
If you choose to, you can even pay off a reverse mortgage early by refinancing out, or just settling up with the lender. If you should pass away before the loan is paid, your heirs can choose to pay off the loan or sell the property, any proceeds above the loan amount of your home goes to your heirs.
applying for a reverse mortgage is easy, and you can start online. The National Reverse Lenders Association website is a good starting point to gather information from lenders. The URL is http://www.reversemortgage.org/ .
Team Results also has a 12 page pamphlet available that covers in detail all aspects of reverse mortgages. We'll gladly mail a copy or e-mail an electronic version at your request. Send requests to TeamResults@Century21.com. Be sure to include your preferred delivery method.
© 2007, John Wall, all rights reserved.
Friday, April 13, 2007
Monday, April 02, 2007
drug and alcohol treatment
Paid Post: Please read our disclosure.
***
“If you know someone addicted to alcohol and any other drug getting informed and involved maybe that persons only hope of a positive outcome of the addiction. Addiction usually ends in one of three ways treatment, jail, or death.” Stone Hawk Website
Located in Battle Creek Michigan (just east of Chicago), Stone Hawk heals addicts through its education and cleansing approach to drug and alcohol treatment. The program works to achieve permanent drug free living for its participants, with a success rate near 80%. The successful results of the program can be attributed to its healing and education of patients. Stone Hawk’s life skills and after treatment programs add an additional component that yield results.
alcoholism treatment
***
“If you know someone addicted to alcohol and any other drug getting informed and involved maybe that persons only hope of a positive outcome of the addiction. Addiction usually ends in one of three ways treatment, jail, or death.” Stone Hawk Website
Located in Battle Creek Michigan (just east of Chicago), Stone Hawk heals addicts through its education and cleansing approach to drug and alcohol treatment. The program works to achieve permanent drug free living for its participants, with a success rate near 80%. The successful results of the program can be attributed to its healing and education of patients. Stone Hawk’s life skills and after treatment programs add an additional component that yield results.
alcoholism treatment
Sunday, April 01, 2007
Real Estate & the Economy
Business Week televised a couple of good items about the real estate industry as a whole yesterday. Their video can be seen here: http://feedroom.businessweek.com/index.jsp?fr_story=1164424c0c16afd06ab22f7edc11e1b8de2f5ab5 I've pulled information from other current videos as well.
Some of the bullet points I thought were important are:
Buyers still have an edge in real estate.
Seller's are becoming more flexible and responsive to buyers' terms. It was specifically pointed out that buyer's who low-balling the selling price won't produce the desired result and indicated that 10% below asking was a reasonable price reduction to request.
Seller's can increase their returns by upgrading with environmentally friendly improvements. Shown by the trend in eco-friendly home buyers.
Sellers were directed to post at least 6 high-quality photos (recommended by Realtor.com) because 80% of home buyer's check out listings online before touring in person.
Buyer's too have some work to do like; giving a boost to their credit score, and finding the best deal (budget friendly) on a mortgage.
Mike Mandel, Business Week Economist, talked about the economy as a whole & the real estate market's effect on it. He says there are factors other than the mortgage market that consumers should be keeping an eye on.
Mike pointed out that 30 year fixed rates are actually lower than they were a year ago and that borrower's who have an adjustable rate mortgage, and decent credit will have little trouble re-financing into a fixed rate and will be "sitting pretty".
As a whole the mortgage market is doing just fine, though the sub-prime market is in a bit of trouble. The market will no doubt affect the economy but won't cause a recession according to Mandel. One of the more important aspects to watch closely is business investment which he says have slowed and is at very low levels.
Also the increase in foreclosure activity was localized to areas that didn't have strong real estate markets in the first place.
Some of the bullet points I thought were important are:
Buyers still have an edge in real estate.
Seller's are becoming more flexible and responsive to buyers' terms. It was specifically pointed out that buyer's who low-balling the selling price won't produce the desired result and indicated that 10% below asking was a reasonable price reduction to request.
Seller's can increase their returns by upgrading with environmentally friendly improvements. Shown by the trend in eco-friendly home buyers.
Sellers were directed to post at least 6 high-quality photos (recommended by Realtor.com) because 80% of home buyer's check out listings online before touring in person.
Buyer's too have some work to do like; giving a boost to their credit score, and finding the best deal (budget friendly) on a mortgage.
Mike Mandel, Business Week Economist, talked about the economy as a whole & the real estate market's effect on it. He says there are factors other than the mortgage market that consumers should be keeping an eye on.
Mike pointed out that 30 year fixed rates are actually lower than they were a year ago and that borrower's who have an adjustable rate mortgage, and decent credit will have little trouble re-financing into a fixed rate and will be "sitting pretty".
As a whole the mortgage market is doing just fine, though the sub-prime market is in a bit of trouble. The market will no doubt affect the economy but won't cause a recession according to Mandel. One of the more important aspects to watch closely is business investment which he says have slowed and is at very low levels.
Also the increase in foreclosure activity was localized to areas that didn't have strong real estate markets in the first place.
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