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.
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.
Discovery Plus is one of the largest streaming platforms that provide content across categories like business, food, paranormal, science, and history from all over the world. You can stream shows from various devices such as Amazon Fire TV, Apple TV, and Microsoft Xbox One. Discovery Plus also offers subscriptions for all budgets, so there’s something for everyone. Read on to know the various plans.
Are you unsure about whether or not you will enjoy Discovery Plus? No worries, you can simply try out their 7-day free trial. All you need to do is login and enter your personal and card details. If you enjoy the content and the platform, you can opt for one of the subscriptions mentioned below, or you can cancel the subscription before the last date of streaming.
Discovery Plus offers subscriptions for people of different budgets. If you do not want to spend too much, you can opt for the $4.99/month subscription. This will allow you to view all the content available on the platform, including new releases and originals. However, there’s a catch. This subscription comes with limited ads. That means that you will see advertisements along with your content. You can upgrade your plan or cancel it whenever you want.
If you dislike ads and have a decent budget, this subscription is ideal for you. It costs $6.99/month and includes everything that Discovery Plus has to offer, minus the ads. Moreover, you can change the subscription plan whenever you want to do so. Your subscription will be effective from the next date of billing. Moreover, your subscription will renew every month unless you cancel it.
Several Verizon users can now get free Discovery Plus subscriptions on their plans. “Do More Unlimited” and “Start Unlimited” plans offer a six-month free subscription with Discovery Plus. Similarly, “Get More Unlimited” and “Play More Unlimited” plans offer a one-year free subscription. People with both new and existing plans can access this offer. After their subscription ends, you will be billed $6.99/month.
Vodafone and Discovery Plus have partnered together to make their content available to Vodafone users in 12 markets. People with subscriptions to Vodafone TV, Fixed Broadband, and Mobile will benefit from this. People who have Sky Broadband’s connection (Sky Q Box only) can also access a 12-month free Discovery Plus trial.
With new OTT platforms being launched one after the other, it comes as no surprise that Discovery Inc. has followed suit. Its new streaming service, Discovery Plus, which launched on 4th January, features over 2,500 shows from HGTV, Food Network, TLC, Animal Planet, and originals from other production companies. While anyone is eligible for a free 7-day trial, Verizon users can get a free 12-month subscription.
Users can access the free Discovery Plus subscription from the My Verizon app by going to the Add-ons & Apps section and selecting “Discovery Plus” under Entertainment.
Here’s how Verizon subscribers can get a free Discovery Plus subscription:
Revamping the living space for the festive season is an exciting household chore. It adds a fresh new look to your home, making it ready to welcome the occasion. And is there a better place than the Black Friday sale to buy home decor items? Be it area rugs or carpets, retail and e-commerce stores offer generous discounts at this time of year on almost every product. The following Black Friday carpet and area rug deals will help you revamp your living space without straining your budget.
Kafra Jkcr61l Rug
The Kafra JKcr61l is a traditional rug made from 50 percent jute and 50 percent polyester. It is a flatweave construction ideal for the bedroom, living room, hallway, dining room, and even home offices. It is available in different colors and comes in three sizes: 4’x6’, 5’x8’, and 7’6”x9’6”. With a discount of up to 30 percent, you can buy the area rug between $120 to $400 depending on the size. You may also be eligible for another 80 percent discount.
Tulsa Lea Southwestern Geometric Crimson Area Rug
This is one of the best Black Friday carpet or area rug deals on the internet. The Tulsa Lea Southwestern Geometric Crimson is a stain-resistant area rug made from polypropylene, using the power loom technique. The construction is an array of traditional Persian, Southwestern, and Moroccan design that can be matched with any decor. The area rug is available at an unbelievable discount of more than 50 percent. It comes in multiple sizes, so you can choose the one that best fits the dimensions of your living space.
Luciana Hand-Knotted Wool Gray Area rug
If you are looking for a carpet or area rug with a minimalistic design, Luciana Hand-Knotted Wool Gray Area Rug is for you. As the name suggests, it is made of wool and is hand-knotted. The rug is available in more than 20 different shapes and sizes. The smallest is 2’x3,’ weighing not more than 3lbs and the largest is 12’x18’ that weighs more than 80lbs. The various sizes, shapes, and designs of the rug make it the best choice for any living space. Being available on Black Friday carpet and area rug deals, you can buy it at a jaw-dropping 80 percent discount.