by: Charles Kirkendall
HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.
HUD Reverse Mortgage Eligibility
Homeowners must meet the following criteria in order to be eligible for a HUD reverse mortgage:
- Homeowner must be age 62 or older.
- The home must be owned free and clear or have a mortgage balance that can be paid from equity.
- The home must be a principal residence.
- The property must be a single-family home, a one-to-four unit dwelling with one unit occupied by the applicant, a manufactured home (mobile home), or a unit in condominiums or Planned Unit Developments.
- The property must meet minimum property standards.
Homeowners that qualify can receive payments in a lump sum, on a monthly basis, or on an occasional basis as a line of credit. At a later date the payment options can be restructured if circumstances change.
Guidelines on HUD Reverse Mortgage Amounts
The amount that can be borrowed on a HUD reverse mortgages is determined by the following criteria:
- The borrower's age - The older the borrower the more that can be borrowed against the value of the home
- The loan interest rate - Obviously the lower the interest rate the more that can be borrowed.
- The home's value - There is no hard limit for home value to qualify for a HUD reverse mortgage, but the amount that may be borrowed is capped by the maximum FHA mortgage limits for an area. This means that owners of a high priced home can't borrow any more than the owners of homes valued at the FHA limit.
There are no asset or income limitations on borrowers receiving a HUD reverse mortgage.
Unlike ordinary home loans, a HUD reverse mortgage does not require repayment as long as the home remains the borrowers primary residence. When the home is sold the Mortgage company recovers their principal, plus interest, and the remaining value of the home goes to the homeowner or to his or her survivors. Should the sales proceeds not cover the amount owed, HUD will pay the mortgage company for any shortfall.
The Federal Housing Administration, which is part of HUD, collects an insurance premium from all borrowers to provide this coverage. Typically the mortgage company pays for this insurance and charges it to the borrower's principal balance. This FHA reverse mortgage insurance can make HUD's reverse mortgage program less expensive to borrowers than private programs without FHA insurance.
About The Author
Charles Kirkendall writes about reverse mortgages and other Senior financial issues. Visit http://www.reverse.settle-today.com for more information and resources on reverse mortgages.
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Life Insurance
Life Insurance
by: Gary Tallon
The life insurance market in the UK is extremely competitive. Over the last 5 - 10 years more and more insurance companies have been entering the life insurance market providing consumers with a huge range of life insurance products to go after. Even the big supermarkets like Tesco, Sainsbury and Asda now offer cheap life insurance products, often using their own brand goods as advertising space to get their message across to their legions of customers.
Such is the level of competition, a basic term life insurance policy can now cost as little as ?5 per month for a young and healthy non-smoker. Life insurance costs though will vary significantly depending upon age, lifestyle and occupation. They will also vary between different life insurance providers, as not all providers evaluate the risk of the life to be insured in the same way.
Shopping around for life insurance
The best way to get good value...
Life Insurance
Insurance > Life Insurance
How To Deal With Your Auto Insurance Company
How To Deal With Your Auto Insurance Company
by: Stu Pearson
Disputes, especially when it comes to settling insurance claims, are not new scenarios. In fact, they take place every day. Just what causes these disputes? Well, one of the obvious reasons is most policy holders think that they deserve to be paid a larger settlement than what they receive. Second, claims are slow to process. And third, claims are denied.
There are various ways to deal with your auto insurance company. First, is the aggressive approach, which I am not encouraging since I am a peace-loving individual, and believe that everything should be settled in a peaceful and civilized manner. There are actually several peaceful options which a policyholder may undertake depending on the degree of insurance dispute.
For cases wherein your insurance agent is unable to solve your problem, it is advised to get the name and then the phone number of your insurance company?s...
How To Deal With Your Auto Insurance Company
Insurance > How To Deal With Your Auto Insurance Company
Inside Insurance ? Protection Priorities
Inside Insurance ? Protection Priorities
by: Rachel Lane
Protecting your home
Although you have no legal obligation to insure your home, your mortgage company will want to protect their investment with buildings insurance.
However, it is also worth protecting your own investments, so even after you?ve paid off your mortgage, you should ensure you?re financially covered.
Home contents insurance and personal possessions insurance
According to Money Observer, the average home has ?44,000 of contents and replacing this without insurance would be almost impossible for most people.
An average premium is about ?150 a year and will provide cover up to ?50,000.
The majority of contents insurance policies additionally provide public liability and personal legal expenses and although most people don?t claim on these, they could be very useful if needed.
Personal possessions insurance is worth taking...
Inside Insurance ? Protection Priorities
Insurance > Inside Insurance ? Protection Priorities
Life Insurance
Life Insurance
by: Gary Tallon
The life insurance market in the UK is extremely competitive. Over the last 5 - 10 years more and more insurance companies have been entering the life insurance market providing consumers with a huge range of life insurance products to go after. Even the big supermarkets like Tesco, Sainsbury and Asda now offer cheap life insurance products, often using their own brand goods as advertising space to get their message across to their legions of customers.
Such is the level of competition, a basic term life insurance policy can now cost as little as ?5 per month for a young and healthy non-smoker. Life insurance costs though will vary significantly depending upon age, lifestyle and occupation. They will also vary between different life insurance providers, as not all providers evaluate the risk of the life to be insured in the same way.
Shopping around for life insurance
The best way to get good value...
Life Insurance
Insurance > Life Insurance
Making a Marine Insurance Claim
Making a Marine Insurance Claim
by: Patrick Altoft
Noble Marine encourages all clients to use the online claim form. This will significantly improve the speed of communicating with you, enabling authorisation of the repairs or replacement items to occur far more quickly.
To assist you in finding a local repairer, our web site also has a directory of suppliers and repairers which is fully searchable by postcode or region.
What information may be required?
Whenever an incident occurs and another boat is involved, take a note of the details of the other persons / boats involved. Also don't forget to obtain the details of any potential witnesses. This is not always easy whilst afloat, but note the name of the boat or the sail number and make contact once you are ashore. The information you might require would be:
The name and address of the person who was in charge of the other vessel.
Are they the owner of the boat? If...
Making a Marine Insurance Claim
Insurance > Making a Marine Insurance Claim
Protecting The Smallest Member Of Your Family: A Step-By-Step Guide To Pet Insurance
Protecting The Smallest Member Of Your Family: A Step-By-Step Guide To Pet Insurance
by: Burke Jones
Let?s face it ? Fido and Fluffy are an important part of your family. Do you want to have to assign a dollar value to them if they become sick or injured?
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Step one: Determine if Pet Insurance is Right for You
When people decide to get...
Protecting The Smallest Member Of Your Family: A Step-By-Step Guide To Pet Insurance
Insurance > Protecting The Smallest Member Of Your Family: A Step-By-Step Guide To Pet Insurance
Key Person Life Insurance
Key Person Life Insurance
by: Ivon T. Hughes
Small businesses help keep our country going. But a small business needs help to keep going after the loss of someone vital to the company. There are options available you need to know about.
KEY PERSON IS ANYONE WHO IS IMPORTANT
In small to medium size businesses, the key person may be the business owner, a top sales rep or the person who does the financing. What would happen to that company if one of these key people were to suddenly die? There may be a rough period of transition until a replacement is found. If the owner was the one to die, that could mean the resulting death of the company. Losing the top sales person may mean losing some of those accounts that kept the business running.
YOU NEED LIFE INSURANCE ON THE KEY PERSON
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Key Person Life Insurance
Insurance > Key Person Life Insurance
Build Your Own Insurance Business with InsureAmerica
Build Your Own Insurance Business with InsureAmerica
by: Casey Coke
Dallas-based InsureAmerica Management Company has released a new Internet site, www.byoib.com, to aid in recruitment of nationwide health insurance agents. Complete with commission examples, earnings potential breakdowns and an income potential calculator, interested health insurance agents can get a good look at the opportunity InsureAmerica has to offer.
The new website is part of the company?s aggressive growth and expansion plan to further extend its national reach.
?We know we have a business opportunity and a system that health insurance agents and agency owners can be successful with. We just needed an avenue to express this,? states Dan Roberts, Vice President, Sales and Marketing. ?The days of simple newspaper ads are a thing of the past. People want more information and want to know what you can do for them. This...
Build Your Own Insurance Business with InsureAmerica
Insurance > Build Your Own Insurance Business with InsureAmerica
Satellite TV Can Be An Eye Opening Experience!
Satellite TV Can Be An Eye Opening Experience!
by: David Lewis
There are many appealing aspects to satellite television. From the many freebies that the companies try to entice you with, to the appealing price of the monthly service, to the value of the basic service, to the quality of the picture and sound.
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Insurance > Satellite TV Can Be An Eye Opening Experience!
Hair Removal by Electrolysis - Is it Right for You?
Hair Removal by Electrolysis - Is it Right for You?
by: Clive Chansa
Electrolysis is a permanent hair removal technique that works by destroying individual hair follicles so that hair can no longer grow. Here's how it works. Being careful not to puncture the skin, a slender probe is inserted into a hair follicle. Once inserted, an electrical current is passed through to the end of the probe, at which point a chemical reaction takes place. The reaction causes...
Hair Removal by Electrolysis - Is it Right for You? A HUD Reverse Mortage For Retirement?
Insurance > Hair Removal by Electrolysis - Is it Right for You?
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