The best way to fully understand what it is that is being spoken or read is to know the lingo. That is exactly what the newly appointed Adviser for the Consumer Financial Protection Bureau seeks to make certain of and in order to accomplish that goal the entire vocabulary of terms and definitions for the world of credit card debt will need to be re-learned.
Elizabeth Warren
In order to start this learning process the Adviser, Elizabeth Warren, stated that the agency should make the simplification of language in credit card agreements one of its primary objectives. That makes perfect sense and will certainly be of value and benefit to those that are from a different country or seniors and the like. Credit card debt is hard enough to stomach much less when it comes down to having to guess at what is being read or said.
Full Assistance of Feds
During a recently held press conference in Texas, the Adviser declared that the full and complete resources of the Federal government as well as the public and private watchdog groups would be involved in this series of seminars and class settings. The overall goal will be to have a simplified terminology across the board and one that leaves no question as to what the term or action happens to be. That is important especially for those that are initiating a debt consolidation experience.
The Deal
The language of the deal has always been something that had, to a smaller degree, a section of terms and meanings into which only the people involved in the business really know the definitions. if you think about it, how many times have you had to or felt the need to ask what a term means in an office setting?
Talking Points
The point of this is to not punish or bring to light any wrong doing by the credit card debt industry but to open up more meaningful and more comprehensive conversations before the ink has hit the contract. the balance that can be achieved from a more easy to understand contract details or just in a face to face or email to email conversation will be of so much benefit to the ones that suffer from a variety of comprehension limitations. The ease of the flow of words and meanings will only help those that either did not catch on the first time around or were too embarrassed to ask a question.
Credit Card Debt Resources
29 JanCredit Card Debt Language Becomes Priority for Consumer Financial Protection Bureau Adviser
12 JanStarting Next Year, 2011, Over 10,000 People in the US Will Turn 65 Years Old Every Day
Shared Senior Apartment Living
What an eye opener, we dream of our retirement. I want the luxury of life, because I worked hard for 50 years. I am one of those first 10,000 and I want to help some of my generation find what they want. This is not going to be what everyone wants or is thinking. Some have been more fortunate than others landing good jobs that have allowed you to save for retirement. Others are relying on Social Security and a small savings.
Here is a great option if you are still feeling as young as you did when you were in college. So many of us are old on the outside but we feel about 30 if we don’t look in the mirror. Shared apartment living for seniors is right down your alley. Get a nice two bedroom two bathroom apartment so you have privacy and choose a person that is like minded as you are to share the apartment.
Retirement communities today have nice two bedroom apartments that cost around $2900 dollars, but if two share that apartment the cost of the second person drops to $400. If two people share the $3300 expense it cost each $1650 monthly. What a bargain for what is given in return.
There are some huge differences in personalities and lifestyles between people as they age. The better we are at choosing a person that fits our likes and dislikes the better it will work. The resort lifestyle or senior communities offer a large array of wonderful pleasures. Look at what life can be in a great community.
Starting with your social well being sharing your great personality with others your age is an experience. They want to know about you and you will want to know about them and what better way to do this than in a group setting breakfast, lunch or dinner. We have ways to meet people your age and get to know them before you even think about a possible shared apartment. Make an effort to have lunch with a group of seniors your age thinking of the possibility of sharing an apartment and getting acquainted. I’ll tell you more about that later.
These surroundings enable a person to take great interest in activity. Why, because staying active is a proven way to extend life and you have a far greater quality of living. Being alone is not fun, I know because I have been involved in retirement living for the past eighteen years and my friends that I have talked with tell me they were alone in the home and had feelings of loneliness. Who has some medical concerns that make you think if someone else lived with you it would make you feel a little more at ease about your problem. Although the children do not live that far away they just don’t have the time to visit often. Sometimes we have to call them or want to call them late in the night if we feel bad. We don’t though because we know they have a job to go to in the morning and they need their sleep. I am an expert, you can ask my mother.
04 DecReverse Mortgages: Frequently Asked Questions
1. Am I eligible for a Reverse Mortgage?
• To qualify for a reverse mortgage, you must:
• Be at least 62 years old. In the case of a couple or co-owners, both must be 62 if they want their names to be on title of the home.
• Be a homeowner with enough equity in the home.
• Seniors may qualify even if they have an outstanding balance on a mortgage.
• Single-family homes and qualified condominiums, townhouses, manufactured homes, and 2 to 4-family owner occupied residences are eligible.
• Reverse mortgages are available only for homes occupied by owners as a principal residence.
• Can own up to 4 dwellings.
2. Are Reverse Mortgages legitimate?
Yes. Reverse Mortgages are federally regulated and insured and are safer than most traditional mortgages.
3. If I get a Reverse Mortgage that means the government holds title to my home?
False. Title does not get transferred into the governments name. Throughout the life of the loan, you own your home.
4. If I decide to sell my home, will the lender make me pay back the loan and will they collect a portion of the appreciation?
False. The lender will only collect the amount that is due to them. If the loan balance is larger than the home value, the lender will only collect the proceeds from the sale. You can never owe more than what your home is worth.
5. What do I have to pay to get a Reverse Mortgage?
In most cases there are no out of pocket costs to get a Reverse Mortgage. All costs deferred and only due when the homeowner moves out permanently, sells the home or passes away.
6. What are my payment options?
You decide how to receive the money generated by a Reverse Mortgage. In general, your payment options are:
• An upfront lump sum payment.
• Line of credit.
• Fixed monthly payments for as long as you remain in your home (or a predetermined, shorter period).
• A combination of lump sum, monthly income and line of credit.
7. Are Reverse Mortgages only for desperate seniors, or for the “House Rich, Cash Poor?”
False. The Reverse Mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. While some have needed the cash from a reverse mortgage more than others, the growing popularity of this product is evidence of its benefit in a wide array of financial circumstances.
8. Am I required to pay anything during the course of the Reverse Mortgage loan?
No. The flow of payments is reversed during the term of the Reverse Mortgage – the lending institution pays you. However, you are responsible for keeping up payments for your homeowner’s insurance and property taxes, and to maintain the condition of your home.
9. What happens when my house gets passed to my heirs?
Once your home is passed to your heirs, the Reverse Mortgage comes due. Your heirs may either pay the balance due on the reverse mortgage and keep the home, or sell the home and use the proceeds to pay off the reverse mortgage. If they sell the home, they get to keep any excess sale proceeds.
10. Can I do a Reverse Mortgage if there already is a conventional mortgage on the home?
Yes. Existing mortgages must be paid off at closing. The proceeds from the Reverse Mortgage may be used for that purpose. This will eliminate any monthly mortgage payments.
11. Can a Reverse Mortgage be closed in a living trust?
Yes. Generally this is acceptable. The complete trust documents will need to be copied and put in as part of the file.
12. Will a Reverse Mortgage affect my Social Security, Medicare or pension benefits?
No. Proceeds from a Reverse Mortgage do not affect these benefits.
13. Can I get a Reverse Mortgage from anyone?
No. Only federally approved lenders may offer HUD insured reverse mortgages. Rob Jones will close your Reverse Mortgages up to three times faster than the competition. Why not use a pioneer in the reverse mortgage profession, Sun American has over 20 years of Reverse Mortgage experience.
14. How do I get started?
Call Rob Jones at Sun American Mortgage. He will need your birth date, approximate value of your home and the amount of money remaining on your mortgage, if any.
Rob Jones has been a leader in the mortgage industry for over 15 years. He has worked at Sun American Mortgage for over 10 years and is passionate about the Reverse Mortgage program. He takes a genuine interest in his client’s financial future and enjoys getting to know them personally. He has specialized in Reverse Mortgages and has a highly experienced staff. Visit him on the web at http://www.ReverseSecure.com and find out how Rob can give you the personal attention you need to see if a Reverse Mortgage is right for you.
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28 FebInformation on Reverse Mortgage
Almost everyone, young and old, knows about mortgages. Mortgages are a premier way for homeowners to pay for new houses, and insure safety and increased equity later on in life in case homeowners wish to sell their houses. Yet, most people don’t know about reverse mortgages, not even the people that should. Reverse mortgages are only for U.S seniors who are 62 years or older, and is a very good way for elderly people to be able to move into a new house without having to pay for monthly mortgage rates, and in fact receive money instead of spend money. However, even though reverse mortgages are incredibly beneficial to many senior citizens, there isn’t a lot of information on reverse mortgages readily available, and usually the only way to find out about these amazing plans is to already know about it, which many people don’t.
Even when willingly seeking out information on reverse mortgages, the information that is found can be confusing. However, there are many ways to gain clarity on exactly what a reverse mortgage is, if you qualify for a reverse mortgage, what kind of reverse mortgage plans are available, as well as all of the other essential information reverse mortgage applicants need to know before deciding to take the plunge.
To begin with, a Reverse Mortgage is a plan where the lender pays money to the borrower instead of the other way around (as is common with a regular mortgage plan). The lender will pay money to the borrower either in a lump sum, monthly (as long as the borrower remains in the home, and has not passed away), periodic credit lines, or a combination of these types of payments, and this all depends on the reverse mortgage plan. As the lender pays the borrower, debt on the property increases; however, if the borrower decides to sell the house, the borrower needs to move out of the house (either in the care of a family member or retirement home), or the borrower passes away, the debts will be covered by either selling the property, or by the heirs to that property taking over. If the property is sold, and the money gained is more than the debts owed, then the difference is either given to the living borrower or the borrower’s property heirs. If the money from the property is not enough to cover the debts accumulated by the reverse mortgage plan, then the borrower’s insurance will usually pay the difference upon the borrower’s death, or incapacity to live on the property any longer.
The money gained from the lender can be spent and stored virtually any way the borrower pleases. However, if an existing mortgage on the household needs to continue being paid off, then the borrower must pay for that with the reverse mortgage money. Also, if a person buys a house on a very good piece of property that increases in value, and in turn increases in equity, then that person may even be able to take out one or two more reverse mortgages in addition to the one the person already has.
Even with the information above, the specifics of a Reverse Mortgage, such as how much money can be borrowed, what kind of payment plans are available, and if you qualify, are still too numerous to count. However, Fannie Mae, Wells Fargo, and other companies who offer this type of mortgage are required by law to provide reverse mortgage applicants financial counseling services for absolutely free, this allows people who are unsure, or just want to learn more, the ability to gain more information on reverse mortgages.
So, in order to find out if a reverse mortgage is good for you, as well as what kind of plans are available, and how to calculate your eligibility for reverse mortgage loans, it’s important to utilize the free financial counseling service applicants receive. And, as always, carefully read what each reverse mortgage plan says with a friend, spouse, or trusted accountant, and always make sure to compare services. This will guarantee senior citizens get the most information on reverse mortgages, and pick t he best personal plan.
For more information please visit our website on Reverse Mortgage.
Trinity Reverse is the leading Reverse Mortgage company serving California since 1984.