1022 Jones St. 120,000
3 bdrm 2 bath
Tuesday, July 13, 2010
Friday, July 9, 2010
With Tears In My Eyes
My Predicament
‘I'm writing this with tears in my eyes, We came down here to United
Kingdom for a short vacation unfortunately we were mugged at the park
of the hotel where we stayed,all cash,credit cards and cells were
stolen off us but luckily for us we still have our passports with us.
We have been to the embassy and the Police here but they're not
helping issues at all and our flight leaves in less than 3hrs from now
but having problems settling the hotel bills and the hotel manager
won't let us leave until we settle the bills,
I'm freaked out at the moment.’
What to do if this happens to you!
These three programs together provide great computer security combined with an antivirus program. I also suggest that you run scans after the end of your computer usage for the day, and don’t forget to be safe and smart on the internet you can get robbed there just as easily if not easier than in real life!
Recently my e-mail was hacked how is still beyond me or my web tech, we suspect tracking cookies through spam e-mailsIt is very important not to open any suspicious e-mails, (even with virus scan, malware scans, spyware, adware any of it there’s always a window for hacker to snake his way through). This was a terrible thing E-mails were sent to all 1800 contacts not even close to using proper grammar or spelling and many were fooled by this! I received roughly 100 phone calls that morning of concern for my well being. This is the email they sent:
‘I'm writing this with tears in my eyes, We came down here to United
Kingdom for a short vacation unfortunately we were mugged at the park
of the hotel where we stayed,all cash,credit cards and cells were
stolen off us but luckily for us we still have our passports with us.
We have been to the embassy and the Police here but they're not
helping issues at all and our flight leaves in less than 3hrs from now
but having problems settling the hotel bills and the hotel manager
won't let us leave until we settle the bills,
I'm freaked out at the moment.’
I was in a tailspin that morning I was so flustered with no access to my Gmail and didn’t even know what to do! So I called my Web Tech and he had another job! Luckily he understood the severity of the issue and made time in his schedule to help me. We recovered the Gmail account through a ridiculous Gmail recovery process and they had drafts of response e-mails ready to go, and send off if someone replied. That read:
’ Glad you came online, ,my flight leaves soon, all i need now is $1970’
they also sent personal e-mails to people who asked for proof that it was in fact me. Then there was an e-mail forward setting to a foreign email address to do all of the responses through this e-mail of course is next to impossible to trace, the only thing you can recover about who it is that has you hacked is general area which in the “My Predicament” scams case is located in Nigeria.
What to do if this happens to you!
This scam started about 2 years ago and has been increasingly growing in popularity due to easy placement of tracking cookies in your browser through social networking sites such as Facebook which practically gives them the information to hack your account manually at times, which brings me to a quick point that needs to be made Do not over inform on Facebook there’s some profile information better left unsaid that a lot of people just see the form and fill out info. Back to the main point if these tracers can be slipped in through any unsecure connection on the internet, and when they are slipped into your browser, system, etc you become extremely vulnerable! With every keystroke and movement watched by someone whose sole intention is to steal your information/identity.
If this sort of thing does happen to you there are some email settings you should check to prevent the hackers from recovering it back from you. It’s recommended by google if you check these settings I it is a gmail account if it isn’t just find the same settings on whatever it happens with but it seems popular with Gmail and Comcast accounts due to the email forwarding having lack of security.
Account Security:
Settings -> Accounts and Import -> Google Account Settings -> Change Password [pick a new secure password]
Settings -> Accounts and Import -> Google Account Settings -> Change Password Recovery Options [verify secret question, SMS and secondary e-mail address]
Potential Spam:
Settings -> General -> Signature [make sure nothing as been added]
Settings -> General -> Vacation Responder [make sure it's disabled and empty]
E-mail Theft
Settings -> Accounts and Import -> Send Mail As [make sure it is using your correct e-mail address]
Settings -> Filters [no filters that forward or delete e-mail]
Settings -> Forwarding and POP/IMAP -> Forwarding [disabled or correct address]
Settings -> Forwarding and POP/IMAP -> POP Download [disabled]
Settings -> Forwarding and POP/IMAP -> IMAP Access [disabled
How do I Protect Myself? The best way to protect yourself is a heavy artillery of scans which I have a list with links to the best FREE scanning programs to keep your computer safe the only thing I recommend that you pay for is Norton 360. You should also inform your local authorities and the ICC, which is the government agency for internet crimes.
Best Free Computer Security programs
These three programs together provide great computer security combined with an antivirus program. I also suggest that you run scans after the end of your computer usage for the day, and don’t forget to be safe and smart on the internet you can get robbed there just as easily if not easier than in real life!
Thursday, June 10, 2010
Keep your Home in Tip-Top shape with Judith (part 2)
Helpful Hints to Keep Your Home in Tip-Top Shape with Judith
Appliance Excesses
Easy: Unplug chargers, power adapters, and appliances when they are not in use. According to the U.S. Department of Energy, about 75 percent of the electricity used to power electronics such as VCRs, televisions, stereos, computers, and kitchen appliances is consumed while the products are turned off.
Advanced: Switch out older appliances¬ such as; dish and clothes washers, refrigerators, lighting fixtures, televisions, room air conditioners, and even cordless phones with energy saving models. Appliances with the government rated Energy Star label uses25 to 75 percent less energy.
Avoid Super-Hot Water
Easy: Lower your water heater temperature. The average tank style water heater uses about 5 percent less energy for every 10 degrees Farenheit you reduce the temperature, according to the Department of Energy. A lower temperature also shows mineral buildup and corrosion, which helps your water heater perform more efficiently over a longer time.
Advanced: Install tank-less water heaters. These so called ‘on demand” heaters warm water only when required, reducing energy losses associated with maintaining water temperatures in a traditional storage tank. Tank-less heaters range from $200 for an under-sink faucet unit to $1,500 for a high capacity unit, but according to the Energy Department, they use 45 percent to 60 percent less energy then traditional heaters and last twice as long.
Judith Knutson
Broker/Realtor®/GRI
Licensed in IA & IL
Mel Foster Co. 3211 E. 35th Street Ct., Davenport, Ia. 52807-2585
Cell: 563-340-7906
Email: Judithknutson@gmail.com
Get helpful hints at my blog:
http://activerain.judithknutson.com
Appliance Excesses
Easy: Unplug chargers, power adapters, and appliances when they are not in use. According to the U.S. Department of Energy, about 75 percent of the electricity used to power electronics such as VCRs, televisions, stereos, computers, and kitchen appliances is consumed while the products are turned off.
Advanced: Switch out older appliances¬ such as; dish and clothes washers, refrigerators, lighting fixtures, televisions, room air conditioners, and even cordless phones with energy saving models. Appliances with the government rated Energy Star label uses25 to 75 percent less energy.
Avoid Super-Hot Water
Easy: Lower your water heater temperature. The average tank style water heater uses about 5 percent less energy for every 10 degrees Farenheit you reduce the temperature, according to the Department of Energy. A lower temperature also shows mineral buildup and corrosion, which helps your water heater perform more efficiently over a longer time.
Advanced: Install tank-less water heaters. These so called ‘on demand” heaters warm water only when required, reducing energy losses associated with maintaining water temperatures in a traditional storage tank. Tank-less heaters range from $200 for an under-sink faucet unit to $1,500 for a high capacity unit, but according to the Energy Department, they use 45 percent to 60 percent less energy then traditional heaters and last twice as long.
Judith Knutson
Broker/Realtor®/GRI
Licensed in IA & IL
Mel Foster Co. 3211 E. 35th Street Ct., Davenport, Ia. 52807-2585
Cell: 563-340-7906
Email: Judithknutson@gmail.com
Get helpful hints at my blog:
http://activerain.judithknutson.com
Wednesday, June 9, 2010
Keeping your Home in Shape (Part 1)
Helpful Hints to Keep Your Home in Tip-Top Shape with Judith
Improve Energy Efficiency
Easy: Replace Incandescent bulbs with compact fluorescent bulbs. Compact fluorescent bulbs produce the same amount of light as incandescent bulbs yet require 75 percent less energy, produce 75 percent less heat, and last up to 10 times longer. Switching out just the five most frequently used lights in your house can save as much as 3,000 kilowatts of energy a day.
Advanced: Switch to solar power. This clean energy source generates no air pollution and no noise. Panels installed today will produce energy for 20 years with minimal maintenance. The federal government offers a tax credit of 30 percent of the installation cost, to a maximum of $2,000, for certain solar power features, and many states and municipalities offer additional incentives.
Reduce Drafts
Easy: Plug leaks, caulk and add weather-stripping to windows and doors to stop heat and air conditioning losses. Use expanding foam to fill gaps, especially between the living space and unheated areas such as the attic and garage. Leaky air ducts can decrease energy efficiency by as much as 20 percent.
Advanced: Add Insulation. Homes more than 10 years old probably have insufficient insulation, and even newer houses typically can use some improvement. Properly insulated houses not only use less energy, they also have better moisture control, meaning roofs and walls last longer. In addition to insulating outside walls and attics, owners should install insulation in basement walls, floors above unheated garages or porches, cathedral ceilings, and crawl spaces.
Judith Knutson <
Broker/Realtor®/GRI
Licensed in IA & IL
Mel Foster Co. 3211 E. 35th Street Ct., Davenport, Ia. 52807-2585
Cell: 563-340-7906
Email: Judithknutson@gmail.com
Get helpful hints at my blog:
http://activerain.judithknutson.com
Improve Energy Efficiency
Easy: Replace Incandescent bulbs with compact fluorescent bulbs. Compact fluorescent bulbs produce the same amount of light as incandescent bulbs yet require 75 percent less energy, produce 75 percent less heat, and last up to 10 times longer. Switching out just the five most frequently used lights in your house can save as much as 3,000 kilowatts of energy a day.
Advanced: Switch to solar power. This clean energy source generates no air pollution and no noise. Panels installed today will produce energy for 20 years with minimal maintenance. The federal government offers a tax credit of 30 percent of the installation cost, to a maximum of $2,000, for certain solar power features, and many states and municipalities offer additional incentives.
Reduce Drafts
Easy: Plug leaks, caulk and add weather-stripping to windows and doors to stop heat and air conditioning losses. Use expanding foam to fill gaps, especially between the living space and unheated areas such as the attic and garage. Leaky air ducts can decrease energy efficiency by as much as 20 percent.
Advanced: Add Insulation. Homes more than 10 years old probably have insufficient insulation, and even newer houses typically can use some improvement. Properly insulated houses not only use less energy, they also have better moisture control, meaning roofs and walls last longer. In addition to insulating outside walls and attics, owners should install insulation in basement walls, floors above unheated garages or porches, cathedral ceilings, and crawl spaces.
Judith Knutson <
Broker/Realtor®/GRI
Licensed in IA & IL
Mel Foster Co. 3211 E. 35th Street Ct., Davenport, Ia. 52807-2585
Cell: 563-340-7906
Email: Judithknutson@gmail.com
Get helpful hints at my blog:
http://activerain.judithknutson.com
Thursday, June 3, 2010
A Ship Shape House on a Shoestring Budget
A Ship Shape House on a Shoestring Budget
Perhaps thinking of improving your home with a view to either sell or just give it a new look and feel, and maybe you’re having second thoughts because you’re feeling a pinch when it comes to money matters. Home improvement does not have to be expensive, not if you’re willing to plan a lot, work a little harder and be a little more creative.
Plan Ahead: Take a good look around the rooms in your house and decide on which you’re going to select for a complete makeover and which are good enough to just need some fancy make up work. Make a list of all the things that need to be done. Estimate the cost associated with undertaking these tasks and work out your budget accordingly. Allow enough leeway for unexpected expenses and unforeseen circumstances.
DIY or not?: Are you up to taking on all the tasks yourself or do you need professional help? Make sure you’re absolutely certain about completing the job without any mishaps or you’re going to overshoot your budget by miles. The best bet would be to tackle the easier jobs on your own while calling in the pros to take care of those that are complicated and demanding. If you’re going on your own, talk to people who are good at home improvements and pick their brains for smart ideas and the best ways to complete tasks. Visit furniture and hardware stores to check out the options available. If you’re the artsy kind, you could decorate your walls with your own paintings and murals.
Shop for Supplies: Decide on the color scheme for your new and improved home. Next, figure out the supplies, equipment and appliances your project is going to need and shop around for good quality items that are available at the lowest rates. Before you buy paints or wallpaper, bring home samples so that you can test how they look on your walls.
Clean Up: Any home that’s been used long enough tends to accumulate rime and clutter over the years. The first thing you could do to give your home that much needed face lift is to scrub and clean those rooms that you’re not going to renovate completely. Once you’re done, a fresh coat of paint or new sheets of wallpaper in the new color scheme you’ve chosen for your home should be enough to give these rooms a completely new look and feel. Eliminate clutter by putting everything in its place and throwing out stuff you don’t want or don’t use.
Half Measures Help: Some rooms only need a few tweaks here and there to regain that new look; for example, you could replace just the faucets in your kitchen and bathroom, paint the cabinets in your kitchen or replace handles on the doors, put in a new floor, get different color panels for your appliances instead of replacing them altogether, replace your vanity and/or sink in your bathroom, install exhaust fans to improve ventilation, put in new tiles in the shower or re-grout the old ones, or just move around and refurbish your old furniture to get a whole new different look.
Improve Aesthetic Appeal: A well-lit and well ventilated home is a big draw in any market, hot or cold. Find ways to improve the lighting (natural or otherwise) and air circulation in your home without depending too much on electricity. Clean the exterior of your home and get your lawn and driveway free of clutter. Paint your mailbox and give your door knobs and knockers an extra shine.
Perhaps thinking of improving your home with a view to either sell or just give it a new look and feel, and maybe you’re having second thoughts because you’re feeling a pinch when it comes to money matters. Home improvement does not have to be expensive, not if you’re willing to plan a lot, work a little harder and be a little more creative.
Plan Ahead: Take a good look around the rooms in your house and decide on which you’re going to select for a complete makeover and which are good enough to just need some fancy make up work. Make a list of all the things that need to be done. Estimate the cost associated with undertaking these tasks and work out your budget accordingly. Allow enough leeway for unexpected expenses and unforeseen circumstances.
DIY or not?: Are you up to taking on all the tasks yourself or do you need professional help? Make sure you’re absolutely certain about completing the job without any mishaps or you’re going to overshoot your budget by miles. The best bet would be to tackle the easier jobs on your own while calling in the pros to take care of those that are complicated and demanding. If you’re going on your own, talk to people who are good at home improvements and pick their brains for smart ideas and the best ways to complete tasks. Visit furniture and hardware stores to check out the options available. If you’re the artsy kind, you could decorate your walls with your own paintings and murals.
Shop for Supplies: Decide on the color scheme for your new and improved home. Next, figure out the supplies, equipment and appliances your project is going to need and shop around for good quality items that are available at the lowest rates. Before you buy paints or wallpaper, bring home samples so that you can test how they look on your walls.
Clean Up: Any home that’s been used long enough tends to accumulate rime and clutter over the years. The first thing you could do to give your home that much needed face lift is to scrub and clean those rooms that you’re not going to renovate completely. Once you’re done, a fresh coat of paint or new sheets of wallpaper in the new color scheme you’ve chosen for your home should be enough to give these rooms a completely new look and feel. Eliminate clutter by putting everything in its place and throwing out stuff you don’t want or don’t use.
Half Measures Help: Some rooms only need a few tweaks here and there to regain that new look; for example, you could replace just the faucets in your kitchen and bathroom, paint the cabinets in your kitchen or replace handles on the doors, put in a new floor, get different color panels for your appliances instead of replacing them altogether, replace your vanity and/or sink in your bathroom, install exhaust fans to improve ventilation, put in new tiles in the shower or re-grout the old ones, or just move around and refurbish your old furniture to get a whole new different look.
Improve Aesthetic Appeal: A well-lit and well ventilated home is a big draw in any market, hot or cold. Find ways to improve the lighting (natural or otherwise) and air circulation in your home without depending too much on electricity. Clean the exterior of your home and get your lawn and driveway free of clutter. Paint your mailbox and give your door knobs and knockers an extra shine.
Nine Estate Planning Guidelines
You may want to consider these guidelines as you plan your estate:
1. Prepare a Will. Be sure it keeps pace with changes in your own personal circumstances and adjustments in tax laws. Marriage, divorce, birth, a move to another state or change in your finances should signal an immediate review and possible updating of your will.
2. Use Your Estate Tax Exclusion. The IRS allows U.S. citizens to pass the first $2 million of assets in 2006-2008 (increasing to $3.5 million in 2009) to their beneficiaries, free of federal estate tax. Be sure to plan properly so that both spouses use their tax exclusions.
3. Title Assets to Avoid Probate. Holding property in joint tenancy with the right of survivorship is a simple way to avoid probate. Joint tenancy with the right of survivorship is a form of property ownership by two or more persons. When one of the joint tenant owners dies, his/her interest in the property automatically passes to the surviving owner(s).
4. Monitor Retirement Plan Assets. If you plan to gift your IRA or qualified plan to heirs at death, the account could lose up to two-thirds of its value to federal estate and income taxes. Taking distributions from your IRA or qualified plan and purchasing your life insurance policy held in an irrevocable life insurance trust (ILIT) could be a consideration. That way your heirs receive the insurance death benefit free of estate and income taxes (if the UT and plan are properly designed), instead of a fraction os your IRA or qualified plan.
5. Gift Away What You Don’t Need. Lifetime gifts to family members or others can reduce your potential estate tax liability by removing the gifted assets and any future income and appreciation on those assets from your estate. You are entitled to transfer up to $12,000 per person each year without incurring any gift tax or reducing your lifetime gift tax exclusion amount. (Spouses together may gift up to $24,000.)
6. Keep Enough Assets Liquid to satisfy Estate Taxes. Generally, the IRS requires that any federal estate tax liability be satisfied within nine months of the date of death and that the payment must be in cash. There are four typical sources from which funds can be obtained: cash reserves, loans, and liquidation of assets or life insurance proceeds.
7. Hold Life Insurance in Trust. I properly owned by a trust or third party, life insurance proceeds may be income tax free to the recipient and not subject to estate tax. However, the proceeds will be subject to tax if you (as the insured) own or have the rights to the policy. Purchasing the policy within an irrevocable trust may prevent life insurance proceeds from increasing your estate tax liability.
8. Know What You Have and Where You Have it. Keep copies of your important papers and make sure that appropriate parties know where these papers are kept.
9. Meet With Your Financial Advisor. Finally, discuss your estate planning objectives, concerns and fears with your financial advisor, as well as your tax and legal advisors, so that you can develop a plan for effectively transferring wealth to your heirs.
You may want to consider these guidelines as you plan your estate:
1. Prepare a Will. Be sure it keeps pace with changes in your own personal circumstances and adjustments in tax laws. Marriage, divorce, birth, a move to another state or change in your finances should signal an immediate review and possible updating of your will.
2. Use Your Estate Tax Exclusion. The IRS allows U.S. citizens to pass the first $2 million of assets in 2006-2008 (increasing to $3.5 million in 2009) to their beneficiaries, free of federal estate tax. Be sure to plan properly so that both spouses use their tax exclusions.
3. Title Assets to Avoid Probate. Holding property in joint tenancy with the right of survivorship is a simple way to avoid probate. Joint tenancy with the right of survivorship is a form of property ownership by two or more persons. When one of the joint tenant owners dies, his/her interest in the property automatically passes to the surviving owner(s).
4. Monitor Retirement Plan Assets. If you plan to gift your IRA or qualified plan to heirs at death, the account could lose up to two-thirds of its value to federal estate and income taxes. Taking distributions from your IRA or qualified plan and purchasing your life insurance policy held in an irrevocable life insurance trust (ILIT) could be a consideration. That way your heirs receive the insurance death benefit free of estate and income taxes (if the UT and plan are properly designed), instead of a fraction os your IRA or qualified plan.
5. Gift Away What You Don’t Need. Lifetime gifts to family members or others can reduce your potential estate tax liability by removing the gifted assets and any future income and appreciation on those assets from your estate. You are entitled to transfer up to $12,000 per person each year without incurring any gift tax or reducing your lifetime gift tax exclusion amount. (Spouses together may gift up to $24,000.)
6. Keep Enough Assets Liquid to satisfy Estate Taxes. Generally, the IRS requires that any federal estate tax liability be satisfied within nine months of the date of death and that the payment must be in cash. There are four typical sources from which funds can be obtained: cash reserves, loans, and liquidation of assets or life insurance proceeds.
7. Hold Life Insurance in Trust. I properly owned by a trust or third party, life insurance proceeds may be income tax free to the recipient and not subject to estate tax. However, the proceeds will be subject to tax if you (as the insured) own or have the rights to the policy. Purchasing the policy within an irrevocable trust may prevent life insurance proceeds from increasing your estate tax liability.
8. Know What You Have and Where You Have it. Keep copies of your important papers and make sure that appropriate parties know where these papers are kept.
9. Meet With Your Financial Advisor. Finally, discuss your estate planning objectives, concerns and fears with your financial advisor, as well as your tax and legal advisors, so that you can develop a plan for effectively transferring wealth to your heirs.
Wednesday, June 2, 2010
What is a reverse mortgage?
• It’s a special type of loan that enables individuals aged 62 or older to convert some o their home’s equity into tax-free, funds.
• Unlike traditional equity loans, you receive payments instead of making them.
• Homeowner(s) who are at least 62 years of age and occupy the property as their principal residence.
Who is eligible?
• Homeowner(s) who are at least 62 years of age and occupy the property as their principle residence.
• Eligible properties include single-family homes, condominiums, and townhomes, or a 2- to 4- unit dwelling.
• The home must be owned free and clear or have a small remaining balance that can be paid off with reverse mortgage.
• No income, employment or credit qualifying is required.
How much can someone borrow?
• The amount that can be borrowed is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, appraised value, and the county where the property is located.
What are some of the benefits?
• The reverse mortgage customer retains ownership and lives in their home.
• Cash advances can be used for any purpose.
• Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. However, your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult either your local program offices or your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation.
What type of interest rate options are there?
• The reverse mortgage is a variable-rate loan linked to the one-year US Treasury Security Rate.
• Any Adjustment in the rate has no effect on the amount on the amount or the number of loan advances the customer can receive, but causes the loan balance to grow at a faster or slower rate.
What are the tax-free cash options?
• Lump sum advances make cash immediately available.
• Tenure plans provide fixed, monthly cash advances.
• Line of Credit makes cash available upon request.
What are the costs involved with a reverse mortgage?
• There are closing costs, which can be financed into the loan. These may include an origination fee, title insurance, appraisal, a mortgage insurance premium and attorney fees.
• A $350 deposit is required at application.
• The customer is expected to continue maintaining the property, paying the real estate taxes and hazard insurance premiums.
How is the loan repaid?
• You do not need to repay the loan as long as you or one of the borrowers continues to live in the house, keep the taxes and insurance current, and maintain the property to FHA standards.
• Please ask your reverse mortgage consultant for details about when repayment may be due.
• Any remaining home equity belongs to you or your heirs- none of your assets will be affected by the reverse mortgage
Cash to Cover Expenses! Funds to Achieve Dreams!
(Note: 1. Consult a tax advisor. 2. Reverse Mortgage borrowers are required to participate in a HUD approved counseling session in order to obtain an eligibility certificate. Family members are also strongly encouraged to participate in these informative sessions. This information is accurate as of date of posting and is subject to change without notice.)
• It’s a special type of loan that enables individuals aged 62 or older to convert some o their home’s equity into tax-free, funds.
• Unlike traditional equity loans, you receive payments instead of making them.
• Homeowner(s) who are at least 62 years of age and occupy the property as their principal residence.
Who is eligible?
• Homeowner(s) who are at least 62 years of age and occupy the property as their principle residence.
• Eligible properties include single-family homes, condominiums, and townhomes, or a 2- to 4- unit dwelling.
• The home must be owned free and clear or have a small remaining balance that can be paid off with reverse mortgage.
• No income, employment or credit qualifying is required.
How much can someone borrow?
• The amount that can be borrowed is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, appraised value, and the county where the property is located.
What are some of the benefits?
• The reverse mortgage customer retains ownership and lives in their home.
• Cash advances can be used for any purpose.
• Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. However, your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult either your local program offices or your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation.
What type of interest rate options are there?
• The reverse mortgage is a variable-rate loan linked to the one-year US Treasury Security Rate.
• Any Adjustment in the rate has no effect on the amount on the amount or the number of loan advances the customer can receive, but causes the loan balance to grow at a faster or slower rate.
What are the tax-free cash options?
• Lump sum advances make cash immediately available.
• Tenure plans provide fixed, monthly cash advances.
• Line of Credit makes cash available upon request.
What are the costs involved with a reverse mortgage?
• There are closing costs, which can be financed into the loan. These may include an origination fee, title insurance, appraisal, a mortgage insurance premium and attorney fees.
• A $350 deposit is required at application.
• The customer is expected to continue maintaining the property, paying the real estate taxes and hazard insurance premiums.
How is the loan repaid?
• You do not need to repay the loan as long as you or one of the borrowers continues to live in the house, keep the taxes and insurance current, and maintain the property to FHA standards.
• Please ask your reverse mortgage consultant for details about when repayment may be due.
• Any remaining home equity belongs to you or your heirs- none of your assets will be affected by the reverse mortgage
Cash to Cover Expenses! Funds to Achieve Dreams!
(Note: 1. Consult a tax advisor. 2. Reverse Mortgage borrowers are required to participate in a HUD approved counseling session in order to obtain an eligibility certificate. Family members are also strongly encouraged to participate in these informative sessions. This information is accurate as of date of posting and is subject to change without notice.)
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