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Are you retired and finding it hard to make ends meet? Then you need to pay close attention, because in today's post we are going to talk about reverse mortgages, a modality that allows you to get some extra income from your own home.
What does a reverse mortgage consist of?
A reverse mortgage is a loan on a piece of property that you own which can be requested beginning at the age of 65. In short, the bank will give you a monthly amount and let you stay in the house. Subsequently, your heirs will be able to decide whether to return the money received to recover the house or to collect the outstanding amount of the mortgage.
The rules of reverse mortgages differ across banks and other financial providers. You will want to consider checking a site like https://reversemortgagereviews.org/ to get more insights in the basics of different reverse mortgages.
Who can apply for a reverse mortgage?
As we have mentioned, this modality is reserved for homeowners over 65 years of age, although sometimes people who are in a situation of severe dependency can apply for it before they reach this age. In addition, it is necessary to be the owner of a home and it is best to have the existing mortgage paid off. However, it is possible to get a reverse mortgage if you still have a mortgage on your property.
What happens if the property is still mortgaged? In this case, the bank will provide you with the money to pay off your previous debt, which will be deducted from the total amount of the loan.
Both the habitual residence and the second residence are valid, but the operation is more profitable with the first one, since we save with certain tax write offs. However, it is the entities themselves that establish the conditions, so some reverse mortgages are only available from the age of 70 or may contain additional requirements.
How much money will I be able to receive?
There are many different types, some of which allow you to receive the entire loan in a single payment depending on the bank's appraisal. But the most common is that the money arrives in the form of monthly payments, which are based on the value of the property and your age. For example, if you take out a reverse mortgage at the age of 70 you will receive more than if you do it at 65, in order to compensate for the 5 years difference.
What happens when the mortgage runs out?
This depends to a large extent on the type of mortgage you have taken out. Basic reverse mortgages estimate the value of your home and provide you with a monthly amount for a set period of time. When the term is over, you can continue to live in your home, but you will no longer receive any money.
To solve this problem, almost all banks offer annuity insurance, a formula that allows us to continue receiving money even if we have exceeded the time stipulated for the operation. Although you have to be very careful, as the cost is usually quite high.
Advantages and considerations
The great advantage of reverse mortgages is that we can obtain income from our home without paying taxes or having to rent or sell it. It also allows you to recover the property! If you have made calculations and with your pension you will be very tight, it is a very recommendable option that you should take into account.
Reverse mortgages are often very helpful for many seniors. Unfortunately, there are some complicating factors that have to be taken into consideration as well. For one thing, the monthly payments are not updated, so your rent will lose value over time due to inflation. Also, we again have to mention the life annuity insurance, which can represent up to a third of the total and the entities usually require it in a single payment at the beginning of the operation.
Finally, you have to make sure that your heirs understand that you have a reverse mortgage and what it means for them. They will need to know that they will have to pay it back to get their share of the estate. This can lead to a lot of resentment if you don't tell them before you pass away and they were planning on taking the home after you passed away.
keywords: reverse mortgage, senior citizens, homeowners, loan, mortgage.
By Monika Manchanda
Eating fruits is one of the most satisfying ways to tackle sweet-tooth cravings while meeting your nutritional needs. Despite many studies and research on fruit consumption in diabetes, there are a lot of speculations on the right kind of fruit consumption and its relation to blood sugar levels.
Eating seasonal and locally available fruit has many health benefits ranging from reducing sugar and inflammation levels to fighting high blood pressure -- thanks to their abundant vitamins and mineral presence! They are a powerhouse of antioxidants like vitamins A, B, C, E, and minerals like iron, calcium, magnesium, and fiber.
The fruits listed below are not just diabetic-friendly but are loaded with fiber and water content which can slow down the sugar spikes and sugar absorption rate. Apples are not just nutritious and filling; According to a study, they are significantly associated with a lower risk of type 2 diabetes if consumed in moderation. Turns out there is a truth in the old saying, "An apple a day keeps the doctor away", after all!
Apples are not just nutritious and filling; According to a study, they are significantly associated with a lower risk of type 2 diabetes if consumed in moderation. | Photo by Pierpaolo Riondato on Unsplash
Avocados are a great source of healthy fats and more than 20 vitamins and minerals. They are high in fibers as well, and have been linked with lowering the risk of diabetes. Berries: Adding berries is one of the best ways to add a variety to your diabetes-friendly diet. You can choose from blackberries, blueberries, or strawberries because all of them are power-packed with antioxidants, vitamins, and fibers. Papaya is rich in natural oxidants, which makes it a perfect pick for people with diabetes. It reduces the chances of future cell damage.
Star fruit: This sweet and sour fruit is rich in dietary fiber and vitamin C. It also positively impacts anti-inflammatory processes and can help repair cell damage, and it has minimal fruit sugars as well. Kiwi fruit is an excellent source of Vitamin E, K, and potassium, and they are low in fruit sugars as well, which makes it a perfect diabetic-friendly fruit.
Avocados are a great source of healthy fats and more than 20 vitamins and minerals. | Photo by Kristine Wook on Unsplash
Melons (Musk melon and watermelon): Powerful hydrating fruits like cantaloupe and melons are recommended for people with diabetes, and people with the risk of developing diabetes. Eat-in moderation for multiple nutritional benefits like fiber, potassium, magnesium, vitamin B, and C. Dragon fruit is full of dietary fibers, vital vitamins, minerals, and antioxidants.
Pear are nutrient-rich, and they are known to fight inflammation and improve digestion.? Studies also suggest that consuming pears along with a healthy diet reduces the risk of type 2 diabetes. Orange: This citrus fruit is full of fiber that helps slow down sugar absorption into the bloodstream, and its vitamin C component helps improve immunity levels.
Add fruit to your salads to enjoy their goodness with a sprinkle of cinnamon, it tastes better and reduces sugar spikes . | Photo by Jo Sonn on Unsplash
Add fruit to your salads to enjoy their goodness with a sprinkle of cinnamon, it tastes better and reduces sugar spikes . Add nuts like walnuts and almonds to complement your fruit snack. you can also add flaxseeds to balance the glycemic load in the body. (IANS/ MBI)
Keywords: Diabetics, Apples, Star fruit, Pear, Melons, Kiwi fruit
By Nimerta C Sharan
Your monthly round up of the latest lifestyle launches, from luxury indulgences to artisanal creations, here's what you can look forward to :
Exciting news for all handbag lovers, luxury fashion house Louis Vuitton recently launched their limited edition handbags 'Artycapucines - Chapter 3'. Six internationally -- acclaimed artists have transformed the black canvas of the timeless Capucines bag into beautiful art pieces. Each bag will be available in a limited edition of 200 and will be released worldwide at the end of October 2021.
Exciting news for all handbag lovers, luxury fashion house Louis Vuitton recently launched their limited edition handbags. | Photo by Erik Mclean on Unsplash
Add To Cart
Looking for a quick festive fashion fix for you and your loved ones? E-commerce giant AJIO has announced it's hottest fashion sale starting September 30, 2021. The shopping platform has roped in stylista Sonam Kapoor as the face of the sale that will offer more than 2500 brands at discounted prices.
E-commerce giant AJIO has announced it's hottest fashion sale starting September 30, 2021. | Photo by Mitchell Luo on Unsplash
The country's leading design house, Good Earth, in collaboration with textile designer Madeline Weinrib will present its collection of 'butah' motif dinnerware and home textiles at the Metropolitan Museum of Arts, New York. The 'Heirloom Project' that honours diverse Islamic design techniques will display curated products from across the globe.
The 'Heirloom Project' that honours diverse Islamic design techniques will display curated products from across the globe. | Photo by Jean Vella on Unsplash
Sweet dreams are made of this! Iconic French patisserie Laduree has opened its first Indian outpost at Delhi's upscale Khan Market. Spread over three floors, the bakery currently has twelve macaron flavours, their signature pastries and tea cakes and other brunch and high-tea items on the menu. Bon appetit.
Iconic French patisserie Laduree has opened its first Indian outpost at Delhi's upscale Khan Market. | Pixabay
Bright And Beautiful
Raw Mango's latest festive edit 'Moomal' goes live on their website on September 26, 2021. Inspired by the richness and diversity of Rajasthan, the collection consists of organza and silk saris and shararas, gota lehengas and kurtas and embroidered odhnis. The colours and silhouettes are just right for the upcoming festive season. (IANS/ MBI)
Raw Mango's latest festive edit 'Moomal' goes live on their website on September 26, 2021. | Photo by Souravi Sinha on Unsplash
Keywords: Lifestle, AJIO, sale, Deepika PAdukone, saris, Motifs, artisan, art
Actress Kangana Ranaut has talked about how her weight adjustments for her latest 'Thalaivii' that "messed up many things" in her body and left her with "permanent stretch marks". For her role in the film, based on the life of late Tamil Nadu Chief Minister and former actress J. Jayalalithaa, Kangana had to gain 20kg and undergo major physical transformation several times.
She took to Instagram to share her experience, detailing that doing all that over the six months period left her with "permanent stretch marks". "Gaining 20 kgs in 6 months and loosing it all within 6 months that too in my thirties messed up many things in my bodya I also have permanent stretch marks as well but art comes to life with a price and more often than not price is the artist him/herself," she wrote.
"Thalaivii" showcases the varied aspects of Jayalalithaa's life, tracing her journey as an actress at a young age to becoming the face of Tamil cinema, as well as the rise of the revolutionary leader who changed the course of the state's politics. Talking about her upcoming works, Kangana currently has 'Dhaakad'.
She is also shooting for her next 'Tejas', where she plays a fighter pilot. The Indian Air Force was the first of the country's defence forces to induct women into combat roles in 2016. The film takes inspiration from the landmark event. 'Tejas' is directed by debutant Sarvesh Mewara. The film will be RSVP's second film which pays a tribute to the Indian military after the immensely successful film "Uri: The Surgical Strike" which was released in January 2019. (IANS/ MBI)
Keywords: Kangana Ranaut, Thalaivii, bollywood, stretc marks, actress, tamil cinema