The Advantages of Reverse Mortgages




The Advantages of Reverse Mortgages

by: Charles Kirkendall



In recent years property values have soared, while investment returns have been modest. This has created a situation where a lot of seniors are finding themselves in the position of being house rich and cash poor. These cash strapped seniors are looking for ways to increase their retirement income while continuing to live in their homes. These retirees find that their options are limited, and in most cases require them to risk their home. Enter the reverse mortgage, which can provide many advantages over these other less desirable options.

No Payments With Reverse Mortgages

The biggest advantage of a reverse mortgages is not having to make payments as long as you continue living in your home. In fact, this is the number one reason that seniors choose to borrow reverse mortgages. Almost 80% of reverse mortgage borrowers use a reverse mortgage to pay off their current loans in order to eliminate their house payments. Let's say you owe $50,000 on your first mortgage and borrow $80,000 with a reverse mortgage. This would pay off and eliminate the payment on the first mortgage and provide you with $30,000 to use as you please.

Live in Your Home as Long as You Like

The second advantage of reverse mortgages is the ability to live in your house as long as you like. The great thing about this is the amount you owe on the reverse mortgage can never be more than the house is worth. Let's say you live to 115 and have selected to recieve a $300 a month payments for life from the reverse mortgage. The amount received from the reverse mortgage payments could be substantially higher than the value of your home, yet the amount owed will still only be the value of the home. In this situation, FHA insurance will cover the difference.



Reverse Mortgage Withdrawal Options

Another advantage of reverse mortgages is the different withdrawal options that a you are able to choose. These options include lump sum distributions, line of credit, monthly payments, or any combination of these three. So if you were eligible to borrow $100,000 on a reverse mortgage you could select to receive $30,000 up front to cover current expenses, and hold the rest as a line of credit that you can use whenever you need it. This flexibility of reverse mortgages can significantly improve you financial independence during retirement.

Tax-Free Nature of Reverse Mortgages

Another advantage of reverse mortgage is the tax-free nature of the loan proceeds. The American Bar Association guide to reverse mortgages advises that generally the IRS does not consider loan advances to be income. This means that all the money from the proceeds of the reverse mortgage end up in your pocket.

With these features, reverse mortgage are definitely an option to consider if you are looking for ways to supplement your current income. As with any financial decision, you should seek the advice of a trained professional, a reverse mortgage counselor, to evaluate and determine if a reverse mortgage is right for your situation.



About The Author

Charles Kirkendall writes articles on reverse mortages and other senior financial issues. Visit http://reverse.settle-today. When trying to figure out how much of a home financing payment you can pay for each month, will not neglect to factor in the other costs of having a home. There will be homeowner's insurance to consider, in addition to neighborhood association fees. For those who have previously rented, you may also be a novice to covering landscaping and yard care, as well as maintenance costs.

In case you are a retired person in the process to reverse mortgage texas getting a home financing, get yourself a 30 year fixed loan if at all possible. Despite the fact that your home may do not be repaid in your lifetime, your payments will be lower. Since you will certainly be living on the fixed income, it is crucial that your instalments stay only possible and you should not change.om for more information and resources on reverse mortgages.



This article was posted on January 30, 2006

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Watchdog slams top VA official for organizing 'psychic reading' party for other workers


The government watchdog for the Department of Veterans Affairs says a top official in Philadelphia misused her position by convincing other senior officials to attend a party at her home, where the wife of a subordinate would charge them to conduct "psychic readings."

The VA's Office of Inspector General said Lucy Filipov, assistant director of the Philadelphia VA, learned that Gary Hodge's wife was a psychic in 2014. By April of last year, she started asking a small group of VA officials whether they would want to meet at her house to have her conduct psychic readings.

Hodge is the manager of the VA's Pension Management Center, and he has been wrapped up in his own scandals. Hodge was implicated as a key official who helped psychic reading the Philadelphia office manipulate wait-time data for veterans.

Hodge was later promoted anyway, just hours after the OIG found he was an integral part of the scheme to delay healthcare access for these veterans.

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In late April, Filipov emailed a group of VA officials and said, "I have a medium coming to my house Friday night, June 6th. It's the wife of someone I work with." She was referring to Hodge and his wife.

Hodge's wife said she would conduct personal readings for $35 as long as six people agreed, and Filipov started pushing VA officials to attend. "We had to guaranty [sic] a minimum of 6 but I think we have those numbers," she said to other senior VA officials.

But the OIG said these activities went too far, as they inappropriately put pressure on her subordinates to show up.

"We found that Ms. Filipov misused her position when she instructed a subordinate to reach out to the spouse to make preliminary arrangements, such as gather details, number of attendees, and prices; improperly endorsed the services of the spouse when she used her VA-assigned email, which contained her position title, to email to her personal friends; and invited subordinates to attend a gathering at her home for a $35 fee to be paid to the spouse for her services," the OIG report said.

"As a senior leader, she is held to a higher standard and should set the tone for her subordinates to follow, and establishing personal relationships with a select group of employees within her chain of authority gives the appearance of preference for those few employees," it added.

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The report recommended that the VA take steps to explore "appropriate administrative action" against Filipov, and that Filipov should receive "refresher ethics training."

While Filipov told the OIG that she invited her "friends" to the party, her actions may have created an appearance of preferential treatment for some VA employees. It also seemed to doubt that those invited were actually her "friends" at all.

"[W]e found that her subordinates who attended the function did not stay to socialize but instead left her home immediately after their readings concluded," the report said. "One employee told us he ensured he had his reading first, as he knew the readings were long and did not want to stay too late. Others 'bickered' about their place in line, because they didn't want to be there too late either."

"This report is yet another example of Philadelphia VA Regional Office officials exhibiting horrible judgment," said House Veterans' Affairs Committee Chairman Jeff Miller, R-Fla.



He also said the VA continues to ignore these pressing problems with its workforce. "So far, VA has been unwilling to take this commonsense step in one case after another, creating the impression that the department is more interested in defending the dysfunctional civil-service status quo than actually reforming itself," he said.

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The same OIG report noted that Hodge failed to report his wife's income on government forms http://cynthiabecker.com/psychic-information/psychic-new-york-psychic-reading/top-10-psychic-new-york-psychic/ he's required to fill out, and also didn't report her income on his taxes in 2012 and 2013.

"We made a criminal referral of the false statements to the U.S. Department of Justice, but they declined to criminally prosecute in favor of administrative actions," the report said.

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The young and mysterious journey of self-discovery – The Express Tribune Blog


Though Schreier hasnt directed many full-length movies, he does a good job with Paper Towns. PHOTO: PAPER TOWNS FACEBOOK PAGE

John Greenssecond book,Paper Towns, gets a movie adaptation by the same namewithNat Wolffplaying the role of Quentin Jacobsen andCara Delevingneappearing as Margo Roth Spiegelman.

The movie explores the relationship of Quentin and Margo who remain best friends throughout childhood but drift away during high school. Scott Neustadter and Michael H Weber, who jointly wrote thescreenplayforThe Fault in Our Stars, have written the screenplay forPaper Towns as well.Perhaps this is why viewers who have watchedThe Fault in Our Starswill find similarities in the philosophical issues discussed inPaper Towns. Although they are not the same, the tone of voice the characters use and their inclination towards finding deeper meaning to life indicate so.

Photo: IMDb

A twist occurs in the movie when Margo, who hasnt been in touch with Quentin in a long time, asks him to accompany her on a road trip. However, what Quentin wants to accomplish through the road trip is for viewers to know, as it is through this adventure that the two characters go on a journey of self-discovery and get a glimpse of each others inner self.

Photo: IMDb

On a personal level, I like the way directorJake Schreieruses a natural environment for most of the scenes to increase the production value of the movie, along with the casts decent performance which gives viewers positive vibes. Though Schreier hasnt directed many full-length movies, he does a good job withPaper Towns. Furthermore, there is simple yet energetic high school fun and the atmosphere brings the movie and its characters tolife. The story does get a boost with Margo and Quentins relationship, as it is Margo who explains to him the meaning of Paper Towns.

Photo: IMDb

Moreover, viewers will even get a hint of the romantic chemistry between Quentin and Margo. However, before Quentin can openly express his feelings, Margo disappears. This creates another plot in the movie, where Quentin becomes the point of view by replacing Margo, and begins his adventurous hunt with a group of friends to find her.

Photo: IMDb

Even with Margo out of the picture after her disappearance, she remains a part of the plot as much as Quentin. This is because of the clues that Margo leaves behind. ThoughPaper Townsis acoming-of-age movie, developed on the lines of philosophy and mystery, the latter part of the movie shows Quentin developing into a person having a broader mental level after he fumbles on the deeper truth of life while finding Margo. Moreover, Wolff, who plays Isaac inThe Fault in Our Stars, will surprise viewers with his acting skills.

Photo: IMDb

The opening parts of the movie, until the two charactersare children, show how they remain best friends but social differences drift them apart as they grow up. However, their differences, highlighted in a subtle manner, show Margo growing up as a beauty queen at high school while Quentin becoming an introvert. For Quentin, Margo is nothing short of a fantasy, because he sees her as tough and courageous, the qualities which Quentin cannot experience because of his shy attitude.

However, Quentin and Margos relationship becomes stronger half way through the movie when they meet again in high school the time when they are unaware of what waits for them beyond high school, therefore, every issue holds a deeper meaning for them.

Photo: IMDb

Though Paper Towns has a nice story, mystery builds up after Margo disappears and Quentin begins to hear rumours about her disappearance. The movie remains catchy until Margos character stays on screen. However, with Margos disappearance, the plots appeal slightly loses its grip but Wolff does hold the story together with, what the critics have been saying,his heartthrob looks.

Viewers will also find some melodrama in the movie, especially during the time when the two characters are minding their own lives during the high school era before Margo re-enters Quentins life, partly because the story does not highlight in detail the reasons for Margo and Quentin not remaining in touch for a long time. However, the characters seem realistic and keep the story moving forward while maintaining viewers interest.

Photo: IMDb

The ending parts of the movie show the feelings of a teenage soul, which is confused yet knows which path to take to find lifes answers. Moreover, the characters need someone to hold on to, yet they can journey alone if they are compelled to. At the end, the viewers get to see that their identities are hidden behind their personalities and during the time when Quentin is finding Margo, he is also discovering himself. However, viewers will be amazed to see what Quentin really finds in the end.





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muhammad.omar.iftikharMuhammad Omar IftikharHas an MBA in Marketing from IOBM and writes on regional issues, advertising and sports for various English dailies of Pakistan. He tweets @omariftikhar twitter.com/omariftikhar

The views expressed by the writer and the reader comments do not necessarily reflect the views and policies of The Express Tribune.

http://blogs.tribune.com.pk/story/28764/paper-towns-the-young-and-mysterious-journey-of-self-discovery/

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Fashion is in my blood. When I was a kid, my mom would drive me two hours through crazy LA traffic for photo shoots. I used to hang out with the stylists, try on clothes, get advice. It was a great way to grow up. Eventually, I started giving my friends fashion advice, and never looked back.


After 20 years as a stylist for photographers, I was ready to start a business that would let me evolve my own fashion and consulting style. More than anything, I wanted to share my passion for fashion, and watch as my clients discovered the transformative power of a knock-out look.


Today my clients are CEOs, celebrities, corporate and creative people -- men and women who want serious input on their clothing style, advice on what to wear to an event, or how to put together and pack the most versatile travel wardrobe. I also do styling for fashion shoots, including art direction, makeup, hair, clothing and accessorizing. I’ll make you look great. I promise.