4 February 2010, 8:33 am
Seniors looking for a Florida reverse mortgage or a California reverse mortgage should really take time to consider all of the factors with this type of product. We’ve discussed a Florida reverse mortgage in prior posts, and all of the factors that must be considered can be overwhelming. One can find numerous reverse mortgage lenders by merely using an internet search, but even when one realizes that the sources for a Florida reverse mortgage are plentiful, in can be difficult to compare the different lender offerings.
One thing to remember is that the United States Department of Housing and Urban Development (HUD) monitors these transactions, and requires that seniors receive consultation from an approved independent counseling service (ie one that doesn’t work for the lender). Also, the origination fee for this type of loan will be a maximum of 6, 000 dollars.
We will return to this topic regularly. Check back for updates!
Author — Chester Muckley
4 February 2010, 8:23 am
Many retirement-age individuals are trying to decide whether to buy a fixed annuity now this February. This is a difficult question to answer. For those looking to buy fixed annuity now there are numerous considerations. The first would be how much cash one has to buy fixed annuity now. Another would be the length of term for the fixed annuity , and whether the term would be for a single individual, or would have a survivor ship benefit for a spouse. Another key factor would be how much money is expected per month in the annuity payments.
One key point would be that, if an individual feels that their investment income has recovered this past year (the stock market had a substantial recovery in 2009), they might want to take a lump sum of that cash and shop for fixed annuities. Of course, these type of investments are not for everyone. It’s a good idea to talk to your financial planner before purchasing any type of annuity.
Author — Niles Lundgren
3 February 2010, 4:58 pm
Many individuals realized the past two years that it is hard to ensure that investments will provide a guaranteed income through retirement. An immediate annuity is a financial product that might appeal to those investors. An immediate annuity is similar to an insurance policy, except that instead of the contract paying a lump sum on the demise of an individual, the contract for an immediate annuity is more commonly paid as set, periodic payments until that person’s demise.
In this regard, an immediate annuity is similar to a structured settlement, since the payments are guaranteed and come on a regular schedule. These types of contracts also allow for tax advantages, as the money can grow tax deferred, with only a portion of the payments having a tax basis. This is due to the fact that a portion of the payment is considered to be a “return of principal” and thus had already been taxed.
Author — Chester Muckley
3 February 2010, 10:57 am
Many individuals consider whether or not to sell a structured settlement to free up cash now. This is often a difficult consideration. Those wanting to sell structured settlement really have to think about whether or not the need for cash now is more important than the security of knowing that a steady stream of income will be arriving in the mailbox for the foreseeable future. While a structured settlement lump sum might be attractive, it’s important to note that the lump sum will be less in total than the total of all the termed payments that a settlement would bring.
Of course, many individuals may have life events that necessitate that they sell structured settlement, in order to raise cash for medical bills or other emergencies. In this case, it is important to first speak with an attorney. Every state has different rules for the sale of a structured settlement, and while most states allow it, it is something for which legal advice is paramount.
We will talk more about this type of situation in coming posts. Stay tuned!
Author — Chester Muckley
3 February 2010, 8:30 am
Individuals looking for a California reverse mortgage or a Florida reverse mortgage this February would do well to consider all of the factors involved with this type of transaction. We have discussed a California reverse mortgage in previous posts, but this is such a complex discussion, we are going to discuss it over several weeks. There are many lenders who will provide a reverse mortgage for individuals who wish to tap their home equity in a fashion that will not endanger their ability to reside in their home for as long as they wish.
In a typical California reverse mortgage, a homeowner approaches a lender and receives a loan which releases the equity of the property in a variety of ways (most seniors elect for steady, level payments on a monthly basis). In this way the debt accumulates as a lien on the property, with the debt growing over time.
To qualify for a California reverse mortgage, a person must be at least 62 years of age. A person entering into a California reverse mortgage or a Florida reverse mortgage need not worry that they will outlive the mortgage; a senior cannot be asked to leave the property.
Many individuals may worry about the effect on their heirs. We will discuss that topic in the future.
Author — Thomas McSteen
3 February 2010, 8:13 am
Individuals who receive scheduled payments from a structured settlement, but need cash fast will often consider a structured settlement lump sum. A structured settlement lump sum is a way to get a substantial amount of cash immediately, rather than waiting for an insurance company or trust to give payments slowly over a set period of time. Many individuals will find that it is inconvenient to wait for the money to arrive in small payments, and may prefer instead to get a large amount immediately by selling a structured settlement. This is when looking for a structured settlement lump sum might be appropriate.
One might ask, “Who would buy my structured settlement?” Currently, there are many investors that have parked cash on the sidelines of what has been a really volatile stock market. Those individuals have been waiting for a better investment opportunity, particularly one that has a guaranteed return. These are the types of individuals who invest with the companies that might buy your structured settlement.
We always like to point out that selling a structured settlement for a lump sum is not a good idea for everyone. If an individual plans to need this money as income for the rest of their lives, then selling might not be in their best interest. Those individuals might be better served to stick with the annuity payments that a settlement offers.
Author — Franklin Devereaux
2 February 2010, 1:31 pm
Numerous people are looking to get cash fast, and a cash loan overnight is one way for this to happen. In looking for a cash loan overnight, it’s always a good idea to contact multiple payday loan lenders in order to get the most advantageous rate. Terms for these types of loans tend to be fairly unvarying. Most lenders who offer a cash loan overnight will expect you to have a bank account, and will want to see some proof of employment. If you do not currently have a job, you may be better served to consider a bad credit secured loan, provided that you have some sort of asset with which to secure that loan.
Of course, these types of loans are really ideal for someone who needs cash fast, and who also needs only a relatively small amount of cash. Individuals who need larger amounts will probably need to consider different types of financing. Probably the best thing about a cash loan overnight is how convenient it is.
Author — Chester Muckley
2 February 2010, 11:34 am
A California reverse mortgage may be an acceptable choice for senior that are attempting to find a revenue stream due to a decrease in the value of retirement accounts. Heaven knows that the past two years have been trouble for seniors, so a California reverse mortgage is certainly a consideration for those needing level payments each month to meet expenses. When one tries to understand a California reverse mortgage, one way is to think of it as a life annuity that makes periodic payments each month against the value of that person’s home. Of course, it is also possible to garner a lump sum from this type of agreement, but generally, most individuals entering into a California reverse mortgage will want to receive a steady stream of income over time.
There are so many considerations for this type of loan that it really will take us time to discuss. We will try to return to this exciting topic on a regular basis.
Author — Chester Muckley