tailieunhanh - Home Made Money PHẦN 3

Talc lãi suất ngắn hạn là rất cao bởi vì các chi phí bắt đầu-up thường là một phần rất lớn của tổng số tiền mà quý vị còn nợ trong những năm đầu của khoản vay. Nhưng khi dư nợ cho vay của bạn phát triển lớn hơn theo thời gian, chi phí khởi động trở thành một phần nhỏ của nợ của bạn. | Total Cost Disclosures As discussed in Part 1 the true total cost of a reverse mortgage depends on factors other than its various costs. Knowing the specific costs that will be charged on a reverse mortgage therefore is only the first step in understanding its total cost. You also need to understand how that cost will vary based on the other factors that affect it. As also discussed in Part 1 the TALC Total Annual Loan Cost of a reverse mortgage depends upon how long you live in your home and what happens to its value during that time. In general the TALC rate is greatest when the loan is repaid within a few years after closing when the upfront costs are still a large part of the total amount owed. On the other hand TALC rates are lowest when you live longer than others your age or when your home s value grows little or declines. TALC Shortcomings When they went into effect in the mid-1990s TALC disclosures were an important step in alerting consumers to the real costs of reverse mortgages. But since then a number of problems with these disclosures have become clear. The vast majority of reverse mortgage borrowers select a creditline. The true cost of these creditlines depends to a large degree on the size and timing of the cash advances requested by the borrower during the life of the loan. But TALC regulations require lenders to assume that all borrowers will request one-half of their creditline at closing and none thereafter. This simplifies the calculation and provides a way to compare different creditlines. But it does not reveal how different the true cost of these loans can be based on a borrower s pattern of creditline advances. And it does not reflect the value of a growing versus a non-growing creditline. TALC regulations also require lenders to assume that the initial interest rate charged on a reverse mortgage will never change. This assumption simplifies the calculation and provides a single standard of comparison. But after the past few years of low .