tailieunhanh - Home Made Money PHẦN 5

Hãy cẩn thận Chi Hãy cảnh giác của bất cứ ai muốn bán cho bạn một cái gì đó, và cho thấy một thế chấp đảo ngược như là một cách để trả tiền cho nó. Đặc biệt thận trọng nếu bạn không hoàn toàn hiểu những gì họ đang bán, hoặc bạn không chắc chắn rằng bạn cần những gì họ đang bán. | Careful Spending Be wary of anyone who wants to sell you something and suggests a reverse mortgage as a way to pay for it. Be especially wary if you do not fully understand what they are selling or you are not certain that you need what they are selling. Remember that the total cost to you equals the cost of what they are selling plus the cost of the reverse mortgage. If you conclude that you do need what they are selling be sure to shop around before making a decision. You are under no obligation to buy goods or services from the party that suggested you borrow against your home to pay for them. For example if an insurance agent tries to sell you an annuity by way of reverse mortgage financing be sure to check out all the information about these types of arrangements at revmort. Click on Key Decisions under Reverse Mortgages on the left and then on Spending Your Equity. Refinancing After you get a reverse mortage sometime in the future you may be able to increase the loan funds available to you by refinancing the loan. Large increases in your home s value increases in HUD s 203-b limits or lower interest rates could make this possible. When you refinance a HECM lenders are required to show you the total cost of refinancing and compare it to the increase in available loan funds that a refinance would provide. This comparison makes it easy for you to see the total costs that would be added to the amount you owe versus the additional loan funds that would become available to you. If you need help understanding the comparison HECM counselors can explain it to you. AARP HOME MADE MONEY 37 Glossary 203-b limit in the federally insured HECM program the dollar amount for each county that limits how much of a home s value can be used to determine a borrower s loan advances as established in Section 203-b of the National Housing Act acceleration clause the part of a contract that defines when a loan may be declared due and payable adjustable rate an interest .

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