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xkekg34fa
Posted: Tue 15:36, 05 Nov 2013
Post subject:
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help is available for such a situation. Reverse mortgages are different from conventional mortgages. In conventional mortgages home owners pay off the principal and interest accrued over a set period [e.g. 25 years] via regular monthly payments until the tenor is completed. Thats when the property is released by the lender to the home owner. However in reverse mortgages if the home owner chooses to receive the home
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may be the fact that extracting all or what little equity one has left to pay off now may be very short sighted in the long run. To take virtually all of your savings now when one may have another 20 to 30 years of retirement left may not sound like good judgment in any way.
Reverse mortgage loans are a lot like any other loans against the home but may have exclusive terms for seniors. There are two kinds of reverse mortgage loans. One is federally insured reverse mortgage backed by HUD, and
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payments structured as needed, line of credit (with a growth rate), lump sum, or a combination of these. It is also not considered as income hence the seniors Social Security and Medicare may not be affected. Assuming you have arrived at your retirement age and are mainly obtaining a fixed income, a difficulty may possibly arise when unexpected medical or funeral bills come particularly if you don t have any liquid assets set aside to cover the cost. The top alternative solution with this may be to consider applying for a reverse mortgage loan.
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Posted: Thu 13:10, 24 Oct 2013
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He said while the figures showed that more people were opting for smaller fuel efficient vehicles, a larger number of people were going for used vehicles.
"Over 80percent of finance that we approve is for used cars."
Makhunga said his bank could offer finance for used vehicles from car retailers that are up to five years old, and up to eight years old if bought from a private seller.
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Makhunga said it was the private seller who had to incur the cost of the vehicle test, which is about R550.
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