‘I don’t have kids, she is my world:’ Woman searching for lost dog

Pros and Cons of a Reverse Mortgage

A reverse mortgage is a loan that you can apply against the equity in your home. It enables a qualified older homeowner to withdrawal part of equity in their home. The equity can be withdrawn and paid to the homeowner in a lump sum or in monthly payments to help supplement their income. The Housing and Urban Development (HUD) agency insures the most common reverse mortgage program through the Federal Housing Administration (FHA). The FHA reverse mortgage is named the Home Equity Conversion Mortgage (HECM). The HECM does not require homeowners to repay the reverse mortgage, unless they no longer occupy the house, become delinquent on the property taxes or home insurance, or they fail to meet the obligations of the mortgage.

The eligibility qualifications for the HECM are very simple. The homeowner must be at least 62 years old and have an acceptable equity position in their primary residence. The primary residence includes any FHA approved property: single family residence, multi-family 2 to 4 unit dwelling (one unit occupied by home owner), HUD approved condominiums, or manufactured homes. There are no income or credit requirements for this mortgage program. Eligible homeowners must also complete counseling with a HUD approved and accredited reverse mortgage counselor. The counselor would review all aspects of the reverse mortgage program and how this mortgage type will specifically help the homeowner(s) based on their equity position. The mortgage typically does not have to be repaid until the last surviving homeowner moves out of the property. If the homeowner does not maintain the property as their primary residence for a 12 month period, the mortgage will be due.

The maximum mortgaged amount is calculated from the appraised value of the property, homeowner(s) age (youngest homeowner), interest rate (fixed or variable), equity position, and FHA lending limit for the county the home is located in. These factors will determine how much equity is available to the homeowner(s) to receive in a lump sum, equal monthly payments for as long as the homeowner lives in the home, line of credit, or monthly payments over a set period of time.

Homeowners retain ownership of their property and are not required to make any monthly payments. Even if the value of the home decreases, the homeowner is not held liable because a reverse mortgage has a non-recourse provision. This means that HUD and the lender share the risk on the future value of the house, not the homeowner. Although, HUD does require the home to be maintained in acceptable condition to retain its value.

Reverse mortgages have minimal fees for qualification, processing, and approval. These costs can vary by lender. Service fees may also be charged to homeowners who choose their equity to be paid to them in monthly payments. For additional information on the reserve mortgage program, please contact a local HUD approved lender.

Buying a home is not easy especially in today’s expensive market scenario. After all, homes are not cheap and you may not always have the cash handy to buy the property that you desire. Given this situation, home loans are an excellent option. Additionally, paying rent or paying an EMI comes with the same amount of financial stress. However, the end result is different. When you are paying an EMI, you end up becoming owners of the home. This is what makes home loans a preferable choice for thousands of aspiring couples as well as bachelors.

But, before you apply for a home loan, you need to familiarize yourself with the different types of home loans. Usually, this information can be procured from bank or financial institution’s representative. In fact, if you are feeling lazy enough to make the call or walk in to the nearest branch, the internet is always there to bail you out. Do a simple search and you will be able to get a rough idea.

Meanwhile, here is a brief preview to help you understand it better:

Fixed rate home loans: Every loan comes with a rate of interest. However, when customers opt for a fixed rate home loan, it means that during the tenure of the loan, the rate of interests will not change irrespective of the external economic scenario. This could be advantageous in cases when the economic turbulence could lead to interest rates peaking. But in cases where the interest rates are going to drop considerably, opting for a fixed rate home loan could prove to be heavy on your pockets.

Variable rate home loans: This is the ideal option for people who have an excellent foresight and are able to predict the economic scenarios with surprising accuracy. As part of the terms of this loan, the applicant is charged according to a changing rate of interest. This change is dependent on the prevalent market scenario.

Land purchase loans: If you are buying a plot for constructing a new house, the land purchase loan works well. Most banks are willing to provide up to 85% of the amount as loan.

Flexible tenure plan: As part of this option, the bank will lend you the amount and allow you to choose the preferred repayment tenure. In some cases, the bank also offers option where the repayment starts after a certain period like six months or one year.

COLUMBIA, S.C. (WIS) – After a fire ripped through two homes on Twin Eagles Drive last Sunday, one homeowner lost more than just her house.

Michelle Hall, who lived in one of the homes, has been searching for her dog Emmy who escaped during the fire.

Hall was not home when the fire took place.

She says her neighbors knew she has two dogs, Emmy and Ralphie.

“So they kicked in the door, and as soon as they kicked in the door my one dog Emmy, she shot out and ran,” Hall said. “My other dog, he used to be crate trained and I keep the crate in the living room for him, and he ran and got into his crate, so they [neighbors] were able to shut the crate door and take him out.”

Emmy, a boxer hound mix, has been missing since last Sunday.

“It’s heartbreaking. Because I got her whenever she was three months and I’ve had her for ten years. She’s my girl. I don’t have kids she is my world. ”

Hall has placed lost dog posters throughout the neighborhood and town. She is doing what she can with hopes she will be found.

“I come every morning and every night and I put out fresh water and food for her. We have cameras out that are focusing on the food and the water to see if she comes back to them,” Hall said. “I’ve had Ralphie out here so hopefully she could smell him and me and just try to find her way back home.”

Hall says the last known sighting of Emmy is on Howell road on the Northwoods golf course.

She was last seen wearing a hot pink collar with her name and Hall’s phone number on it.

“I miss her so much so if you could just call me and keep her safe until I can come get her, that’s all I need,” Hall said.

If you’ve seen Emmy, you can email Michelle Hall at [email protected]

The Richland County Fire Marshal’s office is still investigating the cause of the fire.

Pros and Cons of a Reverse Mortgage

A reverse mortgage is a loan that you can apply against the equity in your home. It enables a qualified older homeowner to withdrawal part of equity in their home. The equity can be withdrawn and paid to the homeowner in a lump sum or in monthly payments to help supplement their income. The Housing and Urban Development (HUD) agency insures the most common reverse mortgage program through the Federal Housing Administration (FHA). The FHA reverse mortgage is named the Home Equity Conversion Mortgage (HECM). The HECM does not require homeowners to repay the reverse mortgage, unless they no longer occupy the house, become delinquent on the property taxes or home insurance, or they fail to meet the obligations of the mortgage.

The eligibility qualifications for the HECM are very simple. The homeowner must be at least 62 years old and have an acceptable equity position in their primary residence. The primary residence includes any FHA approved property: single family residence, multi-family 2 to 4 unit dwelling (one unit occupied by home owner), HUD approved condominiums, or manufactured homes. There are no income or credit requirements for this mortgage program. Eligible homeowners must also complete counseling with a HUD approved and accredited reverse mortgage counselor. The counselor would review all aspects of the reverse mortgage program and how this mortgage type will specifically help the homeowner(s) based on their equity position. The mortgage typically does not have to be repaid until the last surviving homeowner moves out of the property. If the homeowner does not maintain the property as their primary residence for a 12 month period, the mortgage will be due.

The maximum mortgaged amount is calculated from the appraised value of the property, homeowner(s) age (youngest homeowner), interest rate (fixed or variable), equity position, and FHA lending limit for the county the home is located in. These factors will determine how much equity is available to the homeowner(s) to receive in a lump sum, equal monthly payments for as long as the homeowner lives in the home, line of credit, or monthly payments over a set period of time.

Homeowners retain ownership of their property and are not required to make any monthly payments. Even if the value of the home decreases, the homeowner is not held liable because a reverse mortgage has a non-recourse provision. This means that HUD and the lender share the risk on the future value of the house, not the homeowner. Although, HUD does require the home to be maintained in acceptable condition to retain its value.

Reverse mortgages have minimal fees for qualification, processing, and approval. These costs can vary by lender. Service fees may also be charged to homeowners who choose their equity to be paid to them in monthly payments. For additional information on the reserve mortgage program, please contact a local HUD approved lender.

Buying a home is not easy especially in today’s expensive market scenario. After all, homes are not cheap and you may not always have the cash handy to buy the property that you desire. Given this situation, home loans are an excellent option. Additionally, paying rent or paying an EMI comes with the same amount of financial stress. However, the end result is different. When you are paying an EMI, you end up becoming owners of the home. This is what makes home loans a preferable choice for thousands of aspiring couples as well as bachelors.

But, before you apply for a home loan, you need to familiarize yourself with the different types of home loans. Usually, this information can be procured from bank or financial institution’s representative. In fact, if you are feeling lazy enough to make the call or walk in to the nearest branch, the internet is always there to bail you out. Do a simple search and you will be able to get a rough idea.

Meanwhile, here is a brief preview to help you understand it better:

Fixed rate home loans: Every loan comes with a rate of interest. However, when customers opt for a fixed rate home loan, it means that during the tenure of the loan, the rate of interests will not change irrespective of the external economic scenario. This could be advantageous in cases when the economic turbulence could lead to interest rates peaking. But in cases where the interest rates are going to drop considerably, opting for a fixed rate home loan could prove to be heavy on your pockets.

Variable rate home loans: This is the ideal option for people who have an excellent foresight and are able to predict the economic scenarios with surprising accuracy. As part of the terms of this loan, the applicant is charged according to a changing rate of interest. This change is dependent on the prevalent market scenario.

Land purchase loans: If you are buying a plot for constructing a new house, the land purchase loan works well. Most banks are willing to provide up to 85% of the amount as loan.

Flexible tenure plan: As part of this option, the bank will lend you the amount and allow you to choose the preferred repayment tenure. In some cases, the bank also offers option where the repayment starts after a certain period like six months or one year.

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