While everybody understands how a mortgage works, there is still confusion revolving around the concept of a reverse mortgage. A lot of financial experts believe that a reverse mortgage is not advisable for financially vulnerable seniors. However, there are reasons why a reverse mortgage for seniors is considered a good idea. Read on to know the benefits of a reverse mortgage.
What is a reverse mortgage?
A reverse mortgage is a loan for citizens who are aged 62 years and above. These loans give senior citizens a chance to convert their home equity into cash. Also referred to as a Home Equity Conversion Mortgage (HECM), the Federal Housing Administration (FHA) insures these loans, and they come with no monthly mortgage payments. The lender may pay the homeowner in the form of a lump sum, monthly payments (for as long as the borrower is residing at home), periodic advances through a line of credit, or various combinations of the options mentioned above.
The eligibility criteria are also quite simple as compared to a conventional mortgage. Any homeowner who is above the age of 62 is eligible for availing of a reverse mortgage for seniors.
What are the benefits of getting a reverse mortgage?
A reverse mortgage for seniors has various advantages. The top reasons to get it are as follows:
The ownership remains with you
The only thing you need to take care of in order to let the homeownership remain with you is to comply with the terms and conditions of the loan, pay the property taxes on time, and maintain the homeowner’s insurance.
There is no hassle of a monthly mortgage payment
As opposed to a conventional mortgage account, you get funds paid to you on a monthly basis without the hassle of counting it in your budget.
Reverse mortgage protects against the real estate fluctuations
If the loan price increases due to a change in the market, you are still insured because these loans are backed by the FHA.
You may choose any method of disbursement
As mentioned above, these payments may be made to you in different forms as per your convenience, thereby making it easier for you to collect the funds.
However, before getting reverse mortgages for seniors, weigh the pros and cons and the terms and conditions of the lender to avoid any hassles in the long run.
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3 tips to consider before installing a walk-in tub shower
Read moreCurrently, walk-in tub showers are increasingly gaining momentum among consumers. This because they are unique and multipurpose. Apart from providing functionality, walk-in bathtubs come with additional features, which can bring the ultimate spa experience to your home. Although before installing a walk-in tub showers, here are some factors that you need to take care of so that you could make the most of your therapeutic experience with a walk-in tun shower.
Keep it white and pastel
White is the color of all seasons. Team it up with earthy pastel shades, and you got yourself the perfect color combination. For instance, adding white walk-in tub showers will incorporate more light to your bathroom. You can then accordingly use complementary lights and cabinets to accessorize the space further. Similarly, use fixtures that are easy to look at as well as simple to use for walk-in tub showers. Avoid faucets, and shower handles, that come across as complicated to use.Maintain minimalism
Ensure that you keep the area around your walk-in tub shower as free as possible. Cluttering it with additional shelves and hooks can spoil its overall look. Just add racks for keeping soaps, shampoos, loofahs, etc. Although you can incorporate a large single mirror or glass partition to enhance its appearance.Have walk-in tub showers with spa features
If you love to unwind after a stressful day of work or have to deal with body aches on a frequent basis, then get a walk-in tub showers which include features such as hydrotherapy, whirlpool. etc. These might comes across as pricey, but they can be an incredible form of long-term investment.Getting a walk-in tub can be an exciting decision, as it saves space and adds an edge your bathroom space. Just ensure that you get your walk-in tub installed properly so that you can enjoy its benefits for years to come.
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3 ways to make hospitals safer
Read moreDiseases and illness thrive in a stressful, unhealthy environment; whereas all growth and recovery take place in a safe, caring zone. This fact is of prime importance for hospitals as it’s the place one needs to stay in, for treatment and recovery from an illness. Here are top ways to make hospitals safer.
- No more breeding infections
For making hospitals safer, it’s crucial that the hospital shouldn’t be a breeding ground for infections. HAI (hospital-acquired infections) can be prevented with a proper safety regime followed by the health care professionals by using sterilized medical equipment, clean masks, hand gloves, gowns and white coats. Also, care must be taken that the patient does not get infected due to contaminated bed sheets, food, water, and medications. Certain germs can survive up to 72 hours on common contaminated surfaces; hence, it is important to educate the cleaning staff to follow a stringent hygiene process including their own hand hygiene. - Support of the latest equipment
If the hospital isn’t equipped with the latest technology, this renders the doctors incapable of diagnosing diseases, and this may create a list of problems for the patient. However, when the doctors have all the latest equipment, a hospital becomes a one-stop place for treating a host of diseases and the patients can rely on the hospital as well. Often, patients are left in a state of trauma at the end of surgery when the doctors, in the middle of an operation, are helpless as they don’t have the latest treatment devices to help their patients, which is the last thing hospitals would want. - Build a good network
Treatment is only possible when a hospital has an excellent network of anesthetists, surgeons, etc. who can detect and cure the disease. It’s only possible if the hospital has kept a reliable team of experts that the patients can rely on for their treatment. Once a hospital can set up a team like this, they can come close to being a good hospital for sure.
Every hospital needs to follow all measures possible to make them safer for an overall treatment of its patients.
- No more breeding infections