Archive for Insurance
Can a PEO help your businesss?
Posted by: | CommentsHave you reached the point in your business where you need to hire employees? Does the thought of employee taxes, benefits, insurance issues, figuring out vacation, and more give you a headache? You don’t always have to hire the traditional way. Many employers are turning to a Professional Employer Organization (PEO) to solve their hiring
HECMs Stuck in Reverse. HUD Considers “Two Product” Solution
Posted by: | CommentsPosted To: Voice of Housing
Hoping to avoid another era of unscrupulous lending to unqualified borrowers, lawmakers and consumer advocacy groups have expressed concerns that the country's elderly population may become the next target for mortgage scams disguised in the form of reverse mortgages, which in FHA parlance are known as Home Equity Conversion Mortgages (HECMs). While stories of scams and shakedowns receive a considerable amount of media attention, the vast majority of seniors happily holding HECMs are ignored. A 2006 survey on reverse mortgages by the AARP Public Policy Institute showed that 93% of respondents said their reverse mortgage had a mostly positive effect on their lives while only 3% said it was mostly negative. The same 2006 AARP Study showed that “loan costs were too high” and that…(read more)
Tax and Insurance Responsibilities of a Reverse Mortgage Borrower
Posted by: | CommentsPosted To: Community Commentary
When loan documents are signed at closing, borrowers agree to the terms of the loan. Whether the borrower took out a conventional loan or a Home Equity Conversion Mortgage (HECM), the reverse mortgage insured by HUD, the title of the home remains in the borrower's name, the bank doesn't own the home, nor do they want to own the home. The reverse mortgage has helped seniors 62 and older remain in their home with their security, independence, dignity and control but not without responsibilities to adhere to the terms of the loan. The main responsibilities are to not violate terms of the loan, generally these include: Paying property taxes Keeping hazard insurance on the property Maintaining the property Paying association dues if appropriate not changing/transferring the title Paying…(read more)