Posts tagged ‘California’

Somewhere in the dim and distant past of learning English, an idiom surfaced referring to gift horses and their mouths. The translation is that, when someone gives you a gift, it’s ungracious of you to publicly examine it too carefully. Yet, in the case of Prop. 17 which appears on the ballot in California, we should perhaps open the horse’s mouth and examine it’s teeth. It may prove to be an old Trojan horse and a gift we should reject. Why be suspicious? Because the force behind Prop. 17 is not a consumer advocate, it’s the Mercury General Corp. Yes, friends, we’re supposed to believe that an insurance company wants voters in California to pressure lawmakers so that the insurance industry can give millions of dollars in discounts to policyholders. There’s another of those idioms that comes to mind at this point. It’s something about pigs suddenly sprouting wings and taking to the air in the joy of flight. Indeed, so committed is Mercury to Pro. 17 that it’s paying millions of dollars in TV ads to persuade everyone to vote for it.

Bless its little cotton socks. It’s trying so hard to do right by Californians. So just what does Prop. 17 say? Well, it’s one of these deceptively simple suggestions. As the law stands, Prop. 103 says insurers can only offer continuous or persistent (sometimes called “loyalty”) discounts to their own customers. The idea is straightforward. Instead of trying to poach customers from each other by offering discounts, insurers should try to attract new business by offering low rates. This has the advantage that insurers are competing equally on premium rates for both established and new drivers. If passed, Prop. 17 would allow insurers to match the current persistent discount based on the number of claims-free years. This would lure established customers from competing companies. At first sight, this looks like a good deal for any experienced driver who wants to switch insurers. But the price is paid by the inexperienced new drivers.

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You may have heard your friends and family talking about reverse mortgages. There’s also been a lot of television commercials offering information about reverse mortgages and reverse mortgage companies. Yet with all of this talk going on about FHA insured reverse mortgages and what they mean to you, what exactly is a reverse mortgage?

A reverse mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive a loan against your home in the form of a lump sum, regular monthly checks or a line of credit. The loan is typically repaid with interest when you sell your house, permanently move or pass away.

Reverse mortgages are getting to be more and more common these days. Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. Not like the regular mortgage the homeowner’s makes no payments and all interest is added to the lien on the property.

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You may be wondering how you can benefit from getting a reverse mortgage? Many people have found that the money they got from a reversed mortgage benefited them greatly. With a reverse mortgage you continue to get income, and defer repayment, for as long as you live at home – no matter how long that may be. An FHA insured reverse mortgage maybe exactly what you need!

Let’s take a moment to understand reverse mortgage. Then we can better explore the benefits. A reverse mortgages is a very useful home loan option especially for senior homeowners. If you qualified, you don’t make any monthly payments. Equity in your home repays the FHA insured reverse mortgage when you sell your home, passed away or move out permanently. You or your children keep the extra money on top of what you owe the lender.

What are the benefits? There are many benefits that a reverse mortgages can give you. However here are a few of the most significant. First, you will remain independent. This will allow you to remain in your home and retain home ownership.

The second benefit is no monthly mortgage payments are required. You need not pay back the reverse mortgages loan nor make any monthly mortgage payments until you permanently move out of the home. It is also tax-free money, because the money you receive from a reverse mortgage is not considered income, it is tax free and will not affect your Social Security or Medicare benefits.

Another great benefit is freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose. You can take comfort knowing you are financially secure and not a burden on your family. You can buy gifts for grandchildren and other members of your family. You can remodel your home, go on wonderful vacations, pay off any other monthly bills and even buy a new car!

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