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Mortgage

Reverse mortgage loans are called based on these ‘maturity events’: All borrowers have died All borrowers have sold or conveyed title to the property The property is no longer the borrowers’ principal residence The borrower has failed to pay taxes or insurance, usually repeatedly, or the borrower is unable or has refused to maintain the property. Upon these maturity events, no additional funds may be advanced, and the loan principle, interest and fees are due and payable.

Insurance

Home insurance claims are best made for significant damage or events with costs greater than your deductible. If your deductible covers the majority of costs, paying out of pocket may save you money. Compared with rate increases caused by added claims. A history of filing claims is not in your favor. If you file too many, your home insurance company could choose to drop your coverage entirely. Of course, claims should be related to covered damage in some areas. For example, flood and earthquake insurance are carried separately from normal home insurance. You'll have to file through the specific related policy for these types of damage. Remember, home insurance does not exist to cover ordinary maintenance. A claim to fix ordinary wear and tear, or something that could have been prevented by regular upkeep may not be covered. Finally, only make a claim when you have document. Everything. Do a walkthrough, take notes and photos, and list everything damaged by an event to ensure that you and the insurance adjuster are addressing the full set of issues in the claim.

Mortgage

How Does Reverse Mortgage Interest Work? For a reverse mortgage, you are charged interest on the proceeds you receive. This interest compounds over the life of the loan until the loan is repaid. Typically, both fixed and variable interest rates are available. Rates are tied to a standard index, such as the 1-year Treasury Bill, or the LIBOR rate, plus an additional margin, most likely an additional 1-3 percentage points. Compare interest rates carefully in considering reverse mortgage options.