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Marco Giordano

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Video — What Home Insurance Does NOT Cover
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Marco Giordano
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Video — What Costs Are NOT Covered By Life Insurance?
By
Marco Giordano

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1
Insurance
Video — What Home Insurance Does NOT Cover
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2
Insurance
Video — What Costs Are NOT Covered By Life Insurance?
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Insurance
Video — 7 Ways To Reduce Auto Insurance Premiums
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Video — 7 Ways To Reduce Auto Insurance Premiums

Here are some options that may help with auto insurance. Premium costs, one. Raise your deductible. It may. Lower premiums. Keep in mind, you'll have to pay more out of pocket for any damage. Two. Ask about discounts based on lifestyle, age, or car model. Good drivers, diligent students, seniors, and members of the military may be. Hybrid cars and older models may also cost less. Three, combine policies from multiple vehicles into one policy. Four, improve your credit score if your company uses it to determine rates. Five. Don't buy a new model that hasn't passed safety standards. Research the safety credentials of any car you are. Safer cars equal lower premiums. Six. Drive well safer drivers equal lower premiums. Seven. Drive less. Less time on the road equals less likelihood of accident which could equal lower premiums. Review your policy regularly with your agent or carrier.

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Video — 7 Questions To Answer In Choosing Life Insurance

If you are considering life insurance, determine your answers to these questions in order to compare policies. One, what's your current health status? This may include both personal and family health. Two, How long will you need life insurance coverage? Three. Do you need extra help with your expenses while you're still living? Do you have any dependents who will need financial assistance once you are gone? Five. What final payout amount do you want? Six. Can you switch from a term policy to a full life policy? And of course, seven. How much can you afford to pay for regular premiums?

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Video — How To Choose Auto Insurance

Auto insurance is legally required, but it's up to you to shop and choose. Here are some tips. One, do your research. Search both locally and nationally. Read reviews and check consumer ratings. Don't give out your contact info until you've narrowed your choices to companies with excellent service, affordable policies, and the right coverage. Two, rate shop. Each company has slightly different models and rates. It's worth shopping with your specific car and circumstances. Three circumstances matter type and age of car your age, others in your household, particularly teenagers, affect rates. So does your driving record or deals and. Combining auto with other insurance such as homeowners or umbrella policies can reduce your overall spend and reduce paperwork. Five. Work with an expert. They'll help you figure out coverage that suits your situation.

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Video — How Does Reverse Mortgage Insurance Work?

HUD’s HECM program stipulates a mortgage insurance premium charged at closing based on the funds withdrawn during the initial year of the loan. As of 2016: if you take 60% or less of available funds in year 1 the MIP is 0.5% of appraised value if you take over 60%. MIP is raised to 2.5% of appraised value. In addition, HECM charges annual premiums of 1.25% of the outstanding loan balance which accrue over time and are due when the loan is called and payable. These percentages may change over time; ask your lender for current HECM rates.

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Video — Circumstances That Might Affect Your Reverse Mortgage

What Circumstance Might Make A Reverse Mortgage Inappropriate? If you intend to leave your home within 2-3 years other options may prove less costly than a reverse mortgage, such as home equity loans or no-interest loans. If necessary home repairs are a consideration, investigate grants from local government or non-profits. If property tax payments are motivating you, check for tax-deferral programs first.

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Video — How Do Medicare And Social Security Affect Your Reverse Mortgage?

Reverse mortgage proceeds do not affect regular Social Security or Medicare benefits. If you are on Medicaid or Supplemental Security Income proceeds must be used immediately. Any funds you retain count as an asset and may affect your eligibility for Medicaid or SSI. To be informed and safe, contact the local Area Agency on Aging, or a Medicaid expert, as early as possible in assessing a Reverse Mortgage.

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Video — How Will Your Reverse Mortgage Payments Work?

During the first 12 months of a reverse mortgage borrowers can usually access no more than 60% of the available loan proceeds. Payoff of an existing mortgage -may- allow a higher percentage. After that, the borrower can access as much or as little of the remaining funds as needed. Reverse mortgage payments may be structured as: Tenure - equal monthly payments while borrower is alive and in the house; Term - equal monthly payments for a defined number of months; Line of credit - unscheduled payments or installments; or some combination of these three.

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Video — What Kinds Of Homes Qualify For A Reverse Mortgage?

The types of homes that may qualify for a reverse mortgage include single-family homes 2-4 unit properties, condominiums, townhouses and newer manufactured homes. Co-ops do not qualify. The owner must be at least 62 with enough equity in the home to qualify. Borrower credit and medical status are not relevant to loan payments since you don’t make loan payments on a reverse mortgage. Lenders will assess borrowers’ financial capacity to pay taxes and insurance, and may set aside loan funds 
 to pay these in the future.

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Author
Marco Giordano
Writer, Researcher & Video Editor
Biography

Marco is a seasoned writer and editor with a talent for bringing complex topics to life through engaging, informative prose. With over eight years of experience in the industry, he has contributed articles to a range of online magazines, covering everything from business and politics to sports and entertainment. In his spare time, Marco enjoys arts and the outdoors, and keeping up on the latest news and trends.

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