Any value in the house exceeding the amount needing to be repaid on the loan is passed down to your heirs. Three main types of reverse mortgages. From our research, we've determined all three can be fantastic tools for seniors to access financial benefits and eliminate mortgage payments. Term reverse mortgages are fixed over time. With a term reduced mortgage, participants receive a fixed monthly amount over a certain span of time the loan "term". Tenure reverse mortgages give you unlimited monthly payments for life.
The option for a tenure reverse mortgage usually involves paying a higher APR interest rate. No limits on loan income. If the total for the monthly installments eventually exceeds the total value of your property, you still receive them, and your loan principal total doesn't increase.
When you pass away, the lender will be repaid either the amount you received with interest or the total proceeds from the home's sale if payments exceeded its value. If payments equaled or exceeded your home's value, your heirs are not on the hook to make up the difference.
A reverse mortgage line of credit lets you borrow only what you need. The third kind of reverse mortgage involves setting up a line of credit you can draw from. You are free to use as little or as much of it as you want, and you will be charged interest only on what you borrow. You can repay what you borrow from the credit line, and only the current outstanding balance will be repaid by the sale of your home when you move out or pass away.
Modified versions are a mix of types. There are also two modified versions of reverse mortgages. Both the tenure and the term options can be modified to also include a line of credit to draw from in addition to the monthly payments. It's important to understand the fees involved with a reverse mortgage, as they're a little different than regular mortgages. FHA insurance comes at a price.
In addition, borrowers are also charged 0. Lots of different reasons for choosing a HECM. Their reasons for needing a reverse mortgage were quite diverse. Some of the HECM loans we analyzed could be viewed as last-ditch efforts to ward off potential bankruptcy. Many more of them were for more strategic reasons, rather than for dealing with financial crises. Delay Social Security to increase monthly income later. Some of the reverse mortgage holders we surveyed said they were using the funds to avoid collecting Social Security payments.
By not accessing Social Security immediately upon retirement, the unclaimed amount is rolled into future payments. Debt consolidation tool. Some of the reverse mortgage loans we analyzed were taken out to deal with out of control debt. These loans were used to pay off maxed-out credit cards, higher-interest loans, and medical bills or car payments.
Cheaper and easier to manage. Rather than having to deal with multiple high-interest debts, their outstanding balances are brought together under a reverse mortgage. Tap home equity if you've outlived your savings. Life expectancy in our society today is higher than the world has ever seen. Russian GP. QU in. See full schedule.
Eifel GP. Race in. Portuguese GP. Next event in. Emilia-Romagna GP. Turkish GP. Sakhir GP. Abu Dhabi GP. It is important to note that the reverse auction does not work for every good or service.
In addition, there could be a tendency to focus on the lowest bids by sellers with less regard for the quality of the goods or services. The adage, "cheap for a reason," has the potential to apply in such instances where a buyer suffers from the sub-optimal quality of the lowest-priced set of goods or services purchased through a reverse auction.
Last but not least, a buyer must be thorough in communicating all the specifications to the auction participants or else it may end up with a winning bid that does not capture all of the sought-after attributes. Bidding for government contracts is an example of reverse auctions.
In this type of auction, governments specify requirements for the project and bidders, who are approved contractors, to come up with a cost structure to finish the project. Real Estate Investing. Some progress can be made by studying discrete-time models or difference equations.
Many discrete-time models, such as the iterated functions considered in popular fractal-drawing programs, are explicitly not time-reversible, as any given point "in the present" may have several different "pasts" associated with it: indeed, the set of all pasts is known as the Julia set. Since such systems have a built-in irreversibility, it is inappropriate to use them to explain why time is not reversible. There are other systems that are chaotic, and are also explicitly time-reversible: among these is the baker's map , which is also exactly solvable.
An interesting avenue of study is to examine solutions to such systems not by iterating the dynamical system over time, but instead, to study the corresponding Frobenius-Perron operator or transfer operator for the system. For some of these systems, it can be explicitly, mathematically shown that the transfer operators are not trace-class.
This means that these operators do not have a unique eigenvalue spectrum that is independent of the choice of basis. In the case of the baker's map, it can be shown that several unique and inequivalent diagonalizations or bases exist, each with a different set of eigenvalues. It is this phenomenon that can be offered as an "explanation" for the arrow of time. That is, although the iterated, discrete-time system is explicitly time-symmetric, the transfer operator is not.
Furthermore, the transfer operator can be diagonalized in one of two inequivalent ways: one that describes the forward-time evolution of the system, and one that describes the backwards-time evolution. As of , this type of time- symmetry breaking has been demonstrated for only a very small number of exactly-solvable, discrete-time systems.
The transfer operator for more complex systems has not been consistently formulated, and its precise definition is mired in a variety of subtle difficulties. In particular, it has not been shown that it has a broken symmetry for the simplest exactly-solvable continuous-time ergodic systems, such as Hadamard's billiards , or the Anosov flow on the tangent space of PSL 2,R. Research on irreversibility in quantum mechanics takes several different directions. One avenue is the study of rigged Hilbert spaces , and in particular, how discrete and continuous eigenvalue spectra intermingle [ citation needed ].
For example, the rational numbers are completely intermingled with the real numbers , and yet have a unique, distinct set of properties. It is hoped that the study of Hilbert spaces with a similar inter-mingling will provide insight into the arrow of time. Another distinct approach is through the study of quantum chaos by which attempts are made to quantize systems as classically chaotic, ergodic or mixing. For example, the quantization of the Boltzmann gas , that is, a gas of hard elastic point particles in a rectangular box reveals that the eigenfunctions are space-filling fractals that occupy the entire box, and that the energy eigenvalues are very closely spaced and have an "almost continuous" spectrum for a finite number of particles in a box, the spectrum must be, of necessity, discrete.
If the initial conditions are such that all of the particles are confined to one side of the box, the system very quickly evolves into one where the particles fill the entire box. Even when all of the particles are initially on one side of the box, their wave functions do, in fact, permeate the entire box: they constructively interfere on one side, and destructively interfere on the other.
Irreversibility is then argued by noting that it is "nearly impossible" for the wave functions to be "accidentally" arranged in some unlikely state: such arrangements are a set of zero measure. Because the eigenfunctions are fractals, much of the language and machinery of entropy and statistical mechanics can be imported to discuss and argue the quantum case.
Some processes that involve high energy particles and are governed by the weak force such as K-meson decay defy the symmetry between time directions.
However, all known physical processes do preserve a more complicated symmetry CPT symmetry , and are therefore unrelated to the second law of thermodynamics , or to the day-to-day experience of the arrow of time. A notable exception is the wave function collapse in quantum mechanics , an irreversible process which is considered either real by the Copenhagen interpretation or apparent only by the Many-worlds interpretation of quantum mechanics. In either case, the wave function collapse always follows quantum decoherence , a process which is understood to be a result of the Second Law of Thermodynamics.
The universe was in a uniform, high density state at its very early stages, shortly after the Big Bang. The hot gas in the early universe was near thermodynamic equilibrium see Horizon problem ; in systems where gravitation plays a major role, this is a state of low entropy, due to the negative heat capacity of such systems this is in contrary to non-gravitational systems where thermodynamic equilibrium is a state of maximum entropy.
Moreover, due to its small volume compared to future epochs, the entropy was even lower as gas expansion increases its entropy. Thus the early universe can be considered to be highly ordered. Note that the uniformity of this early near-equilibrium state has been explained by the theory of cosmic inflation. Fluctuations were then created by quantum processes related to its expansion, in a manner supposed to be such that these fluctuations went through quantum decoherence , so that they became uncorrelated for any practical use.
This is supposed to give the desired initial conditions needed for the Second Law of Thermodynamics; different decoherent states ultimately evolved to different specific arrangements of galaxies and stars. The universe is apparently an open universe , so that its expansion will never terminate, but it is an interesting thought experiment to imagine what would have happened had the universe been closed.Mar 28, · The second option for repealing an amendment is to hold a Constitutional Convention. In that case, two-thirds of state legislatures would need to call for such a .