Word: loan
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...buzz among homeowners continues to be about mortgage refinancing. Why? Because interest rates are still so low (6% for a typical 30-year loan). But what's more intriguing--and maybe a little scary--is the big surge in people taking out reverse mortgages. These are loans that let homeowners who are 62 or older take cash from their home equity and pay nothing back--not a cent--until they move out or die. Some reverse mortgages guarantee a fixed monthly payment for life (an annuity). By the latest measures available, the pace of new reverse mortgages has leaped...
There's no credit or income requirement. The amount you can get depends largely on the value of your house but also on your age. The older you are, the more you can get, but loan caps usually range from $155,000 in rural areas to $281,000 in metropolitan areas...
...home worth $250,000. On the basis of life expectancies, they would qualify for a reverse-mortgage lump sum or line of credit of $175,600 or a monthly payout that would add up to that amount by the time they were both expected to be dead, minus loan costs (in this case, they would net $1,069 a month...
When the homeowner moves out or dies, the amount that must be paid back to the bank is the sum of the payouts plus interest (more on the interest later) as well as any fees financed as part of the loan...
...vast majority of the objects in the exhibit come from Harvard University Art Museums permanent collection, among them several recent acquisitions. Several other works are on loan from private collections...