Don’t Mortgage Your Future, Delta House Of Assembly Tells Delegates

By Kenneth Orusi, The Nigerian Voice, Asaba

Delegates from Isoko north state constituency, Delta State, have been told not to mortgage their future and the future of their generation unborn, calling on other constituents to vote in line with their conscience for candidates who could actualize the yearning of the people ahead of the 2019 general elections. The loan is usually structured so that it is collected, including accrued interest and other charges when the house is sold or after death. It differs from a second mortgage or a home equity line of credit – as no income is required – because no repayments are required. You therefore cannot be foreclosed or forced to leave your home because you missed a payment. The size of the Grants Pass reverse mortgage is determined by the type of reverse mortgage selected, the person’s age, the current interest rate, the home’s location and the home’s value. The older the borrower – the larger the percentage of the equity that can be borrowed. The owner retains the title to the property. The property must be the borrower’s primary residence – usually a single family, one-unit home. However some programs accept two-to-four-unit buildings that are owner-occupied. Some will grant reverse mortgages on condominiums and manufactured homes – provided they were built after June 1976. Mobile homes and cooperatives are generally not eligible for a reverse mortgage. Are you part of the sub-prime home mortgage refinance scenario? Then its time to take a good hard look at tide trends. A small difference within the rate of interest or other home equity credit terms can equate to tens of thousands of dollars either spent or saved. But with more lending options for new homeowners available, it’s hard to understand where to start out . we all know that getting the simplest home equity credit terms on a fixed-rates or adjustable-rates is that the leading decision when buying a lender. The loan will need to be repaid when: the last surviving borrower passes away or sells the property; all borrowers permanently move out of the house; the last surviving borrower does not live in the home for 12 consecutive months – due to physical or mental illness; the borrower fails to pay property taxes or insurance; or the borrower lets the property deteriorate beyond reasonable wear and tear. The heir, or the last surviving borrower, does not have to sell the property to repay the reverse mortgage – they can refinance the reverse mortgage with a traditional mortgage loan -or through the use of other assets. There seems to be much confusion today about reverse mortgages, how they work, and what they can be used for. With more seniors than ever looking for a way to tap into the equity in their homes, many of them are looking into a reverse mortgage. However, the process can often be confusing, and they are vulnerable to false information. Let’s take a moment to clear everything up and establish some facts. The first reverse mortgage fact is that you have a right to the equity in your home. They say that your home is your largest investment, and the saying is true. If you’ve paid off your mortgage or only have a small balance left, you have a right to the value in your home. Many seniors are under the impression that the only time they’ll see the benefit of their equity is when the home is sold. While the value will certainly go up in that case, what if they pass away before the house is sold? They never get to see any results from their hard work. A reverse option mortgage allows you to reap the fruit of your many years of labor by releasing the equity in the form of one lump sum, a monthly payment, or a line of credit. Secondly, the fact is that you can use the money from a reverse option mortgage for anything you want. Many resources, or even lenders, will say that you can only spend the money on certain things that are outlined in a contract. This is certainly not the case! You can use the money for literally anything your heart desires — a new car, vacation, or you could even donate it all to charity! There really is no limit. The only exception is that, if you are still making payments on a regular mortgage, the money from the reverse mortgage must first be used to pay it off. After that is taken care of, then the money is all yours. The last, and most important fact is that a reverse mortgage is not free money; it must be repaid. Sadly, many seniors are duped into thinking that they’re receiving a grant. The fact is that you or your heirs must repay the mortgage when the time comes.

Mr. Mike Ogwah, a frontline aspirant said this in a chat with newsmen just as he cautioned the people of Isoko north constituency against mortgaging their future.

According to him, their decision is paramount to the wellbeing of the constituency hence they cannot afford to make the mistake of voting for those who have underdeveloped them.

Speaking on his mandate, Ogwah stated that his decision to go into politics is not to play games but to make his people in the constituency happy.

He explained that Isoko north deserves credible representation that would bring the needed change and development the people deserved.

He stressed that as a businessman who has travelled far and wide; he falls into that category of people with the burning desire to take Isoko north constituency to the height they are designed for.

The Assembly aspirant noted that he is saddened and uncomfortable seeing a huge number of deplorable roads each time he drives around the constituency, adding that his mandate would correct the anomaly.

In the same vein, Ogwah stressed the need for public support for the government, adding that one way to achieve that support is by ensuring a peaceful society.

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SOURCE :The Nigerian Voice (local news)

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