Archives are a collection of important documents and references related to various topics, which are open for public viewing and to some extent reproduction with prior permission. Only registered members can access these archives to obtain the necessary information and there are a number of archives where you can easily get a membership, provided you meet the parameters set forth by the institution.
There are different types of archives, here are a few.
Web archives: With the advent of technology and mainly the increasing digitization, archives can be now accessed online. this is generally known as web archiving which is the process of collecting information from the world wide web and compiling it for reference purposes. This type of archiving can be now automated with a number of software’s that collect information constantly.
Non-profit archive: Not for profit archives are the ones which are run and maintained by organizations and societies. These are set up by private funds and funds from donors, which are utilized to run the archives and for its maintenance and upkeep.
Film archives: Film archives as the name suggests is a repository of all the films made from an earlier date. Generally, film archives are country specific and so are the users of such archives. Avid filmmakers and film school students will have use and interest for such archives. Other film enthusiasts can also visit these archives.
Church archives: Church records generally consist of architectural drawings of the church, various audiovisual materials, oral histories, photographs, local church records, papal records, manuscripts and more.
Government:The local, national and state governments are responsible for maintaining government records. Government archives are generally open to public and do not require prior permission or appointment for that matter. Users of government archives generally include people who are seeking for information, anything that might be related to their history or their home, students, historians, writers, genealogists, and often frequented by reporters who check facts.
Business archives: These archives re run by private organizations and institutions, these are corporate archives maintained to collect the history and administration of the company for reference. Business archives and not open for public and are handed out to the employees to know more about the history of the company they are about to be part of.
Academic archives: One of the major uses for information, archives which are maintained by any college, institution or university for that matter. These references are for educational and research purposes and are preserved for the institutional history containing administrative records, personal and professional papers of the faculty and more. Access to these archives are possible only by prior appointment.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.