Townhomes are emerging as the preferred choice, when it comes to renting property. These are in many ways better than your regular residential homes. In fact townhouse and townhomes as they call it are more in demand than properties like family for the following reasons.
Design and architecture: Compared to other residential properties, townhome apartments are designed with a couple of floors which give it that elegant and enhanced look which even family homes cannot pull off. Townhomes feature at least two floors, perfect setup for a big family with children as well who can play upstairs while their parents can have a nice quite dinner with a few guests.
Opportunity to run your business from home: Townhome will give you all the space ever needed to work from home, without breaking that delicate work life balance. This will of course depend on whether you can procure zoning permits to convert part of your residence into a work space, but it is quite manageable. Living areas and work areas can be divided according to the layout of the townhouse, to suit your needs.
Garden and backyard: What apartments and condos cannot offer, even single family homes for that matter, townhomes offer a great backyard which you can convert into your own personal garden of your children to play and for you to have a nice cup of tea with your beloved on a lovely Saturday evening, preparing yourself for the best day to some next. Garden spaces give you the opportunity to host a couple of barbeques and cookouts to know more about your neighbors and get introduced to all the members of the community.
Basement: The biggest problem with regular apartments is once you get too comfortable, chance are you might start hoarding a lot of stuff over the years. But then there will be no space to store everything which you may or may not need. Townhomes solve this problem by offering basement storage where everything can be moved. Creative people who are in the business can make the most of the storage space available at their disposal to be converted into a semiprofessional studio, art studio and for more purposes.
Privacy: Privacy is very hard to come by and very costly to afford for that matter, apartments and condos will always lack privacy, be it for a family or you living all on your own. Townhomes offer that privacy, for the best price ultimately.
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.