Home Equity Conversion Mortgage

Home Equity Conversion Mortgage Program - HUD Housing About Housing Contact us Keywords Single Family Hospitals Multifamily OAHP Reading room Online forums Work online HUD news Homes Communities Working with HUD Resources Tools Webcasts Mailing lists Contact us Help Home Equity Conversion Mortgage Program Information by State Print version Email this to a friend Summary: The Home Equity Conversion Mortgage program enables older homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, or in a lump sum, or through a line of credit. Purpose: The Home Equity Conversion Mortgage Program (HECM) can enable an older home owning family to stay in their home while using some of its built up equity. The program allows such a household to get an insured reverse mortgage-a mortgage that converts equity into income. Because older persons can be vulnerable to fraudulent practices, the program requires that persons receive free reverse mortgage housing counseling from a HUD-approved reverse mortgage counseling agency before applying for a reverse mortgage. FHA insures HECM loans to protect lenders against loss if amounts withdrawn exceed equity when the property is sold. Type of Assistance: HECM can be used by homeowners who are 62 years of age and older. The total income that an owner can receive through HECM is the maximum claim amount, which is calculated with a formula including the age of the owner(s), the interest rate, and the value of the home. For example, on the basis of a loan at recent interest rates, a 65-year-old could borrow up to 26 percent of the home's value, a 75-year-old could borrow up to 39 percent, and an 85-year-old could borrow up to 56 percent. Borrowers may choose one of five payment options: (1) tenure, which gives the borrower a monthly payment from the lender for as long as the borrower lives and continues to occupy the home as a principal residence; (2) term, which gives the borrower monthly payments for a fixed period selected by the borrower; (3) line of credit, which allows the borrower to make withdrawals up to a maximum amount, at times and in amounts of the borrower's choosing; (4) modified tenure, which combines the tenure option with a line of credit; and (5) modified term, which combines the term option with a line of credit. The borrower remains the owner of the home and may sell it and move at any time, keeping the sales proceeds that exceed the mortgage balance. A borrower cannot be forced to sell the home to pay off the mortgage, even if the mortgage balance grows to exceed the value of the property. A HECM loan need not be repaid until the borrower moves, sells, or dies. When the loan must be paid, if it exceeds the value of the property, the borrower (or the heirs) will owe no more than the value of the property. FHA insurance will cover any balance due the lender. Two mortgage insurance premiums are collected to pay for HECM: an up front premium (2 percent of the home's value), which can be financed by the lender, and a monthly premium (which equals 0.5 percent per year of the mortgage balance). The lender's loan origination charge can vary, but only up to $1,800 in such charges may be financed by HECM. Borrowers may be charged appraisal and inspection fees set by HUD; these charges can also be financed. As part of the HECM program, HUD has provided for free reverse mortgage counseling (with training for the counselors) for persons considering using such an instrument, and a toll-free information line (1-888-466-3487). Eligible Grantees: Any lender authorized to make HUD-insured loans- such as banks, mortgage companies, and savings and loan associations-can participate in the HECM program. Eligible Customers: To be eligible for HECM, a homeowner must (1) be 62 years of age or older, (2) have a very low outstanding mortgage balance or own their home free and clear, and (3) have received HUD-approved reverse mortgage counseling to learn about the program. An eligible property must be a principal residence, but it can be a single-family residence, a one- to four-unit building with one unit occupied by the borrower, a manufactured home (mobile home), a unit in an FHA-approved condominium, or a unit in a planned unit development. The property must meet FHA standards, but the owner can pay for repairs using the reverse mortgage. Application: Homeowners who meet the eligibility criteria above can apply through an FHA-approved lending institution, which in turn submits the application to the local HUD Field Office for approval. Borrowers can locate FHA-approved lenders through HUD's searchable listing . Because there has been a problem of some senior citizens being charged thousands of dollars for information on HECM that is available free, HUD recently directed HECM lenders to stop doing business with companies that charge such fees. Funding Status: In FY 1996, the HECM program insured 3,604 homes with a value of $369 million. Through September 30, 1996, approximately 16,000 HECM loans had been made. Technical Guidance: TECHNICAL GUIDANCE: This program is authorized by the Housing and Community Development Act of 1987, Section 417, Public Law 100-242 (12 U.S.C. 1715z-20). Program regulations are in 24 CFR 200 and 206. This program is administered by the Office of Single-Family Housing in HUD's Office of Housing-Federal Housing Administration. For More Information: Homeowners who want to learn more about this program, or who were charged for HUD approved reverse mortgage counseling should call HUD's toll-free housing counseling information line, 1-800 569-4287 or see the searchable list of HUD approved reverse mortgage housing counseling agencies or call 1-888-466-3487. Additional information is available from two nonprofit organizations: the American Association of Retired Persons' (AARP) Home Equity Conversion Information Center (202-434-6044) and the National Center for Home Equity Conversion (NCHEC) at 7373 147th St., Room 115, Apple Valley MN 55124. Content updated April 26, 2002 Back to Top FOIA Privacy Web Policies and Important Links Home U.S. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455 Find the address of a HUD office near you

Investment Property There is

Investment Property About The One Minute Millionaire Enlightened Millionaire? About Bob Allen About Mark Hansen Investment Property There is no better time than now to own an investment property. The world is only so big and land is a finite resource. Therefore investing in real estate is something that often pays off in the long run. There are a lot of options out there and you need to be sure that you will make the right choice. In short, investment property is any property that you own but don't occupy-it is property you own purely to generate profit. This could include real estate and apartments or commercial, retail, and industrial buildings. There is financing available for those that are interested and this plays a big part in your purchase of investment property. What You Need to Know Financing . Depending on what type of investment you are going to make you will need to assess the different financing needs that you have. There are a lot of different commercial lenders available and you will be able to find one who can give you the money you need at a reasonable interest rate and give you personal attention along the way. This is an aspect that many people don't look into enough and it can make your investment property even more profitable. Time Horizon . The property you invest in depends on the length of time you intend to keep it. If you keep a property for only five years, you often won't have to invest as much into it in terms of maintenance and repairs. You do, however, risk trying to sell in a volatile market. Longer term (like 20 years) investments require greater expenses for maintenance but they pay themselves in that time. Decide up front which you prefer and make your decisions accordingly. Networking . You can find out about available properties in a variety of ways from searching through local newspapers or on websites. One of the best ways, however, is to develop a network of contacts from real estate agents to other property owners. Doing this will get you connected with what is going on and will keep you informed. Additional Real Estate Advice There are also many people out there who can give you many helpful tips and advice as you look more into investment property. Two such individuals are Robert Allen, New York Times best selling author of The Road to Wealth and Nothing Down , and Mark Victor Hansen, co-creator of the bestselling Chicken Soup for the Soul series. They have teamed up to produce The One Minute Millionaire: The Enlightened Way to Wealth , a book that teaches how you can be on the path to becoming a millionaire through creating wealth. One of the ways that is a great source to building true wealth is through investment property. Visit the One Minute Millionaire website to order a copy of The One Minute Millionaire , register for one of their motivational seminars , or to read about becoming an Enlightened Millionaire . Become An Affiliate | Contact Us | Privacy Policy

Buy House

Amazon.com: House of Sand and Fog [SOUNDTRACK]: Music Your Store Music See All 32 Product Categories Your Account | Cart | Wish List | Help | advanced search | browse styles | classical | top sellers | new & future releases | music you should hear | blowout music | used music | free downloads Search Amazon.com Popular Music - Artist Name - Album Title - Song Title Used Music Classical Music Music Downloads Web Search Join Amazon Prime and ship Two-Day for free and Overnight for $3.99. Already a member? Sign in . MUSIC INFORMATION Explore this album buying info see track listings editorial reviews customer reviews RATE THIS ALBUM I dislike it I love it! 1 2 3 4 5 Edit your ratings Sign in to turn on 1-Click ordering. A9.com users save 1.57% on Amazon. Learn how . 62 used & new from $10.89 Have one to sell? House of Sand and Fog [SOUNDTRACK] James Horner List Price: $17.98 Price: $17.98 & eligible for FREE Super Saver Shipping on orders over $25. See details . Availability: Usually ships within 24 hours 62 used & new from $10.89 See more product details Better Together Buy this album with Angels in America [Soundtrack] ~ Thomas Newman (Performer)today! Buy Together Today: $36.96 Customers who bought this title also bought: The Village (Score) [Soundtrack] ~ James Newton Howard (Composer), et al Road to Perdition [Soundtrack] ~ Thomas Newman (Performer), et al Iris (2001 film) [Soundtrack] ~ James Horner, Joshua Bell (Performer) The Horse Whisperer: Original Score [Soundtrack] ~ Thomas Newman Message In A Bottle: Original Motion Picture Score (1999 Film) [Soundtrack] ~ Gabriel Yared (Composer), et al Finding Neverland [Soundtrack] ~ Jan A.P. Kaczmarek (Composer), et al Far from Heaven (Score) [Soundtrack] ~ Elmer Bernstein (Composer) A Beautiful Mind: Original Motion Picture Score [Enhanced] [Soundtrack] ~ James Horner Explore Similar Items : 20 in Music What similar items do customers ultimately buy after viewing this item? 20% buy Searching For Bobby Fischer (1993 Film) ~ James Horner (Composer), James Horner (Conductor) 19% buy The Missing (Score) ~ James Horner (Composer), James Horner (Conductor) 17% buy Beyond Borders ~ James Horner (Composer), et al 12% buy this item(House of Sand and Fog~ James Horner (Composer) 6% buy The Last Castle ~ Jerry Goldsmith (Composer), et al 5% buy The Cell (2000 Film) ~ Howard Shore 3% buy The Game ~ Howard Shore Explore Similar Items : 9 in Music Product Details Essential recordings: James Horner Audio CD (December 9, 2003) Number of Discs: 1 Label: Varese Records Format: Soundtrack ASIN: B0000YEF20 Average Customer Review: Based on 5 reviews. Write a review . Amazon.com Sales Rank: Today: #15,390 in Music Yesterday: #103,294 in Music Customers interested in James Horner (Composer) may also be interested in Sponsored Links ( What's this? ) Feedback James Horner Sheet Music Titanic, Legends of the Fall and more. 387,000 titles. Fast. Go now! www.SheetMusicPlus.com Track Listings 1. An Older Life 2. The Waves of the Caspian Sea 3. Old Photos, New Memories 4. This Is No Longer Your House 5. Two People 6. Kathy's Night 7. Parallel Lives, Parallel Loves 8. Behrani's Thoughts - Long Ago 9. Break-In 10. The Dreams of Kings 11. The Shooting, A Payment for Our Sins 12. We Have Travelled So Far, It Is Time to Return to Our Path 13. A Return to the Caspian, And to the Iran of Old Editorial Reviews Amazon.com A California real estate dispute may hardly seem the foundation for riveting drama, but in director Vadim Perelman's adaptation of Andre Dubus II's novel it becomes an unflinching, yet crucially non-judgmental study of disparate characters caught up in a spiraling conflict where home is considerably more than a place to live. Composer James Horner takes the medium-budget project as an opportunity to break with much of the melodic expectations of his Hollywood fare, coloring the film's more personally-scaled drama with an introspective score that turns on masterful musical evocations of mood and emotion. Horner begins with a deft electronic/orchestral synthesis ("An Older Life") that both recalls some of T-Dream's more evocative cinematic moments and subtly sets up the score's melancholy emotional tone. From there he relies heavily on autumnal, string writing (reminiscent of Copland and Barber) and spare piano flourishes, seasoned with inventive rhythmic touches, to carry its moody tone forward. While it may draw on some of the same minimalist and post-modern influences as A Beautiful Mind , it has a wholly different emotional cast; a dark, but deeply rewarding musical journey. --Jerry McCulley Spotlight Reviews (What's this?) Write an online review and share your thoughts with other customers. 10 of 10 people found the following review helpful: Great return to form for Horner , January 8, 2004 Reviewer: James Luckard (Los Angeles, CA)- See all my reviews I agree with the previous reviewer. I used to be a huge Horner fan and picked up most of his new albums until about five years ago, when I felt he lost his magic. Most of his recent scores have sounded like they were on autopilot, and I still remember my horror at seeing Enemy at the Gates and hearing his main theme, also known as the main theme from Schindler's List. Now, I know, there are a thousand arguments about why film music is not always meant to sound totally original, and that Williams may have even borrowed some of his Schindler's melodies from elsewhere. It's all a matter of personal taste and I just haven't been moved by a Horner score for a while. When I saw this beautifully crafted film, however, I was struck by the simplicity and emotional depth of Horner's work. It reminds me a great deal of his beautiful score for Deep Impact. I was also glad to not hear tunes he'd used previously elsewhere. Although this doesn't have any of the driving, epic, thematic music Horner became a star for, like Titanic, it's a hauntingly beautiful work and is certainly worth picking up, especially for the wrenching final half-hour of the film, which is almost entirely scored. Was this review helpful to you? ( Report this ) 16 of 16 people found the following review helpful: James Horner's best work in a long time. , February 15, 2004 Reviewer: Richard Stoehr "Differed From" (Bremerton, WA USA)- See all my reviews Even a diehard James Horner fan (like me) has to admit that, for the past few years, Horner has been skating by. With the scores for "Enemy at the Gates", "Radio", and "A Beautiful Mind", among others, Horner borrows heavily from himself and regurgitates old themes and progressions. Even the score for which he's perhaps best-known -- the Oscar-winning "Titanic" -- is heavily derivative of his own previous work. Finally, with "House of Sand and Fog," Horner has given us something to treasure again: an original, moving score for a great film. Listening to this music, I am reminded why I started following Horner's work so long ago. His subtle touch and avoidance of a "catchy" theme is evident in every track. Among my favorite pieces are "Two People," "The Dreams of Kings," and "Old Photos, New Memories"... but really, every song is a good one, and the album as a whole can be numbered as one of Horner's true masterpieces. What I admired most about it was that Horner was able to abandon the style he has adopted for most of his recent work and just let the spirit of the film take over. Good film music is all about making music which evokes the right emotion for the film it accompanies, and the music for "House of Sand and Fog" does that perfectly, not only going along with but enhancing the feeling of each scene. The fact that the music is a joy to listen to on its own just makes it that much better. Listening to James Horner's score for "House of Sand and Fog" reminds me of when I first listened to "Glory" and "Field of Dreams" and "Sneakers"... not because these scores are similar, but because they are all unique. They all bear the mark of James Horner, but it is Horner at his original and emotional best, and James Horner at the top of his game makes for some wonderful music. Was this review helpful to you? ( Report this ) All Customer Reviews Average Customer Review: Write an online review and share your thoughts with other customers. 5 of 5 people found the following review helpful: Serves the Movie Well , July 16, 2004 Reviewer: Robert Stribley (The Deep South, United States)- See all my reviews I agree with many here who say that much of James Horner's music has sounded the same of late, but that this soundtrack is exceptional. Quiet, elegant, melancholy, moving: not words you'd use to describe a movie soundtrack, especially a wide-release flick like this, these days. I even agree that some of the pieces remind me of Gorecki. "The Waves of the Caspian Sea," for example, sounds remarkably like the Polish composer (one of my favorites, too), to the point that I almost expect to see his name in the credits. Overall, truly haunting and beautiful. Was this review helpful to you? ( Report this ) 6 of 6 people found the following review helpful: One of the best of 2003 , March 26, 2004 Reviewer: A music fan James Horner has never been my favorite composer. I think he borrows heavily from himself without ever stating anything new. This isn't always a problem if the composer takes his "internal themes" and transfers in an invigorating way to new material. But for me, Horner doesn't do that. With this score for THOSF, Horner really hits one home. I actually had to look at the cd just to make sure it really said "music composed by James Horner", this is so beautiful and different for him. As others have said, all of the tracks really are beautiful. This isn't the type of score you put on as background music nor something you listen to to Not think. This score is emotive and heavily melancholic. It reminds me of Gorecki's Symphony No.2, and if you know that piece of music, you know there's no a higher compliment I can pay this score. (BTW, if you're interested in a composer doing new and exciting things check out Danny Elfman's score for The Hulk, his score that should've been nominated over his mediocre one for Big Fish.) Was this review helpful to you? ( Report this ) 11 of 11 people found the following review helpful: OSCAR CONSTENDER!!!! , December 10, 2003 Reviewer: A music fan (somewheres) This soundtrack is deep in emotion, but extremely subtle and "underplayed"- a beautiful and very relaxing work. Listen to it in the dark! It is come of the most calming music! And for all you Horner fans out there - he does not borrow any real theme or even transitions (until the 15 minute track - "the Shooting, and Payment for our sins" where there is actually one statement from the missing score). Other than that his style is pretty much the same even though a lot less melodic and more like Lisa Gerrard's WHALERIDER, or DRAGONFLY by Debney. The instruments used are piano (there is wonderful piano solo in "TWO PEOPLE", string orchestra with synths and a tiny bit of oboe and flute. Also a neat touch for the tension motif is the plucking of strings along w/ timpani! If you like darker, ambient and personal scores get this today!!!! Was this review helpful to you? ( Report this ) See all 5 customer reviews... 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