In a regular mortgage, you pay the lender over a period to eventually own the home. In a reverse mortgage, the lender pays you as an advance towards the equity of your home. The amount is tax-free and you do not have to repay it as long as you live in the home. Here are the basic reverse mortgage eligibility criteria: Age To qualify for this type of mortgage, you need to be 62 years or older. Under the new regulations that relax norms for a non-borrowing spouse, you may still qualify for the loan even if your spouse is less than 62 years old. Balance home equity Another major requirement to qualify for a reverse mortgage is that you should have a significant equity balance in the home. You must have at least 50% home equity while applying for the loan. Self-occupied The third reverse mortgage eligibility criterion is that the home should be self-occupied. Moreover, it should be your primary residence. Investment properties are not eligible for reverse mortgage loans. Counseling When you apply for a reverse mortgage loan, you need to undergo a counseling session from a Department of Housing and Urban Development (HUD) approved agency. During the session, you will be given all information related to such loans and will also help you understand if a reverse mortgage is appropriate to your requirements or not.

A home insurance policy or homeowners insurance pays for any loss or damage to property or personal possessions. Some policies even cover personal injuries and liabilities that arise out of unforeseen circumstances. Having a home insurance policy is beneficial as it helps you pay for repairs, a replacement that may stretch your finances. Here we shall explore the best ways to obtain maximum coverage and explore tips that help you choose the best policy at the cheapest rates. Coverage options Your home insurance policy must cover any loss or theft, destruction or damage, and even personal liability associated with all possessions. And this coverage is divided into policies that provide actual cash value, replacement cost, or guaranteed replacement cost. Actual cash value pays the exact value of how much an item or possession is worth today (after depreciation) Replacement cost provides cover to restore the original value of your home or possession included in the policy. There is no depreciation or deduction considered. A guaranteed replacement cost covers expenses that may even exceed the insurance policy value. A typical ceiling limit of 20% to 25% is reserved for such policies over the insured value. Choosing a primary home insurance policy will be possible only after you decide the extent of coverage necessary.

Precious metals have long been a popular investment choice. Metals like gold and silver retain their value even when the stock market plunges. So if you’re looking to add these metals to your investment portfolio, now is a good time. However, as a beginner investor, you’ll likely be overwhelmed by the numerous buying options available today. Read this brief article to find out how and from where you can buy gold and silver easily. Types of physical bullion Before getting your hands on precious metals, it’s vital to know that they come in different shapes, sizes, and styles. The most common forms of physical bullion include coins, rounds, and bars. Coins are considered the most valuable as they are both manufactured and backed by the government. Although rounds look like coins, they are minted by private minting companies, and their value is entirely based on precious metal content. Bars, on the other hand, are rectangular ingots produced by private mints. The best places to buy gold and silver A local coin shop and an online dealer are the two most common places to buy gold and silver coins, rounds, or bars. The most significant advantage of getting precious metals from a local dealer is that you can physically see the product and purchase it right away.

The US Department of Veteran Affairs (VA) offers a valuable option of an Interest Rate Reduction Refinance Loan (IRRRL) for veterans and related members. This enables individuals who already have VA loans to reduce their debts and avail a lower rate of interest. It shortens the loan term and helps transform an adjustable-rate mortgage (ARM) into a fixed-rate mortgage (FRM). The main advantage of an IRRRL is that borrowers do not need a new Certificate of Eligibility or a minimum income. Those who have VA loans are nearly qualified for refinancing. Read on to know top lenders offering the lowest VA IRRRL rates currently: Veterans United Home Loans This lender was honored for closing the highest number of VA loans right from 2016 to 2020. Their no-down-payment programs and the one designed for first-time homebuyers receive the most credit for being the best in terms of customer service. Presently, the company offers six 30-year VA programs, including a Streamline IRRRL, a VA Cash-Out, and Jumbo loans with low VA IRRRL rates ranging from 2.750% for a 30-Year Fixed and 2.990% for the 30-Year VA Cash-Out Jumbo program. The rates may vary depending on the borrower’s credit score and market conditions.

A VA loan is a benefit provided to veterans, military personnel, and their spouses, wherein they can become homeowners. They are exempted from paying the down payment or any mortgage insurance. Private banks and mortgage companies provide these loans. A large number of options makes it challenging to select the right provider. Therefore, we have put together a list of the five best VA loan lenders of 2021. Here are some of the best VA loan lenders: Guaranteed Rate Guaranteed Rate operates in all 50 states with over 300 branches nationwide. One can apply online and even undergo paperless document verification and approval. However, the pre-approval process is slower when compared to other providers. The company has a minimum credit score requirement of 600. Guaranteed Rate offers a variety of solutions, such as jumbo mortgages, FHA, and VA loans. However, it does not provide equity loans. Flagstar Bank Flagstar Bank offers various home loan lending solutions to help buy, build, or refinance veterans’ homes. The company operates in all 50 states online and is available in 70+ branches across 29 states. It takes less than three days to pre-approve loans, and its closing time is approximately 30 days. Flagstar Bank offers low mortgage rates and has a lower-than-average credit score requirement.

Refinancing involves replacing an existing loan by paying it off with a fresh one. Such an act usually costs somewhere between 3% and 6% of the loan’s principal amount, along with application fees, title search, and an appraisal. Since refinancing is a big decision to make, understanding whether this move could actually save you money is essential. So, the following reasons will help you know whether youn should consider mortgage refinancing. Lower interest rates Keep an eye out for lowering mortgage refinance interest rates in the market, and just when the rates drop, you can consider refinancing to pay significantly less in monthly payments. Today, the norm is that if mortgage refinance can give you even 1%-2% in lowered interest rates, it is a viable idea for a homeowner. Shortening the loan term As you refinance due to the change in mortgage refinance interest rates, you can even choose to reduce the loan term. Instead of paying a mortgage for 30 years, you can even half that time if the change in interest rate is significant. Keep your calculator handy and get a deal that will get you out of mortgage payments sooner. Adjustable-rate mortgage (ARM) In case of a forthcoming significant rise in interest rates, mortgage refinancing is a good move as you can choose to opt out of ARM and turn to a fixed-rate mortgage.

Stiff competition urges every business to push themselves out of their comfort zones to make customers happy and ease complexities for employees and customers. Technological evolution is constant in every field, and digitalization has helped make things convenient for all. While we’re aware of the convenience and time-saving opportunities that are brought about by digitalization, this article discusses its perks in the financial services field. Saving time is the most significant factor in financial services after digitalization came about. No longer do people have to wait in long lines to withdraw or deposit cash. An ATM or banking apps come to the rescue. Moreover, transferring money online eliminates the procedures that would otherwise take days to reflect the result and saves a lot of paperwork. It definitely is more environment-friendly, reducing the consumption and wastage of paper. Another significant benefit of digital transformation in financial services is the convenience of the employees and customers. One transaction in the digital era takes no more than five minutes. In the pre-digital era, people would have to wait for days to get through an emergency transaction. Moreover, now there are a plethora of options. There were already so many benefits of digitalization in the banking sector, but the pandemic recognized another noteworthy feature.

Renting a car may seem like a simple activity, something you can do online in a matter of minutes. But apart from renter’s insurance, the cost of the rental, and other fees chargeable, there are a number of points to consider so you can get the best deal, from location to size of the vehicle and budget tips; here are a few tips to get you started. Book in advance Book your travel arrangements well in advance, especially if you are planning a road trip. This way, you can switch vehicles in the cities planned along the route to save money and rent a different car each time. The location also matters as research suggests that car rentals in the suburbs are slightly cheaper than in a franchise that is smack dab in the center of the city. Also, avoid renting one straight out of the airport, as taxes and hidden charges will be levied on such rentals. Take the weather into account There is not much you can do when it pours or snows out of nowhere. But taking the weather into account can help you rent a suitable vehicle for those driving conditions. For example, four-wheel-drive cars work well in heavy snow conditions or places where traction is compromised.