205 000 mortgage payment

Reverse mortgages are a way for older homeowners to stop making mortgage payments while holding onto their house as a permanent residence. For a typical couple seeing pretty good equity now, that frees up a lot of cash every month—dollars that with a little planning can go towards a nice resort property for when the family wants to get out of Dodge. Larry and Carol Armstrong have done that, with the help of financial planner Dennis Channer: They took out a reverse mortgage on their primary residence in Denver’s Montclair neighborhood, then set aside the outlay saved on those payments to purchase a historic cabin beside a lake in the Sawatch Range that dates from the 1880s silver boom. They re-imagined and completely remodeled it—kitchen, full master suite, new baths, attractive entertaining areas, nice laundry, and storage. “It’s proved timely,” says Armstrong. “Our extended family of siblings, nieces, nephews, and their children are fishing, hiking, and skiing up there, using this … [Read more...] about Dream big: Reverse mortgage on their Denver house lets couple build a mountain getaway for their family

SINGAPORE: The COVID-19 pandemic may have hit the economy, battered some industries and disrupted livelihoods, but Singapore has an economic strategy to emerge stronger, Deputy Prime Minister Heng Swee Keat said in Parliament on Friday (Feb 26). He noted that the Government committed close to S$100 million last year to fight the crisis, adding that this year's Budget - with the theme Emerging Stronger Together - will further help Singaporeans. “The impulses from last year’s measures continue to flow through the economy to complement Budget 2021. The combined effects of the two years’ Budgets imply a material support to GDP in 2021,” said Mr Heng in his wrap-up speech on the third and final day of the Budget debate. READ: Singapore should strive to remain fiscally prudent amid highly uncertain global outlook: DPM Heng Citing examples of how measures have helped businesses and workers, Mr Heng said the SGUnited Jobs and Skills Package has helped to cushion the labour market … [Read more...] about Singapore can seize opportunities to emerge stronger amid pandemic, says DPM Heng after Budget debate

SINGAPORE: Financial assistance for the unemployed and low-income workers are set to increase as the COVID-19 outbreak unnerves businesses and employees across Singapore. “The best way to safeguard the well-being of our people is by supporting them to stay employed,” said Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament on Thursday (Mar 26). “As the impact of COVID-19 on our economy deepens, some workers will lose their jobs or see their incomes significantly reduced. We will help them.” UNEMPLOYMENT BENEFITS Between May and September this year, low- and middle-income workers who become unemployed can receive a grant of S$800 a month over three months as they look for a new job or undergo training under the COVID-19 Support Grant. Those who are eligible must not have a per capita household income of S$3,100 a month or live in a property with an annual value of S$21,000 or more, among other criteria. Beneficiaries can apply at their nearest social … [Read more...] about COVID-19 Budget: Unemployment benefits increase; higher cash payouts for adult Singaporeans

SINGAPORE: Individuals will soon be able to apply to defer repayments for loans on industrial and commercial property, student, renovation and motor vehicles. This comes after a second relief package was rolled out by the Monetary Authority of Singapore (MAS) and the local financial sector on Thursday (Apr 30) to support those facing financial stress during the COVID-19 pandemic. The first was announced about a month ago, allowing cash-strapped individuals to defer repayments for home loans and insurance premiums until the end of the year, among others. It also included support for small and medium-sized enterprises (SMEs). The newly announced package will extend the scope of relief for individuals to other types of loan commitments and allow them to have continued access to affordable basic banking services, MAS said in its press release. “As the economic outlook remains challenging and there continues to be significant uncertainty over the depth and duration of this … [Read more...] about Individuals can defer student, car loan repayments in second COVID-19 relief package from MAS

REUTERS: Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to award them big fees. The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest in memory, according to some insurance agents and residents. One danger, they say, is that the new rates could make owning a home in Florida unaffordable. "I was flabbergasted," said Karlos Horn, a 35-year-old law student who owns a four-bedroom, single-family home in Hendry County, Florida. He said his premium doubled to US$200 per month last August. That is equivalent to half of his US$400 mortgage payment and the largest increase in his five years as an owner. Florida's property insurance market, which collected US$56.6 billion in premiums during 2019, is unique and covers complex risks including devastating … [Read more...] about Florida consumers ‘flabbergasted’ as property insurers push for double-digit rate hikes