Posts Tagged ‘Products Supplies’

Difference Between Mortgage Loan And Reverse Mortgage Loan

September 23rd, 2022

Mortgage means to place collateral. Therefore,Guest Posting mortgage loan in home loan industry is the loan taken against the property pledged as collateral. The mortgage loan is beneficial in comparison to other instant loans such as personal loan and business loan because of its rate of interest, processing fees, foreclosure charges & closure conditions, etc. Also referred to as Loan Against Property, a mortgage loan is taken to meet the personal fund requirements such as children education, child marriage, medical treatment, business expansion, etc. The mortgage loan by lender Bank/NBFC/HFC is provided only to those borrowers who has a regular flow of legal income and is within the maximum retirement age 60 years. As a result, the senior citizens were excluded from taking the mortgage loan. Hence with the view of extending the benefits of mortgage loan to the elderly the Union Government of India introduced the concept of Reverse Mortgage allowing them to borrow the funds through property mortgage, to meet their financials requirements of day-to-day expenses and increasing cost of medical treatments.

Difference between Mortgage Loan & Reverse Mortgage Loan

Sr. No.

Mortgage Loan

Reverse Mortgage Loan

1

Meaning

A mortgage is a type of secured loan as it is secured against the collateral provided. The collateral means pledging of property to obtain the loan.

Loan for senior citizen above 60 years to avail regular/periodical payments from Banks/ NBFC against the mortgage of their house while still retaining the ownership of the house and occupying the same.

2

Who Can Apply

Salaried and self employed individuals.

Retired, senior citizens above 60 years.

3

Purpose

Can be used for children education, child marriage, business expansion.

Can be used only meeting the livelihood expenses and medical expenses.

Find a Consolidation-Of-Debt Loan – Personal Unsecured Loans With Bad Credit – 5 Steps

March 15th, 2022

When you have too much debt, it almost feels like you are carrying around 30 or 40 extra pounds on your body. The extra financial weight is always there lurking, even when you are not trying to take out a loan or apply for a low-interest rate credit card. However, when you do need to borrow money or qualify for credit, suddenly the weight of your situation becomes all-too-clear.

There are many types of debt, including mortgage debt, auto loans, student loans, department store cards and of course credit card debt. In terms of their effect on your FICO (credit) score, credit card debt is by far the worst in the eyes of creditors.

It is not at all uncommon these days for people to have $10,000, $20,000, $30,000 or more in credit card debt. Much of this is high-interest debt, which makes it particularly hard to pay down. Making only the monthly minimum payments is not enough – doing only that would mean most people would never get out of debt during their lifetimes. The more you try to pay it down, the more the debt seems to add up.

One way out is a consolidation-of-debt loan. This type of loan works by your taking out a single, low-interest loan that you use to pay down the credit card debt. The challenge is that, if you have a bad credit score, it can be hard to take out a personal unsecured loan.

If you need a consolidation-of-debt loan, personal unsecured loans may be the way to go. Here are 5 steps to getting funded:

1. Get a clear picture of your financial standing:

If you really want to get out of debt once and for all, you will need to take clear stock of your financial standing. This means really facing the facts about how much debt you have and at what interest rate. Rather than just throwing more money at your debt with a new loan, you will want to take a calculated approach to getting yourself out of debt.

2. Know the landscape of your credit report:

Next, before you start applying for loans, be sure to run your credit report with at least 2-3 of the top credit bureaus. Note the reasons for your bad credit score. And, be sure to report any errors on your report so that you can get them removed.

3. Put together a plan for repayment of your personal unsecured loan:

Next, you will want to put together a plan. Once you take out this new loan, how will you repay it? After all, the goal is to get yourself out of debt, not stay in it forever.

4. Build a lender list:

Now, it is time to find your lender. Make sure to do searches for “bad debt personal unsecured loan lender.” You will want a list of at least 4 or 5 lenders before you begin applying to any of them.

5. Apply using strong negotiation tactics:

There are two ways to apply for a personal loan: passively or proactively. Don’t just be passive, filling out the application and doing the minimum to get approved. Instead, be proactive. Be ready to address any concerns the lender may have about your credit report. Be prepared to show the lender that you are credit-worthy; show your employment history, residential history, and any other factors that can help your case.