Mortgage vs Reverse Mortgage

Have you decided to buy a home of your own? If your answer is yes, you must be well aware of the fact that it involves a lot of money. You are taking a mortgage loan for which you have to make monthly instalments. Are you prepared for the expense? While planning to purchase a house or an apartment it is very important to find out ways and means to curtail prices.

Traditional mortgage or Reverse mortgage: which one to choose?

Whilst applying for a mortgage, you have the options to seek for either the conventional mortgage loan for home or opt for the reverse mortgage. Do you have any idea about the latter? Well, before going into any comparison between mortgage versus reverse mortgage, you need to know about the two mortgage types.

What do you know about the traditional mortgage?

A conventional mortgage is applied when you purchase a home and refinance it. Basically, you will borrow money from banks or financial institutes in order to make the purchase. In exchange of the money you borrow, you promise the lender to pay back the money you have borrowed along with the interest added within a stipulated time period.

You seek to finance for the home that you already own

A reverse mortgage involves the borrowing of cash to purchase the home that you already possess. This type of mortgage has become very popular among loan seekers. More and more people are even opting for it. The reason is that the cash that you have currently can be utilized for other expenses and you repay the loan when you die or want to sell the home.

There are no monthly installments for reverse mortgages

When you have a traditional mortgage loan for your home, you are required to pay monthly installments. On the other hand, reverse mortgages don’t demand to pay any monthly mortgage EMIs. Over the years, the loan balance will increase with the adding up of the interest and there will be a decrease if the home equity.

Higher down payments are applied to the reverse mortgage

There are several individuals who purchase a new home and make use of the reverse mortgage. When compared to the traditional mortgage, you have to pay the higher down payment for the reverse mortgage. The best part about the reverse mortgage is that there is no hassle with the mortgage payments every month. In case, you have any queries, you can get in touch with Harlands London estate agent and seek home mortgage.

Factors influencing the mortgage loans

Basically, the reverse mortgage is designed for the senior citizens or the elderly people. They usually want to get access to their home equity and the reverse mortgage allows them to do so. There are certain factors involved while seeking for a reverse mortgage. Some of them include:

  • Your age (you must be 62 years or older)
  • You must pay off all your past mortgages.
  • Your financial requirements and needs.
  • The financial goal that you aim for.
  • The duration of stay in the home.

Do you have plans to buy a home, if you have, then you will require a mortgage, right? Apart from the traditional mortgage loan, you can opt for the reverse mortgage as well. Here you will get the best comparison between both types of mortgages.


How to Choose the Best Polycarbonate for a Roof

Nowadays, a lot of people use polycarbonate for roofing because it is a high performance material that works just perfect in this role. And due to the fact that the sheets of polycarbonate are being designed for various markets, more and more people are using it. This means that there are also a lot of glazing systems around now. Basically, everything seems to point out to the fact that this is probably the best material for roofing; this statement is further supported by the fact that the polycarbonate is 200 times stronger than glass, and yet a lot lighter than it. It is also shatter-proof, offers UV protection and is able to transmit as much as 90% of the available light! And finally, perhaps the best reason why polycarbonate is great for roofing is the fact that it can be fit rather easily and looks a lot better at the top of your home than anything else.

So, how does it work? Well, it will amaze you to know that the sheets of polycarbonate don’t need to be screwed in; they actually clip in to the glazing system. This system is usually made up of aluminium or PVC bars; the bottom part of these bars needs to be screwed in to your roof joints, while the upper one is “clickable”.

So, just cut the sheets to size and lay them down in order to “click” them into place, and you never have to worry about them again. Make sure you measure everything several times in order to be sure that you’re going to cut the sheets properly. You can either cut the acrylic sheeting yourself, or buy them already cut to size; the latter option is better for those who aren’t that handy with cutting tools. Also, what’s amazing about polycarbonate sheets is the fact that you can also get them not only in the size you want, but also in the shape you want! That way, you’ll know that you’ve “got everything covered” if you’ve got a complicated roof structure or design.

If you’re interested in installing a canopy, you’ll find that there is no better material for this than polycarbonate, and especially the polycarbonate sheets. In fact, there are polycarbonate sheets of different thickness which are being used for different purposes. Four millimetre thick polycarbonate is perfect for greenhouses, sheds and cold frames; the 10 mm polycarbonate is great for pergolas, carports and sheds; and the 25-35 mm thick polycarbonate is just ideal for conservatory roofs.

It should be mentioned that the polycarbonate sheet ought to be protected and covered with a film. This film should be left on the sheet at least until it gets fitted up there on the roof. Also, it is worth noting that the moisture ought to be kept away from the flutes of your polycarbonate; this means that the polycarbonate sheets need to be kept somewhere dry, and never outside, and especially not on the wet grass.