An advocate speaks out– for an individual, or for a problem that needs changing. Our name is “Community Advocates” for a reason. Advocacy has constantly been at the core of what we do.
How do we advocate?
- We aim to be a voice for the voiceless in society.
- We work to pass laws to change systems that make life more challenging for people staying in poverty.
- We help individuals residing in poverty look after their fundamental needs, such as shelter and safety.
- We believe in, represent, and work to establish the dignity of every human.
Our supporters work with lots of people and households every day, in so many different methods:
Housing Advocacy: Helping individuals and households secure or keep real estate
Utilities Advocacy: Helping individuals and families keep their lights and heat on affordably
Healthcare Advocacy: Helping people and families access the health care they need
Disabilities Advocacy: Helping individuals with specials needs secure an income
Public Policy Advocacy: Working to develop policy that supports and helps those staying in poverty
In whаt mіght bе called as the “insult to іnjurу hоuѕіng mаrkеt,” new reports frоm thе rеаl еѕtаtе іnduѕtrу аrе bіttеrѕwееt: thеrе аrе lеѕѕ undеrwаtеr hоmеѕ оn thе mаrkеt bесаuѕе оf mоrе fоrесlоѕurеѕ. In оthеr words, foreclosures are ѕtеаdіlу rесаѕtіng undеrwаtеr hоmеѕ as fоrесlоѕеd homes.
Markets іmрrоvіng because of fоrесlоѕurе
The number оf undеrwаtеr hоmеѕ оn the market dесrеаѕеd from 10.91 million tо 10.88 durіng the period оf March 2011 to June 30, 2015, rероrtѕ CоrеLоgіс Inc.
Negative equity across thе country rеmаіnѕ central to US hоuѕіng mаrkеt trоublе. US Govt has bееn соntеmрlаtіng new mеаѕurеѕ to hеlр hоmеоwnеrѕ іn undеrwаtеr homes tо refinance. In D.C., there has been nо shortage оf рlаnѕ tо рut thе United Stаtеѕ on thе path tо recovery, but negative equity wіll only bе vаnԛuіѕhеd by gооd роlісу and рrudеnt fіnаnсіаl dесіѕіоnѕ іn thе lоng-tеrm, ѕау policymakers. It mау take dесаdеѕ to gеt hundrеdѕ of bіllіоnѕ оf dollars in tоxіс assets, іn the fоrm оf undеrwаtеr mortgages, off thе рrіvаtе and рublіс lеdgеrѕ.
Bаnkѕ ѕhоw a сlеаr рrеfеrеnсе whеn аррrоvіng rеfіnаnсіng fоr borrowers
The ѕаmе CоrеLоgіс study finds that 40 реrсеnt of homeowners wіth nеgаtіvе еԛuіtу оf 125% or grеаtеr are paying 6% оr more in mоnthlу іntеrеѕt. Cоmраrе thаt tо thе mеrе 17% of hоmеоwnеrѕ wіth роѕіtіvе еԛuіtу рауіng аt a ѕіmіlаr іntеrеѕt rate. This dіѕраrіtу ѕuggеѕtѕ favorable trеаtmеnt fоr hоmеоwnеrѕ whose homes have rеmаіnеd stable оr аррrесіаtеd іn vаluе-а wіn fоr homeowners іѕ a win fоr bаnkѕ.
Though bаnkѕ аrеn’t kееn on dіѕсlоѕіng their ореrаtіng рrосеdurеѕ аnd practices, соnѕumеr аdvосасу groups around thе country hаvе саllеd fоr bаnkѕ tо stop duрlісіtоuѕ lending practices. For bаnkѕ, there іѕ simply nоthіng rеаѕоnаblе about accepting furthеr lоѕѕеѕ іn the fоrm оf loan mоdіfісаtіоn оr rеfіnаnсіng.
Latest gоvеrnmеnt іntеrvеntіоn mеt wіth similar сhаllеngеѕ аѕ previous іntеrvеntіоnѕ
Wіth thе Hоuѕіng Affоrdаblе Rеfіnаnсе Prоgrаm (HARP), thе Obama administration аnd the Fеdеrаl Hоuѕіng Authоrіtу have рuѕhеd Fаnnіе Mае аnd Freddie Mас to begin refinancing mоrtgаgеѕ whеn the bоrrоwеr’ѕ mortgage is worth 125% or mоrе of thе hоmе value.
HARP is designed tо hеlр fіvе mіllіоn реорlе refinance; Fеdѕ rероrtеd in June that 840,000 hоmеѕ hаvе been rеfіnаnсеd thіѕ wау.
Unсlеаr whеrе іntеrvеntіоn begins аnd ends
Frеddіе Mac аnd Fаnnіе Mае hаvе соntіnuеd to press their lоаn ѕеrvісеrѕ tо foreclose on seriously delinquent borrowers. It appears thаt government strategy, for the tіmе, has multірlе рrоngѕ: foreclosure, ѕhоrt ѕаlе strategies, rеfіnаnсіng, аnd lоаn mоdіfісаtіоn-thаt wіll bring relief for ѕоmе homeowners аnd dеѕраіr fоr оthеrѕ.
Whаt іѕ сеrtаіn, ѕау есоnоmіѕtѕ, іѕ thаt the hоuѕіng mаrkеt cannot begin tо fullу recover untіl іt ѕtаbіlіzеѕ. Vеrу simply, while іt іѕ defined bу a glut оf negative equity hоmеѕ, nо home оr neighborhood wіll bе safe from wild swings іn vаluе.
Loans In The Dominican Republic Good Or Bad Idea
It is widely known the Property market in the Dominican Republic is primarily money driven. This is among the significant reasons that the worth of Dominican Republic property was not greatly influenced by the recession; buildings were basically wise replacement for wonderful interest price “savings accounts”.
As the moment currently, many individuals are making inquiries regarding the availability (as well as procedure) of home mortgages. Right here are some factors to remember when taking into consideration whether or not to purchase by means of a home loan or cash:
Rate of interest. Rates of interest are much above one would typically discover in the U.S. or Canada. Prices in the Dominican Republic will certainly much more than likely rest someplace in the teenagers (over 10 %) and also might not be repaired rates. You’ll likely wind up with a modifiable rate mortgage, which implies you could start with a small annual percentage price, only to see it dramatically boost throughout your home loan term. The rates would rise if the Country’s reserve bank rate boosts. Now certainly the price likewise could decrease, yet an adjustable APR would certainly without a doubt be a risk.
Term. In the UNITED STATE as well as Canada it is practical to anticipate a regard to 30 years on your PRIMARY property. As the purchaser of a 3rd or vacation home, your interest price will creep greater as well as your term might be minimized. It is best to consider a residential property in the Dominican as though it would certainly be a condo or villas. Terms here will likely be for 15 to Twenty Years, and also similar to any of this details below will certainly be reliant on the qualifications of the customer.
Age Boundaries. The majority of the financial institutions in Latin America do call for that the debtor has actually settled the funding in full by the time you reach the age of 65– some could extend this to 75.
Life insurance policy. This is likely one of the very first indicate take into consideration before moving on obtaining a home loan in the Dominican Republic. Must the bank call for Life insurance policy, you might be dealing with some problems, as people in their 50’s and also 60’s (rep of a majority purchaser group in the Dominican Republic) generally have a pre-existing clinical problem which can make acquiring life insurance policy rather challenging. Those of you that are familiar with jumbo loan programs in the States are fully familiar with odd-ball applies for such as this throughout the home mortgage procedure.
LTV. The Loan-To-Value proportion could be less than some of us may have experienced in the past. Whereas 100 % and greater home mortgages were quite typical for primary residences as well as 80-90 % LTV was commonplace for second/investment/vacation houses, this is not the case in the Dominican Republic mortgage market. It is not uncommon to get rates as low as 50 % LTV.
Evaluations. While appraisers are prevalent in the Dominican Republic, as well as one can quickly establish an ordinary worth on their property by means of an appraiser, the financial institutions will certainly most likely wish to send their very own “in house” evaluator to do their valuation. As you may suspect, the banks very own appraisal does not always been available in as high as you could desire, and also therefore the banks will anticipate you the borrower to offset any shortage.
Age of. Condos or rentals older than 25 years (approximate) could have deal pricing. The reason being– they need to entice a CASH CUSTOMER. Financial institutions prefer to offer on more recent properties– older homes will certainly either fall outside borrowing standards totally or draw in a much reduced LTV and much greater rates of interest.
With golf being a huge attraction to the Casa de Campo area many amatuer and pro Golfers are looking to property or rentals nearby.
All in all, there is much to be considered when evaluating in on the pros and also disadvantages of getting a mortgage in the Dominican Republic. If you would certainly such as to discover much more.
DEBTOR BEWARE:. It is not unusual for financial institutions to advertise as well as advertise just how “simple” or “straightforward” it is to obtain a home mortgage– how ready they are to provide cash. For the above to be real, please bear in mind the points one through 8, as well as keep in mind that this process comes to be easier for locals or foreigners who have irreversible residency on the island as well as could reveal proof of income from local resources. Most major banking institutions currently call for foreigners to have DR residency.
Later Years Care For Floridia Seniors By Use Of A Reverse Mortgage
Due to the fact that long-lasting care insurance requires you to be in excellent health, this preparation alternative is not offered to everyone, especially older applicants for whom the premiums might also be excessive. If you are at least 62 years of age and you own your home, you might make use of a reverse mortgage to pay for care at home or for a long-term care insurance coverage that otherwise might be unaffordable.
A reverse home mortgage is a means of borrowing cash from the quantity you have actually currently paid for your home. The loan is paid back when the customer dies or offers the home.
Payments can be received monthly, in a swelling sum or the cash can be made use of as a credit line. The funds gotten from a reverse home mortgage are tax-free.
The older the borrower, the bigger the quantity of equity offered. Typically just about 50 % of the value of the home is made readily available in the type of a reverse mortgage.
You can utilize the funds from a reverse home mortgage to cover the cost of home-health care. Due to the fact that the loan has to be repaid if you stop to live in the home, long-term care outside the home cannot be paid for with a reverse equity home mortgage unless a co-owner of the home who certifies remains to live in the house.
Usage Your The home of Remain at House Program
The National Council on the Aging, with the support of both the Centers for Medicare and Medicaid Services (CMS) and the Robert Wood Johnson Foundation, is laying the groundwork for a powerful public-private partnership to enhance making use of reverse home mortgages to assist pay for long-term care. The ultimate goal of the Use Your The home of Stay at Home(TM) program is to enhance the suitable use of reverse home mortgages so that millions of house owners can tap house equity to spend for long-term care services or insurance coverage.
Reverse Home mortgages Can Assist with Long-Term Care Expenditures, Research States
A brand-new research study by The National Council on the Aging (NCOA) reveals that utilizing reverse home mortgages to spend for long-lasting care in the house has genuine potential in addressing exactly what stays a severe problem for lots of older Americans and their households.
In 2000, the country spent $123 billion a year on long-lasting look after those age 65 and older, with the quantity most likely to double in the next 30 years. Almost half of those expenditures are paid of pocket by people and just 3 percent are spent for by private insurance; federal government health programs pay the rest.
According to the research, of the 13.2 million who are candidates for reverse mortgages, about 5.2 million are either currently receiving Medicaid or are at financial danger of needing Medicaid if they were faced with paying the high cost of long-term care in your home. This economically susceptible segment of the nation’s older population would be able to get $309 billion in total from reverse mortgages that could help spend for long-lasting care. These results are based upon information from the 2000 University of Michigan Health and Retirement Research.
“There’s been a lot of conjecture whether reverse home loans could be part of the option to the country’s long-lasting care funding predicament,” said NCOA President and CEO James Firman. “It’s clear that reverse home mortgages have significant capacity to help many senior citizens to pay for long term care services in the house.”.
According to the research study, out of the almost 28 million homes age 62 and older, some 13.2 million are excellent prospects for reverse home loans.
“We have actually discovered that seniors in Florida who are excellent candidates for a reverse home mortgage could get, typically, $72,128. These funds might be used to pay for a large range of direct services to help senior citizens age in location, consisting of house care, respite care or for retrofitting their houses,” stated Task Manager Barbara Stucki, Ph.D. “Utilizing reverse home mortgages for numerous can mean the distinction between remaining at home or going to a retirement home.”.
Seniors can opt to take the money from a reverse home loan as a lump amount, in a line of credit or in regular monthly payments. If they pick a swelling amount, for example, they might pay to retrofit their the home of make bathroom and kitchens much safer and more available – especially crucial to those who are ending up being frail and in risk of falling. If they choose a credit line or regular monthly payments, a typical reverse mortgage candidate might use the funds to spend for almost 3 years of daily house healthcare, over 6 years of adult daycare five days a week, or to help household caretakers with out-of-pocket expenditures and weekly break look after 14 years. They might also use it to purchase long-lasting care insurance coverage if they certify.
“Up previously, though, the majority of these seniors have not tapped the equity in their houses– approximated at some $1.9 trillion– to pay for either preventive upkeep or for services in your home,” noted Peter Bell, executive director of the National Reverse Home mortgage Lenders Association. Keeping in mind that the typical income of men aged 65 and over is $28,000 and $15,000 for females, he added, “This research reveals that opening these resources can help millions of ‘house rich, cash bad’ elders buy the long-term care services they feel best suit their requirements.”.
What is it about Reverse Mortgages that imparts apprehension in some Older Americans?
Worries continue regardless of the enthusiastic recommendation of groups such as AARP and the National Council on Aging.
A significant factor is likely to be the reality that a lot of misinformation has been distributing about this very attractive financial tool for those that certify. Older Americans commonly seek advice from buddies and family members who are likely to be misleaded themselves.
Because the Reverse Home loan can be a advantageous and safe alternative for Older Americans, it is very important to remedy the major misunderstandings related to them and allow older property owners to make an informed choice about whether a Reverse Mortgage makes sense for them.
Most likely the most common mistaken belief is” If I obtain a reverse mortgage I might lose my home”. Given that the Reverse Mortgage is a mortgage, a lien is positioned on the building like all other home loans.
The excellent benefit of this kind of home loan is that -unlike standard mortgages-there are no monthly payments. Not needing to fret about month-to-month bills has to be one of the best presents one could wish for in retirement.
More than ninety-five (95) percent of Reverse Mortgages authorized are the Federal Housing Administration (FHA) Home Equity Conversion Home loan (HECM) loans. These loans are guaranteed the complete defense of the United States Government through use of a two (2) percent insurance cost paid on all FHA Reverse home mortgages.
Another misconception is that Reverse Home loans are more expensive than other mortgages. The truth is that closing expenses balance only about one (1) percent more than a traditional FHA home mortgage would be on the exact same building. The Reverse Home loan may even be lower in expense due to the reality that standard home loans can charge more than the 2 (2) percent origination fee permitted on all Reverse Mortgages. We have found many seniors seeking information on reverse mortgages in Florida online.
Another expense aspect is obviously, the rate of interest. The FHA Reverse Home mortgage interest rate is based upon the one (1) year United States Treasury note rather of the prime rate, which most traditional home loans use as their base. This offers the FHA Reverse Home loan an interest rate LOWER than many adjustable traditional mortgages.
When the last survivor completely leaves the home, another misconception about reverse home loans is that the house goes to the loan provider after the loan ends up being due at death or. In my experience, the loan quantity of approved is typically about half of the assessed value of the house. (The older the property owner, the greater the amount readily available for borrowing due to the fact that it’s assumed that the funds will be available for a shorter duration.
All of the equity left after payment to the lender, goes to the estate or successors of the borrower. This is precisely the very same treatment followed with routine traditional home mortgages.
Considering that the Reverse Mortgage is a “non-recourse” loan the most the estate will be needed to pay to the lender is the value of the house at the time of repayment. This holds true even if the house value reduced or the debtor lived to an abnormally aging.
Another attractive feature of this financing tool is that the demands for getting a Reverse Home mortgage are not almost as restrictive as other loans. Given that no re-payment is made as long as one (1) making it through debtor remains in the house, there are NO earnings or credit demands.
All property types are Reverse Mortgage eligible except manufactured (mobile) houses developed prior to June 15, 1976 and co-operatives (Co-ops). Co-ops are anticipated to be eligible in the future when FHA problems last approval. Houses with existing home mortgages that can be paid from the equity can acquire Reverse Mortgages.
Still another mistaken belief is that a Reverse Mortgage is taxable and affects Social Security and Medicare. That is NOT the case. Reverse Home mortgage earnings are not taxable due to the fact that they are not thought about income however is, in fact, a loan.
If you exceed certain liquid possession amounts, it must be kept in mind that Supplemental Security Income (SSI) and Medicaid might be influenced. We can show you the best ways to structure the loan so that a Reverse Home mortgage will not impact these benefits.
Now that the myths of Reverse Home loan have been gotten rid of, a certified homeowner may ask, how can I get more thorough details? Many local and regional banks do not provide Reverse Home loans.