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Learning About the Reverse Mortgage Option

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The term reverse mortgage is everywhere these days. It frequently appears in commercials or shows up on Internet searches. But you may not understand what it is exactly.

In short, it is a unique home loan that allows homeowners to convert some of their home’s equity to cash. This equity that the homeowner has acquired throughout years of making payments on their home can now be returned to them in payment installments. In a typical mortgage situation, the borrower pays the lender and each payment reduces the amount owed and builds the borrower’s equity in the home. In a reverse mortgage, the borrower receives payments from the lender, and each payment increases the loan balance and declines the amount of equity.

Who originates these loans?

Most of these loans are originated by the Federal Housing Administration (FHA) and are known as a Home Equity Conversion mortgage or HECM. An HECM is guaranteed by the FHA, so the borrower does not have to be concerned about failing to receive payments from their lender.

Who qualifies for these loans?

To qualify for this type of loan, homeowners must be age 62 or older and have significant equity in their home. In addition, to obtain an HECM, homeowners must own their homes outright or the balance they owe on their home must be low enough that it can be paid off with the proceeds from the reverse loan at closing. In addition, the borrower must reside in the home and be able to pay for recurring charges associated with the property including taxes and insurance. Finally, before getting the loan borrowers must receive information from an HECM counselor. The applicant’s home must be a single-family home, an HUD-approved condominium or manufactured home that meets FHA requirements, or a two to four unit home if the borrower resides in one of the units.

How much can you borrow?

The amount a homeowner can borrow with a reverse mortgage varies depending on their age, the home’s worth and the loan’s interest rate. In most cases, homeowners of an older age are able to borrow more money, and the more a home is worth or the more equity the owner has in it, the more the owner is able to borrow. Lower loan interest rates also increase a homeowner’s borrowing power.

How do I receive my funds?

With an HECM, borrowers have several choices of how to receive their payments. Borrowers can choose to receive a lump-sum payment at the loan closing or the borrower can take out a line of credit. This line of credit can be used as the borrower chooses and grows over time. A borrower can also choose to receive payments in the form of a monthly annuity. A tenure monthly annuity is a monthly payment that the borrower receives for the entire time they live in the home. A term monthly annuity is a monthly payment that the borrower receives for a set period of time that they choose. Borrowers can also choose to combine these options, such as by opting to receive a monthly annuity but also taking some cash at closing. By paying a small fee borrowers can also switch from one option to the other.

A reverse mortgage can be a beneficial source of income for senior citizens. By researching the pros and cons of this type of loan, homeowners can determine if it is a good fit for their financial situation.

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September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

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Picture of a gold liquid being poured out of a bottle, representing liquidations

After what looked to be a month of prosperity following the August bull run, Bitcoin has now entered into an era of increasingly bearish signals. The asset had seen a number of rallies that pushed it over two-month highs, successfully breaking above the $52K resistance range on a number of occasions. Throwing the entire market into a stretched-out period of positive sentiment.

September has now come with its own unique set of problems for the digital asset. Bitcoin price has been suffering since the beginning of the month, ushered in with a flash crash that rocked the market only a week into September. The market continues to suffer from the aftershock of this flash crash, which has left a trail of blood in the market, and led to massive liquidations.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

Bitcoin Price Crash Leads To Sell-Offs

In only a matter of days, the price of bitcoin has fallen from $47,000 to $40,000, which triggered liquidations in the market. The long liquidations totaled up to the tune of $860 million across exchanges. The liquidations took place over two days when the price of the digital asset had inevitably fallen to $40,000 on Tuesday, September 21st. Although significant, the liquidations, which were spread across two days, still sat below the sell-offs seen following the September 7th crash.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Monday marked the beginning of the liquidations as the market saw $470 million long positions liquidated. And the following Tuesday, a total of $390 million long positions were liquidated as well. At this point, the price of bitcoin had hit levels not seen since mid-August. And as market sentiment shifted into the negative, the price continued to plunge.

BTC longs liquated on Monday and Tuesday add up to $860 million | Source: Arcane Research

Current sell-off volumes have remained beneath the $1.2 billion sell-off in early September, suggesting that this current sell-off is more organic than previous ones. Also, it shows that the current market is more influenced by spot activity compared to the derivatives market.

September And Its Chokehold On The Market

September has historically come with challenges for the crypto market. So the crash that rocked bitcoin and the entire market at the beginning of the month is on-brand. Crashes with at least a 17% value loss have happened in September for the past four years and it looks like 2021 has fallen in line with this trend.

However, the end of September has always come with better forecasts for the following month. Chart analysis show crashes in the month precede recoveries that put the market on course to regain its lost value. Setting the market up for another bull run.

Bitcoin price chart from TradingView.com

BTC price trading north of $43K | Source: BTCUSD on TradingView.com

The price of BTC has now recovered above its Tuesday’s lows, which saw the digital asset plunge below $40K. Bitcoin is currently trading above $42,000 at the time of writing. While the total market cap has fallen below $800 billion.

Featured image from Bitcoin News, charts from Arcane Research and TradingView.com
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Illuvium (ILV) Listed on Binance

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Illuvium (ILV) Listed on Binance

ILV Token is now available on the world’s largest crypto exchange Binance.

Users can buy, trade, and withdraw ILV on Binance on following dates:

  • Deposit & Trading: September 22nd, 2021 at 06:00 (UTC).
  • Withdrawal : September 23rd, 2021 at 6:00 (UTC).
  • Trading Pair: ILV/BTC, ILV/BNB, ILV/BUSD, and ILV/USDT.

Illuvium (ILV)

Illuvium is an open space adventurous gaming platform built on the popular Ethereum blockchain. The Illuvials are creatures with different affinities, classes, and abilities which are to be captured and hunted in the alien world. Thus, these gaming features attracts a lot of regular gamers and hardcore DeFi fans. 

The ILV is the native token of Illuvium ecosystem which is used to reward the users for participating and hunting those creatures. Moreover the savings of these ILV tokens helps the players to become a part of Illuvium community. According to CoinMarketCap, the ILV token holds the value of $582.62 USD with a surge of 10.97% in the last 24 hours. Also, the ILV token listing in the Binance exchange is 0 BNB. 

For more information and updates, please visit:

Website: https://www.illuvium.io/  

Twitter:  https://twitter.com/illuviumio 

Telegram:  https://t.me/illuvium

Binance Overview

Binance is the world’s biggest cryptocurrency exchange attracting large users through its super secure platform. Importantly all crypto users will have one Binance account to trade their digital assets in the market. At present, Binance is expanding its trading feature by listing new tokens each day. 

In addition, Binance always strives to provide best quality coins which increases the trading volume and the transactions rate. Additionally, Binance holds its own blockchain based token, BNB. Thus, the listing fee for all new coins or tokens will be 0 BNB in Binance exchange. 

For more information and updates, please visit:

Website: https://www.binance.com/en 

Twitter:   https://twitter.com/binance 

Telegram:  https://t.me/binanceexchange 

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Twitter Thrashes on John Wall’s NFT Using Fortnite Backdrop

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Twitter Thrashes on John Wall’s NFT Using Fortnite Backdrop
  • John Wall’s NFT uses Fortnite game’s images in it. 
  • Crypto enthusiasts take to Twitter to express their anger and disappointment. 
  • Each expresses their reviews, thrashing the John Wall’s NFTs profusely.

Of course it’s obvious that the whole non-fungible tokens (NFT) market is recently full of skepticisms. The real problem arises when unknown people produce NFTs themselves , profusely the artists. The worst is that these artists use well known and established famous individuals and celebrities without their consent themselves. Thus, creating epic chaos for all, and a bad remark on the NFT industry too. 

Accordingly, a recent  NFT has been receiving thrashes like anything. Most of these are upon the Twitter platform. In spite of all this, the launch of John Wall’s NFTs, named the ‘Baby Baller’ is the one with all such negative hot news. 

The Baby Baller NFT

The NBA star John Wall needs no further introduction, as he’s well known for his epic games. With such epic stardom and fame, John Wall decided to get himself into the NFT industry. In spite of this, John Wall launched a  number of NFTs with the series title of ‘Baby Ballers’. 

In spite of this John wall terms that this NFT project is to raise funds for charity. Also he adds, it’s for the betterment of the ‘Ballers Community’. 

However, the launch of his Baby Ballers NFTs, has used the background image a picture from the ever craze warfare game, the Fortnite.

 Moreover, the image in the backdrop is said to be from season 5 of Fortnite. Apart from this the NFT features the baby baller with fingers shooting the basketball in a basketball court. 

Enthusiast’s Thrashes

Despite the first attempt into the NFT industry, everyone took to Twitter criticizing and thrashing John Wall’s NFT and the design team behind it. In addition, many people term this kind of work as an absolute showcase of lack of creativity and laziness. 

Also, one tweet shows that if John Wall has planned for a project worth 600 Ethereum (ETH), then the project’s NFTs have to be unique evidently.

Furthermore, another tweet questions commonly that if one is a celebrity they should not use their fame and status for bridging in NFTs which they ought to leave and scam in just a few months later.

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Nexo Eyes SEC Broker Dealer License While U.S. Competitors Face Regulatory Pressure

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Nexo looks to see how regulations in DeFi impact U.S. based firms.

There’s truly never a dull moment in DeFi. Reports have emerged this week that interest-yielding platform Nexo is pursuing an acquisition of an SEC licensed broker dealer with the intent to offer a “modified version” of the company’s products. How this would impact their current offering is unclear.

The move comes at a time of seemingly increased rocky roads for DeFi platforms.

Interest-Generating Products & Disruptive DeFi

Along with the company’s pursuit of a licensed broker dealer, Nexo is also in talks with nationally chartered banks. The platform is reportedly interested in finding a chartered bank partner that will sell Nexo products, likely with the intent to have better buy-in with U.S. regulators.

Additionally, reports state that the platform is looking at applying for an exemption to offer securities to non-accredited investors. Nexo is a London-based platform, which may play out to be a substantial advantage versus competitors that are stateside.

In recent weeks, U.S. state regulators have started to focus on DeFi platforms that are U.S.-based, namely Celsius and BlockFi. Regulators in a handful of states in the U.S. have begun issuing cease and desist demands for both firms. Meanwhile, major U.S.-based exchange Coinbase has been in a back-and-forth with SEC with regards to the exchange’s potential interest-yielding product, Coinbase Lend. Coinbase seems to have now placed an indefinite hold on a timetable for Lend, should the product even come to life at all.

Nexo is likely taking a close eye to see how these situations play out in the coming months, so they can position themselves accordingly when stateside regulators start eyeing non-U.S. based interest yielding firms that are operating in the states.

Native platform tokens, like $NEXO, have stayed away from U.S. integration as regulatory decisions still leave outcomes in question. | Source: NEXO-USD on TradingView.com

Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

The Road Less Traveled

During the midst of the DeFi madness with regulators, Nexo has still been building on it’s capabilities and offerings. In an email this week, the firm announced the addition of top-ups, withdrawals, and borrowing and earning with DOGE. At the beginning of September, the platform crossed 2M users. And last month, the platform introduced free and instant transfers from one Nexo wallet to another, as well as unlimited free internal withdrawals.

Nonetheless, Nexo co-founder Antoni Trenchev has said that overseas exchanges will have to “cross the same bridge” that Celsius and BlockFi are currently having to cross, in due time. “We haven’t quite decided on the particular variations of the exemptions and exactly how we’re going to structure this,” added Trenchev.

Will Nexo have the advantage of seeing how things play out for U.S. based firms, or will overseas platforms be subject to increased scrutiny? Consumers are left waiting for the snail-paced regulatory movement to determine how things play out.

Related Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview?

Featured image from Nexo.io, Charts from TradingView.com
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Arweave (AR) Price Climbs up Over 19% In the Last 24-Hour

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Arweave (AR) Price Climbs up Over 19% In the Last 24-Hour