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Are you in your sixties or even older? Are you willing to convert part of the equity in your home into a tax-free income?

Well, do not wo

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

rry. For this, you do not have to give up your title, nor do you have to sell your home. There is no need to even go for a new mortgage!

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

everse mortgage is a loan that offers this golden opportunity.

‘Reverse mortgage’ is a recently introduced product. Due to this, there ar

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

many myths about a reverse mortgage.

Homeowners have a misconception that a reverse mortgage is to be used in order to supplement their

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

etirement income, get some cash for emergencies or to pay for health care.

Bear in mind that the bank is not meant to take your house awa

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

and give you money in return!

Here are some common myths and the facts about a reverse mortgage.

Myth: Reverse mortgages are meant for

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

desperate people. Fact: Instead, it provides you with an excellent financial planning tool and can be used by people from all walks of li

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

e.

Myth: One can get a reverse mortgage easily and there are no particular eligibility conditions related to age as such. Fact: There ar

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

two important things to be kept in mind. First, you should have equity in your home. Second, you must be 62 or above.

Myth: If a person

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

till owes on his home, he can not apply for a reverse mortgage. Fact: Even if you have certain debts or a balance on your first mortgage,

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

you are still eligible to apply for a reverse mortgage. But, the condition is that you will have to use the proceeds to pay off the mort

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

gage first.

Myth: The amount that one can get is fixed. Fact: The amount that you get depends on various factors such as, the age and va

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ue of your home, your age at time of closing and interest rates.

Myth: You can just get monthly payments. Fact: You can get a combinatio

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

of monthly income and a line of credit. Also, you can opt for a lump sum or a line of credit.

Myth: One has to pay taxes on the monthly

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ayments to the government. Fact: These funds are tax-free. That is, you need not pay any additional tax on these monthly payments.

Myth:

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

There is always confusion as to who will own the title of the house. Fact: You still own the title.

So, these were some myths and facts

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

about reverse mortgaging.

But, it is also important to keep the following things in mind before you decide to get a reverse mortgage.

•

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

eek advice from a counsellor or a lawyer.

• In case you die, your home is passed on to your heirs and once this is done, the mortgage amo

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

nt becomes due. Then, it will be up to your heirs whether to keep or to sell the house. They are also authorised to keep the excess sales

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

roceeds, if any.

• Prepayment penalties are not there.

• In case you move, the amount of mortgage will be due and will have to be repaid

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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