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Just Answers - Reverse Mortgage-When It Might Be Right For You
A reverse mortgage can be a powerful financial tool, but whether or not to take such a mortgage out requires careful consideration.
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
Over the past several years the housing market has grown considerably, and that growth in equity has been followed by increasing nu
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
mbers of homeowners seeking reverse mortgages.
Let's say, for example, that you purchased your home 40 to 45 years ago for about $2
Let's say, for example, that you purchased your home 40 to 45 years ago for about $2
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
,000. That home today, depending on the property values of your location, would probably be selling today for at least $150,000 to
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
$160,000. Even though the value we have used is likely a minimum figure, you can see that the equity increase is dramatic.
Let's a
Let's a
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
so say that because you have now retired that you desire to move elsewhere or perhaps simply buy another home. In that case, you mi
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
ght be a candidate for a reverse mortgage. Here is why. The equity you have built up on the first home--now paid for--can be used
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
o finance a second home. Reverse mortgages have been federally insured since the late 1980's and would allow you--now mortgage free
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
--to borrow against the equity of your first home.
It is true that reverse mortgages have been, and to some extent still are, viewe
It is true that reverse mortgages have been, and to some extent still are, viewe
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
as desperate measure taken to avoid some dire circumstance such as foreclosure or medical expenses. However, many who are retired
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
are more and more seeing the reverse mortgage as a means of adding income to their later years.
When you buy a second home with a r
When you buy a second home with a r
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
everse mortgage you essentially buy the new home outright with cash. You may continue to live in either residence, but when you die
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
your first home is usually sold to pay for the second. The second home then remains as part of your estate. In order to take out
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
a reverse mortgage, you must be at 63 or older, and you may receive the mortgage in one payment, in regular payments, or even a line
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
of credit.
Now, this may appear all good, but as we mentioned, a reverse loan should only be taken after careful consideration. Bo
Now, this may appear all good, but as we mentioned, a reverse loan should only be taken after careful consideration. Bo
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
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
rrowing against your equity, if done hastily without proper thought, can quickly turn against you. One of the primary disadvantages
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
of a reverse mortgage is that you will not have the money available should a severe and unexpected need arise, such long-term medica
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
l care.
Nevertheless, at present, the reverse mortgage is allowing many of the retired population to enhance their later years with
Nevertheless, at present, the reverse mortgage is allowing many of the retired population to enhance their later years with
.
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
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
the "injection" of income that such a mortgage makes possible. If you determine that a reverse mortgage is right for you and won't c
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
reate unnecessary risk or hardship, then this may be a way for you to enjoy a retirement that otherwise might not have been possible
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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