Advice You - Finance

Do you need to finance a home improvement? Pay off a current mortgage? Supplement your retirement income? Take care of healthcare expenses? If so, a reverse mortgage lender will do w

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

onders for you. With a reverse mortgage, you can turn the value of your home into cash without having to repay your loan each month.

When Is It Repaid?
A reverse mortgag

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

Examples of combination products may in

e is a loan taken out against your home. The best thing about it is that you don't have to pay it back for as long as you live there. Reverse mortgage lenders only collect repayment

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

when you

- die
- sell your home
- or move to another house and live there permanently

What Types Are Available?
There are three basic types of reverse mortgag

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

es, and they are classified according to who the reverse mortgage lender is.

1. Single-purpose reverse mortgage
This is offered by non-profit organizations, state governments,

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

Combination pro

and local agencies.

2. Federally-insured reverse mortgage
This is also know as HECM, or Home Equity Conversion Mortgage. It is backed by the U.S Department of Housing and Urban

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

Development, or HUD.

3. Proprietary reverse mortgage
The reverse mortgage lender of this type of mortgage is a private company.

Are There Other Differences Between Types?<

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

/b>
The three types of reverse mortgages also differ in other aspects, particularly in their terms and manner of use.

1. Single-purpose reverse mortgage
This has very low

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

costs, and you can only qualify for one if you have a low to moderate income. There are two drawbacks to this type of reverse mortgage. First, it is not available everywhere. Second,

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

it can only be used for the purpose specified by the government or by the reverse mortgage lender. Such a purpose may range from paying for home repairs to paying off property taxes

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

.

2. HECM and proprietary reverse mortgage
These tend to be costlier than the other two home loans. In fact, the up-front charges could be very high. These two types of reverse

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

Following aspects would a

mortgage, however, are not without their advantages. For one, many reverse mortgage lenders offer them. For another, HECM and proprietary reverse mortgage lenders do not ask for pro

dd to the challenges in developing combination products:

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

of of income or a bill of good health. Finally, these two mortgages may be used for any purpose.

How Much Can You Borrow?
In single-purpose reverse mortgage, the amount

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

is set according to how much you need.

In a proprietary reverse mortgage or HECM, the reverse mortgage lenders offer amounts depending upon a combination of factors, such as:

- the

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

type of reverse mortgage you choose
- present interest rates
- the appraised value of your home
- your address
- your age

Reverse mortgage lenders put a high pr

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

emium on age. As a rule of thumb, the older you are, the more valuable your home is. Secondly, the less mortgage you have left to pay, the more money you can get.

How Will You Ge

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

Professional from academic institutions, pharmaceutical industries, health care indust

t What You Borrow?
A reverse mortgage lender gives you cash in several ways:

1. all at once, in a single chunk of cash
2. as a credit line, wherein you can decide when

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

and how much of the money available is paid to you
3. on a regular basis, with the amount and schedule of payment fixed
4. as a combination of the three previously mention

.

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

ed payment methods

How Do You Qualify?
To be eligible for a reverse mortgage, you must be at least 62 years old and must live in your own house.

If you are cash-strappe

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

Companies that provide selfless information through particip

d, a reverse mortgage may just be the answer you need. Be sure to research about this type of loan first, though. In loans, as in all other things, it is better to be safe than sorry

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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Advice You - Reverse Mortgage - Loan for the House-Rich But Cash-Poor

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