Monthly Archives: June 2019

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The legal changes to bring autonomous vehicles to global roads

The laws surrounding the global shift towards autonomous vehicles and if they should be legally allowed to operate on global roads have always been complicated. In the relatively short time that these types of laws have gone into their draft stages, the world of autonomous vehicles has experienced leaps and bounds in terms of progression – and not all those leaps and bounds have been overly positive. The rise of autonomous vehicles has brought with it much excitement and controversy, and it is important to take a step back and consider this issue from all angles.

First, it is important to note that autonomous vehicles are, as of yet, not a reality. Currently what we are working with are semi-autonomous vehicles. These are cars that can detect movement around them and take some of the driver’s responsibilities from their hands. Think reverse parking or sensor detection (i.e. vehicles that have light detections on side mirrors to let drivers know when it is safe to merge into the next lane over, or vehicles that detect the sides of the road and stop the vehicle from veering into them). But what is the single largest issue with the laws surrounding semi-autonomous vehicles, and what do they mean for the future of autonomous vehicles on the world’s roads?

The current issues with semi-autonomous vehicles

The legal implications currently surrounding on-road incidents involving semi-autonomous vehicles have everything to do with the problematic history of such vehicles in their introductory stages. In as little as two to three years, there have been up to five fatalities involving semi-autonomous vehicles around the world. While of course a period of trial and error is to be expected with any form of technology, there is something to be said about the harrowing impact that “trial and error” have when it comes to something as life-changing as autonomous vehicles being brought to the market, and to the roads around the world.

Why the law changes are so extraordinarily important

In addition to the standard or extraordinary legal implications of injuries or fatalities involving autonomous vehicles, comes the inevitable hiring of injury lawyers from law firms like Olympia Injury Lawyers. The issue of morality and legal accountability is one that is still pulled into question daily; in the case of a semi-autonomous vehicle striking and injuring or killing a person, is the individual behind the wheel responsible, since the vehicle was operating without the individual in the front seat physically controlling it? This is exactly it. The core underlying issue that speaks volumes of why specific laws surrounding road incidents involving semi-autonomous and autonomous vehicles, is so crucial.

The legal move for change continues to rage on

It is no secret that the laws surrounding this particular issue (and so many others, for that matter) are currently undergoing a massive remodelling. Road incidents involving semi-autonomous vehicles and the like are more complex in nature than those that involve standard vehicles, because of the role that tech plays in controlling and driving the vehicle. This is a global movement that is raging on everywhere, and that will continue to do so until a core agreement has been reached on how to handle such road incidents going into the future.

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Growing digital nomad population signals new frontier for travel

For the longest time, there has been the widespread, and frankly incorrect, notion that travel was something that the clear majority of people could only afford in between working. For decades, people have been playing this insane but understandable game of ping pong, bouncing between working to go on holiday, and going on holiday to escape work. For a long time, many people genuinely believed that this was their only option if they wanted to travel. However, in recent years all that is changing. That misconception is being blown apart, as more and more individuals join the ever-expanding global remote workforce.

The allure of travelling never dies

Travelling is something that we all (well, most of us, anyway) love to do. There is something undeniably exhilarating about getting on a plane, or a train, or a bus, or even into a car or onto a bike, and taking off to explore the big, wide world. That sense of pure exhilaration is only intensified when you arrive in your destination, surrounded by a whole new experience, and excited to take it all in. The best part about travelling is that it awakens the adventurous wild one in us, and it makes us want to work harder so that we can have more of it. We want it all, and travelling reminds us of why we want it all so badly.

The rise of a workforce that allows the best of both worlds

Gone are the days where people had to work for their vacations, and take time off work to enjoy said vacations. While there is nothing wrong with that, this is no longer the only option – and it is quickly becoming the less popular option, at that. Remote work allows you to travel the world and work simultaneously, successfully bridging the gap and quite literally having it all, without having to sacrifice one for the other in an ongoing see-saw activity spiral. Working remotely gives you direct control over how you work and where you work, and all you need is a reliable device, your device charger, a back-up system, and a steady internet connection.

Remote work is the future workforce for the adventurous

If there is one thing that remote work has taught the world thus far, it is that this is without a doubt the future workforce for the adventurous at heart. Sure, remote work technically is branching out to become exactly that right now, but the iteration has not yet come full circle. Soon enough, the remote workforce will welcome career-driven individuals from all different backgrounds, with all different qualifications and skill sets, and all different professional goals. Whether you want to be the owner of a walking tours agency, travelling the world to expand your brand and your business model, or a writer that works for themselves, anywhere in the world, or any other manner of career pathways, the remote workforce is for you.

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Could Bringing Back the HECM Saver Save the Reverse Mortgage Industry?

Seniors looking to obtain a reverse mortgage have a few different products available to help them withdraw equity from their home.

The Federal Housing Administration (FHA) offers the Home Equity Conversion Mortgage (HECM) Standard and the HECM Saver.

Both products require borrowers to be at least 62 years old to qualify and provide consumers access to their home equity in the form of a lump sum, term or tenure payments, a line of credit, or a combination of the options.

While they’re very similar, there are some important differences potential borrowers need to consider.

HECM

The HECM was released in 1989 and comprises most reverse mortgages, according to data from HUD, the Department of Housing and Urban Development.

The product sets itself apart by allowing borrowers to withdraw a significant amount of equity from their homes. To access such a large amount of equity, borrowers are required to pay higher insurance premiums to the government, which insures the loan.

To obtain a HECM Standard, borrowers must pay an initial 2% insurance premium of the maximum claim amount and an annual insurance premium of .50%.

HECM Saver

The HECM Saver was released in 2010 by the FHA to provide seniors a low-cost way of accessing the equity in their home.

While the product is still relatively new, the number of consumers choosing the HECM Saver is increasing.

Borrowers who take out a HECM Saver are required to pay an upfront mortgage insurance premium of .01% of the maximum claim amount and an annual insurance premium of 1.25%. As a result of paying less in fees, borrowers also receive less money than they would from the HECM Standard.

Earlier this year, the HECM Saver received praise from the financial planning community as a great tool to help seniors be more prepared for retirement.

“[Taking out a reverse mortgage] is going to result in a better scenario,” said John Salter, Texas Tech professor and wealth manager for Evensky & Katz Wealth Management when discussing older Americans’ retirement. “This shouldn’t be a surprise to anybody. If you can tap into the value of a home, you’re going to be better off.”

HECM Standard vs. HECM Standard

Both reverse mortgage products provide seniors a safe and secure way of accessing their home equity, but one might make more sense than the other.

The table below compares the products, fees and proceeds and how they differ. The information is based on a 72-year-old borrower who has no mortgage balance on a home valued at $300,000.

Product Rate Initial Insurance Fee Net Principal Limit
HECM Fixed Standard 4.00% $6,000 $195,817
HECM Fixed Saver 4.50% $30 $150,300
HEMC Standard Adjustable 2.74% $6,000 $192,817
HECM Saver Adjustable 2.99% $30 $159,587

Principle Limited Calculated using ARLO™ calculator

While the HECM Saver might have a higher rate, the amount of fees is significantly lower than for the HECM Standard. Since borrowers are paying less in fees, the product also provides less in proceeds than the regular HECM.

But if you’re using a reverse mortgage to eliminate monthly payments, a HECM Standard might be a great choice.

Fixed Rate Options

The Adjustable Rate Standard Program will also still be available for borrowers who need the full draw, as well as the Saver Program for the adjustable rate loans. Borrowers who are purchasing using a reverse mortgage can still do so with the Adjustable Rate program and the full draw on the Standard Program but those who want only a fixed rate after March 29th will have to bring in the extra cash to close and use the Fixed Rate Saver Program. This may affect how much house some borrowers can afford if their down payment funds are limited so the adjustable rate loan may be their best option.

At any rate, the Fixed Rate program is a relatively new loan as it was not even available for more than just the last few years. Borrowers have been closing adjustable rate reverse mortgage loans for over 25 years. Those borrowers who really want the Fixed Rate Standard Program need to know the deadline as there is no way to know if HUD will ever bring the program back or not (and what the rates would be at that time if they did). But those who are not able to close on this program should know that borrowers have been successfully closing on the adjustable rate product for some time now and while the fixed rate may have been their first choice, they do have other viable options.

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Home décor industry trends

From technology that allows people to bathe in colors to minimalist furniture with rustic energy, there have been many changes in the trends of the home décor industry. While the discussion on the decrease of people interested in home ownership continues, it is evident that those who do own a home want it to look magnificent. The home décor trends have seen major changes in the past few years especially with the rise of technology in the home design industry providing even more options to consumers. For example, rather than buying simple curtains, people can now choose to use smart blinds in their homes that are not only convenient, but a great way to save energy. Additionally, millennials have also acquired different tastes in how they want their homes to look. This is clear through the rise of minimalist home décor which has currently become one of the biggest trends in the industry. The options of designing homes are not only affordable and convenient in today’s world, but also make ones home look like it is straight out of a magazine page. Either way, all these new innovations and interests in the industry allow one to choose the best design to create a comfortable and fulfilling living space.

Technology has disrupted almost every industry, including that of home décor and design. Technological trends in home décor are not just purchasing smart home gadgets, but also using technology as a means to figure out how to decorate one’s home in the first place. For example, several apps, including some with virtual technology, allow one to take pictures of their living space and use a device to fill it with different furniture and décor. Additionally, smart home technology is an ever growing trend of home décor especially as more companies focus on creating technological products with added style. For example, people can now purchase smart speakers, or smart trashcans, or integrate thermostats into one’s home to create the best living environment. Home technology can also be beneficial as it can serve many different purposes with less equipment, enhancing one of the other rising trends in home décor, minimalism. With shows such as Tidying Up with Marie Kondo, more and more individuals are creating minimalist homes. Moreover, the minimalist approach is used increasingly by millennials who are constantly traveling and hence do not require a lot of home décor in the first place. A lot of companies are using this trend and creating more options for homeowners in the minimalist space. For example, providing multi-use furniture to reduce space and increase affordability in the purchase of home décor.

Overall, many trends are changing the home décor industry, creating a wider range of cost-effective products with added convenience. Home décor today is also highly influenced by social media as more people choose to share images of their living space online, inspiring others to create similar living spaces. The home décor industry is constantly growing, as can be seen by the various companies starting to invest time and effort into it. It is interesting to see the manner in which the trends will continue to change and create new options for one to choose from to create the decorated and designed home of one’s dreams.

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4 New Technologies That Will Disrupt the Legal Industry

Law is one of the world’s oldest and most well-respected professions. Its legacy extends back hundreds of years and due to the enormous amount of education, work, and dedication required to become an effective practitioner, a position at a tried-and-tested legal firm is one of modern society’s most stereotypical status symbols. But new technologies are coming – or have come already – that aim to change the world, and the legal industry will be forced to adapt. The conversation about the changes underway in the world of law is already underway, but some technologies look to be more significant than others.

Self-driving cars

Inevitably, the first industry on people’s lips when self-driving cars come up is transportation. Full-time truck drivers and package and post delivery drivers are alleged to be particularly vulnerable, but somewhat less frequently mentioned is how automated cars will affect the way traffic violations and accidents are litigated. Car accidents are a major subset of personal injury law, a broad canopy under which many lawyers make a living. It’s tempting to think that without drivers to hold accountable, there can be no lawsuits or paychecks, but that’s not necessarily true, although the landscape will change. Forward-thinking firms like Seattle’s Davis Law Group are optimistic about their ability to help their clients navigate an unfamiliar landscape, where many of the defendants will likely be larger tech companies.

DNA databases

The use of genetics in the legal system is a relatively new phenomenon; even the forensic science of fingerprinting is surprisingly recent. Non-profit groups like the Innocence Project make headlines by lobbying for the application of new DNA evidence to exonerate criminals believed to have been wrongly convicted. But the newest development is a sort of Facebook of genetic data, a growing collection of information submitted by people for ancestry tests and entertainment value that police are now accessing in order to try and incriminate family members who may be suspects in a criminal investigation.

Automation

Automation won’t replace lawyers, but it will replace a lot of the work that they – and especially paralegals and assistants – do on a regular basis. Two things are likely: First, the adoption of software that automates the more menial and mechanical aspects of legal work will become necessary for success in a competitive marketplace, and it will significantly change how legal professionals bill their hours and what kind of work they focus on. Second, the firms that truly excel will be the ones who use advanced technology creatively, to help predict odds in trial cases and parse relevant case information.

Home Assistants and the internet of things

This is a technology that’s already here, but as the biggest technology companies engage in mortal combat for custody of our personal data, the portable and in-home devices they use to collect it will become a new variable lawyers will have to contend with as they work to protect their clients’ confidentiality and manage control over their cases. The possibility that the unassuming little robot might suddenly decide to send privileged conversations to randomly-selected third parties is an unfortunate reality that tomorrow’s attorneys will have to deal with.