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Home & Family

Top 6 Benefits of Reverse Mortgages

Reverse mortgages have many benefits, including tax-free status and flexibility. Some of the benefits include staying in your home and the non-recourse clause. These benefits can help you make a wise decision.

Tax-free

Reverse mortgages have many benefits, but one of the biggest is that they can be tax-free. This is great for homeowners who may be paying off high credit card bills or just looking for a little extra cash. While HECMs aren’t considered regular mortgages, they differ in tax implications and deductions. For example, the interest on a traditional mortgage can be written off each year, while reverse mortgages cannot be written off until the loan is paid off.

Reverse mortgages can be a great way to downsize for retirement, and the interest you accrued is tax-free. However, in twenty years, you could pay off the reverse mortgages – capstonedirect.com and still have a $250,000 claim. Unlike conventional mortgages, reverse mortgages require paying property taxes and homeowners insurance. This may be a downside, but it’s worth it for the tax benefits. If you have money in an IRA or 401(k), this can be a huge relief.

Flexible

Reverse mortgages are an excellent way to help people in their golden years without worrying about their monthly mortgage payments. Unlike a traditional mortgage, a flexible reverse mortgage can be received in a lump sum, line of credit, or combination. The amount of money received by the borrower may increase over time, so if the home’s value rises, the difference will be forwarded to the beneficiary. However, if the amount is greater than the home’s value, the borrower must either foreclose on the loan or transfer ownership to the lender.

Reverse mortgages are different from traditional loans and mortgages because they use the equity in a homeowner’s home. The payments are tax-free, and the borrower may choose to receive the funds in a lump sum or monthly payments. However, they must continue to pay property taxes and insurance, and keep the home in good condition or face foreclosure. Using this type of loan may not be appropriate for all homeowners since the balance does not reduce over time.

Ability to stay at home

If you’re considering a reverse mortgage, there are a few essential things to know before applying. First, a licensed professional can walk you through the process step-by-step. A licensed professional can inform you of any property, location, and borrower-specific requirements. Many homeowners have successfully tapped into reverse mortgages.

One of the most attractive aspects of reverse mortgages is their ability to alleviate the burden of long-term care costs. The National Council on Aging says that approximately 13.2 million Americans qualify for this type of loan. With these loans, seniors can maintain their independence and remain in their own homes for longer. The Robert Wood Johnson Foundation and the Centers for Medicare and Medicaid Services funded the report. Reverse mortgages also alleviate financial pressure on state Medicaid programs and the federal government.

Non-recourse clause

In 2008, HUD issued a Mortgagee Letter clarifying their position on the Non-Recourse feature of reverse mortgages. This letter explained that the Non-Recourse part applied to any maturity event, regardless of what the home owner’s heirs did with it. After the letter, the government stopped requiring homeowners to disclose their income and assets as collateral. HUD also clarified that it was a matter of public policy not to allow the lenders to profit from reverse mortgages.

The non-recourse clause in reverse mortgages limits the lender’s ability to pursue repayment of the loan if the borrower dies or defaults. It also limits the amount of money a lender can access to collect from other assets. In addition, it cannot be passed on to heirs, so the home will likely have to be sold to pay back the loan. However, it can serve as an income stream, with payments made either lump sum or regular payments.

Non-impact on Social Security

A reverse mortgage does not affect Social Security or disability benefits. Reverse mortgage proceeds will not affect SSI or Medicaid benefits. However, if you retain some of the funds, it counts as an asset and will affect your eligibility for both programs. For example, it is acceptable to keep $4,000 for home repairs, but if you plan to use the money to pay off other debt, this can harm your eligibility.

Reverse mortgage proceeds are not taxable income, although the un-spent balance can push a recipient’s asset limit over the limits set by Medicaid or SSI. In addition, the funds will have to be used within a month, or the reverse mortgage proceeds will be considered income. As a result, unused reverse mortgage funds will exceed the SSI and Medicaid limits. For these reasons, reverse mortgage proceeds should be spent before the end of the month to avoid a negative impact on these programs.

No impact on Medicare

There is no direct effect on your eligibility for Medicare when you take out a reverse mortgage. Reverse mortgage payments are not considered income if spent in the same month. However, you should be aware of your eligibility for Social Security, Medicare, or Medicaid benefits. If you plan to use the proceeds from your reverse mortgage to qualify for any of these programs, you should learn more about them. Your reverse mortgage proceeds will not affect your eligibility for these benefits.

Taking out a reverse mortgage can change your liquid assets, such as cash or assets that can be easily converted into cash. In addition, your assets may decrease your eligibility for Medicaid. Medicaid is a means-tested program that covers low-income individuals and children. The program covers all adults who fall below a certain income level in some states. However, the amount of money you earn from reverse mortgages may exceed the limit for Medicaid eligibility.

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Business Lifestyle

3 Reasons You May Need a Background Check of Your Driving Record

There are several types of background checks that may be performed for a variety of reasons. One of them is a background check of a person’s driving record. Here are three reasons you may need a background check of your driving record.

1. As Part of an Offer of Employment

Some jobs may necessitate the collection of a driving record background check as part of an offer of employment. For the most part, it is only done when a position requires an employee to operate a vehicle of some kind. The employer needs to be certain of the applicant’s driving record, including his or her license, registration and any tickets or traffic incidents he or she has been involved in.

2. In Relation to Law Enforcement

Background checks for driving records are also commonly utilized in relation to law enforcement and court proceedings. The police often perform this type of background check when they pull over drivers for suspected speeding or driving under the influence, among other things. They may also do so when they suspect vehicular theft of some kind. Attorneys and other legal workers will access these records for research and review purposes.

3. For Insurance Purposes

Automobile insurance providers tend to request the driving records of those who wish to open insurance policies. This is common because it’s one of the ways insurance agents determine risk and the price of premiums. The cleaner your driving record, the lower your insurance premium will be. Your record will also be updated each time you get a ticket or are involved in a traffic collision. Your premium may increase if you get points on your license or when you file a claim.

Driving record background checks, like other types of background checks, can be requested for several reasons. Remember, only those with authorization and permission can access these records. They also need your consent before doing so.

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Home & Family

Counting the True Costs of Buying a Home

Whether you’re renting a home somewhere or living rent-free, you might be anticipating buying a home in the future. Many of us look forward to having a place we can truly make our own. You can make permanent changes to interiors and exteriors without having to undo them at the end of a lease. Best of all, you can build equity in a property, instead of forking all your money to a landlord. While homeownership is a worthy goal for anyone, it’s important to consider the costs to buy. 

Securing a Mortgage

Buying a house is not like buying most other items. Most people will have to finance a new house purchase with a mortgage. A bank, credit union, or lending company will offer you a loan that must be repaid over a certain time period according to the terms of the mortgage. Lenders expect borrowers to put some skin in the game with a down payment that in most cases is up to 20% of the property value. That’s $40,000 for a $200,000 home! That’s a tall order for many people, even if you’ve been saving for a while. There are other loan options with a much lower down payment as well as homebuying programs that offer grants if you meet certain criteria.

Exploring Your True Monthly Payment

Some online mortgage calculators provide a monthly payment estimate based on the total property cost, a down payment, interest rate, and the loan repayment period. For most people, the monthly payment also includes property taxes and insurance. These other costs are usually put into an escrow account that the mortgage company uses to pay your taxes and premium for home insurance Newark DE. Lenders usually require borrowers to carry insurance to protect their investment from certain perils, such as fire, theft, and other natural disasters. 

Including Other Expenses

As a homeowner, you’re obligated to pay for any utilities needed for your house, including energy, water, and cable among others. The utility bills for an entire house may be significantly higher than that of an apartment or rental home. Your future residence may also be in a neighborhood that has a homeowner’s association. You’ll be required to pay an annual fee that covers community expenses associated with amenities such as a clubhouse or pool, and neighborhood maintenance.  

Home is where the heart is, and owning a residence of your own is a goal worthy of your time, money, and consideration. Think carefully about the true cost of ownership, which is more than just repayment of a mortgage loan. When creating a budget, factor in property taxes, insurance, utilities, and HOA fees as you plan.

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Home & Family

Making Your Old Home New Again

It’s easy to become underwhelmed by something that you’ve owned for quite a while. This can especially be the case when it comes to your home. When things look and feel the exact same way after an extended amount of time, you desire to change things up and live somewhere that’s new. Here are a few different projects you can do to make your house become a new place. 

Clean

Cleaning is a great way to give your home a new look. Weekly chores like dusting and vacuuming only help keep the surface clean. If you dive into deep cleaning your home, you’ll notice that the whole place will begin to sparkle and shine like new. This is also a great option if you don’t have a lot of money to work with. 

Paint

You can create a lot of change in your house by using a can of paint and a paintbrush. You can recolor every wall or just add a few accents walls around the place. Painting is a fairly easy project that you can do yourself, but if you want to bring in the professionals, you could always check out commercial painting Streamwood IL

Remodel

Remodeling is the way to go if you’re looking to give yourself a house that looks brand new. You can build a new room or addition, or you can take a room you already have and give it a complete makeover. This option may take some time though, so you’ll need to be willing to wait for the project to be completed. 

Declutter

You may not realize it,  but if your house is full of a lot of useless stuff, it could be causing you to want to move. Instead of going through that whole process though, take the time to go through and purge your home. You’ll find that there is a lot you own that isn’t necessary to keep. 

There’s no shame in wanting to change what you already have. These are just a few of the ways you can go about that change. 

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Business

3 Things To Think About When Designing a Home Office

Having a home office is important if you want to be productive when working from home. You need a workstation that keeps all of your supplies and equipment organized in one spot so you can find items quickly when you need them. You may feel overwhelmed when you start to think about creating a home office, but the process doesn’t have to be stressful. Here are three things to think about to make setting up a home office easier.

1. Furniture

You’ll spend a significant amount of time in your office, so having comfortable furniture is a necessity. If money is not a factor for you, you can buy new pieces that will last you for several decades. Make sure you pick pieces that are sturdy, durable and functional.

If you’re struggling to create a home office on a budget, consider buying used furniture. You can find great deals on home office furniture Indianapolis. Purchasing from private sellers is a great way to save money. You can also usually find high-quality furniture at thrift stores at yard sales. Just make sure you carefully inspect every piece you consider buying to make sure that it is in good condition.

2. Equipment

Regardless of what type of work you do, you need some type of equipment to work from home. In most cases, you probably only need a computer and printer. It’s important to gather all of the equipment and supplies you may need on a daily basis so that you are prepared to complete job assignments quickly and efficiently. When you were designing your office, think of clever storage solutions to help you keep all of your equipment and supplies organized.

3. Distractions

It’s easy to get distracted when you are working from home. Not only is there an endless number of chores to get done, but you probably have roommates or family members that can keep you from getting work done. You need to limit as many distractions as possible to be productive when working from home. Refrain from putting a radio or TV in your office. You may also want to think about soundproofing the walls so that you are not distracted by noise outside your office.

Setting up a home office is a great way to give yourself a simple workstation so that you can work from home. If you think about these three needs, you can design the perfect workspace for you.

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Education Lifestyle

Choosing a Musical Instrument for Kids

If your child is expressing interest in learning to play a musical instrument, there is a wide range of options for him or her to pursue. Below you can read about some of the most and least popular instrument choices.

A great place to start when helping your child discover their musical interests is to look for local music classes Rockford IL. Taking a few music lessons will help your child decide if they want to pursue that instrument or perhaps look at other options. 

Piano

The piano is by far one of the most popular and versatile instruments as part of both the percussion and string family.

As your child begins learning the piano, they may find themselves needing to spend extra time studying the keys. With 88 keys on a standard piano, learning the sounds of the 7 and 1/4 octaves of notes s not an easy feat. As a beginner, your child will likely begin learning on a smaller scale and progress to the full piano in later years. 

Electric Guitar

If your child expresses interest in playing the guitar, starting with the electric guitar is a great choice. The electric guitar offers a slimmer neck and thinner cords than a standard acoustic guitar, which benefits children because it is easier for them to grip the instrument and strum the cords. 

While your child may start on the electric guitar, the great news is that once they learn to play one type of guitar they can play all others as well. 

Uncommon Instruments

If your child is interested in picking a unique musical instrument to play, consider options such as the harp, oboe or viola. Choosing to learn an instrument such as these will give your child the opportunity to stand apart from peers.

No matter what instrument your child wants to pursue, the art of learning to play a musical instrument is sure to teach patience and perseverance in the process. 

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Lifestyle

What You Should Know About Starting a Golf Course

Starting your own golf course can be an expensive proposition. Fortunately, there are plenty of ways to get into the game without spending thousands of dollars and a decade or more getting experience. If you’re willing to learn as you go and follow a few easy steps, you can start a golf course on the cheap and give it a go yourself.

Demand

The first step on your journey to start a golf course is to get an idea of the demand for one in your area. If you live in a city, you’re likely to face a high demand for golf courses. People will want to play close to home, and you may see demand for public, semi-private, or private courses, depending on the area. If you live in an area with little or no golf activity, you might want to consider starting a country club instead.

Research

Once you understand the demand for golf in your area, you can move on to some more in-depth research. This will help you identify and select the best location for your course, as well as help you determine final course requirements. You’ll want to take several things into account when researching the location, including proximity to population centers, access to utilities, and space for parking and other infrastructure. You’ll also want to keep local rules and regulations in mind, especially if you’re running a public course.

Superintendent

Superintendents are the backbone of the golf industry, operating as the chief legal officers for golf courses. In many cases, superintendents are also the primary architects and engineers of each facility. You’ll want a superintendent with extensive experience operating and managing golf courses. It’s important to hire the right person since your course’s success will largely come down to his or her oversight.

Maintenance

You’ll want a lush, vibrant course in order to keep customers satisfied. You might need to hire a groundskeeper full-time to maintain the course. This way, you can avoid having to constantly do the work yourself and you’ll have more time to spend on other duties. Also, if you have a pond or lake on your course, you might benefit from hiring an aquatic weed control Florida service.

It can be very rewarding to run a golf course as long as you’re committed and patient enough. By following the right steps, you could be designing your very own course in no time.

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Health & Wellness Lifestyle

Rhinoplasty Patient’s Guide: 3 Questions To Ask Your Surgeon

Rhinoplasty is the most common cosmetic procedure in America. In fact, it’s one of the top five surgeries in the United States. So how do you choose the right plastic surgeon for your rhinoplasty? Here are three questions to ask your surgeon to help you decide on a facial plastic surgeon. 

How Many Rhinoplasties Have You Performed?

The first question you should ask your surgeon when seeking facial plastic surgery Raleigh NC is how many rhinoplasties they have performed. As a patient, it’s important to know the skills and experience of your surgeon.

If the surgeon has done hundreds of rhinoplasties, they likely have the knowledge and expertise needed to provide you with your desired results. The more work a surgeon has done in this area, the better chance your surgery will be successful.

In addition, ask if your plastic surgeon is board certified by the American Board of Plastic Surgery (ABPS). Board certification is not required for a physician to perform cosmetic surgeries, so your surgeon must be qualified to perform your rhinoplasty.

Are My Expectations Realistic?

Before committing to any plastic surgery, it’s important to ask yourself if your expectations are realistic. At your consultation, you will have time to talk to the surgeon about your nose and the changes you would like to make to your nose. You should feel comfortable communicating your expectations with the doctor, who will, in turn, give you realistic feedback about your goals for surgery.

A great plastic surgeon will take your goals and use their expertise to ensure that your nose looks balanced with the rest of your features.

What Is Recovery Like After a Rhinoplasty?

Before your rhinoplasty, it’s important to know what your recovery looks like. You may want to ask specific questions, such as:

  • When can I return to work?
  • How can I prepare for my recovery?
  • What can I expect to see and feel while I am recovering?
  • What are some complications that some patients might experience?

You should be aware that people heal at different speeds, and the healing process is not linear. However, your surgeon will be able to walk you through the recovery timeline.

In conclusion, it is important to ask your surgeon the right questions before deciding to get a rhinoplasty. These three questions will help you determine if you are in the right place for rhinoplasty and have selected the right plastic surgeon for you.

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Home & Family

5 Crucial Home Maintenance Tasks You Should Do Be Doing

Your home is a safe place where you can relax and enjoy time with friends and family. But if you fail to take care of your house, it can get rundown, lose its value and even become a hazardous place to live. Don’t let that happen. Here are some crucial home maintenance tasks you should be doing regularly.

Clean Your Exhaust Fans

You need exhaust fans to draw out the moisture and unpleasant odors from your home. But if they aren’t running the way they should, you could wind up with trapped moisture that if left untreated could create mold. These fans should be cleaned at least once a year, so mark it on your calendar to make sure you don’t forget this important task.

Clean Your Gutters

The same goes for the gutters on your house. Leaves, twigs and dirt tend to get trapped in them and build up over time, preventing the water from flowing off your roof and being directed through downspouts away from the foundation. Take the time to clean them a few times a year. Better still, invest in guards to keep the debris from clogging your gutters. Contact gutter guards Clackamas for more information.

Check Your Water Heater

If you have hard water, minerals can collect in your water heater over time, making it difficult for the tank to fill and work properly. Flush it at least once a year to clear out the debris. Also, check the heating element. It may need to be replaced. Call a professional plumber if you don’t know how to do these tasks.

Replace Your HVAC Filters

Your heating/air conditioning unit has filters that need to be replaced from time to time. Otherwise, the air won’t flow as easily, and you’ll be breathing in harmful dust and mildew. Check the filter at least once a month and replace it when needed. Also, have your system serviced on an annual basis to ensure it’s running at full capacity.

Check For Bugs

Not only are insects in your home unpleasant, but some pests, especially termites, can damage your home resulting in a huge repair bill. Be diligent to search for signs of infestation and deal with them promptly.

Taking care of your home isn’t a full-time job, but by following these routine tips and staying on top of things, you’ll ensure that your home is a safe, inviting nest you can enjoy for years to come.

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Health & Wellness

4 Overlooked Ways to Improve Your House

Whenever you want to improve the area around your house or the inside of your house, you may wonder what steps you could take. Even a few simple changes can make a big difference when you are hosting guests or showing off your house to potential buyers. Taking the time to learn tips about home improvement and cleaning is important for any homeowner searching for ways to improve their house.

1. Take Notice of Your Dishwasher

One of the most used appliances in your kitchen is typically your dishwasher. Not only does it continually face loads of dirty plates and grease, but it can also have built-up grime and germs on it as the years go by. If you notice it doesn’t clean dishes like it used to, then you may need to check the bottom rack for any tears or broken parts. Regularly cleaning out and wiping down the front of it can also keep it looking newer as the years go on.

2. Clean Up the Outside

The first two areas many people see when they approach your property are the sides and front of your house. If you see an increase in dirt and residue that makes the colors on your house appear dull and dingy, then you may need to invest in pressure washing Tacoma. Not only will your house appear clean and bright once more, but the clean outside can help draw in new potential buyers if you are looking to sell your home.

3. Reorganize Your Closets

Although you use your closets for storage, it does not mean they need to be messy and unorganized. Making them efficiently clean and adding in bins or other storage options can help you fold your clothes into piles that are easy to pick up and move. You can also hide personal items or other things you want to store away from prying eyes. With a bit of extra space, you can even hide your dirty laundry hamper inside the space whenever company comes over.

4. Search For Expired Items

If you find you just can’t fit anything else in your storage areas, then you may need to double-check the dates on the various bottles and food items you have around your house. Even tossing out a few expired cans or supplies can free up enough space to store away a variety of clutter sitting out on countertops or near your seats.