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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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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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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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Home & Family

6 Essential Construction Tools

Whether you are working on a professional construction project or a personal undertaking, you will need specific equipment to get the job done. Having the right tools is crucial to allow you to complete your project efficiently. Here are some essential tools for your construction project.

1. Measuring Tape

When you are building something, you need to make sure the components are the correct size. You will need a measuring tape to provide accurate measurements for the materials you are using to complete your project. Without precise measurements, you can end up wasting materials and having to re-do a lot of work.

2. Air Compressor

If your project requires nails or staples, you will want to use a pneumatic system to power these items. Air compressors have additional applications, including job site clean-up and inflation of other necessary equipment. Air compressor rentals Jacksonville FL are available if you do not have room to buy and store your pump.

3. Drill

A power drill is highly recommended for any construction project. For most assembly, hand drilling would be next to impossible and extremely time-consuming. Instead, you can use your power drill to quickly make the holes needed and screw in the necessary components. Drills are available in cordless and plug-in models, depending on your needs.

4. Sander

When you are ready to level or smooth out your wood, you will need a sander. A power sander will make your job easier. Usually, raw materials will need to be sanded before the application of paint or stain. An electric sander will save time on large surfaces. 

5. Hammer

A hammer is a valuable tool for touch-up nail insertion or for jobs that do not require the use of a nail gun. You can use a hammer to secure various items with more force than you would be able to generate by hand. Hammers are portable and easy to use for any project you may have.

6. Pliers

Pliers are another versatile tool you should have for any of your construction projects. Pliers can be used to bend and twist wire. You can also use these tools for pulling out nails and other objects that might get stuck in the wrong spot during a construction project.

Completing a construction project can be a rewarding experience. If you use the right tools, you should be able to get your project done as competently as possible.

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Government and Law Home & Family

What To Do If You Need a Family Lawyer

If you need a family lawyer, then chances are you are going through a difficult time in your life. Not only do you likely have a lot on your plate, but having to seek out a lawyer may make it feel even more difficult. While it might not seem easy, the good news is that finding the right lawyer for you and your situation can be simple. If you are looking for some tips that will help you find a quality lawyer, then here are some things to think about. 

Ask Around

One of the first things you should do if you need help understanding family law Hernando County FL is to make sure that you talk to your friends, family, and coworkers and ask if they can refer you to any quality lawers. When you ask for a referral from someone you know and trust, you can help ensure that you are getting their honest opinion about how they work, and can get a better idea of whether or not they will be a good fit for you.

Do Your Research

If you can’t get a personal reference, then doing your research online is the next best thing. When doing research online, it is important to be thorough and to make sure that you are not only reading their own personal webpage but that you are reading reviews that others have left about them online. The more research you can do, the clearer of an idea you will have about how they operate and whether or not they will be a good fit. 

Make Sure You’re Prepared

There are those that think it is fine to show up to a meeting unprepared. The reality is, though, that it is much better to show up with some questions ready to go. By taking the time to think of important questions and by writing them down beforehand, you can help ensure that you aren’t forgetting anything and that you will get all of your questions answered. Beyond that, making sure that you write down their answers is essential as well, especially if you are meeting with multiple lawyers. This can aid in allowing you to keep track of what each one says. 

If you need a family lawyer, you may be dealing with something challenging in your life. The good news is, though, that there are ways that you can help ensure you are getting the right lawyer for you. 

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Home & Family

4 Ways to Make Your Apartment Look Spectacular

Whether you’re looking for your first place or shopping around for furnished apartments, your home should feel like exactly what it is — your home! If you need ideas on how to make the place feel more incredible, here are some fun ways to add pizzazz to your apartment.

Try an Accent Wall

Since most apartments do not allow for painting, why not try some removable wallpaper on a single wall to create a bold accent? You can find nearly and color or pattern available online and in home improvement stores. If you’d prefer not to use temporary wallpaper, try using framed pictures, paintings, tapestries, clocks and other cool knick knacks on a single wall to create a super eye-catching accent.

Use a Few Bathroom Hacks

There are a lot of ways to take a simple bathroom to the next level, all on a budget! For example, adding a curved shower rod and using two identical shower curtains (or splitting a large one in half lengthwise) can make your tub feel positively elegant. Like temporary wallpaper, you can find peel-and-stick false stone and tiles to jazz up the side of the tub as well. Don’t forget to upgrade the toilet with a nicer seat, and never underestimate the power of decorative towels and a framed mirror.

Fix Up the Kitchen

An easy way to immediately spruce up any kitchen is to include plenty of greenery; whether you spring for a live potted herb garden in the windowsill or load up the tops of your cabinetry with fake flowers and draping plastic vines, plants add vigor and nature to any space. You can give your cabinets and refrigerator a simple facelift with a bit of temporary wallpaper (trimmed to size), or you can remove a few cabinet doors for a fun exposed effect in certain spots.

Try a DIY Home Theater

Ever wanted a theater in your living room? With a projector and a blank white wall, you’re nearly good to go! For a bit of added immersion, set up a mini bar complete with a novelty popcorn machine and display some of your favorite movie posters in nice frames. If you’ve got a slightly more liberal budget, go for an upgraded sound system or at least a decent soundbar.

No matter where you live, your place should feel like home. Upgrade your place with some of these fun hacks today!

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Health & Wellness Home & Family

How You Can Recover After Giving Birth

If you have recently given birth, it’s important to take care of yourself so you can begin recovery as soon as possible. This can be difficult when you have a newborn to care for and your body already feels worn down. Check out these suggestions to help you get on the right track.  

Make Sure You Get Enough Rest

Although it might be hard, try to get enough rest every day. Try to take a nap when your baby is asleep and listen to your body and take a break if necessary. Getting rest can help your body regain strength and allow you to feel your best when you wake up. You’ll have more energy and be better prepared to get through your day. 

Consider Getting Outside Help

If you are feeling at your wit’s end it might be in your best interest to get outside help. A post-partum doula, housekeeper, or others who can take over either care for your home, baby, or both can give you a much-needed break. It can be hard enough learning to adjust to taking care of a baby that has frequent demands while you are not feeling while, and trying to manage your home at the same time. Outside help can make a noticeable difference. 

Eat Enough Food To Regain Your Strength

It’s important to keep up with your diet, especially if you are breastfeeding. This is because your body burns more calories while breastfeeding, and this can make you feel more drained if you are not replenishing yourself. Make sure you are eating good-quality food such as dairy, vegetables, and lean protein, and pay attention to foods that might interfere with breastmilk production if this applies to you. 

Seek Medical Care if You Need To

If you notice any issues with your cervix or you feel you are healing slower than usual, it is worth having a talk with your doctor to see if you need additional help. You could benefit from Pelvic Floor Physiotherapy Burlington ON to help you regain strength in your pelvic floor and help you if you have a prolapse.

Taking care of yourself after having a baby should involve getting enough rest. Get outside help if you think it would be beneficial, and make sure you are eating plenty of food. If you have medical issues, seek medical input from your doctor to see what they suggest. 

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Home & Family

How To Choose the Best Pet Food

If you’re a new pet owner, or simply an owner looking for some change in your pet’s diet, then you know that there are many options to consider when choosing which pet food to buy for your furry family member.

Pet Food Packaging

It may not seem important at first glance, but the packaging of your pet’s food is actually very important. Consider how package concepts and materials may affect your pet. After all, you want to make sure that you purchase pet food that comes in packaging that’s safe for your cat or dog to eat from. The last thing you’d want is for your pet to get physically injured while eating from an unsafe container, or for dangerous chemicals to leach into your pet’s food while it’s stored in a container made from the wrong materials. You can avoid any pain or heartache for both you and your lovable pet by doing a little research and making sure you choose pet food that comes in appropriate packaging for your pet.

Pet Food Ingredients

This is pretty obvious, but make sure to look at the ingredients list of any food you consider purchasing for your dog or cat. Not all pet foods are equal! Some are made with cheap ingredients, which may either provide little nutritious benefits or a lot. Others are made with high-quality ingredients, that may provide a lot of nutritious benefits, or very little. It’s important to do your research about what kinds of ingredients should be in your specific pet’s food so that you know the difference and can make the best decision.

Pet Food Prices

There are pet food options available to meet all budgetary constraints. Your pet can still eat a nutritious diet without costing you an arm and a leg. If you’re diligent and do your research right, you can find food that is both nutritious and affordable for your furry friend, like those which are made from cheap ingredients but would still provide many dietary benefits to your pet. If you want your pet to eat a nutritious diet and high-quality ingredients, and have the necessary budget to match, there are plenty of options available for you as well.

When picking out the best food for your pet, make sure to consider the packaging it comes in, the ingredients it’s made of, and the price it’s sold at in order to make the best choice.


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Government and Law Home & Family

3 Coping Methods for Divorcing Men who Didn’t Want a Divorce

You didn’t want the divorce, and now it feels like your world is crashing down around you. This sense of loss and confusion may lead to feelings of anger, anxiety, depression, or hopelessness. These feelings can and will come and go. It may also affect how you cope with the day-to-day stresses that life throws at you. Coping methods for family law cases vary from person to person depending on their personality type and what they find helpful in dealing with emotional distress. 

Avoid Communication Full of Struggle with Your Ex

Even if you might be co-parenting or even parallel parenting with your ex, you must understand it’s always a waste of your energy on communication that is time-sucking, unproductive, and emotionally charged with anger. While you’ll need to be fully connected to your emotions to help you through this terrible time, it’s very advantageous to you to clamp them down when communicating with your ex.

  • Only use the shortest verbiage possible to get your point across.
  • Don’t inflame.
  • Don’t respond to baiting tactics.
  • State the facts calmly. Facts are only things that relate to your case; never a “they said-they said” situation surrounding those facts.

It’s normal for our minds to try and make sense of the things that happen to us, but working those things out in struggling communication with the ex is not helpful.

Exercise regularly

Modify your exercise routine so that it fits your new lifestyle and what you can handle day-to-day. It is not ideal to start training to become a triathlete if you don’t currently exercise. Exercise should focus on walking, non-jarring movements, nature-bathing, hiking, sports you engage in regularly with friends, or running if you already jog. Do physical activity outside of the home, when possible, to avoid furthering fostering negative emotions.

Work with a Legal Team that Can Relate to Your Circumstances

While all family law lawyers are trained to take you through the family court processes, not all understand how vicious the process can be towards men. Many discounts the claims of smear campaigns and false accusations. To help you cope, it’s vital you work with a legal team like Cordell & Cordell, who understand what you’re going through. 

Conclusion

Everyone’s coping methods will be different. Be patient with yourself and do things that honor and respect yourself, knowing the situation will improve. Keep a trusted network of friends and family. Work with legal counsel that understands your case, such as the Cordell & Cordell team. You’re not alone in this.