Reverse mortgages are a relatively new product to the financial industry. The concept of a reverse mortgage can be very beneficial especially for seniors who have run out of assets to draw from to maintain their standard of living. In simple terms, a reverse mortgage allows a borrower to cash out a certain amount of money from the equity in their home to use as they wish.
Downsizing your living arrangements has become a popular topic in the financial community and rightly so. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow. Pair those with other lifestyle benefits like freedom and flexibility to do the things you always have wanted to do, and the argument for downsizing becomes more prominent.
When you ask people what are the largest financial transactions they will make in their lives, the most common answers are a home, college tuition or saving for retirement. For about half the population, these answers are correct. But for the other half, couples who are contemplating divorce, the largest financial transaction, without question, is their divorce. If you happen to be one of these people, be aware that there are many financial pitfalls in divorce that if you avoid, can result in both you and your soon to be ex getting a better financial settlement.
Bob interviews Tracy Craig, a partner and chair of Mirrick O’Connell’s Trusts and Estates Group. She focuses her practice in estate planning, estate administration, prenuptial agreements, tax-exempt organizations and guardianships.
Do you think you can teach children money skills or are they just part of a person’s personality? Personality does play a role in this skill, but children can be taught. Look at the children of depression era parents – it is hard to find any who were not skilled if not frugal.
With the improving economy, the divorce rate is increasing. People who are good candidates for mediation are in an amicable situation and can work things out on their own. Who would not be a good candidate for divorce mediation?
A couple in their late twenties with a fair amount of student loans and were rejected for a mortgage due to this debt. Is this an isolated instance or a growing phenomenon?
Rarely do people know what they spend. Why is it important to track your home expenses? It makes you cognitively aware of where and how you are spending your money. By knowing, you can then take action if you need to in order to save for retirement. Did you know that in many cases, households can cut 10% from their budget without impacting their standard of living?