Is A Reverse Mortgage Right For You?

There is a lot of hype and talk about home mortgages, reverse mortgages and ways to get the best deals on a current and future loan. Ever since the pandemic, the housing market has been going up and down like a garage door. So, with all of this activity the big question people are asking is, “When it comes to a reverse mortgage, what are my eligibility requirements?”

Interesting thing is that a reverse mortgage is not as simple as it sounds. There are many factors that come into play when qualifying for a reverse mortgage. One of these factors being the type of property you own!

There are different ways of qualifying for a reverse mortgage and what suits you best depends on your current situation. Some people love the fact that they can obtain a loan with little to no money down, however, there is one major drawback.  After you have obtained this loan, if you should pass away before paying off the full balance owed on the loan, your heirs are responsible for paying any remaining balance off.

Many people face this problem and it is usually a major cause of stress amongst family members after the passing of a loved one. To avoid having to deal with the extensive paperwork involved in handling probate court, you may want to consider ways to estate plan your property so that your loved ones don’t run into issues.

What is a Reverse Mortgage?

A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) works by using the equity in your home as collateral. The Equity in a house is the difference between its market value and what is still owed on it; like the mortgage balance, which can be paid off using this method if you are eligible for it. With a reverse mortgage you do not have to repay any money until either you sell your home.

How old do you need to be to quality?

There are not many rules or restrictions on who can get a reverse mortgage. Most lenders require you to be at least 62 years old but some will allow people to qualify as young as 55 years of age, while others require the borrower to be at least 65 if they want to obtain one.

eligibility requirements

When it comes to a reverse mortgage, you really want to get all the details and know if you will benefit in the long run or if your current situation is best.

Don’t Freak Out About The IRS, Apply These Tips

When it comes to the IRS most people will start to freak out and think the entire world is going to implode around them. When dealing with the IRS, many folks just need to talk to someone who has knowledge to resolve their issues. This is why it is important to get your questions about an IRS tax lien answered.

Many people don’t know what kind of lien they are dealing with or how to get the situation resolved.

questions about an IRS tax lien

One thing that can make things worse when working with an IRS is not having a professional who has had experience helping other clients deal with their tax problems. If you are facing a tax trouble and have questions about your rights as a citizen then you might want to work with someone who has experience dealing with the IRS.

Have all your paperwork and records ready

One thing that most people fail to do is have all of their paperwork and documents together. This is important and will only help you in the long run. When you get your letter from the IRS you can go through your paperwork and bring it to their office to help resolve your problem.

It is better to have too much information then not enough. Make sure that you have your paperwork organized by month and year. You want to separate it into different categories as well. Before you take it into the office, review it at home and refresh your memory as to what it was for and why it is used on your taxes.

You want to have a copy of it at home and at work just in case you lose something. You can always file an IRS form 4852 with your tax return, which will help you get your expenses back on track so that you can get them the information they need.

Be prepared for anything

Most cases are resolved easily by talking to them and working out any issues, but be prepared with all your paperwork and be honest. At the end of the day, don’t freak out, it will all be good in the end.

Is It A Good Idea To Finance When Purchasing Your Home?

The dream of home ownership is alive and well for many people. After moving out of our homes we tend to move into an apartment and get a job. From there we start to build up some money, get some experience living alone and then might come to a point we want to start a family and need more space. In these situations, we need to start about what we need to do to financing a home.

What is the current national average price for a home?

financing a home

The average price for a single-family home in October 2018 was $286,300.  This represents a 1.9% increase from the same month last year.  During this period, prices increased in 90 out of the top 100 MSAs. With the recent pandemic and the state of the economy as a whole, people are really bouncing around in this market.

What type of house do you want?

It is important that you know what type of house you want to purchase and if it will fit your needs for the foreseeable future. When looking for a home you want to remember that it is a long term investment that you will need to focus on for many years to come.

How much can I afford?

For those who have never purchased a home before it is imperative that you learn how the process works and more importantly how much money you will need. Before jumping into anything, we suggest learning the basics of finance. This includes knowing your debt, your income and your savings. Each of these will work together for the life of your loan as well as any other financial decisions you make in the future.

When it comes to purchasing a home, don’t stress over it. You want to make it a fun and rewarding experience. Just understand what you are getting into before you sign any papers.

Putting Together a Conference

If you own a business, you may be looking at a lot of different ways in which you can connect with others in your industry. Have you ever considered hosting a conference? If so, here are some tips that can help you to get started.

Suntrust Pavilion

Find a Place to Host It

Whether you start with something small, like renting a conference room, or you’re looking at a local convention center like Suntrust Pavilion, you want to be sure that you have everything in place so that you can host it somewhere. You can even host it at your business, if you have the space to fit the people that may want to attend your event.

Put Together a Theme

What is going to be the central focus? Is there a quote, an idea, or an area of study that you want to focus on as a part of your event? By having a theme and making that apparent, you’ll have an easier time putting together promotional material. It can also make the next tip a lot easier for you to figure out.

Find a “Headliner”

Why should people come to your conference or event? You can hire someone out or have a topic that is of interest to people in your industry. Either way, you want something that draws people in and makes them want to come and check out what it is that they can learn at your event.

Then, it’s time to sell ticket and start getting everything ready to go. As you work out what it is that you need to do and how you want to do it, you can find a lot of options and work it all out in the best way possible. See what you can do and host a conference that benefits your industry!

What Services Do Credit Unions Offer?

Is your credit union offering you access to a full range of financial services? Or are there some services that you’ve never heard of? For years, the answer was yes to both those questions. But given recent changes in the way many Americans budget for their monthly spending needs and rising prices, more people are asking if their Utah Credit Union banking will offer them the financial services they need and want.

Utah Credit Union banking

If your credit union is like many others, it offers flexible loan programs that allow members to borrow money for a variety of purposes. Credit unions also offer deposit accounts such as savings accounts and certificates of deposit (CDs). And both business and consumer credit cards are available from most credit unions.

Many credit unions also offer their members a full range of financial services, including products and programs that aren’t available at banks.  And many credit unions have recently added a variety of new products and services that are designed to meet the needs of members who want to build a brighter financial future.

But some of those new credit union products and services may not be available at your credit union or all branches. The reason is that only a very few products are actually required for your credit union to operate by regulators.

In fact, the financial services, and products available at your credit union have been limited in one way or another by laws and regulations that were adopted decades ago before most people even knew what a credit union was.  The purpose of these laws and regulations was to make sure that banks provided consumers with the products they needed to see them through all stages of life, such as for education financing, mortgages, car loans, and retirement planning.

5 Top Reasons to Invest in a Franchise

Becoming a business owner provides a freedom that anyone can enjoy, as well as great income and growth potential. However, starting a business is difficult and time consuming, especially if things are not correctly handled. The best option when you are ready to start a business is to invest in a franchise. There are many reasons why a franchise is the best way to do things, such as the 5 great reasons we’ve listed below.

1.    Already Established: Establishing a name is difficult. As a franchise business owner, that hard work has already been taken care of. People know the name already; your job is to drive them to your location.

2.    Training & Support: Not only does training come with a franchise purchase, but you also get ongoing support. This helps direct you toward access no matter what your future goals and plans.

3.    Do What You Love: Doing what you love as a business owner can benefit the success you enjoy in the future. When you invest in a franchise, you can do what you love and choose from tons of business options.

4.    Cost: Another benefit of buying a franchise is the cost. Since all you need to succeed is included in the initial costs, there are no surprises later on. Plus, you can pick franchise options in all price ranges.

Hounds Town USA

5.    Live Your Dreams: Owning a business is a dream come true for so many people. If you are amongst those people, a franchise is the key to following and living out all your dreams.

The reasons to buy a franchise we’ve listed here only begin to break the ice of the benefits. Great franchise opportunities like those at Hounds Town USA await you. Learn more if you are ready to own a business, minus the headaches.