If you are at least 62 years of age or quickly approaching that age, you may be looking forward to or just starting to enjoy your retirement. On the other hand, you may be struggling to figure out how to support yourself on a reduced retirement income. A reverse mortgage may help you, but you may not understand exactly how it works. Figuring out such reverse loans can be difficult due to all the unusual definitions and procedures associated with them. Here is what you need to know when wading through the unique reverse mortgage application process.
Reverse Mortgages Versus Home Equity Conversion Mortgages
One thing that may confuse you is the phrase “home equity conversion mortgage.” What makes it different from a reverse mortgage? The answer is not much. The big difference is an HECM, as it is more commonly called, is offered by a government organization, like the Federal Housing Authority (FHA). Such a loan is government ensured, while a loan offered by a public reverse mortgage lender is only government regulated.
Total Reverse Mortgage Home Equity Versus Available Home Equity
The next thing you need to understand is the difference between total reverse mortgage home equity and available home equity. The total home equity is what your home is currently worth. A reverse mortgage calculator is used to determine the available home equity you can borrow, which is only a certain portion of the total. The reason for the difference is government regulations designed to protect you and your reverse mortgage lender.
Reverse Mortgage Borrowing Terms to Pick From
There are many ways to borrow reverse mortgage money. They all begin with using the reverse mortgage calculator to see how much equity is accessible. Once you have that figure, you can set the terms by which you want to receive it. One common choice is long-term regular installment payments. Receiving those payments at scheduled times can help you pay predictable ongoing bills, such as utility costs.
Another reverse mortgage borrowing term you can select is one large payment. Often, such a choice is best when you have a sudden large expense to pay. For example, if a medical bill puts you in debt during retirement, a lump sum can relieve that financial pressure. Alternatively, you can choose a third borrowing option, which is a home equity line of credit. Similar to a credit card, it allows you to borrow money up to a certain amount only when retirement expenses pop up that your fixed income cannot cover.
What Makes a Reverse Mortgage Great for Retirees
A reverse mortgage is a retiree-only loan you cannot get until you reach the retirement age of 62. It is perfect when you retire because you do not have to pay any part of it back for an extended period. A standard home mortgage requires ongoing partial repayments starting almost from the moment you borrow the money. Without that stress, you can spend reverse mortgage funds as you see fit to make your retirement more comfortable, or even more fun.
Ways to Spend Reverse Mortgage Funds
You have to spend part of your reverse mortgage funds paying the fees associated with the loan, but those fees are typically taken off the top before your lender gives you the rest of the money. Similarly, the funds needed to pay any existing home loan you have are immediately designated for that purpose. After such fees are removed, the funds left over are yours to spend. You can use them for bills, essential purposes or non-essentials. You can even use such funds to pay for vacations or home repairs. There are no limitations on the purposes for which you may use the money.
Make a House a Home. Adapting your Home for a Child with Disabilities
As a parent, you want what’s best for your children. And if your child has a disability then your drive to give them the highest quality of life possible is paramount. This means that changing your home and adapting it to meet the needs of your little one makes absolute sense.
The disability or condition that your child has will determine what kind of adjustments you may need to make to your home, to make it accessible and beneficial towards their development, progress and most importantly, their happiness. Your home should not only be a safe space but also somewhere they can do what they want, feel free and not feel restricted by their limitations or fear of getting injured. It can bring a lot of comfort for parents too!
Whether your child suffered an injury at birth – discover this cerebral palsy lawyer, Greensboro if you’re looking for a personal injury lawyer – or their life has been changed due to an accident or an illness, there are plenty of ways you can adapt your home for a child with a disability. Read on to find out more.
Make sure your home is wheel friendly!
If your little one requires a wheelchair to get around, then creating access for their chair and other mobility devices is essential. A regular home can quickly become a prison if it’s surrounded by steps that may prevent access from the property or even from other parts of the house. The following adaptations are a good place to start:
- Install ramps where possible
- Replace the carpets in your home with hard floors to help with traction
- Consider having light switches and even door handles lowered for easy access
- Consider widening doorways so the wheelchair can easily move through
Reimagine your bathroom
The bathroom can prove challenging for a child with disabilities. Thankfully there are plenty of solutions.
- Have your sinks lowered and install push/pull taps rather than ones that twist or require great strength to operate
- A walk-in shower
- A seat for the child to sit on whilst in the shower
- A lift to raise the child in/out of the bath
- Install support rails
- Better lighting
Other little touches
Sometimes the smallest of modifications can make a huge difference to your child’s life.
- Automated lights
- Handrails in various areas of the house
- Automatic doors
- Lowering an area of the kitchen so they can use it
Keep your child’s needs in mind. Ask them what they might need to make life easier. And if possible, involve them in the process so they can have their own input.
How to Prepare Your Home for a Sale
Buying and selling a home can be incredibly stressful, but with a little preparation, it is possible to reduce your stress levels and make the process a much smoother experience. There are a few ways to make the sale of your home faster and more profitable, with some preparation and awareness of the key issues that will affect both the viability of the sale and the price that you can expect to get for your property. If you’re in the process of starting the sales process, or your home has been on the market for a while, and you want to increase the likelihood of making that important deal, then here are the best ways to prepare your home and allow you to move forward into your new life.
Look at your front door
It seems like such a small thing, but your front door is a lot more important than you think. The majority of house-buying decisions are made before the potential buyer has even seen inside the property, which is why curb appeal is so important. If your frontage is unappealing, then that negativity will extend throughout the tour, so start things off right with a fresh splash of paint on your front door, or ever a full-on replacement if necessary. Never underestimate the need to make the best first impression.
Remove most of the evidence
When people are looking at a property with the intention of buying, they are trying to picture themselves living there. That’s why it’s important that you remove the majority of evidence that you live there. Of course, you’ve tidied up and done the washing-up, but you’re going to need to look at removing more in the way of evidence than that. Family photos are an unpleasant reminder then this is someone else’s living space, and they are a reminder to the potential buyers that they don’t yet live there. Remove excessive pictures, and create more of a blank canvas that the buyers will fill with their own personalities and hopes for the future.
For the garden
Like curb appeal, don’t underestimate the importance of well-tended garden. Whether you have price-boosting features in your garden or not, an untended and too wild garden is a distraction, and you’re going to want to show it off as best you can. If time is a concern, then make use of a professional lawn care service that can take over the hard work for you and make the most of your outdoor space. A garden has huge potential and is one of the key wish-list areas for new homeowners, so make the most of what you have and don’t neglect the acre that your garden deserves.
They’re easy to dismiss when you see them every day, and eventually, those imperfections in your home can even become part of the charm. Home-buyers will not see them the same way. So if you’re hoping to speed up the sale of your home, then you’re going to need to make repairs to those minor issues and give your home a makeover. Repair or replace the cracked tiles on the walls of the bathroom, do touch-ups on the paint that has started to crack or the wallpaper that has begun to peel, and you may soon be presenting a different home than you would have been. Fix those leaking taps and replace the missing tiles on the roof, and you’ll find that even the smallest of fixes can make the difference between a sale and not.
Get rid of the pets
As much as we love our family pets, they are not something that you need to highlight when it comes to house viewings. You’re going to want to remove all evidence of them before you open your doors, so when you’re showing people around, make sure that your furry family members are not in attendance. Let friends and family look after them for the time that you need, and do a thorough clean. Remove cat hair and the smell of litter trays, repair the scratched floor in the kitchen from the dog’s claws, and give your home a good airing.
Even though the housing market fluctuates, following this basic advice will make it much more likely that you will make a sale and be able to begin your moving preparations. Never forget the importance of first impressions and always use the tools at our disposal to make the most out of your home. That way you could be packing and handing over the keys to the new owners much sooner than you expected.
What Is The Difference Between Rats And Mice?
When it comes to dealing with rodents in your home, there are two main types and you must first know which one you are dealing with. What may work for rats, may not be as effective for mice, so ascertaining what you are dealing with is the first step to getting rid of rodents in your home.
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There are many different types of mice that may invade your home, the average mouse has a small head and feet and a pointed snout with large ears. Mice come in array of different colours including white, brown, and grey. There are different types which you may find in your home including house mice, field mice, deer mice, or dormice. They can weigh anywhere between 0.5 ounces up to 15 grams. One way to tell if you have mice in your home is to look at the droppings, which are usually in the shape of a rod.
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Rats are much larger than mice and come in a variety of different colours also, including black, white, brown, and grey. Rats can weigh up to 300 grams, and like mice, there are many different varieties including the roof rat, black rat, and the Norway rat. If you find any droppings, rat droppings are in the shape of a capsule, which is one way to distinguish what type of rodent you are dealing with in your home.
Dealing With Rodents In Your Home
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Although they differ in size by quite a lot, both rats and mice can fit through small openings, which is usually how they get into your home in the first place. Both rodents have preferred foods, but at the end of the day, they will eat almost anything. They are both extremely intelligent and will sometimes avoid any traps which are set for them, which can frustrate homeowners a lot. There are various ways that you can deal with these rodents invading your home, including traps, poisons, and the electromagnetic devices that you can find on the https://gopestfree.com/ website. Traps and poisons can be harmful to both children and pets, so if you are looking to deal with rodents in your home, an electromagnetic device may be the perfect answer. These devices plug into an electrical socket in your home and use the wires running through your walls to create an electromagnetic field, which produces and non-hospitable environment for the rodents. These devices are also completely safe for both your children and pets.
How Quickly They Breed
At the first signs of rodents in your home, it is essential that you deal with the problem as quickly as you can. The average mouse can have up to 10 litters a year of up to six offspring, which means that within a year you could have a further 60 mice in your home. As well as that, mice can be ready to breed after only six weeks, which means a few mice can quickly turn into a massive problem. Rats can reproduce just as quick and can have up to six litters a year, and each litter can have up to 12 offspring. The offspring are then usually able to breed after around three months, although they do traditionally breed only in the spring.
For more information on telling the difference between rats and mice, you can look for articles and videos online.