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Is a Reverse Mortgage Right for You?
Reverse mortgages are a great way for senior homeowners to generate a steady flow of income, or receive an immediate lump sum for expenses, if you qualify and determine this is the right option for you.
A reverse mortgage works exactly how it sounds. The bank pays you an upfront lump sum, monthly distributions, a credit line or a combination of all three. The upside is you don’t have to pay back the interest accumulated on the loan during your lifetime, unless you move out of the house.
To qualify, you must be at least 62 years old and own, or nearly own, a house. You also have to make sure your house is in good condition and have no other outstanding loans. If you meet these criteria, a reverse mortgage might work for you.
Be sure to consider the entirety of costs involved in getting into the agreement. Interest is accumulated over the course of the agreement, and when you move or pass away, interest is owed to the bank. The interest is deducted from your estate.
If you’re planning on leaving a substantial amount of money from your estate to friends or relatives, consider how much is going to be deducted due to the reverse mortgage interest payment.
Ask a preferred mortgage lender at University of Iowa Community Credit Union (UICCU) about a reverse mortgage, or contact the trusted lender of your choice.
Tips For Refinancing Your Mortgage.
Refinancing your mortgage creates a great opportunity to lower your interest rate, but don’t forget these other tips when refinancing.
- Change your mortgage length
If you’ve recently come into a different financial situation, consider switching the length of your mortgage. If you started with a 30-year mortgage and have a stable financial situation, a 15-year mortgage will save you more money in the long run. You won’t be paying as much in interest, and you’ll build equity faster.
- Switch to a Fixed Rate
Adjustable rates are tempting due to their lower introductory rates, but changing to a fixed rate may be better in the long term. Fixed rates offer stability, allowing you to manage your budget more accurately.
- Consider a Cash-Out Refinance
Want a potentially lower interest rates plus extra cash? A cash-out mortgage refinance might be right for you. If you owe $80,000 on your $150,000 home, you can refinance the loan for $100,000 and receive a check for $20,000. Use this money for wise investments like home improvements, education, healthcare or investing. Otherwise, you might end up just taking on more debt.
- Consolidate Two Mortgages
When refinancing mortgages, find out if it’s possible to consolidate any previous mortgages you have. When interest rates are low, it’s often possible to pay less under one mortgage than you were before. One mortgage rate is easier to manage than two, and you’ll be saving yourself money.
Talk to a lender at University of Iowa Community Credit Union (UICCU) or a qualified lender of your choice to review your refinancing options.
How To Compile A Home Inventory.
Creating an inventory of your home’s contents is important, not only for insurance purposes, but also for creating peace of mind. It helps verify what items you own in case you suffer a loss due to fire, a natural disaster or burglary.
Make a list of all the items you own that are important to you. Electronics, jewelry, artwork, family heirlooms and furniture are items you want to insure. Once you have the list, add the serial numbers, brands and estimated costs for each item to show proof of ownership. It’s a good idea to take photos of your items to show their condition.
Once you’ve collected this information, store it in several safe locations. One copy of the information should be sent to your Mel Foster Insurance agent, another should be stored on your personal computer. It’s also important to have another version stored on a USB drive kept outside of your home or use cloud storage. The cloud is highly recommended because there are free services accessible from any computer.
You can never have too many copies of this information. Physical copies are also a great idea because they’re so reliable. Getting a safe-deposit box at your bank, or investing in a fireproof safe are perfect ways to protect your information in case you can’t access the information anywhere else.
Click here to contact a Mel Foster Insurance agent for help in getting your home inventory started.
Mel Foster Co. Marple elected for NAR officer
Lynsey Engels, President, Real Estate Brokerage at Mel Foster Co. Inc. is pleased to announce that Don Marple of their Davenport Kimberly Road office is on the list of 2017 Eligible Candidates as Regional Vice-President for Region 8 for NAR elected office per the Credentials and Campaign Rules Committee. The eligible candidates will be elected for office at the May 2016 NAR Board of Directors meeting in Washington, D.C.
Don has been a licensed Realtor® in Iowa for more than 38 years, and has worked at Mel Foster Co. in Davenport since 1995. He has been an active member of the IAR since 1980, serving on numerous committees, including past chair of the annual convention, and member of the education, consumers affairs, technology and member services committees. He served as IAR president in 2013, president-elect in 2011 and treasurer in 2010. He received the IAR President’s Special Recognition Award in 1995 and 2014 Iowa Realtor of the Year. He has also been a member of the Realtor® Foundation of Iowa Board of Directors.
Marple is presently serving on the National Association of Realtors® (NAR) – Public Housing and MLS Policy Committees. Marple also served as a commissioner on the State of Iowa Real Estate Commission from 2004-2007.
Marple has also served in various leadership roles on his local board, the Quad Cities Area Realtors® Association, including 2002 president, secretary/treasurer, and as a member of several committees. He received Realtor® of the Year Award in 1998 and the Bert Frahm Award for Outstanding Dedication and Service to the Real Estate Industry and to the Community in 1995. He has earned several of real estate’s highest designations, including Graduate, Realtor® Institute (GRI), and Certified Residential Specialist (CRS).
Marple is very active in his community. He is currently a commissioner on the Scott County Condemnation Board. He has also served as past president for the Donahue Sportsman Club and was a founding member of the North Scott Soccer Club. He has been a Junior Achievement volunteer in the North Scott School District for the past 19 years, as well as a long-time volunteer with the Cub Scouts and Big Brothers/Big Sisters.
Supporting Our Hungry
Mel Foster Co. is proud to participate again in the Student Hunger Drive Corporate Challenge. The competition kicks off today and runs thru February 28.
Each Mel Foster Co. office is conducting an internal food drive by collecting donations of money and/or canned food items for the Student Hunger Drive. For last year’s corporate challenge, Mel Foster Co. received the Bronze Award for Division C and their commercial division won by averaging 116.84 pounds per person.
“Being a community partner means supporting those in need”, says Lynsey Engels, President of Brokerage Division of Mel Foster Co. She added, “Mel Foster Co. is proud to continue our tradition of supporting the Student Hunger Drive, and our agents and staff look forward to helping create awareness in the fight against hunger in our area.” To help the cause, you can drop off food at any of the Mel Foster Co. real estate offices or the insurance office.
How To Lower Your Taxes With Upgrades
When you prepare your 2013 taxes, you can use your recent home improvements to get energy-efficiency tax credits. In addition to helping you lower your energy bills, energy-efficient products eligible for the new federal tax credits actually lower the amount of federal income taxes that you pay.
Eligible home improvements
Exterior windows including skylights and storm windows
Insulation, exterior doors and roofs
Central air, heat pumps, furnaces, hot water boilers, water heaters, advanced main air circulating fans or biomass stoves
How to claim your credit
Your tax preparer can help determine your credit. There is a cap of $500 for fiscal years 2006-2013 combined. You will need to keep receipts to provide proof of purchase and have a copy of the manufacturer’s certification for the product you purchased. If you file taxes on your own, you will need to file IRS Form 5695 with your taxes.
Make Your Neighbors Your Friends
You wave and smile to the guy down the street, but you don’t know his name or address. You only know him by his car. You might actually talk to your next door neighbors, but only if you happen to catch them in their yard on a weekend. Do you ever wish you had more meaningful relationships with the people in your neighborhood?
Nextdoor is a social media network, similar to Facebook, but localized to just your neighborhood. People sign up, verify where they live and start sharing information with their neighbors on a secure website. It’s a fun way to break the ice and make new friends, and imagine the possibilities beyond the social benefits.
If your pet gets loose or if somebody suspicious is hanging out in your neighborhood, you can quickly post to Nextdoor to get the word out to your neighbors with an urgent alert. You can also post if you’re giving away household items or plants or put the word out to fellow gardeners if you’re seeking heirloom seeds or perennial cuttings. Finding a great babysitter has never been easier!
Nextdoor is free to use and you can share as much, or as little, of your personal information as you like. It only takes one person to become the Founding Member to set up the website. Nextdoor will send a postcard to all of your neighbors for free, encouraging them to join. You can also leave flyers on doors or go door-to-door, the old fashioned and friendly way, to let your neighbors know about Nextdoor. Make a sign and post it in your yard or ask a business in your neighborhood to post a sign in their window.
Before long, your neighbors will be waving back, in a genuine way that says, “hi, friend.”