Stop The Secrets And Start The Conversations

[AD] We all have a tendency to keep a few secrets from the ones we love – I mean does it really matter if you don’t own up to eating the last piece of cake, or maybe elaborate a little on the price after a shopping trip.

It’s human nature to keep little things to ourselves, but there are some situations that create more harm than good when we bottle them up and can have huge repercussions on us and our family’s lives.

I think now more than ever with the uncertainty and stresses that have come with the COVID-19 pandemic we need to have a real think about sharing everything with the ones we love.

Research by LifeSearch has shown that a huge 7 million of use are keeping mental health problems to ourselves, along with a massive 4 millions hiding physical health problems.

Sadly this isn’t the only problem that people are keeping to themselves. 1 in 10 people have money worries that they feel they can’t share and 1 in 20 are fighting a battle on their own with drink or drug problems.

These problems cause huge issues for the people suffering, adding anxiety and sleep deprivation to the problems that are already there. Also these issues will then have a knock on effect for their loved ones too if something should happen to them.

A fear of being judged, embarrassed or even the worry a relationship may break down are a few of the reasons people keep these things to themselves and incredibly a huge number would rather take these worries to the grave with them, rather than face them head on.

A lot of people, including myself, put off putting things in place to protect our future for so many different reasons, when this is in fact one of the most important conversations to have.

It was my sister that actually got us talking about this a few years ago and gave us the wake up call we needed to get our life insurance in place. So should the worst happen to me or my husband we now know that either one of us will be looked after as well as the children.

Even if you think you are covered and don’t need to let on about an illness you are dealing with, this could actually affect your insurance claim in the future, so this discussions need to be an ongoing thing.

Now really is a good a time as ever to open up these discussions, be honest with yourself and your loved ones and to get things in place that will give you peace of mind for the future and take the burden of your shoulders now.

Learning to open up and talking about feelings is something I try my hardest to instil into my children too, in the hopes that we can build a future generation that are comfortable talking about issues this generation seem to find so hard.

Understanding Reverse Mortgage Terminology

[AD] Retirement is one of the most sort after phases of life; it is a period where an individual may have several life goals and can now sit back and reap the rewards of their efforts. However this beautiful dream can become a nightmare when there is no financial safety net. Most would-be retirees come up with various plans to live a hassle free post-retirement lifestyle, including opting for a reverse mortgage.

A reverse mortgage offers a certain level of financial security. So if you are considering this path, then you should familiarise yourself with its terminology, which I’m going to explain to you now.

What Is A Reverse Mortgage? – Do you know how a standard home loan works? Yes! Such loans come with monthly repayment options right? Now think of a reverse mortgage as being the opposite of that. What I’m trying to say here is that instead of repaying the loan under a regular loan, you receive monthly funds from an approved reverse mortgage loan.

Does this mean their are conditions to access such a long term loan option? For starters your home should be your permanent place of residence, which serves as collateral for your reverse mortgage. With this loan option you can access funds, depending on your agreement with the lender.

Reverse Mortgage Terminology – HECM: HECM stands for Home Equity Conversation Mortgage. What does this mean? Despite the similarities it bears to a standard reverse mortgage, a HECM has a distinct feature. This mortgage comes with a government insurance, whereas lenders issue a reverse home loan. An example of such lenders includes banks.

Reverse Mortgage Calculator – Lenders use reverse mortgage calculators to determine what options are available to a borrower. It evaluates the total home value and uses the information to rates the borrower’s financial status before the approval of the loan application. Here are some of the factors the lender will consider in your home:

• Age

• Condition

• Physical location(address)

By law homeowners cannot access loans based on the total market value of their home equity. Notwithstanding the calculator helps to estimate what amount(percentage) can be made to a borrower. And yes, individuals with an outstanding mortgage will have to settle them first before they can receive payments from the reverse mortgage balance.

What Ways Can I Receive Funds? – A reverse mortgage comes worth various payment options, depending on the borrowers needs and preferences. first off you can receive payment on a lump sum; this is ideal for retirees with several, immediate and demanding projects that need financing. Another option is create a line of credit which provides access to funds at any time. Finally you can opt for monthly loan payments, which is similar to receiving a pay-check. This option makes it easy to predict earnings and execute monthly plans.

You can select any one of these options, depending on your financial status and needs. However it is essential to discuss your options with a reputable lender to get the best deal. This type of mortgage is perfect for people in need of financial security once they retire.