Mortgage Tips Archives – Michael Inkman

Important Things To Know Before Signing Your Reverse Mortgage

September 9, 2022 by Michael Inkman

Read This Before Signing Your Reverse Mortgage There are many reasons people take out reverse mortgages. However, this option is usually considered by cash-strapped seniors who own their homes and are looking to ease the burden of their golden years.

The beauty of reverse mortgages is that you’ll receive money as long as you are current on property taxes and homeowners insurance.

While this seems like an appealing opportunity, it’s a decision that should not be made lightly. Not only is the reverse mortgage complicated in itself, but homeowners make all sorts of mistakes when they’re too quick to sign the dotted line. So if you’re considering one, be wary of the common pitfalls below.

Buying Into A Scam

With reverse mortgages becoming a more common option for those over 62, mischievous opportunists are searching for ways to solicit seniors in need of help. Scammers will take advantage by charging high fees, funneling off parts of payments, creating fake loans or committing identity theft. Ensure you use a lender approved by the Federal Housing Association.

Confusing Your Payment Options

Reverse mortgages come in many forms. You can get the amount in one lump sum. Tenure payments are another option that give you a certain amount each month until you die or move out. There are also term payments, lines of credit, and modified tenure and term payments. You need to take the time to research your options and decide which one will be best for you in the long run.

Compromising Government Assistance

There are several government assistance programs that set asset limits on your monthly spending. These programs provide aid for low-income and disabled individuals. If any assistance programs financially support you, then be sure to consult their advisers before determining your reverse mortgage plan.

Disregarding Other Options

Reverse mortgages are extremely expensive and many people see them as their only option. However, there are other alternatives. Consider taking out a personal loan, downsizing or even taking on roommates. The Golden Girls always seemed to have fun.

A reverse mortgage could be just the thing to give you the extra cash flow you need and ease your mind. However, make sure you’re consulting a trusted home financing specialist, reading the fine print and have carefully considered all your options.

The Top Tips For Finding The Right Home

September 8, 2022 by Michael Inkman

The Top Tips For Finding The Right Home If you are in the process of looking for a new home, you have probably realized that there are lots of options available. It can be very difficult to decide which home is right for you, but there are several important tips you should keep in mind. They include:

1. Make A List Of Your Wants And Needs

First, make a list of what you need to have and what you want to have. It is very difficult to find the perfect home, but if you have a list that allows you to prioritize what is most important, the process will get easier.

2. Consider Home Improvements

Next, take a look at some of the most important home improvements that homeowners have done. Think about what matters to your lifestyle. Then, look for those home improvements during your housing search.

3. Check Out The Neighbors

Pay close attention to the neighbors. You will have to live next door to them, so you want to get along with them. Do you want neighbors who keep themselves? Or, do you want neighbors who are outgoing?

4. Consider The Kids

Do you see a lot of kids playing in the street? If you have children, you might want to make it easier for them to make friends. Having other kids in the neighborhood is important.

5. Think About The Commute

What is your drive to work like in the morning? How much traffic are you willing to deal with? Pay attention to how much time you will have to spend in the car.

6. Consider The Schools

What is the school system like? Even if you don’t have kids, a quality school system can make a significant difference in the value of your home.

7. Look At The Crime Numbers

How much crime is in the area? Much of this information is public, so take a look at the municipal police department website to see what the prime numbers are like.

8. Consider Your Future

What is your future going to be like? Do you think the home will still be right for you in a few years? Try to find a home that you will stay in for a while.

9. Look At The Days On Market

Are there a lot of homes in the area selling quickly? If the homes sell fast, it is a sign of a desirable neighborhood.

10. Don’t Forget The Amenities

What are some of the changes taking place in the local community? Are there new shops and restaurants opening up? If so, you have probably found the right home.

The Top Tips To Remember When Moving

August 11, 2022 by Michael Inkman

The Top Tips To Remember When Moving If you have recently purchased a home, you are probably excited to move into your new house; however, the moving process can be stressful. There are a few important tips you need to keep in mind if you are moving soon. Make sure to plan ahead, as there are several ways to save time and money.

Get Quotes From A Few Moving Companies

First, you need to get multiple quotes from multiple moving companies. If you have heavy furniture, it is better to hire a moving company to reduce the chances of your furniture getting damaged. When you talk to moving companies, make sure they can handle the items you have. If you have a grand piano, make sure the moving company is comfortable moving it safely.

Get Rid Of The Items You Do Not Need

Before you move, make sure you get rid of the items you do not need. You may want to start by dividing your items into three piles. Create a pile for items you want to keep, another pile for the items you will donate, and a third pile for the items you throw away. Get a receipt for the items you donate, as you might be able to deduct the value of the items from your taxes as charitable donations.

Pack Up Before The Movers Get There

While you might be able to ask the movers to help you pack, it is better to pack before they get there. Label the boxes so you know where they go in your new house. Movers usually charge by the hour, so if you can save them some time, you can save yourself some money. Remember that moving expenses could be tax-deductible, but talk to an account if you have questions about tax deductions.

Get Ready For The Moving Process

These are a few of the most important tips you need to keep in mind if you are moving soon. While the moving process can be a bit busy and frustrating, if you plan ahead, you can streamline the process. There might even be opportunities for you to save money. Remember that you should get quotes from multiple moving companies before you decide which moving company you go with.

Save Money On DIY Projects Around The House

August 3, 2022 by Michael Inkman

Save Money On Your Cost Of Living With DIY Tips Around The House It is not exactly a secret that inflation is a significant issue. With inflation continuing to increase the cost of living all over the world, there are many people who are looking for ways to save money. Home improvement and renovation projects have been popular during the past few years, but many homeowners are starting to put them on hold because of how expensive everything has gotten. What are some of the ways you can save money on your home repair and renovation costs?

Know What You Can Do Yourself

First, you need to think about home repairs that you can complete on your own. It has gotten exceedingly expensive to call the contractor for help. There might be some small issues that you can handle on your own. This might include broken cabinet pulls and slanted doors. On the other hand, you need to think about your safety. For example, you should never work on a gas line yourself unless you are properly certified.

Scale Back The Price Of The Renovation

You might also need to scale back the scope of the renovation project. For example, if you were going with a specialty company for those beautiful kitchen counters, you may want to go with a less expensive option. You might even be able to find a single company that can handle everything for you, which means that you may enjoy a significant discount.

Consider Going With Used Options

You might be able to save even more money if you go with a used option. For example, if you are looking for a way to save money on kitchen cabinets, consider looking for the second-hand often that someone is trying to get rid of. This is also a great way for you to protect the environment. When you work with a kitchen contractor, see if they know somebody who is looking to get rid of kitchen items. They might give you a discount if you take them off of their hands.

Save Money On Your Repairs And Renovations

These are a few tips you may want to follow if you are looking for a way to save money on repairs and renovations. Make sure you know what you can do yourself and when you need to reach out to a professional.

The Top Tech Upgrades For Your Home During A Home Improvement Project

August 2, 2022 by Michael Inkman

The Top Tech Upgrades For Your Home During A Home Improvement Project

If you want to increase the value of your home, you might be thinking about conducting a renovation project. You can significantly increase the value and appeal of your home if you add some advanced technology. What are a few of the top tech upgrades you should consider adding to your home? Take a look at some of the top options below, and consider reaching out to a professional who can help you.

A Smart Thermostat

There are a lot of people who are concerned about cost-of-living increases. If you are looking for a way to save money, reduce your utility expenses. One of the ways to do so is to use a smart thermostat. You can use a smart thermostat to exert greater control over when your HVAC unit is on and when it is not. Your thermostat can even tell your HVAC unit to stop running when you are not home, which can help you save a lot of money on your utility expenses.

A Smart Refrigerator

If you want to take your kitchen to an entirely new level, you might be interested in a smart refrigerator. A smart refrigerator can help you generate meal schedules, look up new recipes for you, and even make a grocery list for you. Of course, you will probably fall in love with the automatic water dispenser as well. Consider upgrading your kitchen with a smart refrigerator.

A Home Elevator

You might even want to install a home elevator. There are plenty of companies that will help you find an affordable home elevator you can add to your house. There are plenty of financing options available as well. This is a particularly helpful option if you have someone in your home with mobility issues. That way, they don’t need to worry about the hazards of navigating the staircase, particularly at night.

Find The Best Tech Upgrades For Your Home

These are a few of the top examples of upgrades you may want to add to your home. There are plenty of amazing tech upgrades you should explore, and many of them can help you increase the value of your house. Consider working with a professional who can assist you.

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