Senior Finance-What is a Reverse Mortgage?

Ever Wondered What a Reverse Mortgage Is?

A reverse mortgage is a type of loan that leverages the equity in your home to provide you with a lump sum of cash or with monthly payments.

Qualifications for a Reverse Mortgage

In order to qualify for a reverse mortgage you must meet the following criteria.

• Youngest home owner is 62 or older.
• At least one of the owners live in the home
• You owe less than your home is worth
• Your home is in good repair

As you can see, the basic requirements for a reverse mortgage are pretty simple. If you qualify, should you take out a reverse mortgage though?

The Pros of Reverse Mortgages

Reverse mortgages can be very beneficial for seniors and here are just a few of the most common ways they help.

• Easily get cash to recover from unexpected expenses.
• Get extra tax free income so you can stay in your home longer
• Have money to travel and enjoy your retirement
• Reduce the burden on your family

The Cons of a Reverse Mortgage Loan

A reverse mortgage like anything in life does have a few drawbacks. Below we are going to look at a few of them so you have a clear picture of the reverse mortgage process.

• The upfront fees for closing a reverse mortgage can be steep
• You or your family must pay back the loan to keep your home
• Many reverse mortgage scams exist, so be careful
• Other loan types may be cheaper

Above we have really just skimmed the surface when it comes to reverse mortgages. If you are considering one on your home, you need to take the time to learn the ins and outs of the process. You can usually get counseling from Hud approved individuals that can go over your financial options with you. Aside from that, you should also look for reputable reverse mortgage lender that is willing to sit with you and explain the pros and cons. Allwest Mortgage in California is one great example, they were chosen as the top small reverse mortgage firm and they offer a great deal or reverse mortgage information on their blog, whether you live in CA or not, you should visit their site.

New College Student? Here are Some Ideas to Earn Money

Starting College can be fun and exciting. It can also but financial burden on you and your family. The following info graphic has some pretty neat ideas for how you can earn money as a freshman in college. This money can be saved, pay for upcoming expenses, or can be used for fun. Regardless, I hope you enjoy.





 

Do You Find Yourself Living Paycheck to Paycheck? Are Taxes Eating Your Disposable Income?

If you find yourself coming up short each month, are looking for ways to put more money away for retirement, or have a college bound child, here are some tips to help you save money every month. If you are ready to retire and are looking for ways to make your retirement go further and you have worked in the UK, looking into a Qualifying Overseas Retirement Pension Scheme (QROPS) is something to consider. You can find out more about that here: http://qrops.tv/qrops-usa/  or by checking out this video on QROPS.

A Few Things You Need to Know About Church Accounting Software

So Is Accounting Software Good Enough for Your Church?

With church accounting software, you do not have to be an accountant in order for you to manage your church finances. This software are mainly designed for special needs of your church giving you the power as well as flexibility of a high-end fund accounting system. Most of this software are capable of handling income and expense tracking, payroll, paying bills, and much more.

Accurate accounting and bookkeeping is very crucial not only for church leaders but also for the IRS as well. Maintaining accurate records in accordance with Financial Accounting Standards Boards (FASB) is very important during tax time. Church accounting software keeps your church’s data organized and in compliance with FASB in that during tax is becomes easier for your church to pay its tax.

Money raised by church members for a specific program must be spent on that particular program. This is why church should use this software to track and report on the cash received and spent. Your church requires a mechanism that removes some burden from them and that’s what church accounting software is here to do.

When you are selecting the best church accounting software in the market make sure you have chose the one that fits best the needs of your church. Before you select one in the market, ask yourself these questions in order to come up with the best software:

· How much does it cost for technical support and program updates?
· How user-friendly is certain software?
· Will the software integrate with your current payroll software?
· Does it require any additional hardware?
· How much is the budget of your church for accounting software?

Before you go to buy one, remember that what works in one church may not necessarily work as well for another.

Even if you have software for managing your churches accounting tasks, you still may need to consult with someone who specializes in church financial management to make sure you are current with all the latest tax laws. While you may think you are saving money by using software, it would only take one oversight to wind up in financial trouble. You have to ask; is saving a few dollars worth the risk? For some it may be, for others, Axess Network is one of the leading church management companies around. You should get it touch with them to see how they could help your church.