You tried to put away money throughout your life for your "golden years." But with college tuition, weddings and ever increasing property taxes, it was rare to have much money left over to put into savings. Now you are trying to get by on a social security check and perhaps a pension, but it is getting harder and harder to cover all your monthly expenses. You start to think you will have to sell the family home you love and move to a less expensive house or apartment. But before you take this drastic step, why not consider a reverse home mortgage?
Instead of you paying the bank each month to pay off your mortgage, the bank will actually pay you. If you have equity in your home (the amount it would sell for minus what you still owe) a bank will loan you money that does not have to be paid back until you sell the home, pass away or permanently move out.
You do not need a minimum income to qualify for a reverse home mortgage. In fact you don't need any income at all. There are no monthly mortgage payments to make, so you don't have to worry about losing your home through foreclosure. Most people prefer to receive the money as a credit line account to use whenever it is needed. Other options include receiving the money as a lump sum payment or as a regular monthly check. You must be at least 62 years of age and be the official owner of the home in order to qualify for a reverse home mortgage.
The funds you receive from the bank can be used for just about any purpose. You could use it to make needed repairs or home improvements, pay off credit cards or other debt, pay property taxes and health insurance premiums, or even take a vacation.
In order to apply for a reverse mortgage you first have to meet with a counselor. This will be an excellent opportunity for you to ask questions and to evaluate other alternatives. These might include selling the house, buying a less costly home, moving into an apartment where you would not have to deal with maintenance issues, or moving into an assisted living situation. Where would you be happiest and better off financially? But before you call the real estate broker to sell, certainly consider a reverse home mortgage.
Step away from the plunger! Put away your . The idea calling a plumber may have you trying to will that plunger into getting the job done, but really, if it hasn't worked yet, it's not going to. The fact of the matter is that some jobs just require professional help. If the though of calling a plumber has your wallet trembling in fear, here are a few ways you can keep the costs down.
Comparison Shop
Call around and get estimates from a few plumbers. Don't forget to ask about those little hidden fees some plumbers slap on the end of a bill, like mileage fees or after hour premium charges. Remember, most plumbers work by the hour, so also ask for an estimate of how long they expect a job like yours to take - this is the best way to get the best comparison of prices.
A word of caution: cheaper does not always mean better. Plumbing problems can get very expensive, very fast. If you know a plumber by word of mouth who may charge more than other guys, bank on the one with good rep.
Maintain Your System
The best way to save money on a plumber is to not call one. If you have a drain problem, see what you can do to fix things yourself (of course, the first rule of thumb is to try and not clog your drain in the first place by pouring things down that should not go there).
If you have poured grease down the drain and now things won't move, try using vinegar and water to clear things out. Heat vinegar, pour it in your drain, wait 30 minutes, and then pour hot water down there to swoosh it all away. Bingo, functioning drain!
For hair filled drains, check your local grocery store for hair dissolving drain cleaners, and use according to the package directions. You can avoid this problem in the future by putting a mesh drain cover over your drain.
You can also cut down on your need for a plumber by keeping an eye on things and watching for any problems so you catch them early. Make sure none on your fixtures are loose and watch for drains that are slowing.
Buy Direct
If you are bringing in a plumber to replace some of your appliances, don't let the plumber do your shopping for you. You pick out the new toilet, basin, sink, etc that you want and buy it directly from the vendor. Your plumber will only charge you a surcharge for the same product. You will, however, have to consult with your plumber to make sure the things you are buying are compatible with your plumbing pipes
Both Charles & Susan Truett & Kurt Schefken are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Charles & Susan Truett has sinced written about articles on various topics from History, Psychology and Home Accessories. For more information please visit our website dedicated to seniors about the pros and cons of a . You can read more on our. Charles & Susan Truett's top article generates over 1000000 views. to your Favourites.
Kurt Schefken has sinced written about articles on various topics from Diamonds, Home Renovation Ideas and Coffee Advantages. Kurt Schefken wrote normally for , an online publication covering information on truck tool boxes . You can come across his publica. Kurt Schefken's top article generates over 301000 views. to your Favourites.