3 Alternatives to a Reverse Mortgage

Reverse mortgages are not the only option for retirees looking to enhance their cash flow. Alternatives, like refinancing the existing mortgage, taking out a home-equity loan, or selling the property might help some people reach their goals. Evaluating financial circumstances and retirement objectives can help homeowners determine which route is the best fit. Refinancing For homeowners that are struggling with their monthly payments, refinancing is a potential option. Refinancing may allow … [Read more...]

5 Ways to Get Out of a Reverse Mortgage

There are various options available to homeowners who decide to get out of their reverse mortgages. Aside from dying or selling the home, borrowers can exercise their right of recission, repay the loan balance, refinance with a conventional mortgage, tap into their savings, or choose another reverse mortgage. When deciding which option to choose, the length of time since the money was borrowed and the consumer's overall financial situation play an important role. Indicators that a Reverse … [Read more...]

How Are Probate Claims Paid in Illinois?

Ordinarily, when someone dies in Illinois, creditors are given the opportunity to file claims against that person's estate, valid claims are paid, and remaining assets are distributed in accordance with the will or state law. To receive payment, creditors must file claims within a specified period and follow the correct procedures for filing. reditors have two years from the date of the decedent’s death to file a claim against an estate. The requirements for filing claims is relatively lax when … [Read more...]

Entering Into a Contractual Business Relationship: Covering Your Bases

When entering into a contractual business relationship, careful consideration, clear communication, and planning ahead can prevent legal disputes down the road. Successful contracts avoid complicated legalese, provide specific terms, and describe the method and manner of payment expected. The circumstances under which the contract can be terminated should also be addressed. Elements of a Legally-Binding Contract Contracts can be verbal or written. It is advisable for business contracts to be … [Read more...]

Understanding the Difference Between a Durable and a Springing Power of Attorney

A significant division exists between springing and durable power of attorney and it is important to understand how these differences may impact a person's financial and medical decisions in the future. A durable power of attorney takes effect the moment that it is signed. This is useful in ensuring that authority is clearly vested. Conversely, a springing power of attorney takes effect when the grantor is incapacitated. Springing powers of attorney reserve more authority for the grantor but at … [Read more...]

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