Why Your College-Bound Child Should Have a Power of Attorney

After years of preparation and planning, your child is set to go off to college – perhaps nearby; perhaps several states away. Part of the preparation was helping your child make decisions about important issues.  Part of the learning process at college will be how to refine the decision-making process. Upon reaching age 18, your college student is considered an adult and will be required to make decisions on his or her own. What if Your Child Is Unable to Make Decisions Due to an Injury … [Read more...]

What Happens If An Heir Doesn’t Want The Inheritance?

A farmer who lay on his deathbed asked his son to make sure that the land would always stay in the family. Upon his death, the farmer’s will leave 320 acres for his wife and 160 acres for each of his four children. While some family members were overjoyed with their inheritance, others did not expect the million-dollar mortgages that came with the land. According to Iowa Farmer Today, several of the farmer’s children were not equipped to handle inheriting that level of debt. In Illinois … [Read more...]

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...]

What Happens to Your Investment Assets When You Die?

The fate of retirement funds after death depends on the type of accounts held, whether designated beneficiaries exist, and the way accounts are set up. By making sure the right types of accounts are correctly set up and proper beneficiary designations are in place, people can ensure that their retirement money is available for surviving family members when they die. Annuities Annuities are retirement benefits in which individuals pay a set amount over time (monthly, annually quarterly, etc.) … [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...]

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