A reverse mortgage is a loan financing option provided to senior homeowners who are 62 years or more in age to help them financially during the retirement years. In this loan, the borrower is loaned money against home equity. It offers utmost flexibility to the homeowner (borrower), as he/she need not repay any money until the time of residing in the home. This is where reverse mortgage scores over a traditional mortgage, as the borrower receives payments from the lender, that too by retaining the ownership of the home. Explained ahead are the different payment options and things to remember before opting for a reverse mortgage. 1. Payment options involved in a reverse mortgage When you decide to choose a reverse mortgage, the lender will provide you with various payment options you can choose from. These are: Lump-sum In case of a lump-sum option, you receive all the proceeds in one go during the closure of your loan. A lump-sum is the only payment alternative that has a fixed rate of interest. The other five alternatives have adjustable interest rates. Term payments In terms of payments, the lender will provide you equal monthly payments for a fixed period opted by you.

The importance of home maintenance cannot be stressed enough! People of all ages and backgrounds are often so busy with work and school that they neglect the upkeep of their homes. A little upkeep can make a significant difference in your home’s value and appeal: it will prolong the lifespan of the foundation and roof, reduce potential health risks like mold and weather damage, and help avoid more costly issues later on. Here are seven home maintenance hacks that will keep your home safe, sound and looking its best: 1. Fix scuffs and dents in flooring Whether you have hardwood, tile, or carpeting in your home, repairing minor scuffs and dents on the surface can prevent costly repairs down the road. You can fix small scuffs and dents with a carpet knife or putty knife; larger ones may be fixable with a stapler. 2. Seal and fill foundation cracks If you notice cracks in your home’s foundation, it’s probably a good idea to seal them as soon as possible. Foundation cracks can cause moisture to seep into your home, which can attract termites and mold. Seal foundation cracks with polyurethane, silicone, or latex concrete caulk. 3. Improve timeworn windows Avoid costly repairs to your windows with a little upkeep, such as fixing ripped screens and spraying windows that skip and stick with silicone lubricant.

Hustle culture and side hustles have become increasingly popular in recent years, particularly among young adults and entrepreneurs. Hustle culture is a mindset that emphasizes the importance of working hard, being productive, and constantly striving for success. Side hustles are a part of hustle culture, where part-time jobs or entrepreneurial ventures are pursued alongside a person’s main source of income. Side hustles can offer financial benefits and opportunities for personal growth. Here are the top earring side hustles you can pursue: 1. Participate in clinical trials Clinical trials are a great opportunity to make a difference in this world and getting paid to do it. Oftentimes universities and hospitals will offer clinical trials where they implement different biomedical or behavioral studies on willing participants. If you suffer from a health disorder like asthma or osteoporosis you may be able to find a study that you can participate in about that disorder, or if you are completely healthy you might be able to participate in a control group. Regardless, there are many opportunities to make money on the side by participating in clinical trials. 2. Work with pets There are many different jobs in the world of pets, many of which can be done on the side.

Whether you’re just starting out or have been collecting rare coins for years, you know just how much value some coins can have. There are many types of collectibles, with some people having gold collections with items from the US gold reserve or gold bars, but most collecting individuals find pleasure in finding rare, valuable coins. You can buy and sell valuable coins at auctions or even online on websites like Ebay. Whether they’re gold/silver, bullion, made by the U.S. Mint or another mint, most rare coins have very subtle features that make them valuable, so make sure you don’t give away your coins before taking a look—you never know if you’ve come across a rare one. Here’s the 5 most valuable coins by the U.S. Mint you should be on the lookout for: 1. Saint-Gaudens Double Eagle This gold coin is precious to those who collect it as a result of its rarity and the history that comes with it. Designed by Augustus Saint-Gaudens, the coin was minted between 1907 and 1933 with a mintage of 445,500; however, there are only 12 known to exist today. This coin features Lady Liberty standing in front of sun rays on the obverse and an eagle in flight on the reverse.

Borrowing money from a 401(k) plan should be one of the first options to consider when you are looking at a short-term liquidity requirement. Ideal duration for borrowing this loan is typically a year or less than that. Applying for a 401(k) loan is a more viable option than choosing a title loan or a payday loan. Additionally, the accompanying high-interest rates of these options make a 401(k) loan a much financially smarter move in comparison. Considering the viability as mentioned earlier, here are four more benefits of applying for a 401(k) loan and borrowing a lump sum from it: 1. Convenience and short duration requirement For most 401(k) plans, procuring a loan is very easy. It does not warrant credit checks and is not accompanied by the filing of lengthy applications. Since no credit inquiry is made against you, your credit score remains intact. Depending on your 401(k) plan, you can procure a loan with just a few clicks on the website. Once you are done applying for a 401(k) loan, you will get your check within a short-stipulated duration, without your privacy hampered. 2. Flexibility in repaying the loan Typically, most 401(k) plans come with a five-year amortization schedule for repayment.

Credit card users and loan applicants are sure to know the term credit score. A credit score is a number that reflects a person financial dependability. Credit bureaus are responsible for evaluating a person’s credit score based on information gathered from credit card companies and banks. The real problem arises when a person’s credit score is on the lower end of the spectrum. Here is a basic range that will help you understand your credit score: 800-850 is considered to be an exceptional credit score 740-799 is considered to be a very good credit score 670-739 is considered to be a good credit score 580-669 is a fair credit score 300-579 is considered to be a poor credit score Note that there could be variations in these ranges. If you have a bad credit score according to these figures, then here are some steps you can take to fix it: 1. First things first, find out about where you stand Before you start the process of improving your credit score, you need to understand where you stand. To figure this out, you would need to get a credit report from all three bureaus—TransUnion, Experian, and Equifax. While the credit score can differ from one bureau to another, it will still be in the same range.

There are many features to consider before you opt for a new checking accounts service. Some individual checking accounts offer rewards, while others may offer a better rate of bank fees. With so many options on the market, it can be challenging to pick the best option. While all of them offer certain standard services, the following features will help you decide the best option when you are looking to open a checking account service: 1. Check the different bonuses and rewards offered A checking account service is known for offering rewards and bonuses. Let’s take Citibank for example. The rewards offered with this account are perfect for travelers. Apart from offering travel points, you can also earn rewards in the form of gift cards and merchandise. Basically, before you finalize your option, we recommend you to check the different benefits offered. These may range from travel to dining to fuel, thereby widening your options. 2. Check for the interest rates offered, if any As per the FDIC (Federal Deposit Insurance Corporation), the average rate offered for a checking account is somewhere around 0.50% APY (Annual Percentage Yield). However, since bank accounts want to get more sign ups, they offer better APY rates to the consumers.

Are you paying multiple credit card fees and balances month after month? If your answer is yes, then you should think about consolidating your credit card debt. For doing so, you may need to borrow money to pay off the credit card balances. While this may mean another loan for your credit card debt consolidation, it will reduce your payment to one single payment, which will have a much lower interest rate as compared to holding multiple credit cards. If you are looking for ways to consolidate your credit card debt, here are some potential options for you: 1. Try out a nonprofit credit card organization You can look for organizations accredited by the NFCC (National Foundation for Credit Counseling) if you wish to get outside help to guide you regarding your credit card debt consolidation. The advantage is that you may easily be able to set up a debt management plan or the program. In some cases, the organization may be able to negotiate better deals for you. However, you should note that the service may come with a small fee, which may be an added expense. 2. Go for a personal loan Another option to consolidate your credit card debt is by opting for a personal loan.

Everybody strives for higher returns on their investments. People mainly opt for stocks so that they can maximize profits on their hard-earned money. However, there is a reason why it is not everybody’s cup of tea. Stock markets are highly unpredictable, and if you are unaware of how it works, you could end up losing your savings. If you want to learn how the stock market works and tips on how to earn maximum returns on your investments, read the following. 1. Focus on cost but sensibly Whenever you wish to earn a few extra return points, cost control proves to be the most effective. However, for better cost control, you need to understand which fees are justified and which can be avoided. For instance, Vanguard is a USD 500,000 trust fund that has a fee of 1.57%. This includes the different expense ratios and layers of cost. While it may lack the tax efficiency of an individually managed account, it is definitely a great bargain. Hence, understand the entire cost before making a decision. 2. Know when the stock can be sold Some points you need to remember to know when to sell your stock: If earnings were not stated properly Debt keeps growing rapidly and you do not have any other option The management ethics are questionable Market price per share has become a lot higher than the diluted earnings made on each share In all of these situations, we recommend that you bid adieu to the concerned stock to avoid going into losses.

With college costs increasing, most parents are starting the process of saving for college at a much earlier stage. Nearly 98% of parents believe in saving for college early because they think it is suitable for their child’s future. 87% of people, on the other hand, said that they would go out of their way to provide their children with the best opportunities in terms of education. Even with this kind of willingness, getting enrolled in a college in the country calls for large investments. If you are also planning on saving for college, here are some tips you can follow to ensure that you get the best returns and planning: 1. Start earlier Did you know that the average age of a child for parents to start saving for their college has decreased to five from nine? This helps parents to weigh their options better, while also helping them to take benefit of compound interest and the potential growth that a fund holds. 2. Save up more, take lesser loans There are many plans that you can consider, an Education IRA (Individual Retirement Account), a minor gift certificate, or the most common of them all, a 529 plan. Instead of going for an education loan, it is better to save up beforehand.