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How to get the most out of your retirement – Bowie News
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How to get the most out of your retirement

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(Family Features) Retiring from the workforce provides opportunities you may have been unable to take advantage of during your working years, including discovering new passions and devoting more time to the people you love.

Even though your income might be lower than when you were working full-time, being free of financial burdens like credit card debt or a mortgage may provide extra disposable income that allows you to explore hobbies, develop new skills or focus on spending time living life to the fullest.

In fact, if you’re over the age of 62, own a home and have equity in it, you can extend your retirement runway by borrowing against that equity. A home equity conversion mortgage, like those available from Guaranteed Rate, a leader in mortgage lending and digital financial services with more than 850 branches across the United States, can flip the roles of lender and borrower. Homeowners can remain on their property and generate income, provided they own at least 60% of their home’s equity and it is FHA eligible.

“These mortgages fit a very specialized segment of the marketplace, but for those seeking financial flexibility, they can be a game-changer,” said Jim Hettinger, executive vice president of operations, Guaranteed Rate. “Equity build-up over time is one of the most compelling reasons to purchase a home. These loans give long-time homeowners a way to enjoy the benefits of that equity in their retirement years – all while retaining ownership and continuing to live in the house they call home.”

While this type of loan shares many similarities with home equity loans, the requirements generally allow for more flexible terms for homeowners, who remain responsible for property taxes, home insurance and home maintenance. Over time, the loan balance increases with the understanding the mortgage will one day be paid off, usually by selling the home, providing the homeowner more flexibility and comfort during retirement. Meanwhile, homeowners receive money from their homes in the form of a lump sum payment or line of credit without making monthly mortgage payments.

Consider these ways to take advantage of a home equity conversion mortgage and get the most out of your retirement.

Travel
With minimal limitations on vacation time in retirement, it’s possible to get out and explore both domestically and internationally. With the flexibility to take extended leave, retirees can even enjoy trips dedicated to a specific hobby or pastime, such as golfing, shopping, biking, attending sporting events, appreciating the arts and more. You could also consider purchasing a boat or motorhome to take your exploration to the next level.

Pick Up a New Hobby
With more time now available, it’s possible to expand on hobbies you enjoyed while working or pick up an entirely new pursuit altogether. The possibilities are nearly endless, but some options to consider include gardening, dancing, reading, baking, hiking, collecting antiques, restoring furniture, golfing, bird watching, sculpting or wine or beer making, among others.

Learn a New Skill
Devoting time to pick up a new skill can help keep your mind and body sharp. Whether through formal classes or watching videos online to learn, speaking a new language, playing a musical instrument or cooking a new cuisine are popular options for enhancing your skills later in life.

To find more ideas to live better in retirement, or access the free education guide, visit rate.com.

Benefits of a Home Equity Conversion Mortgage (HECM)
HECMs can provide peace of mind during retirement if you’re worried about making ends meet. Using the equity you’ve already put into your home opens up new sources of income while letting you stay in your own home. Consider these additional benefits:

  • Offers flexibility in drawing and repaying borrowed funds
  • No pressure to make a payment, even if interest rates increase
  • Untouched funds in your line of credit grow tax-free over time
  • Any remaining equity at maturity can be released to borrower or heirs
  • The line of credit stays the same, even if the home’s market value drops
  • Money spent on conventional mortgage payments can go to other needs

Photos courtesy of Getty Images

This is not a commitment to lend. The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, and hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Otherwise, the loan must be repaid when the last borrower passes away or sells the home. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Guaranteed Rate, Inc. is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. To find a Reverse Mortgage counselor near you, search the HECM Counselor Roster at https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or call (800) 569-4287.


SOURCE:
Guaranteed Rate

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Homeowners handbook: Navigating new HVAC refrigerants

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(Family Features) Homeowners may not realize it, but one compound impacts their lives nearly every day: refrigerant. Capable of transforming from liquid to gas and back again, it absorbs and transfers heat as a key part of air conditioning and heat pump systems that keep you comfortable no matter the weather.

As part of your air conditioner or heat pump system, it helps transfer heat and humidity out of your home for cooling or draws heat from outdoor air and brings it inside for heating. However, while concerns about climate change heat up, government leaders are enacting policies that enforce greater control over the anticipated global warming potential (GWP) of refrigerants.

In fact, the Environmental Protection Agency (EPA) is limiting the GWP of refrigerants in equipment starting in 2025. At the same time, the EPA is implementing a phasedown on the supply of existing, higher GWP refrigerants.

The changes include a phasedown of high-GWP refrigerants commonly used in home air conditioning and refrigeration, introduction of alternative refrigerants with lower GWP that maintain efficiency and requiring manufacturers to comply with new standards for energy efficiency and environmental impact.

Despite these policy updates, you may not necessarily need a new air conditioner or heat pump. Here’s what homeowners need to know, courtesy of the experts at Carrier, a world leader in high-technology heating, air conditioning and refrigeration solutions:

Environmental Awareness and the Impact on Existing Home Systems
Transitioning away from high-GWP refrigerants contributes positively toward reducing your carbon footprint. These anticipated changes aim not only at reducing environmental impact but also at promoting technological advancements in heating and cooling solutions that benefit both consumers and the planet over time. If you have an existing system using older refrigerants like R-22 or R-410A, it can still be serviced; however, it’s possible repair costs may increase due to reduced availability.

Maintenance and Servicing
Regular maintenance becomes more crucial as systems age. Ensure your HVAC technician is knowledgeable about the new requirements and safely handling different types of refrigerants.

Considerations for New Purchases
When purchasing a new air conditioner or heat pump, be sure to check for energy efficiency ratings that align with the updated regulations and look for models using low-GWP refrigerants. For example, Puron Advance from Carrier will replace existing refrigerants in all its residential ducted and ductless and light commercial products. This innovative refrigerant, also known as R-454B, not only meets the EPA’s anticipated GWP limits for refrigerants but exceeds the new requirements with a GWP of 466, a 75% reduction compared to R-410A.

Incentives and Rebates
If you’re shopping for a new air conditioner or heat pump, keep an eye out for government incentives or rebates aimed at encouraging homeowners to upgrade their systems in compliance with new standards.

Consult Professionals
Owning a home is a lot of work on its own, and EPA regulations on your cooling and heating systems may be the furthest thing from your mind. If you believe you’re due for service or a new system, engage HVAC professionals – like the trusted experts at Carrier – who are up to date on regulatory changes. Always check local regulations for specific details applicable in your area since policies can vary by region beyond federal guidelines.

To find more information on the changes or connect with an HVAC professional, visit Carrier.com/Residential.


SOURCE:
Carrier

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5 things funeral directors wish everyone knew

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(Family Features) Most people don’t want to think about death – let alone talk about it. When the time comes, families often find themselves overwhelmed, not only by grief but by the many decisions that need to be made quickly.

Funeral directors witness this every day. They see the stress and confusion that can come when there is no plan in place and the peace of mind that comes with thoughtful preparation.

After consulting funeral directors nationwide, the National Funeral Directors Association (NFDA) uncovered five things they wish families knew before a death occurs.

  1. It’s Never Too Early to Start Planning

While everyone knows death and taxes are inevitable, conversations about death are often avoided.

Simply documenting your wishes and discussing your preferences with your family can alleviate the difficult decisions your loved ones will have to make in the future. Speak with a funeral director to explore the many options for planning a meaningful funeral.

  1. Legal and Financial Details Can Cause Unexpected Issues

Families often don’t realize power of attorney ends at death, meaning a designated person can no longer make decisions or access bank accounts once an individual dies.

To avoid complications, consider adding a trusted loved one to your bank account and ensure life insurance beneficiaries are up to date. Too often, deceased individuals leave minor children, deceased spouses or former partners as beneficiaries, leading to legal and financial challenges.

  1. Final Wishes Shouldn’t Be In Your Will

Many people believe the best place to document their final wishes is in their will. However, wills are often not read until after funeral services take place, making them an unreliable way to communicate last requests. Instead, discuss and document your wishes with family members or a trusted funeral professional who can keep your wishes on file until there is a need.

  1. There Are a Variety of Memorialization Options

End-of-life planning offers more choices than many realize. While burial remains a common preference, cremation is an increasingly popular choice and can even include a viewing and funeral service. Additionally, eco-friendly options, such as alkaline hydrolysis, natural burial and natural organic reduction are becoming more widely available for those seeking green memorialization. In fact, according to NFDA’s 2024 Consumer Awareness and Preferences Study, 68% of respondents expressed interest in green funeral options.

Exploring these possibilities with a funeral professional can help ensure your final arrangements reflect your values, traditions and personal wishes.

  1. Funeral Directors Don’t Just Manage Funerals – They’re Trusted Guides In Honoring Life

Funeral directors play a vital role in helping families create meaningful services that reflect their loved one’s life, values and traditions. Whether planning ahead or facing a recent loss, funeral professionals provide expertise, compassionate care and personalized guidance during one of life’s most difficult moments.

Choosing the right funeral director is an important decision and finding someone who understands your needs can make all the difference in honoring your loved one in a personal and meaningful way.

Start the conversation today by talking about end-of-life planning. It isn’t easy, but it’s one of the most important conversations you can have with your loved ones. A little planning today can make a world of difference tomorrow.

Use comprehensive resources like RememberingALife.com, which is designed to guide families through every stage of the journey, including planning, funeral options and grief resources. The site offers valuable tools and support, such as the “Find a Funeral Home” tool to connect families with compassionate, local funeral directors and much more.

Photo courtesy of Shutterstock


SOURCE:
National Funeral Directors Association

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Gear up for grilling season

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(Family Features) As the days get longer and the temperatures rise, it’s time to fire up the grill and elevate your outdoor cooking game. Whether you’re a seasoned grill master or just starting out, success comes down to three essentials: quality ingredients, the right seasonings and reliable equipment that gives you full control over heat and timing.

If you’re ready to turn up the heat this season, explore high-performance grilling solutions from Nexgrill – built to match every cooking style and skill level. From backyard barbecues to weeknight dinners under the open sky, its lineup is designed to help you serve up unforgettable flavors all season long. Visit nexgrill.com to learn more and get inspired.

Unlock a New Level of Outdoor Cooking Versatility

Transform your backyard into a chef-inspired kitchen with the Gourmet Pro 6-Burner Stainless Steel Gas Grill featuring the Griddle Max Cooking System. Designed to go beyond traditional grilling, this powerhouse lets you grill, saute, griddle and smoke all at once or on demand. The innovative system makes it easy to achieve restaurant-quality results, delivering unmatched versatility for any meal. Built with stainless steel burners, angled flame tamers and porcelain-coated cast-iron cooking grids, it ensures consistent heat and fewer flare-ups. With 811 square inches of cooking space, six main burners and a high-heat searing side burner, you’ll get 75,000 BTU of total cooking power.

Take on Breakfast, Lunch and Dinner

From sizzling fajitas at your backyard bash to early-morning pancakes before your next adventure, the Daytona 4-Burner Propane Gas Griddle delivers the heat, flavor and performance you need. Designed for versatility, this powerhouse features a 792-square-inch cooktop and four stainless steel burners, giving you the space and control to cook multiple dishes at once. Built-in convenience comes standard with dual side shelves, a lower storage rack to keep tools within reach and a removable grease cup for quick and easy cleanup. When it’s time to pack it in, a heavy-duty lid protects your cooking surface.

From Kitchen to Patio, It Goes Where You Go

Grilling isn’t just for the backyard. When weather or space keeps you inside, the Fuse 22-inch Electric Griddle delivers bold, flame-free cooking anywhere there’s an outlet. Ultralightweight and easy to transport, it’s built for seamless indoor-outdoor use. With 308 square inches of edge-to-edge heat, a durable nonstick surface and digital temperature control, this electric flattop offers precision and power. A hinged lid with a built-in viewing window locks in heat and flavor so you can cook efficiently. From weekday breakfasts in the kitchen to weekend feasts on the patio, it can be your all-access pass to delicious, flexible cooking – wherever life takes you.


SOURCE:
Nexgrill

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