Connect with us

Live Better

How to get the most out of your retirement

Published

on

(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

Continue Reading

Live Better

Explore your dream destination:Tips for a a travel adventure

Published

on

(Family Features) If you find yourself dreaming of sunshine, sand and sparkling pools, it may be time to start looking forward to your next vacation getaway. Get a jumpstart on building excitement for the journey ahead by beginning preparations early, which offers many benefits, including better rates and more time to research your options.

Start exploring ideas for a fun-filled trip with these tips from the travel experts at Funjet, which specializes in providing travelers with vacation packages to hundreds of destinations around the world:

Plan Ahead
Booking your vacation well in advance allows you to take advantage of the best deals at
the most popular hotels and hottest travel dates. In addition, by being flexible with travel dates,
families can save hundreds of dollars. Moving travel dates by a day or two can result in major savings, often even more than the discounts you can get on last-minute trips.

Research Dream Destinations
Deciding where you want to go is the first step, but with a literal world of possibilities, it can be difficult to narrow down your choices. One place you can find inspiration is by exploring the top travel destinations others are choosing. For example, the top 10 travel destinations booked with Funjet in 2023 include numerous international destinations. Las Vegas is the only U.S. city to make the top 10 list. Mexico is especially popular, with Cancun, Cozumel, Puerto Vallarta and San Jose Del Cabo. Others include Belize City, Belize; Liberia, Costa Rica; Montego Bay, Jamaica; Panama City, Panama; and Punta Cana, Dominican Republic.

Consider All-Inclusive Options
Whether you prefer adults-only or family-friendly, luxury or budget-friendly, there’s a diverse range of all-inclusive resorts to choose from. All-inclusives are known for their convenience and value. They offer hassle-free experiences with meals, drinks and often activities included. While many resorts in Mexico and the Caribbean islands are all-inclusive, be aware that smaller islands like Antigua may feature European plan-style hotels, where meals and drinks are not included.

An all-inclusive package usually encompasses a variety of activities and amenities curated to offer an enjoyable and cost-effective vacation. Within these packages, guests often have the opportunity to access amenities such as swimming pools, engage in sports activities, participate in fitness classes and other entertaining experiences.

Pack Like a Pro
Gathering everything you need for a vacation, especially with kids in tow, can be stressful. To make the process easier, organize your packing based on factors like the length of your trip, airline policies and your family’s activities. Essentials like an umbrella should not be overlooked, especially if your destination’s weather can be unpredictable. Maximize luggage space by packing travel-sized toiletries and put electronic necessities like your mobile device, charger and headphones in your carry-on bag.

Anticipate Extra Expenses
While all-inclusive resorts make tropical getaways stress-free and economical, it’s customary to express appreciation for exceptional service with tips. Resorts typically don’t require tipping, but guests commonly tip as a gesture of gratitude. When deciding to tip, families should consider modest amounts, like $1-5 per meal per person, and be mindful of different service levels as well as the convenience of using local currency. Having cash on hand makes it easier to tip as needed and ensure you have extra for souvenirs and other purchases.

Unplug and Unwind
Although most travelers believe it’s essential to stay connected, it’s a good idea to limit screen time so you can make the most of your vacation. Schedule a specific time, preferably in the morning, to address emails and online tasks then enjoy a worry-free rest of the day. While phones are often used to capture photos and videos or look up information about nearby attractions, putting away the screens means you’ll be able to enjoy the scenery, connect with loved ones and have a truly rejuvenating experience.

Protect Your Group Travel
When traveling with a group, there’s a greater chance of something happening that changes plans between when you book your trip and leave. That’s why it can be a good idea to take a “travel with confidence” approach and consider including a travel protection plan in your reservations. This insurance allows travelers to cancel their trip for any reason, if necessary. When traveling with a group, stick with nonstop flights when possible, as you’re more likely to stay together, which can mean more cost-effective travel.

Enjoy the Experiences
While spending leisure time by the resort pool with afternoon cocktails can be a relaxing reward, you can make the most of a destination vacation by also planning a tour. Many destinations offer services that can assist travelers with booking various adventures, ranging from catamaran cruises to hikes and almost everything in between.

Find more tips and plan your next adventure at Funjet.com or call your local travel advisor.

Where to Stay
Start planning your dream getaway by checking out these traveler-favorite destination properties, based on bookings through Funjet:

Top 10 All-Inclusive Resorts

  • Dreams Onyx Resort & Spa (Punta Cana, Dominican Republic)
  • Dreams Bahia Mita Surf & Spa Resort (Nayarit, Mexico)
  • Riu Caribe (Cancun, Mexico)
  • Riu Guanacaste (Costa Rica)
  • Riu Negril (Jamaica)
  • Iberostar Grand Paraiso (Riviera Maya, Mexico)
  • Riu Cancun (Mexico)
  • Royalton Riviera Cancun, An Autograph Collection (Mexico)
  • Secrets Maroma Beach Riviera Cancun (Quintana Roo, Mexico)
  • Secrets Huatulco Resort & Spa (Oaxaca, Mexico)

Highly Rated Hotels for Groups

  • Royalton Riviera Cancun, An Autograph Collection (Mexico)
  • Dreams Playa Mujeres Golf & Spa Resort (Quintana Roo, Mexico)
  • Dreams Flora Resort & Spa (Punta Cana, Dominican Republic)
  • Oasis Palm (Cancun, Mexico)
  • Hyatt Place Waikiki Beach (Honolulu, Hawaii)
  • Marival Emotions Resort & Suites (Nuevo Vallarta, Mexico)
  • Royalton Punta Cana, An Autograph Collection (Dominican Republic)
  • Manchebo Beach Resort & Spa (Oranjestad, Aruba)
  • Bahia Principe Grand La Romana (Dominican Republic)
  • Dreams Macao (Punta Cana, Dominican Republic)
  • Secrets Playa Blanca Costa Mujeres (Mexico)
  • Zoetry Agua Punta Cana (Dominican Republic)


SOURCE:
Funjet

Continue Reading

Live Better

Go green with home cleaners

Published

on

(Family Features) If you’re among those looking for ways to clean your home while also going green, it may be easier than you think.

Consider these easy and affordable solutions to help you live more environmentally friendly. You may be surprised to find you already have many of these household products on hand.

Baking soda: A natural, safe, effective and gentle solution, baking soda can serve multiple home cleaning needs. Make a paste of three parts baking soda to one part water. Rub onto silver with a clean cloth or sponge. Rinse thoroughly and dry for shining serving or decor pieces. Additionally, you can sprinkle baking soda on upholstery and carpet to get rid of odors.

Vinegar: With the acidity to help get rid of dirt and grime around the home, vinegar can be used to clean cloudy glassware. Simply soak paper towels or a cloth in full-strength white distilled vinegar and wrap around both the inside and outside of the glass. Let sit before rinsing clean. To remove lime deposits on your tea kettle, add 1/2 cup distilled white vinegar to the water and let it sit overnight. In the morning, boil the vinegar for a few minutes then rinse with water.

Lemons: With a fresh, natural smell, lemons have the acidity to remove soap scum, clean and shine brass and remove hard water deposits. Just spray some lemon juice on tile surfaces to remove soap scum or hard water deposits. Squeeze lemon juice on a cloth and use to polish brass around the home.

Houseplants: Plants serve as natural air purifiers. African violets and ferns are beautiful ways to help clear the air.

Other easy, green ideas for keeping your home clean include opening windows and doors while you clean to improve air quality and taking off your shoes when you come inside, which can help avoid tracking dust, dirt, pollen and more throughout the house.

Visit eLivingtoday.com for more eco-friendly advice.

Photo courtesy of Unsplash


SOURCE:
eLivingtoday.com

Continue Reading

Live Better

Tool to help hobbyists, professional get the job done

Published

on

(Family Features) Whether you’re into woodworking, metalworking, building models or another craft or hobby, the right tools allow you to work faster, easier and smarter.

A capable and versatile project partner, the IQ Vise System by Work IQ Tools is a problem-solving bench vise system that is transforming the way DIYers, craftsmen, hobbyists, makers and pros get the job done. It features a ball and socket design that articulates and rotates 360 degrees for optimal work positioning while complementing task-specific jaw sleeves are crafted to create the perfect grip for an extensive range of shapes and materials.

Plus, with four ports built directly into the vise, you can attach the plug-and-play workshop accessories including the IQ Connect Work Light, Magnifying Glass and Cell Phone Holder directly to the vise or take them where you need them around your workspace.

With three mounts – a bench mount to screw directly into your workbench or stud wall, a magnetic mount that can attach to any metal surface and a clamp mount that functions like a common c-clamp for quick and temporary mounting to any surface edge 2 1/4 inches or under – it’s like having an extra set of hands to help tackle whatever project you’re taking on.

Find more tools to help you work smarter at workiqtools.com.

https://youtube.com/watch?v=lkSVaIVDVtE%3Fmodestbranding%3D1%26rel%3D0%26showinfo%3D0


SOURCE:
WorkIQTools.com

Continue Reading
Ad
Ad
Ad
Ad
Ad

Trending