Now we all know that the businesses that caused this problem are not taking responsibility for what they in fact did wrong. Most of the companies that are responsible for the collapse of our economy are passing the so called buck every other reason or situation by their own.
The facts are cleared the number one reason we are where we are in this country is Greed without a doubt! With all of the risky investments and decisions they made over the last few years, taking chances with money like they were in a casino and deciding like it was a choice of Red or Black. This situation may or may not have been avoidable is the issue that will most likely be debated for years to come
But the fact remains we are here and the arguing and debate continues with very few glimmers of hope for the senior who has seen their entire retirement investments disappear and they have real fears.
So what to do to relieve the some fears?
The following list is what has been gathered from leading financial experts on how to overcome some of the issues that are keeping you up at night or making you ill. The first thing to remember is the world is not coming to an end. This financial situation that the country is going to turn around when is another story.
So you need to take matters into your own hands and make a plan!
Now how to act and make a plan
Now take out that paper and pencil and make lines down the paper
First Colum is for Debt
Second Colum for Income
Third is for Totals
The problem most people have is that they never really see if on paper directly in front of them with a total monthly figure. Remember do not work with annual; break each and every payment down to monthly. This is one of the most important parts of setting up a plan.
Now that you have worked out the totals of all income and expenses to monthly payments, you now will know where you are with all positives and or negatives.
I know this is in most cases not going to be pretty, but it has to be done to come up with a place to go from here.
Now you have to look for other places to get money.
Yes the equity in your home is one place that can offer the most money of anything you have ever own in your life. Now if you could not only get the equity out of your home, but eliminate your largest expenditure on your list if you have a mortgage payment would this not eliminate the stress?
You may not have thought about this or you seen it in an ad. But it is the best solution on the planet for eliminating debt and increase money in the bank.
The Reverse Mortgage is the solution; now I know if you are like most seniors you are right about now thinking I don't want to use my home. Well let's look at it the way you should be looking at it now.
When you purchased your home in most peoples mind it was a place to raise your family and put a roof over your head. Is this not true?
The fact is that when you were going to buy the home the first thing that your agent or mortgage person said to you is; how much of a down payment you are going to make.
The real question should have been stated this way! How much of an investment do you want to make on this future investment. Think about this; you purchase a home with money down and in most cases you received a mortgage using OBM (other people's money) which is the way that all investors try to purchase anything that is an investment.
Then you made payments ever month for maybe 30 years paying them, most of their return on their investment in the first 15 years then paying down the principle.
The other fact that you need to know when you paid off your mortgage you paid the lender in most cases three times what they gave you over the 30 years.
Now how to look at a Reverse Mortgage
Remember this; if you have a mortgage on your home and you are not able to make the payments now or in the future you may run the risk of loosing your home. Not with a Reverse Mortgage. So make your list and put your plan into action and if you have a short fall in on your sheet consider a Reverse Mortgage as the most important part of your financial plan. It is now time to let your home pay you back for all of your hard work over the years and enjoy the best part of your life. Without all of the stress of today's troubled economy!
The facts are cleared the number one reason we are where we are in this country is Greed without a doubt! With all of the risky investments and decisions they made over the last few years, taking chances with money like they were in a casino and deciding like it was a choice of Red or Black. This situation may or may not have been avoidable is the issue that will most likely be debated for years to come
But the fact remains we are here and the arguing and debate continues with very few glimmers of hope for the senior who has seen their entire retirement investments disappear and they have real fears.
So what to do to relieve the some fears?
- First and foremost relax and put the fear aside for a while.
- Sit down in a quite atmosphere.
- Gather all of your investments, bills, and income statements.
- Also get a big piece of paper and pencil Not a Pen
The following list is what has been gathered from leading financial experts on how to overcome some of the issues that are keeping you up at night or making you ill. The first thing to remember is the world is not coming to an end. This financial situation that the country is going to turn around when is another story.
So you need to take matters into your own hands and make a plan!
Now how to act and make a plan
- Gather all of your expenditures such as
- Mortgage Statement
- Insurance payments
- Taxes I.e. Property or government
- Medical I.e. Insurance, prescriptions, doctors
- Utilities
- Auto or transportation
- Food, clothing
- Credit debts
- Luxury cost
- Now gather all of your income statements from all sources
- Social Security
- Pensions
- Retirement Accounts
- Savings
Now take out that paper and pencil and make lines down the paper
First Colum is for Debt
Second Colum for Income
Third is for Totals
The problem most people have is that they never really see if on paper directly in front of them with a total monthly figure. Remember do not work with annual; break each and every payment down to monthly. This is one of the most important parts of setting up a plan.
Now that you have worked out the totals of all income and expenses to monthly payments, you now will know where you are with all positives and or negatives.
I know this is in most cases not going to be pretty, but it has to be done to come up with a place to go from here.
Now you have to look for other places to get money.
- You can try to get a part time employment
- You can sell items that you no longer have use for in your life. Be careful with this one don't look next to you. Just kidding trying to make light humor.
- Think where is there any money that you have not thought about short of selling your home. Think about the equity in your home!
Yes the equity in your home is one place that can offer the most money of anything you have ever own in your life. Now if you could not only get the equity out of your home, but eliminate your largest expenditure on your list if you have a mortgage payment would this not eliminate the stress?
You may not have thought about this or you seen it in an ad. But it is the best solution on the planet for eliminating debt and increase money in the bank.
The Reverse Mortgage is the solution; now I know if you are like most seniors you are right about now thinking I don't want to use my home. Well let's look at it the way you should be looking at it now.
When you purchased your home in most peoples mind it was a place to raise your family and put a roof over your head. Is this not true?
The fact is that when you were going to buy the home the first thing that your agent or mortgage person said to you is; how much of a down payment you are going to make.
The real question should have been stated this way! How much of an investment do you want to make on this future investment. Think about this; you purchase a home with money down and in most cases you received a mortgage using OBM (other people's money) which is the way that all investors try to purchase anything that is an investment.
Then you made payments ever month for maybe 30 years paying them, most of their return on their investment in the first 15 years then paying down the principle.
The other fact that you need to know when you paid off your mortgage you paid the lender in most cases three times what they gave you over the 30 years.
Now how to look at a Reverse Mortgage
- First just like the mortgage you received when you purchased the home it is a lien against the home, you do not sign over the deed to your home.
- You are borrowing money that is Non-Taxable
- You will never have to make a payment in your lifetime.
- Unlike your mortgage you are not paying interest in advance
- You can choose how you want to take the money
- You can eliminate some of the expenses that you have on the sheet of paper that is taking from the income side of your paper.
- Your family members will feel better knowing that you now have more money and fewer bills.
- You will be able to stay in your home for as long as you choose to, if you decide at any point you can pay off the loan plus all interest without any prepayment penalties
- If your home value falls in the future you will never owe more then the value at that time. This also true for your heirs they have no financial liability other than selling the home.
Remember this; if you have a mortgage on your home and you are not able to make the payments now or in the future you may run the risk of loosing your home. Not with a Reverse Mortgage. So make your list and put your plan into action and if you have a short fall in on your sheet consider a Reverse Mortgage as the most important part of your financial plan. It is now time to let your home pay you back for all of your hard work over the years and enjoy the best part of your life. Without all of the stress of today's troubled economy!
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