Ideas to Ease the Financial Stress of the Holidays
To alleviate the stress from supply chain issues and increased costs, you may want to consider creative alternatives which can leave more money in your pocket and let you enjoy the holidays.
- Have a list of who you are giving gifts to and avoid impulse purchases.
- Have a budget. Know how much you plan to spend on each person. Be sure to factor in your expenses and monthly budget so you don’t spend money you’ll need for bills.
- Handmade gifts or meaningful gestures can mean so much more than a store-bought item. Think about tapping into your hidden talents, whether it’s baking cookies, pies, writing a heartfelt note, or knitting a pair of mittens.
How a Reverse Mortgage Can Help
If you are 62 years or older, a reverse mortgage loan can help you unlock the equity in your home and give you access to cash through a lump sum (only available on the fixed product), monthly payments, or even a line of credit. Furthermore, it can help you increase your monthly cash flow by eliminating your existing monthly mortgage payments.2
If you’re on a fixed income or other debt is causing you financial stress, a reverse mortgage may help. To find out if this is an option for you call 1 (800) 976-6211 to speak with a licensed loan advisor.
2 Your current mortgage(s) and any other existing liens against the property must be paid off at or before closing. You must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.