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Finances

Cutting Back and Keeping Up When Money is Tight

Whether it’s due to a drop in income, a big unexpected expense,  or the cost of everyday living overtaking your paycheck, there are steps you can take to get a handle on your finances – and your financial stress.  Read the entire UW-Extension publication or contact the Green County UW-Extension Family Living Educator at 608-328-9440 for more information.

Reverse Mortgages: Get the Facts Before Cashing in on Your Home’s Equity

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.

To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions. To find additional “facts for consumers” check out the website at http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea13.shtm

  • Federal Trade Commission
  • Financial Help for EveryoneWebsite of Myvesta, a non proit consumer education organization
  • InfoSource
  • Money in MarriageMoney in Marriage is a collection of interactive activities and resources for educational programs designed to increase communication and money management skills of engaged or recently married couples.
  • National Endowment for Financial EducationThe National Endowment for Financial Education® (NEFE®) is a non-profit 501 (c) (3) foundation dedicated to helping all Americans acquire the information and gain the skills necessary to take control of their personal finances.
  • Personal Financial Education – There’s A Lot To Learn About MoneyContains numerous educational resource links on a host of personal finance subjects.
  • Retirement Planning via the WebThis page lists some of the Web Sites that provide information about the amount of money you need to save for retirement.