dealing with debt and a financially irresponsible spouse

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dealing with debt and a financially irresponsible spouse

I am married to a man that isn't exactly financially responsible. When he finds something that he wants, he will do whatever is necessary to buy it. This has caused us a lot of debt over the years. What can you do when you are married to someone that doesn't take being in debt seriously? How do you approach him or her about their spending habits? I have worked with a financial professional to learn how to manage my money, how to discuss our money problems with my husband and to learn how to reduce my debt as quickly as possible. Find all this information and more here on my blog.


Are You A Senior? Signs You Should Look Into Getting A Reverse Mortgage

A reverse mortgage is essentially a loan given to seniors age 62 and older who have a substantial amount of equity in their homes. When you take out the reverse mortgage you don't make payments on the loan itself. Instead, payments are made to you, either on a one-time, lump-sum basis or as a monthly payment. In exchange, the entire balance on the loan becomes due at the time of your death. You may have heard about reverse mortgages and are wondering if it'll be right for you. If you resonate with any of the signs below, you might want to get in touch with a mortgage broker to see if you are a good candidate for one of these mortgages

You Don't Have Survivors Or They Are Financially Stable

If you have children or other people who depend on you who will likely survive your death, you might hesitate to get a reverse mortgage. You don't want to potentially deprive them of your house which is likely your primary investment and one that could provide your beneficiaries with enough profit to see them through the rough days ahead. This makes a lot of sense, especially if you have always been the sole provider and they will be depending on what you leave them should you meet an early demise.

However, if you don't have children or if they have managed to become solidly self-sufficient and have no need for financial gain upon your death, a reverse mortgage might be a good idea. You'll avoid having to pay expensive mortgage payments and can actually use the lump-sum payout to invest and make more money or consider the monthly payments as an addition to your retirement or savings so you can rest a bit easier in your later years.

It's Becoming Harder To Pay Your Bills

Getting a reverse mortgage can also be a tremendous godsend if you are strapped for cash and having a hard time paying your basic living expenses. This is not at all uncommon and it's a situation anyone can find themselves in. You are sure to experience relief once you realize you have a dependable monthly payment coming in that doesn't have to be repaid unless you move permanently away from the property, pass away or sell the home.

Knowing you have options is the key to making your latter years as stress-free as possible. Remember these pointers about reverse mortgages so you'll know to explore that road if necessary.