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For seniors who want to continue to live in their homes during retirement, a reverse mortgage can be an attractive option. It allows seniors to access the equity theyve built up by paying their mortgages over the years and use that money to cover living expenses.

Sometimes seniors who have taken out a reverse mortgage decide to move to be closer to their children and grandchildren. Others may need to move into a nursing home to receive full-time care. In those circumstances, a house with a reverse mortgage can be sold.

When Does It Make Sense to Sell a House With a Reverse Mortgage?
Selling your home could be a wise move if its current market value is high enough that youd be able to pay off the loan balance and still have some money left over. If the amount of the monthly payments youve received, plus interest and fees, have gone up as the real estate market has suffered and your house has lost value, selling might not be profitable.

Reverse mortgages are generally non-recourse loans. That means you and your heirs will never be responsible for paying any money to the lender above the appraised value of the house. If you sell your home, the reverse mortgage lender will accept the lesser of 95 percent of the houses appraised value or the payoff amount to close out the account.

How to Sell Your House
Before you put your home on the market, contact your lender to find out your payoff amount. That should include any money you have received, plus interest and fees. Ask the lender to provide you with the payoff amount in writing.

The next step is to list your home. Selling a house with a reverse mortgage is similar in many ways to selling a home with a standard mortgage. A real estate agent can answer your questions and guide you through the process.

What Happens When a House With a Reverse Mortgage Is Sold
When your house is sold, the money from the sale will be used first to pay off the balance owed on the mortgage, along with any liens or fees. The rest of the money will be yours to use as you see fit. You wont incur any financial penalty by selling your house after taking out a reverse mortgage.

Should You Sell Your Home?
If you took out a reverse mortgage years ago but your circumstances have changed and you now find yourself needing or wanting to move, you may be able to sell your home and possibly walk away with a significant amount of cash to use for other expenses. Discuss your situation with your lender and a real estate agent.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.

Getting rid of dead trees is more complex than many people realize, and you could run into an array of issues if you aren’t careful. Luckily, with the right equipment and a solid plan, you should be able to get that dead foliage off your property before you know it. Here are three things to keep in mind when removing dead trees from your property:

Don’t Start During Inclement Weather
Removing dead trees is extremely hazardous during certain times of the year. If there are high winds or the tree is covered in snow, for example, then you should probably put the project off for at least a few weeks. That said, a little bit of rain could actually help you out. The rainwater is going to saturate all of the soil around the tree, which will make it much easier to pull out the roots. You can also soak the ground with a garden hose if you’re carrying out this project during the dry season.

Always Use the Proper Safety Gear
Well before you start removing any trees from your property, make sure you have the proper safety gear. Without safety equipment, you could end up dealing with serious injuries, including lacerations, sprains, broken bones and head trauma. At the very least, you need to wear eye protection, ear protection and a hard hat when you’re removing the trees. You should also consider wearing high-quality gloves, thick pants, a heavy jacket and reinforced boots”clothes that’ll greatly reduce your risk of minor cuts and scratches.

Invest in the Right Equipment
You might want to search for some used construction equipment that you can purchase if the trees are relatively large. Cutting the trees into smaller segments with a chainsaw will get the job done, but that’s going to be very time-consuming. With some heavy equipment, you’ll be able to rip the trees up without cutting them into smaller pieces. Heavy equipment will also allow you to dig up the roots, which will prevent saplings from popping up in the future.

Removing one or two dead trees shouldn’t be too exhausting, but it’s always a good idea to hire professional contractors if you have more than a couple trees to get rid or have issues performing the task on your own. An experienced crew will be able to bring in construction equipment that you might not have access to, and many companies offer free disposal services on larger projects.

Source: Brooke Chaplan/RISMedias Housecall

Published with permission from RISMedia.

When you think of remodeling your home, your mind likely jumps immediately to your kitchen or bathrooms. While these are excellent spaces to remodel, there are plenty of other rooms throughout your home that can benefit from a little extra attention.

If youre in need of some inspiration for your next remodeling project, here are three rooms you should definitely consider:

Laundry Room
Laundry rooms are known more for their utilitarian value than their beauty, so it makes sense that theyre not often considered for remodeling. A spruced-up laundry room, however, can allow you to be more productive by getting more laundry done, more easily. For example, you can add automatic laundry detergent dispensers that allow you to use the correct amount of detergent every time. Plus, you can add large countertops so you can prepare clothes more easily for washing and fold them when they’re done. If nothing else, it makes sense to beautify the space where you do one of your least favorite tasks to help make it a little more enjoyable.

Garage
You park your car and store various items there, but, beyond that, your garage probably doesnt demand much of your attention. However, a remodeled garage can provide a multi-purpose space that you can be proud of. Remodelers can add enhanced insulation to make the space usable year-round. Then, with the addition of amenities including speakers, game tables and some comfortable chairs, youll wind up with a great hangout space where everyone will want to congregate.

Mud Room
Given the clean-up that it helps prevent, its a wonder that the mudroom isnt more appreciated. It makes sense, though, given that your mudroom serves as a simple pass-through on the way to a welcoming home. Renovation makes sense, though, to ensure your mudroom stays as clean and organized as possible and thereby helps the rest of your home stay clean, as well. By adding hooks for backpacks and hats, extra shelves for shoes and improved mats to capture dirt, you can make your mudroom just as welcoming as the rest of your home.

When it comes to any repair project, its important to understand the parts of the project you can complete yourself and those you need to hire out. Proper delegation will ensure you can complete your project quickly with minimal interruption to your daily activities. This also ensures that you stay safe as you avoid any aspects of the project that youre not properly equipped to complete. With a quick completion, you may be inspired to renovate even more rooms around your home.

Source: Brooke Chaplan/RISMedias Housecall

Published with permission from RISMedia.

When you become a landlord, stress levels can get very high. In general, the good tenants outnumber the bad ones and you’re able to manage your property profitably. However, there may be tenants who vandalize, are habitually late with the rent or just disappear without notice.

To help reduce or eliminate some of the stressors associated with being a landlord, consider these five tips:

1. Use the Internet to Collect Rent. Collecting rent from difficult tenants is one of the most stressful aspects of the business. Automating the process can make this much easier. Whether you use a pre-made online solution or hire a developer to create one, set up a payment system that accepts credit or debit cards or even automatic bank transfers. This is more convenient for both you and your tenants, and it provides a transaction history for bookkeeping.

2. Outsource Maintenance. Anything beyond a few units can be a headache in maintenance, including painting and cleaning up after sloppy tenants. Hiring a crew to take care of this involves all the problems of recruiting and training employees, managing payroll and benefits, and other concerns.

If you don’t want those additional stresses and don’t need full-time help, outsource these routine maintenance tasks to another company. It may cost a little more than doing the work yourself, but you’ll have more free time and less anxiety.

3. Keep an Emergency Fund. Whether you opt for employees, contractors or the DIY route, you’re still going to pay for repairs and upkeep. Some routine maintenance you can budget for, but events such as careless tenants, storms, litigation or burst pipes are something else. If your insurance policy won’t cover it, or units arent inhabitable, you’re losing money. It’s best to set aside what you can from the very beginning so that one major setback doesn’t cripple your cashflow.

4. Find a Property Manager. You could also pass on your landlord troubles to someone else by hiring a reputable property management company or professional. Those with special training and significant experience may be better suited to handle maintenance, budgets and bad tenants than you are. A manager will cost you money, but eliminate the difficulties of being a landlord while you sit back and take the profits.

5. Tenant Screening. Better tenants mean fewer missed rent payments, less property damage and longer tenant retention. Getting good tenants requires screening each applicant to weed out those who may represent a high risk. Screening requires verifying employment, conducting background checks, checking credit scores, calling references and anything else you consider a good indicator.

Be careful in how you turn prospective renters down to avoid discrimination charges. You also don’t want to be too fussy. If you reject one applicant after another, you’ll wind up missing out on rent. Tenant screening is another time-consuming task you could delegate to a professional service.

Being a landlord has been a great source of income throughout human history. It may be a little more complicated today with all the legalities and paperwork, but it can still be profitable and rewarding if youre thoughtful in spending your time and money.

Source: Dixie Somers/RISMedias Housecall

Published with permission from RISMedia.

Every year, hundreds of people are killed and thousands of others become ill due to carbon monoxide poisoning. Carbon monoxide detectors can save lives, but many people dont have them in their homes.

What Makes Carbon Monoxide Dangerous?
Carbon monoxide keeps the blood from carrying enough oxygen to vital organs. A person who has been exposed to carbon monoxide may initially experience flu-like symptoms, such as headache, dizziness, nausea, vomiting, weakness and fatigue. Higher levels of carbon monoxide can cause a person to become disoriented or lose consciousness. Even a small amount of carbon monoxide is dangerous.

Where Does Carbon Monoxide Come from?
Carbon monoxide is produced when carbon-based fuels, such as wood, coal, gasoline, oil, propane and natural gas, are burned. It isnt dangerous in a well-ventilated area, but the gas can cause problems in a confined space.

Carbon Monoxide Detectors Can Save Lives
A carbon monoxide detector will sound an alarm if unsafe levels of the gas are detected. Carbon monoxide may go unnoticed without a detector since it is odorless and colorless.

You should have at least one carbon monoxide detector on each floor of your home (including the attic and basement if you have them), near each bedroom, and in or near an attached garage. Dont put a detector near a window, in a humid area or in a place where it could be exposed to direct sunlight.

Some carbon monoxide detectors are battery operated or plug into wall outlets, while other models can be connected to a home security system or monitored through a smartphone app. Choose carbon monoxide detectors approved by Underwriters Laboratories or another safety certification organization, check them as recommended by the manufacturer and replace the batteries when necessary.

If a carbon monoxide detector goes off, get all people and animals out of the house and into fresh air immediately. If anyone has flu-like symptoms, call an ambulance. Dont re-enter the house until the authorities have told you its safe. If you dont know why the carbon monoxide detector went off and officials arent able to determine the cause, have any appliances that burn carbon-based fuel inspected and repaired or replaced if necessary.

How to Prevent the Release of Carbon Monoxide
Have your heating system, chimney and fuel-burning appliances regularly inspected and maintained. Dont use a stove or oven to heat your home or use a grill or stove designed for outdoor use indoors. Dont warm up your car in the garage, even if the door is open, because carbon monoxide can build up to dangerous levels. Pull your car out of the garage before warming it up. Dont run any gas-powered equipment indoors unless the area is well ventilated.

Protect Your Family
Carbon monoxide can be produced by common appliances that are found in virtually all homes. The gas can be lethal, and it often goes undetected until its too late. If you dont have carbon monoxide detectors in your home, install them to keep your family safe.

Published with permission from RISMedia.