Uncategorized

Published with permission from RISMedia.

Many Americans dont save as much as they need for retirement and find themselves strapped for cash or working longer than they wouldve liked. If you havent spent decades investing in a 401(k) or individual retirement account (IRA), you may be able to use your home equity for retirement expenses, but you should be careful.

Selling Your House Could Help You Cut Expenses or Invest for Retirement
If you have significant equity, or if your mortgage is paid off, selling your house could allow you to access the equity you have built up. If you bought a smaller house, you might be able to pay cash. In addition to eliminating a mortgage payment, youd likely spend less on utilities, property taxes and maintenance. If you decided to rent, your landlord would cover taxes and maintenance.

Taxes on home sales generally dont apply to the first $250,000 of capital gains or to the first $500,000 for a married couple filing jointly, as long as theyve lived in the house for at least two of the past five years. If you sold your house, walked away with a profit and didnt plan to retire in the immediate future, you could invest that money in a retirement account to give it an opportunity to grow before you reached retirement age.

Using Home Equity for Expenses During Retirement Could Save You Money
If you decided to stay in your home during retirement, you could tap into your equity for major expenses, such as repairs, renovations to make the house safer and medical expenses. A home equity loan would provide funds in a lump sum, while a home equity line of credit (HELOC) would allow you to access money as you needed it.

If your retirement savings are held in a 401(k) or IRA and withdrawals are taxed, they must be counted as income on your tax return. A large withdrawal for a major purchase could push you into a higher tax bracket.

Using home equity might be a better option since the interest charges could be less than the additional taxes youd pay if you withdrew money from a retirement account. Before you decide to use either option, consider the interest rates and whether the monthly payments would fit into your budget if youre no longer working.

Create a Safe and Comprehensive Retirement Strategy
Your house is probably your most valuable asset. If youve built up substantial equity, selling your house could put you on more stable footing when it comes time to retire. Using a home equity loan or HELOC to cover expenses in retirement might make sense in some cases, but you shouldnt plan on using home equity as a major source of income after you stop working. Prioritize saving through a retirement account, and consider your home a possible source of additional income if you should need it.

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

Published with permission from RISMedia.

Decades ago”pre-1980″a great deal of the paint that was utilized in homes contained lead. Over the ensuing years, that paint would chip or crumble and the resulting dust could cause serious health problems, especially for children and pregnant women.

Using lead paint was the norm. It was used both inside and outside, particularly on windows, baseboards, trim and doors. Unfortunately, layers of lead-based paint have been disturbed through the years during remodeling or home repair.

The Environmental Protection Agency issued a devastating report revealing that lead can affect childrens brains and developing nervous systems, resulting in reduced intelligence, learning disabilities and behavioral problems. In 2019, its absolutely necessary for anyone selling a home to be aware of the dangers of lead paint and know if their house will be a problem.

And it impacts a lot of homes. The Department of Health revealed that approximately 75 percent of all homes built 40 years or more ago contain some lead-based paint. Furthermore, its estimated that more than 30 million homes in the U.S. still contain lead paint.

Unlike in the past, real estate professionals and their sellers are required to disclose any presence of known lead paint and lead hazards during the sale or rental of a home.

For homeowners who are unsure about their homes, sometimes its easier to replace windows, doors, or woodwork than it is to remove the lead-based paint. This way, all traces of any paint will have been removed from the home.

Federal law requires that before being obligated under a contract to buy housing built prior to 1978, buyers must receive the following from the home seller:

An EPA-approved information pamphlet on identifying and controlling lead-based paint hazards titledProtect Your Family From Lead In Your Home
Any known information concerning the presence of lead-based paint or lead-based paint hazards in the home or building.
An attachment to the contract, or language inserted in the contract, that includes a Lead Warning Statement and confirms that the seller has complied with all notification requirements.
A 10-day period to conduct a paint inspection or risk assessment for lead-based paint or lead-based paint hazards.

If you have an older home and you can say for certain that there is no lead paint, it can also attract a higher price.

Published with permission from RISMedia.

More and more homeowners are embracing green living. That can mean making substantial changes within the home, but the good news is that using environmentally friendly materials doesnt require compromising your design aesthetic. In fact, there are plenty of stylish and sustainable options for the whole house.

If youre remodeling your kitchen or bathrooms in the near future, consider these materials for eco-chic countertops that are sure to impress any potential buyers:

ECO by Cosentino
Cosentino is world-renowned for producing high-end surfaces, and the companys ECO line is no exception. As stunning as it is impressive, ECO is made from 75 percent recycled materials, such as glass, porcelain and earthenware. The result is a low-maintenance surface that reduces landfill waste and saves natural resources.

FSC-Certified Wood
Butcher block is both timeless and practical. When you use FSC-certified wood, its also an eco-friendly surface. The Forest Stewardship Council ensures that forests around the world are managed responsibly while guaranteeing that the wood has been sourced in a manner thats environmentally and socially responsible.

Durat
Durat countertops are stylish and durable, but, best of all, this surface is made from post-industrial plastic waste that would otherwise end up in a landfill. A sleek kitchen that reduces the burden on the environment is a win-win that you can feel good about with every meal you prepare.

RichLite
Made from 100-percent recycled paper, RichLite is an ideal material for kitchen countertops, and pretty much anything at all (its even used for exterior cladding). The composite material is available in a wide variety of colors and could easily pass for a stone surface, giving your kitchen a breathtaking look thats also sustainable.

IceStone
IceStone has been a leading surface for eco-friendly consumers for over a decade. Its terrazzo-like appearance is due to the fact that the material is made from recycled glass, Portland cement and non-toxic pigments. While it comes in an assortment of exciting colors, the one knock against IceStone is that its somewhat porous and should be resealed annually.

Published with permission from RISMedia.

Reverse mortgages allow seniors to access their home equity to cover living expenses.

However, some seniors might later decide to move closer to family or need to go to a nursing home.

Selling your house with a reverse mortgage is similar to selling a home with a standard mortgage.

The money from a sale would need to pay off the loan balance, and any remaining money would be yours to keep.

Before listing your house, contact your lender to find out your payoff amount, and make sure selling in the current market would make financial sense.

A real estate agent can inform your decision and walk you through the process.

Published with permission from RISMedia.