Why is budgeting important for families? The main reason is to show you where you are financially and help make better decisions about money in the future.

It improves your life by giving you a guide for how to spend and save your money.

Consequences for not budgeting may include debt and stress over your fiscal situation.

 

Budgeting 50-30-20 is a simple financial tool you can use to decide if you allocate your money efficiently.

Needs, wants, and savings are the categories. If you spend more then 50% on needs or you should probably consider downsizing your lifestyle.

If you don’t save at least 20% then you should consider putting away more for emergenciesl.

 
 
 
 
 

Who benefits from a reverse mortgage? This may be a good option for borrowers who need money each month and have a lot of equity in their homes.

Banks also benefit, because these are high-profit and low-risk loans for them.

There are good alternatives, and you should consider these before you take out one of these loans on your home.

 
 
 

How to pay off a reverse mortgage isn’t tricky. You can cancel during the 3-day rescission period.

After that you can make payments, or sell your house to pay off the loan.

If a person dies and you inherit the property you won’t owe more than 95% of the appraised value, even if they owe more than the house is worth.