How a Reverse Mortgage Works
The following is presented for informational purposes only, and should not be construed as legal advice.
A reverse mortgage can be a tremendous help to seniors looking for additional income during their retirement years. But there are drawbacks, and the concept itself is somewhat complicated. As the baby boomer generation continues to ease into retirement, it’s very likely that the demand for reverse mortgages will only increase.
What Is a Reverse Mortgage?
A reverse mortgage (or Home Equity Conversion Loan, HECM) is a loan that a credit agency takes out against your home, while you're still living in it. Despite the name, they aren't exactly the reverse of a traditional mortgage. The lender is not attempting to buy the property. Instead, the lender is simply loaning money which is secured by the home's equity. When the homeowner/borrower dies, permanently moves out, or sells their home the reverse mortgage comes due and must be paid in full, usually with the proceeds for the sale of the property. Terms can vary, but some borrowers choose to get a lump sum payment, while others choose a line of credit or periodic payments.
Reverse mortgages are available from private lenders, from the U.S. Department of Housing and Urban Development (HUD), from some nonprofit organizations, and from some state and national government programs. Homeowners retain the title to their property, and therefore need to continue making insurance and tax payments. They are only available to homeowners aged 62 and older (spouses can be under 62 and have the option to maintain the loan after the primary borrower dies).
How Much Do You Get for a Reverse Mortgage?
The amount of money you get from a reverse mortgage depends upon the current market value of your home. However, you shouldn’t expect to receive the full value of your home. Instead, you’ll likely get a percentage of that value.
Keep in mind that although you will no longer be required to make payments on your home, interest on your reverse mortgage will accrue every month. In time, the balance owed may even come to exceed the value of the home (especially if home values drop). In many cases, borrowers (or their surviving heirs) are not required to repay these overages, but that’s not a guarantee, so you’ll always want to make sure you fully understand the terms of the mortgage agreement.
Should I Consider a Reverse Mortgage?
Many seniors benefit from taking out a reverse mortgage, however, it is a big decision that should be made carefully. First, consider all of your options–there may be something less expensive that will work better. Reverse mortgages usually have up-front fees, so they aren’t always the best option in the short-term. Also, if you take out a reverse mortgage, you are giving up a measure of control over what is likely your most valuable asset.
Reverse mortgages are secured, so you may not want to use a reverse mortgage as a tool to pay down unsecured debt. In other words, you’ll need to take some time to consider whether or not you want to use your home equity. Talking to heirs or a financial planner might help you with the decision making process.
If you do decide to take out a reverse mortgage, do some research to find a highly rated lender that offers competitive rates. You will also need to attend a reverse mortgage counseling session offered by a HUD-approved agency, such as Money Management International (MMI). Visit MMI's Reverse Mortgage resources page to learn more about the counseling process.
Union Plus Credit Counseling
Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.
For those approaching retirement and considering their financial outlook, the following information can help you decide if a reverse mortgage is right for you.
Freedom to Stream with AT&T's Unlimited Data Plans
Choose from AT&T Unlimited Plus or AT&T Unlimited Choice, and get the following:
AT&T Unlimited PlusSM AT&T Unlimited ChoiceSM
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Not going the unlimited route? As a union member, you can save 15% on the monthly service charge of qualified wireless plans6 (excludes unlimited data plans). You can also save 20% on select accessories7 and get the $25 activation fee waived on select devices8.
Not yet an AT&T customer? For a limited time, get up to $650 in bill credits9 when you switch to AT&T, trade in your current smartphone and buy a new one on AT&T Next.
When you visit an AT&T store, you’ll be helped by a fellow union member. Be sure to reference Discount Code 3508840, even if you choose an unlimited data plan, to ensure you can take advantage of the union-member specific benefits, such as the 20% accessory discount and the $25 activation fee waiver. Ask your AT&T store rep which plan is best for you.
Remember that when you choose AT&T, you’re choosing to support the more than 150,000 union members employed there.
AT&T is the only nationwide unionized wireless carrier.
To find a store, or get additional information, visit unionplus.org/att.
1AT&T UNLIMITED CHOICESM: Data speed limited to a max of 3Mbps. Plan is not eligible for Stream Saver, but for content we can identify as video, speed will be at a max of 1.5Mbps at Standard Definition quality (about 480p). Data and video speeds will be capped at amounts shown above, regardless of the network your device is on (for example 4G LTE, 4G or 3G). Tethering and mobile hotspot use prohibited (except for these products: Connected Cars, Hot Spots, and Wireless Home Phone and Internet).
AT&T UNLIMITED PLUSSM: Includes the Stream Saver feature which allows you to save data on content it recognizes as video by streaming higher definition video in Standard Definition quality (about 480p) on compatible devices (unless the video provider has opted out). AT&T will activate the feature for you. Check your account online to see if the feature is active. Once active, you can turn it off or back on at any time at att.com/myatt or call 611. Stream Saver will not recognize all video content. Ability to stream and video resolution may vary, and be affected by other factors. Restrictions apply. See att.com/streamsaver for more details. HD Video: You can turn Stream Saver off at any time to enjoy access to High Definition video streaming, if and when available. Tethering and Mobile Hotspot: Includes up to 10GB per line per month. After 10GB, tethering speed will be slowed to a max of 128Kbps for the rest of the bill cycle (except for these products: Connected Cars, Hot Spots, and Wireless Home Phone and Internet.). Except for those products, all tethering data usage, including sponsored data if tethered, will be impacted and will not be fully functional.
AT&T UNLIMITED CHOICE & PLUS PLANS: For consumers only. Plan includes unlimited talk, text, and data, and Roam North America feature. Pricing: Includes monthly plan charge and per device monthly access charge. AutoPay & Paperless Billing discount: $5 (off single line) or $10 (off multiline) per month discount off your plan charge requires being active and enrolled in paperless billing and AutoPay (excludes credits cards). Discount will start within 2 bill cycles. Offer subject to change and may be discontinued at any time. Devices: Sold separately. Limits: Select wireless devices only. 10 devices per plan. UNLIMITED DATA: For use in the United States, Puerto Rico and the U.S. Virgin Islands (the “Domestic Coverage Area” or “DCA”). Data Restrictions: After 22GB of any data usage on a line in a bill cycle, AT&T may slow the data on that line during periods of network congestion for the remainder of that cycle. See att.com/broadbandinfo for details on AT&T network management policies. UNLIMITED TALK: For phones only. Includes calls within the DCA. Service may be terminated for excessive roaming (see Wireless Customer Agreement at att.com/wca). Unlimited Talk to Canada and Mexico: For phones only. Includes unlimited International Long Distance (ILD) calling from DCA to Mexico and Canada. You may be charged for calls to special or premium service numbers. Calls to Other Countries: Includes ILD service that can be used to call countries other than Canada and Mexico. Per minute pay-per-use rates apply unless have an ILD service package. Rates subject to change without notice. For rates, see att.com/worldconnect. UNLIMITED TEXT: Standard Messaging – Phones only. Includes unlimited messages up to 1MB in size within DCA to more than 190 countries for text messages and 120 countries for picture and video messages. AT&T may add, change, and remove included countries at its discretion without notice. Messages sent through applications may incur data or other charges. See att.com/text2world for details. Advanced Messaging – Sender and recipient(s) must be AT&T postpaid wireless customers with HD Voice accounts, capable devices, have their devices turned on and be within the AT&T-owned and operated DCA (excludes third-party coverage). Includes unlimited messages up to 10MB in size. Other restrictions apply and can be found at att.com/advancedmessaging. Discounts: Plans may not be eligible for offers, credits, or discounts.
ROAM NORTH AMERICA FEATURE: Data: allows domestic plan data usage in Mexico/Canada. Talk: Phones only. Includes calls within Mexico/Canada and from Mexico/Canada to the U.S., Puerto Rico, and U.S. Virgin Islands (collectively with Mexico & Canada, the North America Coverage Area “NACA”). You may be charged for calls to special or premium service numbers. Calls to other countries: International long distance pay-per-use rates apply to calls from Mexico or Canada to countries outside the NACA unless have an ILD service package. Rates subject to change without notice. For rates, see att.com/wcv. Text: Standard Messaging – Phones only. Includes unlimited messages up to 1MB in size within Mexico/Canada and from Mexico/Canada to more than 190 countries for text messages and 120 countries for picture and video messages. AT&T may add, change, and remove included countries at its discretion without notice. Messages sent through applications may incur data or other charges. Visit att.com/text2world for details. Advanced Messaging – not available for use in Mexico or Canada. Usage Restriction: If voice, text or data use in Mexico and/or Canada exceeds 50% of total voice, text or data use for two consecutive months, feature may be removed. Device Restrictions: Service not available on select connected devices, wearables, & connected cars.
2Claim based on the Nielsen Certified Data Network Score. Score includes data reported by wireless consumers in the Nielsen Mobile Insights survey, network measurements from Nielsen Mobile Performance and Nielsen Drive Test Benchmarks for Q2+Q3 2016 across 121 markets.
3AT&T UNLIMITED PLUS VIDEO LOYALTY CREDIT: Limited Time Offer. Excludes Puerto Rico & U.S. Virgin Islands. Avail. to residential U.S. customers. Requires qualifying, AT&T video service and AT&T Unlimited Plus wireless plan (min. $90/mo. after autopay and paperless bill discount). See att.com/unlimited for plan details. Qualifying Video Service: Requires eligible base programming packages from DIRECTV (installation must be complete) or DIRECTV NOW. For new DIRECTV Satellite customers, 24-mo. TV agmt & equip. lease req'd. Early Termination Fee (up to $480), Equipment Non-Return & add'l fees apply. Credit card (except MA & PA) & credit approval req'd. See directv.com or directvnow.com for details on these services. Exclusions: Select promotional, trial and other video packages are not elig. for offer. Credit: Applied as a $25 credit to qualifying video service account each billing period. Credit begins 2-3 billing periods after enrolling in AT&T Unlimited Plus. Credit may not exceed monthly recurring charge of your base package. First time credit will include all credits earned since meeting offer requirements. Cancellation of AT&T Unlimited Plus will result in discontinuance of credit. If you have an outstanding credit balance after cancel DIRECTV NOW account, the credit balance may be applied to your wireless service. Existing Video Service Customers: Customers with two or more qualifying video services must elect the service to be credited or discount is automatically applied to the account AT&T chooses. Limits: One Video Loyalty Credit per wireless account. May not be stackable w/other offers, credits or discounts. Offer, programming, pricing, terms and conditions subject to change and may be discontinued at any time without notice.
GENERAL WIRELESS SERVICE: Subject to Wireless Customer Agmt (att.com/wca). Services are not for resale. Credit approval, activation/upgrade fee (up to $45), other charges & deposit per line may apply. Other Monthly Charges/Line: May include taxes, federal & state universal service charges, Regulatory Cost Recovery Charge (up to $1.25), gross receipts surcharge, Administrative Fee, & other government assessments which are not government required charges. See att.com/additionalcharges for details on fees & charges. Pricing, promotions, & terms subject to change & may be modified or terminated at any time without notice. Coverage & service not available everywhere. You get an off-net (roaming) usage allowance for each service. If you exceed the allowance, your service(s) may be restricted or terminated. Other restrictions apply & may result in service termination. AT&T service is subject to AT&T Network management policies, see att.com/broadbandinfo for details.
4Roaming feature maybe removed if voice, text, or data usage in Mexico and/or Canada exceeds 50% of total voice, text, or data usage for 2 consecutive months.
5Discount is $5/mo. on single lines & $10/mo. on multi-lines. AutoPay excludes credit cards. Discount starts in 1 to 2 bill cycles. Taxes, monthly & other charges are additional. Usage, speed, and other restrictions apply.
615% ON THE MONTHLY SERVICE CHARGE of QUALIFIED WIRELESS PLANS: Available only to current members of qualified AFL-CIO member unions, other authorized individuals associated with eligible unions and other sponsoring organizations with a qualifying agreement. Must provide acceptable proof of union membership such as a membership card from your local union, a pay stub showing dues deduction or the Union Plus Member Discount Card and subscribe to service under an individual account for which the member is personally liable. Offer contingent upon in-store verification of union member status. Discount subject to agreement between Union Privilege and AT&T and may be interrupted, changed or discontinued without notice. Discount applies only to recurring monthly service charge of qualified voice and data plans, not overages. Not available with unlimited voice or unlimited data plans. For Family Talk, applies only to primary line. For all Mobile Share plans, applies only to monthly plan charge of plans with 1GB or more, not to additional monthly device access charges. Additional restrictions apply. May take up to 2 bill cycles after eligibility confirmed and will not apply to prior charges. Applied after application of any available credit. May not be combined with other service discounts. Visit unionplus.org/att or contact AT&T at 800-331-0500 for details.
720% OFF SELECT ACCESSORIES: AT&T will apply the Accessory Discount to the prices of select Accessories available through AT&T, which may be modified by AT&T from time to time. The term "Accessory" or "Accessories" means supplementary parts for Equipment (e.g. batteries, cases, earbuds). The Accessory Discount will not apply to Accessories purchased for use with datacentric Equipment such as modems, replacement SIM cards and car kits or to Apple-branded Accessories, and the Accessory. Discount may not be combined with any other promotional pricing or offer.
8$25 waived activation fee on select devices.
9SWITCH TO AT&T: Each line reqs an eligible port-in, trade-in, purchase, svc & final bill submission. Credits received may not equal all costs of switching. Elig. port-in: From eligible carrier (excludes Cricket & select others) on their term agmt or device plan (excludes 3rd party agmts). Must buy elig. smartphone in same transaction. Elig. Purchase/Svc: Smartphone on AT&T Next or AT&T Next Every Year installment agmt w/elig. svc (excludes prepaid, Lifeline, Residential Wireless and select discounted plans). Acct & svc must remain active & in good standing for 45 days. Tax due at sale. Down payment may be req'd. If svc is cancelled, installment agmt balance (up to $950) is due. Limit: Purch. limits apply. Trade-in: Select locations. Must be smartphone on line ported, be in good working condition w/min. $5 trade-in value & meet AT&T Trade-In program reqmts. Trade-in Credit: Instant credit or AT&T VISA Promotion Card issued by MetaBank™ or CenterState Bank of Florida NA, via license from Visa U.S.A. Inc. (may take 3 weeks to receive). Not redeemable for cash & non-transferable. Credit/Card valid for 5 months & for use only to purch. AT&T products & svc in AT&T owned retail stores, at att.com, or to pay wireless bill. Add'l cardholder terms & conditions apply & are provided w/Promotion Card. At dealers get credit (w/add'l terms) for use at dealer. Final Bill: Must go to att.com/helpyouswitch & upload or mail final bill w/in 60 days showing Early Termination Fee (ETF) or device plan balance (incl. lease purch. costs) on number ported. Final Credit: Total amount equals device balance/ETF (excludes taxes, fees, svc & other charges) up to $650 minus trade-in. Get up to $645 for device plan balance or up to $345 for ETF. W/in 4 wks after meet all elig. reqmts, will be mailed AT&T VISA Promotion Card issued by MetaBank™ or CenterState Bank of Florida NA, via license from Visa U.S.A. Inc. Not redeemable for cash & non-transferable. For use at US locations where Visa cards are accepted through date printed on card (min. 150 days). Add'l cardholder terms & conditions apply & are provided w/Promotion Card. See att.com/switch for details.
Gen. Wireless SVC: Subj. to Wireless Customer Agmt (att.com/wca). Svcs not for resale. Deposit may be reqd. Credit approval, activ., other fees, monthly, overage, other charges, usage, other restrs apply. Pricing & terms subject to change & may be modified or terminated at any time without notice. Coverage & svc not avail. everywhere. You get an off-net (roaming) usage allowance for each svc. If you exceed the allowance, your svc(s) may be restricted or terminated. Other restrs apply & may result in svc termination.
With AT&T’s Unlimited Data Plans1, you can enjoy unlimited streaming and surfing on all your devices on America’s best data network2.
IBEW Member Gets Mortgage Assistance — Thanks to Union Plus
"I did what I could to keep some money coming in during hard times,” he says. “And I got help when I needed it with Union Plus mortgage assistance.”
Hudson had chosen the Union Plus Mortgage program when he refinanced his house. At that point the special assistance programs that Union Plus offers weren’t a high priority. “I had some coworkers who had been laid off but I’d always stayed pretty busy,” he says. “I’ve never missed a mortgage payment and I certainly never plan to.”
But the long recession affected both residential construction and bank construction—and that meant less work even for highly-trained IBEW technicians like Hudson. After months of being laid off, and struggling to keep the bills paid, he remembered the benefits of his union mortgage and contacted Union Plus for assistance.
“I’d never planned to use the program, but I was glad Union Plus was there for me when I needed them,” he says.
Choosing a union mortgage means more than just getting a great rate. It also means you have access to Union Plus mortgage assistance, which could help you keep your home in the event of a strike, lockout, layoff or disability.
After reading more about the program online, Hudson applied and quickly received $2,500 in interest-free assistance, which he started repaying at $75 month. Then when work picked up again as the economy improved, he paid the rest off in one big chunk. “I’ve just worked 30 days without a day off,” he laughs. “I figured I’d get the money paid back so help will be there for other union members who need it.”
Hudson doesn’t hesitate when he’s asked the best thing about being in the IBEW. “It’s the pay and benefits,” he says. But Union Plus programs are nice to have, whether it’s mortgage assistance or even saving money on flowers.
“Union Plus has a lot to offer. I’ve used that discount on flowers at least 10 times,” he laughs.
The Union Plus Mortgage program provides more than $43.6 billion in mortgages to help more than 280,000 union members and their families buy or refinance a home. It is packed with unique benefits tailored to meet the needs of active or retired union members, as well as their parents and children, who want to buy or refinance a home.
One of the many other benefits of the Union Plus Mortgage program include a hardship assistance. Union Plus Mortgage Assistance helps members and their families who are unemployed, recently disabled, on strike, or locked out make their mortgage payments with interest-free loans and grants. Mortgage Assistance has provided more than $11 million to help members keep their loans current and stay in their homes.
These days Eric Hudson of Newark, Delaware, is working steadily and making good money as a tele-data technician and 16-year member of the International Brotherhood of Electrical Workers (IBEW) Local 98. But during the economic downturn, Hudson twice went more than six months without work — or a paycheck. Read how Union Plus helped him when times got tough.
Improve Your Chances of Getting a Loan by Learning What Lenders Look For
Through the Union Plus® Mortgage program, with financing provided by Wells Fargo Home Mortgage, union members, their parents and children have access to a wide range of home loan options to meet a variety of needs, plus access to special benefits designed for union families.
When you apply for a loan, lenders assess your credit risk based on a number of factors, including your credit/payment history, income, and overall financial situation. Here is some additional information to help explain these factors, also known as the “5 Cs,” to help you better understand what lenders look for:
- Credit history: Qualifying for the different types of credit hinges largely on your credit history – the track record you’ve established while managing credit and making payments over time. Your credit report is primarily a detailed list of your credit history, consisting of information provided by lenders that have extended credit to you. While information may vary from one credit reporting agency to another, the credit reports include the same types of information, such as the names of lenders that have extended credit to you, types of credit you have, your payment history, and more.
In addition to the credit report, lenders may also use a credit score that is a numeric value – usually between 300 and 850 – based on the information contained in your credit report. The credit score serves as a risk indicator for the lender based on your credit history. Generally, the higher the score, the lower the risk. Credit bureau scores are often called “FICO® scores” because many credit bureau scores used in the U.S. are produced from software developed by Fair Isaac Corporation (FICO). While many lenders use credit scores to help them make their lending decisions, each lender has its own criteria, depending on the level of risk it finds acceptable for a given credit product.
- Capacity: Lenders need to determine whether you can comfortably afford your payments. Your income and employment history are good indicators of your ability to repay outstanding debt. Income amount, stability, and type of income may all be considered. The ratio of your current and any new debt as compared to your before-tax income, known as debt-to-income ratio (DTI), may be evaluated.
- Collateral (when applying for secured loans): Loans, lines of credit, or credit cards you apply for may be secured or unsecured. With a secured product, such as an auto or home equity loan, you pledge something you own as collateral.
The value of your collateral will be evaluated, and any existing debt secured by that collateral will be subtracted from the value. The remaining equity will play a factor in the lending decision.
- Capital: While your household income is expected to be the primary source of repayment, capital represents the savings, investments, and other assets that can help repay the loan. This can be helpful if you lose your job or experience other setbacks.
- Conditions: Lenders may want to know how you plan to use the money and will consider the loan’s purpose, such as whether the loan will be used to purchase a vehicle or other property. Other factors, such as environmental and economic conditions, may also be considered.
The 5 C’s of Credit is a common term in banking. Now that you know them, you can better prepare for the questions you may be asked the next time you apply for credit.
And remember, after closing on a loan through the Union Plus Mortgage program, you’ll be eligible for special benefits that include receiving a My Mortgage GiftSM award from Wells Fargo - $500 for buying a home or $300 for refinancing your home – for use at participating retailers, and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike.1 Keep in mind that parents and children of union members are also eligible for certain benefits.
Talk to a
Union Plus Mortgage Specialist
at 866-802-7307
or request a personal consultation
Source: wellsfargo.com
1Eligible individuals can receive the Wells Fargo My Mortgage GiftSMaward approximately 6 weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval and closing, when identifying themselves as eligible. The My Mortgage GiftSM award is not available with any Wells Fargo Three-Step Refinance SYSTEM® program, The Relocation Mortgage Program® or to any Wells Fargo team member. Only one My Mortgage Gift award is permitted per eligible (“New Loan”). This award cannot be combined with any other award, discount or rebate, except for yourFirstMortgageSM. This award is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Awards may constitute taxable income. Federal, state and local taxes, and any use of the award not otherwise specified in the Terms and Conditions (also provided at receipt of award) are the sole responsibility of the My Mortgage GiftSM recipient.
Wells Fargo Home Mortgage has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed upon services. You are encouraged to shop around to ensure you are receiving the services and loan terms that fit your home financing needs.
Information is accurate as of date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2018 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801
When you apply for a loan, lenders assess your credit risk based on a number of factors, including your credit/payment history, income, and overall financial situation. Here is some additional information to help explain these factors, also known as the "5 Cs," to help you better understand what lenders look for:
Spring Cleaning Your Finances
Keeping sufficient records and updated copies of important paperwork is vital to your financial well-being. In the event of an emergency, having important papers organized is just as important as having an emergency savings fund.
The first thing you must do is gather original copies of your important documents. If it isn't possible to obtain an original copy of a document, get a certified copy. Once you have the necessary documents, be sure to keep them in a safe, yet easily accessible place - either a secure paper filing system or a trustworthy online space. The following information can help you determine what to keep and what to toss.
Retirement planning documents – Documents pertaining to IRA, 401(k), 403(b), or TSA statements should be kept in a secure location, such as a safe deposit box. Keep the annual summaries until you retire or close the account.
Tax planning documents – According to the Internal Revenue Service you should keep your individual tax return documents for seven years. You may also want to save W-2s. Paycheck stubs can be shredded once they are checked against your W-2.
Financial documents – Checking and savings accounts, bank and credit card statements, and bank information are important paperwork to have, but should be kept in a secure location. Bills for big purchases, such as furniture, computers, etc. should be kept in an insurance file for proof of their value in the event of loss or damage. Any unneeded financial statements should be properly disposed to avoid identity fraud.
Asset protection documents - In the event of an emergency, you’ll want to make sure your tangible assets are protected as well as your most valuable asset—yourself. Make sure you have updated, accurate records of medical, home, and life insurance policies and statements. Documents pertaining to buying, selling, or improving your home should be kept as long as you own the home.
Estate planning documents – It’s important to have a copy of any wills and power of attorneys. These are documents that your attorney should also have on file.
Shuffling through a pile of paperwork is a daunting task. But it is well worth it to make sure documents are properly filed and stored. Getting your financial house in order now will ensure peace of mind down the road.
Union Plus Credit Counseling
Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.
Spring is just about here and that means it’s time for spring cleaning. Beyond simply cleaning your house, this is a great opportunity to get your financial paperwork in order.
How to Take a Cool Listing Photo
Here are some tips and tricks for ensuring your MLS listing catches some attention.
- Hire or DIY: This is the first decision you need to make. Whether you’re FSBO or have a realtor – think about investing in having a professional take pictures of your home. They will have a good eye for lighting, camera angles to make your home larger and also special lenses to enhance the look of rooms. If you enjoy photography and have a good camera – there’s no reason to shy away from the job, but just be sure to follow the below steps to ensure you’re thinking about everything before you begin.
- De-clutter and De-personalize: This is something you’ll hear from a realtor when getting your home “show ready” – the less clutter and personal items, the better. Invest in totes or an actual storage service if you’re not ready to get rid of things.
- Light: When you take pictures, make sure it’s during the brightest point of the day (in your home). Depending on where your windows are located and the position of your home – it could be in the morning or afternoon. Open all blinds and shades to let ample light in and notice how much more inviting your home will look in your pictures.
- Set the Scene: Think about buying fresh flowers for your dining room table, side tables, bathrooms or guest room. Set your dining room table with a beautiful tablecloth and place settings. Buy potted flowers for your porch and back yard. Buy a cozy throw to add color to your couch or bedroom. Remember you can always re-use things like plants and flowers in multiple rooms to add a pop of color to your pictures. Get inspired by thumbing through recent Pottery Barn magazines to see how they’ve staged their rooms – even the smallest details can make a big difference.
- Highlight Your Best Features: If you have a beautiful kitchen or large backyard – be sure to highlight these areas with multiple pictures. You can never have too many good pictures for prospective buyers to view.
With these tips, you shouldn’t have any issues capturing some attractive pictures of your home. And as always, if you’re ready to talk to one of SIRVA pre-approved real estate agents, call 800-284-9756. With the Union Plus Real Estate Rewards, union members earn $500 cash back on every $100,000 in home value when you use a real estate agent approved by SIRVA.
If you’re thinking about going the For Sale by Owner (FSBO) route or you’re trying to prep your home for professional pictures – either way, you’ll need a few photography tips in order to show your home in the best light (literally).
14 Tips for Preventing Break-Ins and Burglaries
Many criminals who break into houses don’t actually break in — they enter through unlocked doors and windows. Don’t give thieves easy access to your home. Here’s what you can do:
- Invest in a quality door. A door with a glass pane may present a security problem.
- Install deadbolts on all exterior doors and the door connecting the garage to your house. inside the garage. (Deadbolts should be single-cylinder locks, at least 1 inch thick and extend at least 1 inch into the door frame when locked.)
- Secure windows and sliding glass doors with locks.
- Consider installing a home security system.
- Light the outside of your house. Consider installing motion-sensitive lights.
- Do not open doors to strangers. Always ask for identification.
- Install wide-angle peepholes in all solid doors. Don’t rely on chain locks to see who is at the door. Chains can easily be broken once a door is ajar.
- Keep your garage door locked and basement windows secure.
- Lock outbuildings (e.g., storage sheds) with deadbolts.
- Keep trees and shrubbery trimmed. Overgrown vegetation gives a burglar more privacy.
- Don’t give keys to anyone you don’t know well. Give parking lot attendants and mechanics your ignition key only, not your entire key ring.
- If people you don’t know (e.g., previous tenants or owners) could have keys to your house, change the locks.
- Always lock your doors, even if you’re gone only for a short while.
- Avoid hiding a key outside your home. Instead, leave a duplicate set with a friend or trusted neighbor.
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Learn how you can make your house or apartment less appealing to thieves.
Reasons to Use a Real Estate Agent
Commission Costs
When you crunch the numbers, remember that you can always save money by not using a real estate agent on your end. But if a buyer comes in with an agent, you will be obligated to pay their commission. So, for instance, a typical agent will require a 3% commission. If you don’t use an agent but your buyers have an agent, you would save 3% or 6% if they don’t have an agent. When you’re considering the cost of using a listing agent, keep in mind that (conservatively) it will be about 3% of the total purchase price.
Your Time Comes at a Price
Fundamentally, you could probably For Sale By Owner (FSBO) easily in a seller’s market in the summer – when the conditions are perfect, without much effort. But, like most situations, there are usually challenges to overcome. Not to mention, if you work full-time, you have to be realistic about how much time selling your home could take away from your work or family. Marketing and showing your home alone are huge time-sucks, which can be avoided for a 3-6% commission.
Do the math and figure out what your time is worth, then calculate how many hours you might need to put against selling your home in order to justify the use of an agent.
Other Costs When FSBO
If you decide to go the FSBO route, take into account the extra things you might have to pay for:
- MLS listing fees
- Professional pictures or video of your home
- Home sale and open house signs
- Lawyer fees to review contracts
- Time off for home showings
- Staging advice
- Storage fees (for staging)
- Home buying agent commission fees
- Extra incentives for buying agents
Agents Have Connections
If you live in a small or big town, agents talk. This is one of the benefits of using an agent. They will use all of their networks, referral groups, Web tools and connections in order to market your home. Agents have access to the MLS, which is the number one home sale site. They also have connections with ancillary service providers that could market your home better, including photographers, home stagers, storage providers, etc.
If you’re extra budget conscious, you might be thinking about selling your home on your own. Before you make a final decision on whether you will use a real estate agent or not – you should consider a few things first.
How to Lower Your Utility Bills This Winter
Fortunately, there are steps homeowners can take to offset these rising prices. Having your heating equipment serviced by a professional is the best place to start. From there, follow this step-by-step guide from the experts at Consumer Reports.
First the bad news. Homeowners who heat with oil will see the biggest increase in fuel prices, from $992 last winter up to $1,370 in 2016 to 2017. If temperatures are 10 degrees colder than expected, the cost increase could go from 38 percent to 56 percent. Natural gas households should expect to spend just under $900 throughout the season, a 22 percent jump from last year, and costs of propane will go up 26 percent, to between $1,272 and $1,991, depending on the region. Electric heat will see a modest 5 percent increase, to an annual cost of $995.
Step 1: Seal Air Leaks
If you add up all of the leaks around windows, doors, and other openings in your home’s envelope, it’s like having an open window. To stop your losses, plug those holes with a combination of weatherstripping, caulk, or expandable foam.
Professionals perform a blower door test to identify air leaks. You can try a low-tech version by turning on all of your home’s exhaust fans and holding an incense stick near windows, doors, and electrical outlets. If the smoke blows sideways, you have a leak that needs plugging.
Step 2: Set Your Thermostat
If you haven’t upgraded to a programmable thermostat yet, this is the winter to do so; see our thermostat ratings for the best models on the market. The device will automatically lower the heat when you’re asleep or away from home. That can lower your heating costs by as much as 20 percent, meaning the thermostat could pay for itself in a year or two, depending on which model you choose. For optimal efficiency, set the temperature to 68° F or lower when you’re home and awake, and set it back to 60° F all other times.
Step 3: Check the Filters
This tip applies to homes with forced-air heating. If you have the system professionally serviced, filter replacement should be included. But for optimal efficiency, you need to replace the filter every few months, so it pays to know how.
First turn off the furnace. Then remove the existing furnace filter, located just inside the furnace or return air vent. Note the furnace filter size printed on the cardboard frame. Purchase a replacement filter from a home center, hardware store, or online retailer. Check our whole-house air filter ratings for recommended models that are best at trapping dust, pollen, smoke, and other airborne particulates.
Slide the new filter into place; check for the markings that tell you which side of the filter should face the furnace. Keep a record of the date so that you’ll know when it’s time to change the furnace filter again. Replace any cover that goes over the filter.
This is also a good time to make sure the warm-air registers throughout your home aren’t blocked by furniture, because that will make the system run less efficiently, driving up your utility bills.
These steps can combine to easily erase the price increase in home heating fuel. There are many other behavioral changes you can make, for example opening curtains on any south-facing windows during the day to allow the sunlight to warm your home, and keeping your fireplace damper closed unless a fire is burning.
More DIY Projects to Try
Around the House
- How to Get Your Snow Blower Ready for Winter
- How to Aerate Your Soil and Other Fall Lawn Care Tips
- How to Winterize Your Lawn Mower
- How to Replace a Lawn Mower Blade
- How to Replace a Gas Grill Burner
- How to Clean a Deck With a Pressure Washer
- How to Stay Safe on a Ladder
- How to Paint a Room and Get It Right the First Time
In the Kitchen
- How to Clean Your Coffee Maker
- How to Load a Dishwasher
- How to Get Rid of Funky Refrigerator Smells
- How to Organize a Refrigerator for Maximum Freshness
- How to Clean a Smoothtop Range or Cooktop
- How to Clean a Dishwasher
- How to Care for Your Kitchen Knives
- How to Clean a Microwave Oven
Laundry & Linens
- How to Wash a Pillow to Keep It Smelling Fresh
- How to Iron a Dress Shirt
- How to Clean Your Washing Machine
- How to Clean a Mattress
- How to Fold a Fitted Sheet
- How to Do Laundry Without Ruining Your Clothes
Copyright© 2006-2017 Consumers Union of U.S., Inc. No reproduction, in whole or part, without written permission.
Consumer Reports Digital Savings
Union members who subscribe for Consumer Report Digital’s comprehensive archive of expert, unbiased product reviews save 26% off the annual subscription rate.
As temperatures drop, get ready for some soaring heating costs. Thanks to the one-two punch of colder weather predicted for this winter and a surge in fuel prices, U.S. households could see their costs go up as much as 50 percent compared with last year.
96% of Union Members Recommend the AT&T Discounts Through Union Plus
Survey takers were asked a series of five questions about their thoughts on the AT&T wireless discounts through Union Plus, including questions about whether they would recommend the program to other members and which program benefit they enjoyed most.
Said one member,
I have two [reasons]. One is the fact that AT&T is organized and two is the 15% savings.”
Top Three Benefits Most Liked by Members
- 15% wireless discount on the monthly service charge of qualified wireless plans2
- Supporting the <150,000 union members at AT&T
- Being helped by fellow union members at AT&T stores
With the AT&T wireless discounts through Union Plus, union members save 15% on the monthly service charge of qualified wireless plans and 20% on select accessories3 from AT&T.
Not yet with AT&T? Switch now, and get up to $650 in bill credits4 when you trade in a smartphone, and buy a new one on AT&T Next®.
To learn more about the AT&T wireless discounts through Union Plus, shop online now, or download the coupon to take to your local AT&T retail store, where you’ll be helped by a fellow union member.
AT&T is the only nationwide unionized wireless carrier.
1Recommendation claim based on the results of an email survey conducted August 2016 by Union Plus to program participants of the AT&T wireless discounts through Union Plus.
215% ON THE MONTHLY SERVICE CHARGE OF QUALIFIED WIRELESS PLANS: Available only to current members of qualified AFL-CIO member unions, other authorized individuals associated with eligible unions and other sponsoring organizations with a qualifying agreement. Must provide acceptable proof of union membership such as a membership card from your local union, a pay stub showing dues deduction or the Union Plus Member Discount Card and subscribe to service under an individual account for which the member is personally liable. Offer contingent upon in-store verification of union member status. Discount subject to agreement between Union Privilege and AT&T and may be interrupted, changed or discontinued without notice. Discount applies only to recurring monthly service charge of qualified voice and data plans, not overages. Not available with unlimited voice plans. For Family Talk, applies only to primary line. For all Mobile Share plans, applies only to monthly plan charge of plans with 1GB or more, not to additional monthly device access charges. Additional restrictions apply. May take up to 2 bill cycles after eligibility confirmed and will not apply to prior charges. Applied after application of any available credit. May not be combined with other service discounts. Visit UnionPlus.org/ATT or contact AT&T at 866-499-8008 for details.
320% ON SELECT ACCESSORIES: AT&T will apply the Accessory Discount to the prices of select Accessories available through AT&T, which may be modified by AT&T from time to time. The term "Accessory" or "Accessories" means supplementary parts for Equipment (e.g. batteries, cases, earbuds). The Accessory Discount will not apply to Accessories purchased for use with datacentric Equipment such as modems, replacement SIM cards and car kits or to Apple-branded Accessories, and the Accessory Discount may not be combined with any other promotional pricing or offer.
4$200 AT&T VISA Reward Card Offer: Limited-time offer. Online only. Requires well-qualified credit and a new line or upgrade. Smartphone: Must buy a new LG G5 or V10 (excludes Certified Like-New and preowned) with AT&T Next agreement with qualified monthly wireless service plan (voice & data). AT&T Next: Requires eligible installment agreement and service. If service is canceled, remaining installment agreement balance is due. Down payment may be required. Tax due at sale. Visit att.com/next for plan details. AT&T Visa Reward Card: Remain active and in good standing to get Card within 8 weeks. May not redeem for cash or use for cash withdrawal at any cash-dispensing locations or automated gasoline pumps. Non-transferable and non-refundable. May be used to pay bill. Issued by MetaBank®, member FDIC, or CenterState Bank of Florida, NA pursuant to a license from Visa U.S.A. Incorporated. Use at U.S. locations where Visa cards are accepted through Expiration Date on Card (150 days from issuance). Purchases can be made without usage fees or bank finance charges up to the amount available on Card. VISA cardholder terms and conditions apply and will be provided with Card. Limit: 5. Device Limits and Exclusions: Limit on total number of financed devices per wireless account apply. Activation Fee: $20. Return or Restocking Fee: Up to $35.Subject to Wireless Customer Agreement. Credit approval required. Deposit may apply. Fees, overage, monthly, and other charges and restrictions apply. Pricing, terms, and restrictions subject to change and may be modified or terminated at any time without notice. Coverage and service not available everywhere. Other restrictions apply and may result in service termination.
5$0 APPLE IPHONE 7 32GB OFFER: Limited-time offer (ends October 31, 2016, in Puerto Rico). Port-in: From eligible carriers (excludes Cricket and select others) only. Must buy eligible device within 7 days of port. Eligible Device: New Apple iPhone 7 and 7 Plus on 0% APR AT&T Next (30-month) or AT&T Next Every Year (24-month) installment agreement. $0 down for well-qualified credit or down payment may be required. Retail price is divided into monthly installments. Tax on full retail price due at sale. After all credits, get iPhone 7 32GB priced $650 ($21.67 or $27.09/month) for free. May apply max credit towards other eligible devices priced up to $970, which will be discounted but not free. Wireless: Monthly postpaid voice and data required (existing customers can add to eligible current plans). DIRECTV: Excludes streaming only services. If new customer, 24-month agreement required. Must be installed within 30 days of device activation. Bill Credit: Applied in equal amounts over entire agreement term. Both services must remain active and in good standing for up to 30 months and device must remain on its agreement for entire term to get all its credits (if cancel wireless service you will owe remaining installment balance of up to $970). If upgrade or pay up/off agreement early your credits may cease. Offer Limits: 1 per wireless acct; 2 wireless accounts per TV account. 1 free device per wireless account per 12 month period. Return:Restocking fee up to $45 may apply. See store or att.com/TVAppleoffer for offer details.
General WIRELESS Service: Subject to Wireless Customer Agreement (att.com/wca).Deposit: May apply. Limits: Purchase limits apply. Credit approval, taxes, fees, monthly, other charges, usage, speed, coverage, and other restrictions apply. Activation: $20 fee.Promotion, terms, and restrictions subject to change and may be modified or terminated at any time without notice.
DIRECTV: Subject to Equipment Lease and Customer Agreements (directv.com/legal). Residential customers only. Hardware and programming available separately. Prorated Early Termination Fee (up to $480) and Equipment Non-Return fees apply. Programming, pricing, terms and conditions subject to change at any time.
6FREE SAMSUNG GALAXY S7 OFFER: Limited time offer (Ends October 31, 2016, in Puerto Rico). Port-in: From eligible mobility carriers (excludes Cricket & select others) only. Must buy eligible device within 7 days of porting. Eligible Device: New Samsung Galaxy S7, S7 edge, S7 active & Note7 on 0% APR AT&T Next (30-month) or AT&T Next Every Year (24-month) installment agreement. $0 down for well-qualified credit or down payment may be required. Retail price is divided into monthly installments. Tax on full retail price due at sale. After all credits, get Galaxy S7 priced $695 ($23.17 or $28.96/month) for free. May apply max credit towards other eligible devices priced up to $880, which will be discounted but not free.Wireless: Monthly postpaid voice and data required (existing customers can add to eligible current plans). DIRECTV: Excludes streaming only services. If new customer, 24-month agreement required. Must be installed within 30 days of device activation. Bill Credit: Applied in equal amounts over entire agreement term. Both services must remain active and in good standing for up to 30 months and device must remain on its agreement for entire term to get all its credits (if cancel wireless service you will owe remaining installment balance of up to $880). If upgrade or pay up/off agreement early, your credits may cease. Offer Limits: 1 per wireless account; 2 wireless accounts per TV account. Return: Restocking fee up to $45 may apply. See store or att.com/TVSamsungoffer for offer details.
GENERAL WIRELESS SERVICE: Subject to Wireless Customer Agreement (att.com/wca). Deposit: may apply. Limits: Purchase limits apply. Credit approval, taxes, fees, monthly, other charges, usage, speed, coverage and other restrictions apply. Activation: $20 fee. Promotion, terms, and restrictions subject to change and may be modified or terminated at any time without notice.
DIRECTV: Subject to Equipment Lease and Customer Agreements (directv.com/legal).Residential customers only. Hardware and programming available separately. Prorated ETF (up to $480) and Equipment Non-Return fees apply. Programming, pricing, terms and conditions subject to change at any time.
7Based on overall coverage in U.S. licensed/roaming areas. Map estimates outdoor coverage. Compatible device req’d. Coverage not avail. everywhere. AT&T’s 4G LTE coverage is not equivalent to its overall network coverage.
8Claim based on nationwide carriers’ dropped call performance.
9SWITCH OFFER: Limited time (ends 12/31/16 in Puerto Rico). Each line requires an eligible port-in, trade-in, purchase, service, and final bill submission. Credits may not equal all costs of switching. Eligible port-in: From eligible carrier (excludes Cricket and select others) on their term agreement or device plan (excludes third-party agreements). Must buy eligible smartphone in same transaction. Eligible Purchase/Service: Smartphone on AT&T Next or AT&T Next Every Year Installment Agreement with eligible service (excludes prepaid, Lifeline, Residential Wireless, and select discounted plans). Account and service must remain active and in good standing for 45 days. Tax due at sale. Down payment may be required. If service is canceled, installment agreement balance (up to $950) is due. Limit: Purchase limits apply. Trade-in: Select locations. Must be smartphone on line ported, be in good working condition with minimum $5 trade-in value, and meet AT&T Trade-in program requirements. Trade-in Credit: Instant credit or private label AT&T Promotion Card issued by MetaBank™ or CenterState Bank of Florida NA, via license from Visa U.S.A. Inc. (may take 3 weeks to receive). Credit and Card valid for 5 months and for use only to purchase AT&T products and service in AT&T-owned retail stores, at att.com, or to pay wireless bill. At participating dealers get credit (with additional terms) for use at dealer. Final Bill: Must go to att.com/helpyouswitch and upload or mail final bill within 60 days showing Early Termination Fee (ETF) or device balance (including lease purchase costs) on number ported. Final Credit: Total amount equals device balance/ETF (excludes taxes, fees, service, and other charges) up to $650 minus trade-in. Get up to $640 for device plan balance or up to $340 for ETF. Within 4 weeks after meet eligible requirements, are mailed AT&T Promotion Visa Prepaid Card issued by CenterState Bank of Florida NA, via license from Visa U.S.A. Inc. Not redeemable for cash and non-transferable. For use at U.S. locations where Visa cards are accepted through date printed on card (minimum 150 days). Additional cardholder terms and conditions apply and are provided with Prepaid Card. See att.com/switch for offer details.
GENERAL WIRELESS SERVICE: Subject to Wireless Customer Agreement (att.com/wca). Services are not for resale. Deposit may be required. Credit approval, activation ($20), and other fees, monthly, overage and other charges, usage and other restrictions per line apply. Pricing, promotions, and terms subject to change and may be modified or terminated at any time without notice. Coverage and service not available everywhere. You get an off-net (roaming) usage allowance for each service. If you exceed the allowance, your service(s) may be restricted or terminated. Other restrictions apply and may result in service termination.
The results are in — 96% of union members say they would recommend the AT&T wireless discounts through Union Plus to fellow union members, according to an email survey conducted by Union Plus in August 2016 to program participants.1