Are you a house rich and cash poor senior citizen? If so, no doubt you’ve thought about getting a reverse mortgage to help make ends meet each month. However, you also have to consider if the cure worse than the ailment! You can’t watch daytime TV without seeing a commercial for reverse mortgages. The pitch sounds good, but is it? Who couldn’t use a big fat lump sum payment or a nice, monthly check from a reverse mortgage company? Today on MoneyWise, financial planner and teacher Rob West has some alternatives to reverse mortgages.

To get this money you’ll be giving up equity in your home. This bothers a lot of seniors who’d like to leave something to their heirsnot to a mortgage company. Remember: what sounds good doesn’t always work out. Reverse mortgages typically have higher interest rates and other costs.

You really have to know who you’re dealing with. Reverse mortgage companies haven’t always lived up to their promises. A couple of years ago, the Consumer Financial Protection Bureau fined three of these companies for deceptive advertising. Consumer Reports says you should consider a reverse mortgage only if there’s no other way to stay in your home and to pay your bills.

There are alternatives. (1) Sell your home and buy something smaller, leaving you with the difference in cash. (2) If you haven’t entirely paid off your home yet, consider refinancing the balance you owe. Interest rates are still low enough that you could reduce your monthly payment and free up cash. (3) Sell the house to a family member. Perhaps sell it to children who would be heirs anyway. This way, you get cash out and then you can lease it back and continue to stay living there. The family member can then take advantage of tax breaks for landlords. (4) An inter-family mortgage. The family member buys the house from you, then you owner financethey make the monthly mortgage payment to you instead of a bank (giving you cash to meet your expenses).

On today’s program we also answer your questions:

I’ve been blessed to have some extra money each month above my budget. It’s been suggested that I buy a program to help me manage that extra money. The program costs $3,900! What are your thoughts?

I’m a single, stay-at-home mom with a disabled child. My income’s not that great, but God provides! But I’d like to invest in something and see a return but don’t know which way to go.

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Are you a house rich and cash poor senior citizen? If so, no doubt youve thought about getting a reverse mortgage to help make ends meet each month. However, you also have to consider if the cure worse than the ailment! You cant watch daytime TV without seeing a commercial for reverse mortgages. The pitch sounds good, but is it? Who couldnt use a big fat lump sum payment or a nice, monthly check from a reverse mortgage company? Today on MoneyWise, financial planner and teacher Rob West has some alternatives to reverse mortgages.

To get this money youll be giving up equity in your home. This bothers a lot of seniors whod like to leave something to their heirsnot to a mortgage company. Remember: what sounds good doesnt always work out. Reverse mortgages typically have higher interest rates and other costs.

You really have to know who youre dealing with. Reverse mortgage companies havent always lived up to their promises. A couple of years ago, the Consumer Financial Protection Bureau fined three of these companies for deceptive advertising. Consumer Reports says you should consider a reverse mortgage only if theres no other way to stay in your home and to pay your bills.

There are alternatives. (1) Sell your home and buy something smaller, leaving you with the difference in cash. (2) If you havent entirely paid off your home yet, consider refinancing the balance you owe. Interest rates are still low enough that you could reduce your monthly payment and free up cash. (3) Sell the house to a family member. Perhaps sell it to children who would be heirs anyway. This way, you get cash out and then you can lease it back and continue to stay living there. The family member can then take advantage of tax breaks for landlords. (4) An inter-family mortgage. The family member buys the house from you, then you owner financethey make the monthly mortgage payment to you instead of a bank (giving you cash to meet your expenses).

On todays program we also answer your questions:

Ive been blessed to have some extra money each month above my budget. Its been suggested that I buy a program to help me manage that extra money. The program costs $3,900! What are your thoughts?

Im a single, stay-at-home mom with a disabled child. My incomes not that great, but God provides! But Id like to invest in something and see a return but dont know which way to go.

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Making the last payment on a car loan is cause for celebration. The only downside is it’s just about that time when your paid off vehicle starts needing expensive repairs. Are you doing what you can to minimize them? Spending a little time and money now can save you big time down the road, literally down the road. Our host Rob West has a checklist of ways to help you keep down auto repair costs.

Liberty Mutual did a survey recently and found that the average two-car household spends just over 800-dollars a year on car repairs.

The best way to cut repair costs is to prevent them from happening. You can’t prevent all repairs that way parts do have a limited life span and they will break or fail but proper maintenance can certainly cut down on repair costs.

If you purchase a new car it comes with a maintenance schedule that you must keep current for the warranty to stay in force. But you may not know that you can shop around for lower prices on maintenance procedures it doesn’t have to be done at the dealer where you purchased the car.

Most dealerships and independent repair shops are honest businesses. But it only takes a few bad apples to make people wary of mechanics in general. But that’s changing with web sites like Yelp and TripAdvisor.

Ask poeple at church where they have their repairs done. Odds are pretty good you’ll find a great shop with reasonable prices.

Some of the routine maintenance items we need to take care of are oil changes, changing air filters (which is an easy DIY), and brakes.

On today’s program we also answer your questions:

The majority of my assets are in stocks. With the projection of going into a recession, why does it not make sense to take everything out and buy it back once to economy comes back?

We don’t have any debt. Do you recommend investing in physical assets to be prepared for uncertain times?

My husband and I were about to move into a senior community before the pandemic. We have not sold our home yet. Do you think we should wait a while to see if the housing market will pick back up?

I have two properties, one is a rental. Should I sell the rental and move that money into my primary residence?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Making the last payment on a car loan is cause for celebration. The only downside is its just about that time when your paid off vehicle starts needing expensive repairs. Are you doing what you can to minimize them? Spending a little time and money now can save you big time down the road, literally down the road. Our host Rob West has a checklist of ways to help you keep down auto repair costs.

Liberty Mutual did a survey recently and found that the average two-car household spends just over 800-dollars a year on car repairs.

The best way to cut repair costs is to prevent them from happening. You cant prevent all repairs that way parts do have a limited life span and they will break or fail but proper maintenance can certainly cut down on repair costs.

If you purchase a new car it comes with a maintenance schedule that you must keep current for the warranty to stay in force. But you may not know that you can shop around for lower prices on maintenance procedures it doesnt have to be done at the dealer where you purchased the car.

Most dealerships and independent repair shops are honest businesses. But it only takes a few bad apples to make people wary of mechanics in general. But thats changing with web sites like Yelp and TripAdvisor.

Ask poeple at church where they have their repairs done. Odds are pretty good youll find a great shop with reasonable prices.

Some of the routine maintenance items we need to take care of are oil changes, changing air filters (which is an easy DIY), and brakes.

On todays program we also answer your questions:

The majority of my assets are in stocks. With the projection of going into a recession, why does it not make sense to take everything out and buy it back once to economy comes back?

We dont have any debt. Do you recommend investing in physical assets to be prepared for uncertain times?

My husband and I were about to move into a senior community before the pandemic. We have not sold our home yet. Do you think we should wait a while to see if the housing market will pick back up?

I have two properties, one is a rental. Should I sell the rental and move that money into my primary residence?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

You need a credit card to build credit, right? Or to rent a car or to buy online? Most people believe this to be conventional wisdom. But what if that wisdom is wrong? What you don’t know about credit cards could get you into financial hot water! Credit cards can be a handy thing to have, but it could be a double-edged sword. Today, financial planner and teacher Rob West tells you how way too many people sign up for credit cards for the wrong reasons.

The first myth is that a credit card will rescue you if you have a financial setback (like a job loss or the need to replace an expensive item). Thinking this way prevents you from saving up an emergency fund.

The second myth is that you need a card to shop online or to rent a car. Once upon a time that was probably true for renting a car but it has never been the case for buying online. The fact is, in most cases, a debit card will work just fine for those things.

Credit card myth #3: you need a card to earn rewards. No doubt it’s nice to get 1 or 2% back with your card’s purchases (as some cards even offer as much as 5% back for certain purchases at certain times). But do the mathif you’re paying 28% interest on your balance, who exactly is getting the reward? A credit card is only useful if you pay off the balance fully every month.

Myth #4 is that you need a store credit card to save money when you buy things. Stores love to give you bonuses and discounts when you sign up for one of their cards, but is that so you can save money? No,it’s because they know most people will carry a balance.

Finally, it’s not true that you need a credit card to build credit. You can build a credit history just by paying your bills on time. Depending upon your income, you can even qualify for a mortgage by paying your rent, utilities, and car loan on time every month. Check with your landlord about having your payments reported to the credit bureaus. They won’t necessarily do it, but they do have that option.

On today’s program we also answer your questions:

I just got out of high school and have been working for a few summers now. What options are there about types of investments for a period of 4 years? I’d use the funds as a possible down payment on a house.

In today’s episode of MoneyWise, there are several listeners’ calls related to the receiving of the COVID-19 stimulus check. Each caller has a different situation needing to be addressed.

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

You need a credit card to build credit, right? Or to rent a car or to buy online? Most people believe this to be conventional wisdom. But what if that wisdom is wrong? What you dont know about credit cards could get you into financial hot water! Credit cards can be a handy thing to have, but it could be a double-edged sword. Today, financial planner and teacher Rob West tells you how way too many people sign up for credit cards for the wrong reasons.

The first myth is that a credit card will rescue you if you have a financial setback (like a job loss or the need to replace an expensive item). Thinking this way prevents you from saving up an emergency fund.

The second myth is that you need a card to shop online or to rent a car. Once upon a time that was probably true for renting a car but it has never been the case for buying online. The fact is, in most cases, a debit card will work just fine for those things.

Credit card myth #3: you need a card to earn rewards. No doubt its nice to get 1 or 2% back with your cards purchases (as some cards even offer as much as 5% back for certain purchases at certain times). But do the mathif youre paying 28% interest on your balance, who exactly is getting the reward? A credit card is only useful if you pay off the balance fully every month.

Myth #4 is that you need a store credit card to save money when you buy things. Stores love to give you bonuses and discounts when you sign up for one of their cards, but is that so you can save money? No,its because they know most people will carry a balance.

Finally, its not true that you need a credit card to build credit. You can build a credit history just by paying your bills on time. Depending upon your income, you can even qualify for a mortgage by paying your rent, utilities, and car loan on time every month. Check with your landlord about having your payments reported to the credit bureaus. They wont necessarily do it, but they do have that option.

On todays program we also answer your questions:

I just got out of high school and have been working for a few summers now. What options are there about types of investments for a period of 4 years? Id use the funds as a possible down payment on a house.

In todays episode of MoneyWise, there are several listeners calls related to the receiving of the COVID-19 stimulus check. Each caller has a different situation needing to be addressed.

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

A will allows you to determine exactly where your assets will go after you die, usually. That wasn’t the case with one British will maker who left money to the Royal Society for the prevention of birds. No doubt that was supposed to read, the protection of birds, but the point is, a will can eliminate legal pitfalls and provide peace of mind for your heirs. Today, host Rob West chats about that with money expert Ron Blue.Ron Blue is the co-founder of Kingdom Advisors, a frequent speaker on all things financial, and most important for today’s topic, he’s the author of Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives.

Nearly half of Americans over age 55 haven’t written a will.

A will is a legal document. But it should and can provide for far more than a tax plan. For one thing, you can leave a message to future generations.

A Will also provides for the guardianship and care of young children, and for that reason alone every couple with young children should have a will to provide for the care of their children in the event of their deaths.

Wills also accomplish the passing of personal property with little monetary value but great sentimental value on to those who would most cherish those gifts. They also ensure that desired charitable giving will take place upon your death.

An important reason for business owners to have a will is to ensure the orderly and effective transfer of that business. It’s not always easy to decide how the business should be transferred, but in the absence of a stated plan, those decisions will likely be made by people who don’t share the owner's goals and objectives.

It’s possible to draft your own will without an attorney, but there’s a tremendous risk in that because courts may not interpret your will as you’d like them to. And in some cases they may not recognize a do it yourself will.

When an estate is in order, an emotional load is lifted from the person who’s concerned for his family’s well-being. It also lifts a burden from those dependent on that person. Although this cannot be measured in dollars and cents, the benefit of peace of mind may be the greatest advantage of having a will.

On today’s program we also answer your questions:

Are we going to have to pay back the stimulus and unemployment?

What are the pros and cons of for sale by owner?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

A will allows you to determine exactly where your assets will go after you die, usually. That wasnt the case with one British will maker who left money to the Royal Society for the prevention of birds. No doubt that was supposed to read, the protection of birds, but the point is, a will can eliminate legal pitfalls and provide peace of mind for your heirs. Today, host Rob West chats about that with money expert Ron Blue.Ron Blue is the co-founder of Kingdom Advisors, a frequent speaker on all things financial, and most important for todays topic, hes the author of Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives.

Nearly half of Americans over age 55 havent written a will.

A will is a legal document. But it should and can provide for far more than a tax plan. For one thing, you can leave a message to future generations.

A Will also provides for the guardianship and care of young children, and for that reason alone every couple with young children should have a will to provide for the care of their children in the event of their deaths.

Wills also accomplish the passing of personal property with little monetary value but great sentimental value on to those who would most cherish those gifts. They also ensure that desired charitable giving will take place upon your death.

An important reason for business owners to have a will is to ensure the orderly and effective transfer of that business. Its not always easy to decide how the business should be transferred, but in the absence of a stated plan, those decisions will likely be made by people who dont share the owner's goals and objectives.

Its possible to draft your own will without an attorney, but theres a tremendous risk in that because courts may not interpret your will as youd like them to. And in some cases they may not recognize a do it yourself will.

When an estate is in order, an emotional load is lifted from the person whos concerned for his familys well-being. It also lifts a burden from those dependent on that person. Although this cannot be measured in dollars and cents, the benefit of peace of mind may be the greatest advantage of having a will.

On todays program we also answer your questions:

Are we going to have to pay back the stimulus and unemployment?

What are the pros and cons of for sale by owner?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Anyone can experience financial hardship at any time. It’s a great reminder that God is our ultimate Provider. He’s promised to meet our needs and He’s always faithful. Still He expects us to do our part.Preparing for lean times is not only common sense it’s backed up by God’s Word. So what can you do to get ready? Financial planner and teacher Rob West has a list of things to get you started.

Proverbs 6: Go to the ant, consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.

Genesis 41: and the seven years of famine began, just as Joseph had said. There was famine in all the other lands, but in the whole land of Egypt there was food.

Day One: Take five minutes to sign up for a personal finance newsletter or blog.

Day Two: Make a to do list of 10 financial tasks you’ve been putting off.

Day Three: Do something. Pick one thing from your financial to do list and just do it. That’ll give you the satisfaction of crossing it off your list.

Day Four: Set up a system to track your spending.

Day Five: Try to identify one area a week where you can trim or cut something altogether.

Day Six: Work up your Mayday Budget.

Day Seven: Take some time to reflect and meditate on God’s Financial principles.

Philippians 4:19. It reads,And my God will supply every need of yours according to his riches in glory in Christ Jesus.

In today’s show we also answer your questions:

I have a farm and some rental property and about 40K in liquid reserves. Should we pay off one of these or buy a new property to bring in more money?

Should I withdraw my savings account?

Is it a smart to refinance now?

How do you know when it is smart to cash out a QDRO account?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Anyone can experience financial hardship at any time. Its a great reminder that God is our ultimate Provider. Hes promised to meet our needs and Hes always faithful. Still He expects us to do our part.Preparing for lean times is not only common sense its backed up by Gods Word. So what can you do to get ready? Financial planner and teacher Rob West has a list of things to get you started.

Proverbs 6: Go to the ant, consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.

Genesis 41: and the seven years of famine began, just as Joseph had said. There was famine in all the other lands, but in the whole land of Egypt there was food.

Day One: Take five minutes to sign up for a personal finance newsletter or blog.

Day Two: Make a to do list of 10 financial tasks youve been putting off.

Day Three: Do something. Pick one thing from your financial to do list and just do it. Thatll give you the satisfaction of crossing it off your list.

Day Four: Set up a system to track your spending.

Day Five: Try to identify one area a week where you can trim or cut something altogether.

Day Six: Work up your Mayday Budget.

Day Seven: Take some time to reflect and meditate on Gods Financial principles.

Philippians 4:19. It reads,And my God will supply every need of yours according to his riches in glory in Christ Jesus.

In todays show we also answer your questions:

I have a farm and some rental property and about 40K in liquid reserves. Should we pay off one of these or buy a new property to bring in more money?

Should I withdraw my savings account?

Is it a smart to refinance now?

How do you know when it is smart to cash out a QDRO account?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.