Reverse Mortgage Alternatives

From OU fees will host Ridge cash poor senior citizen. So you've no doubt thought about getting a reverse mortgage to help make ends meet each month, but you also have to consider is the cure worse than the ailment. You can watch daytime TV without seeing a commercial first mortgages which sounds good, but financial planner and Futurama West has some alternatives to reverse mortgages that he takes your questions on anything financial at 800-525-7000 805 five 7000 times more and more looking out for seniors next right here moneywise Robin D that reverse mortgage which does look good and that guy with the mustache. He's a good-looking guide to. I mean after all, who couldn't use a big lump sum payment or a nice monthly check from a reverse mortgage company will no doubt see that money would come in handy especially for someone who has all or most of their house paid off, but still struggles with day-to-day expenses, but you can't get something for nothing.

As you know, and so to get that money your first and foremost, giving up equity in your home your funding. That cash flow with debt. I think this bothers a lot of seniors who like to leave something for their errors, not a mortgage company, but remember what sounds good doesn't always work out that way. Reverse mortgages typically have higher interest rates and other costs. You pay the usual closing costs you would for any mortgage appraisal loan recording a credit check and title insurance, but then you also have to pay a mandatory counseling fee. That's a 2% mortgage insurance fee upfront then an annual mortgage insurance fee on top of that, and the monthly loan servicing shaking of up to $30 interest rate adjusts monthly. Okay I will what else to watch out for with reverse mortgages, though it seems like you've Artie covered quite quite a bit. Yeah, well, the first was all about fees, but I would say the other thing Steve is you really have to know you're dealing with.

As we said the pitch always sounds good but reverse mortgage companies haven't always lived up to their promises couple years ago, for instance, the consumer finance protection Bureau. Find three of these companies for deceptive advertising. Consumer Reports happens to say you should consider a reverse mortgage company only if there's no other way to stay in your home and pay your bills. Okay obviously lots of seniors might find themselves in that boat, however, particularly now. So what are the alternatives that we mentioned earlier in the program here for them to consider. Steve first sell your home and buy something smaller that would leave you with the difference in cash.

Of course this can be difficult from an emotional standpoint because a home you've lived in, and perhaps raise your children and can hold a lot of memories that not only will this though give you the cash you need, but the reduced expenses may just be what you need to balance your budget. The next one is if you haven't entirely paid off the home yet. Consider refinancing the balance you owe. Interest rates are obviously very low right now and that could reduce your monthly payment free up some cash.

You can balance the budget. The only caveat to that is that you don't want to extend the term of the loan. If you have 10 years left in your current mortgage you want to refinance with only a new 10 year mortgage. Okay, that's two alternatives.

I think anything else where this next one might be a little outside the box but to help out selling the home to a family member. Perhaps children who would be heirs anyway when you go home to the Lord.

If you sell the property to a family member you get the cash out.

Then you can lease it back and remain living there family member can take advantage of tax breaks for landlords and that may work for some folks, not every case, of course. And then one final option is a variation of that.

It's an interfamily mortgage. The family member buys the house from you but you owner finance they make the monthly mortgage payment to you instead of the bank giving you the cash to meet your expenses. Okay, now let me confess that the last two that you mentioned something a little wellness he convoluted but you had to listen closely catch all those details. Obviously those two last two things are on the up and up. Nothing shady going on their dollar. Knowing it's complicated enough that you should consult with an estate or tax attorney on how to do this without incurring the incurring the wrath of the IRS all say but I think any of these alternatives are worth investigating. If you have equity in your home. You don't want to sign it over to a reverse mortgage company. Now I will say, Steve. I'm not saying reverse mortgages. Don't ever have a place in some cases they can make some sense I just want you to understand what you're getting into work with the right person understand the fees involved and make sure you explore every other option first. Okay that's great information. We appreciate that.

Obviously we get calls all the time about reverse mortgages in every situation being just a little bit different. In fact, if you have a question today about this.

Or, again, anything financial we have lots of lines 800-525-7000. This is moneywise the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later. Splitting heirs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise live.org if you need investing guidance, you probably want help that's grounded in God's word.

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Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt percent faster while honoring that debt and phone to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors.or call 800-557-1985 today is moneywise live.

We are free, and we love to hear from you. 800-525-7000. Rob has his mascot, which is why you might be a little hard to understand today Alonzo not just his face. You think you suck. 800-5257 Plaza Drive when I was a boy.

Yes, just not that long ago.

Really, there was a local dairy. I think there were local and they used to in their all their advertising. They used to tout how all their milk came from contented cows. You ask why am I believing what it was that the farming program today to agriculture.

What's the point is we were talking about some scripture earlier and that contentment shows up quite a bit and God's word, and often it applies to us and what we have and what we don't have right what it's exactly right Steve you know I really believe that this idea of contentment is one of God's big ideas as a relates to our money or I should say his money and our management of it as stewards if we can really learn this idea of contentment and remember the apostle Paul said it was a learned behavior.

I think it really positions us for God's best. Because here's what happens when we begin to practice and learn this idea of contentment. First of all, it puts us in a place where we live within God's provision. I am content with what God has provided. Therefore, I will not try to live outside of that which you and I both know when that happens, that results in debt and another thing I think is key here is that comparison is a contentment killer and here's what I mean by that.

You know, if you are constantly comparing yourself to others you're looking at what they have. You're watching them on social media you're trying to keep up with the neighbor next door in the new car he or she just brought home is the improvements that if you're trying to compare yourself all the time. That is a contentment killer you are going to struggle with living that contented life and so I think the big idea for us in terms of increasing our contentment.

Steve is really to focus on what God has given us and not what he has given others and that begins with gratitude really just a recognition of Lord, all you entrusted me with so much I just start to think. Beginning with your own salvation admin moving right on from there and perhaps as an exercise today if you want to lean into this idea of contentment and get out of the comparison trap. Maybe I'll start keeping a gratitude journal of what God is showing you in teaching you and what he has in fact blessed you with.

But we can get to the place where we live those contented lives not lowering our expectations so we won't get disappointed but raising our expectations in the presence of a powerful, faithful God. I think Steve, that's when we put ourselves on the road to true financial freedom.

Well said.

Another thing that a lack of contentment can be is a marriage killer. Quite often a lease from the callers that we hear from in the letter writers that we hear from the husband thinks one thing the wife thinks another vice versa. But one of them wants to buy some more stuff. I get a larger home, a newer car, the other doesn't. And then what you have is not only an issue with contentment, but now you got a marriage problem going on. That's not good either.

So you is is really secret in the Christian home to to communicating better about these kinds of issues. Well Steve I think it really starts on your knees and that it starts with open and honest communication and that really has to have prayer receiving it. But once you pray through it and you really begin to align your vision, goals and dreams for your family which includes your money because that's the tool that God gives us to accomplish his goals and objectives for us and we align that with our values and our deeply held priorities and together we set those joint goals as husband and wife, then the way we handle finances day-to-day month-to-month is just a reflection of moving toward what God has for us and I think that's the opportunity we have so it's open communication. When prayerful, faithful goals and objectives that then inform our daily spending decisions okay thanks and again our phone number if you'd like to speak with Rob West today about anything you're wondering about whether it's buying a newer, bigger house. Maybe it's refinancing. Maybe it's a the reverse mortgages.

We open today's program talking about Laura whatever's on your mind call while we have open lines 800-525-7000 800-525-7000 we see with a call. We have a question from one of her callers were having trouble getting Manuel on the line Rob. He's on a fixed income and he has some debt to pay off it will take him two years or more to pay it off and he doesn't want to miss a payment. Any ideas of how to best handle. This sounds to me like he's just maybe, the fixed income is is is is a challenge for him as far as making the lease payments. Yeah, I think I get on the key for that Dale. First of all is to start with that spending plan because really what's essential to make sure that you don't miss a payment is that you have a plan for your money now with a fixed income. At least you have predictable income right. I realize it may not be a lot, and so you're trying to make ends meet and prioritize the spending and don't want to minimize that that can be challenging but at least you have predictable steady income.

So the key is trying to align your lifestyle you're spending with the resources God has provided the only way to do that is a spending plan. So what I would do is take 30 to 60 days and track everything you spend ill write it down in a little notebook you want to use a smart phone, type it into the notes. Whatever it is that works for you because you need to get a budget in place that's going to include those debt payments, and any margin that's available after you put your emergency fund in place can go toward debt reduction over and above the minimum's, but having that plan is really essential and we just give you one other suggestion are moneywise coaches would love to help you walk alongside you. Pray with you but also help you with the mechanics of setting that spending plan up and out there free of charge. They love what they do and they do it as a ministry because of you discover moneywise live.org.

Click on connect with the coach. There may be a 30 to 60 Day Way, depending upon how many people are in line, but they'll get to you. If you're patient and know how to help you get this plan in place as you've always recommended in the past, Rob, and it's even more vital today. Creditors are now more open than ever before to work with you to adjust your payments to make things work in the long long run. Whether that's a putting your payment into abeyance for a month or 60 days or lowering your your payment for a certain amount of time. Anyway, banks and creditors are being very flexible these days. So again run toward those folks not away. Let's go to Indianapolis Estelle, how can we help you Estelle you there Estelle are you there may be filtering off your radio you be able to hear us a little better our wedding trouble. Estelle will come back Freeport, Illinois Adam good to have you there and what's on your mind yes I think you for taking my call. I did have a question I recently I have increased the value of our my wife and I life insurance policy, at which time each joint from whole life policies to long-term policy after the new policy took effect. I canceled the old policies and without, there was a surrender not return on on those policies. So my question is will I owe any tax on that return or is that only return of premium and horror.

If not, how what I determine that it's a great question Adam and if you have a cash value life insurance policy and you surrender the cash portion only the gain on the policy would be subject to federal and possibly state income tax in the sense of what were talking about.

There is the gain is the difference between the gross cash value paid out to you and what's called your basis in the policy which is essentially the total premiums that you paid in in cash minus any dividends or tax-free withdrawals that you made and your insurer. Their insurance policy. Issuer should be able to give you the precise amount of of that than that number I'm talking about surrender value minus your basis and that will be your game, and that's probably going to be taxable as ordinary income. Okay, I make. I have yet God bless. We appreciate your call. Thanks very much. Augusta, Georgia. While we try to get Estelle back on the line hi John, we have a couple of minutes to see if we can squeeze it in right yeah I think you I called Robin that we would have to have one. It will and one that we will now okay well from what we told the other one. What we get from that we could pay this one and we have to speak of this limited story, so we need a flat but we were trying to figure which is the best way to go to rent the other one out because of the liability with that also to you now to take it best when and by the other one we try to get the other one now going to call some other you know liability is limited. Yeah, you're here shuffling the deck there on some real estate. So, no question about that. John what you plan to do with the home you the two-story home that you're currently living in the ultimately plan to sell that the okay are in the hat what's the timing on all this. How quickly do you want to get out of that one and get into your new one-story ranch home. I want out what we're looking at about two years okay alright well I suspect you. You have the cash flow right for your currents of property.

Your primary domicile, which is currently has a mortgage on it and you have some margin left over after everything is paid. Is that right yeah we have about that little over hundred and 20 about okay and each month you're adding to that after your bills are paid okay yeah don't really have it more sherbet than just your daily expenses, insurance and food and all the other normal things and what you think you'll get in the way of proceeds on the second home that you plan to sell well. I'll get about 140 okay and what you think you'll spend on the new one level house looking at me, looking at about 289 okay great let me do this work and had a break here.

I got the details we come back will give you the answer and give you some my thoughts will talk.

Thank you John hold on, get you momentarily Estelle were coming your way. Also Amos in Miami. This is moneywise live money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goals and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button@moneywiselive.org and telephone everything to actually click away now got me will only be to lead to an oncoming yes Holly. There are there for my cell phone for yourself. For instance, an answer last morning. I know that that freedom never quit all your life you let send tell you what you think.you start listening to a new master one is commands you free to live openly in his freedom in contacting context around 18 number one moron can exist independent moron because we pray to me, means that we want to create letters prayers and support this program you find seven text I 57682.org/do you know if you have enough money house. Do you know how much is enough if not Ron blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely to create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the store button moneywise to work on today's financial choices and decision, and obviously Satan's wisdom we need biblical wisdom God's wisdom that's paramount as far as this radio program is concerned, if we can help you. We love to try 800-525-7000 Johnson, Augustine, Georgia John, how is your day going so far. Good job.

Let me give you that my thoughts on this and I appreciate before the break you given us all the details here.

Essentially you got hundred 20,000 that you've been able to sock away. You got two homes one that is paid off in full that you don't live in the proceeds on that would be about hundred 40,000 you still got a mortgage in your primary residence, but what complicates things is you want to move to a new home, with its one level to get out of that two level home. So here's what I would be thinking about you know, if you don't want to sell that second property. Anyway, let's go and do that and will add 140,000 of the hundred and 20 you have that's gonna put you in a really strong position.

It doesn't quite give you what you need to buy that sect that new home for cash but it does give you the ability to almost do it because I wouldn't want you to get down to zero and in reserves.

So you could take out a small mortgage if you wanted to be a cash buyer which put you in the strongest position and as soon as you paid off your current home by selling it. You would obviously eradicate that mortgage and then your debt free. At that point, with plenty of money in the bank to either invest it increase your giving or by a second property to turn into a rental, but I'd probably just hang on to that cash given that your profit you're planning to veto by this new home in the next 12 to 24 months and again if you can suck up some additional funds between now and then, perhaps you could buy it straight for cash and then focus on getting your current property sold. Or you could put in a contract to sell it you with a contingency on the current home sale, but in either case, I'd hang on to that money for the purchase of this next property you follow that you put that work for Kate yeah, available so that anything that we going to look at their yeah I really well with you staying there only one other thing the other property.

The property we thought about selling it and then paying out the current home what you think about that and that would be the latest key to well I'm fine with that except for the fact that you see you're planning to buy yet another home that one level home in the very near future. And the only way to get the money out of your current property when you pay it off is to sell it. Which means that you're going to have to sell it first and try to time the closing with the purchase of the next property unless you have somewhere to go.

In the interim, so the only reason I'm not might not pay it off and keep it in reserves is so you got that money available to buy the next property. If you wanted to be able to do it prior to selling your existing home and if you follow me okay thank you like that you will be looking at all angles.

Thank you for checking in with us if you have other questions along the way. John give us a buzz got bless you sir, thanks John. And obviously, we would encourage anyone to look at all the angles whenever you're making some big financial choices and decisions and even better than that. Make sure you pray about all those things and if you married try to get to the point where you and your spouse are both seeing things from the same perspective God's perspective not always easy to get there, but certainly worthwhile and we have a number of resources that can help you do that again just because you been married for 3040 years doesn't sincerely make or aware of feels like you're making all the right financial decisions that we have some marriage resources when you visit our website moneywise live.org check it out will be back to say hi to Estelle.

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Back to our phone lines Indianapolis hi Estelle, let's give this a try again okay how can we help know about whether or not I should pay off my mortgage I saved up enough money almost enough money to completely pay. I don't have any other debt. I own three rental properties. In addition, that I have been able to pay off completely and I'm working on 72 but I'm still working full time and well when you're done with all that. Maybe you could compose this program because it's a job you know I the idea of you being debt-free and obviously you've demonstrated the ability to manage her lifestyle.

Keep your expenses in shaggy are still working. You got these properties. They're all paid off in full. I mean, I think the only question I would just ask and I suspect, given everything I've heard you've Artie throw through. This is, I don't want you to be cash poor in the sense that I want you to have enough in the way of reserves that you can take care of an unexpected maintenance problem or repair at one of your properties that you if you had an unexpected major medical expense personally or you know you know the transmission and the car goes out me things like that.

That's why we like to have 3 to 6 months in reserves at a minimum, and in a season of life where you're no longer working. You don't have as much income and I realize you're not there because you got the rental income plus you working but we may even go beyond the six months between six and 12 months and in reserves so I wouldn't want you to go all the way down to zero and have all of these assets but have no access to cash which just limit your flexibility, but as long as you can manage that piece of it. I am all for you being completely debt-free.

We see that affirmed in God's word that you know the borrower is the the lender's slave and so it's not that borrowing is a sin, but there are clear warnings throughout Scripture around the use of debt and we can be free to live or die. Give her go and follow the leading of the Lord and unencumbered having flexibility in our financial lives being ready to serve him and ready to give as he leads both systematically as well as some perhaps sacrificial. He I just think all of that is supported by the idea being debt-free.

I would just be mindful as you're approaching that of just not making sure you eat up all of your reserves so you you limit your flexibility to some extent my question kind of going to retire in three years and we don't plan to stay on now. Okay when I moved elsewhere and fell for properties so I don't know whether I should continue the mortgage and you get some tax benefit from paying the mortgage. Sure sure well, obviously, because you have debt-free.

Yeah well I think that's ultimately a conviction issue. You know, there's the pure financial side, and if we are to run the numbers and we were to look at your assets and liabilities.

Clearly, you have far more in the way of assets and liabilities you could liquidate any one of those properties or just pull money out of cash and he debt-free at any point, so I don't think you're in a position where you have to do anything. I think it's really just a personal conviction matter where you need to pray through. Do I want to be completely out of dad and owe no man anything and if so, then go for it and you know when you sell these properties you're going to have plenty of resources that you're going to have to decide what to do with in terms of your do you invest them. Where is your finish line. How much is enough how much giving. Do you want to do all of those kinds of things. But if you decided just to take that keep that money in cash or even invested according to your goals and objectives and just keep paying the mortgage. I want a promo that given the way you've managed your financial affairs ending at the end of the day. This is just really a conscience issue in a conviction matter that you need to to wrestle through and I don't think there's a right or wrong answer here it's really just what gives you the greatest peace of mind a great question, Estelle, and it sounds like you and your husband are doing well and moving in the right direction. We wish you the very best. Thank you.

Let's go to Oklahoma City. Now Kimberly your stimulus check. Have you received it great and what your question about now like an employment receive government okay well here's the first. My thoughts on the first question you know we go back to the heart behind our giving, we look at the Council Scripture what we see as clearly in the old and New Testament, where to be givers right Christ God himself as the ultimate giver. He gave us his son Jesus right who paid the penalty for our sin that we might have life and be reconciled to himself when were giving were most like him. I like to say it calibrates our hearts to God's heart, because we're created in his image and were reflecting him when were giving.

Now how do we give well I think we see that modeled in Scripture to we should give proportionately which means I would use another word systematically as God prospers us so we get proportionate out of God's provision and blessings we give off the top. That's the principle, the tide, firstfruits, and the tide literally means 1/10 now some will say and we wrestled through this on up on the program the other day. Some will say well that's the lawn were under the law of Christ now and did not go away. Well, I think the bottom line is what we recognize as the Jesus raises the bar doesn't lower it in just about every situation and so the tide the 10th should probably be a beginning point, but we don't do it to check a box or to be legalistic.

We give out of a cheerful heart recognizing God's ownership as an act of worship. And because it's an incredible blessing to participate with him in our giving. Now how do you look at the stimulus check.

Well, if you're applying the principle of the tide. Basically what you would do as you say, what is my increase because that's what the tide was based on is your increase your income yes is it any provision that comes in your hand. I would say yes and that would include your stimulus check that would include unemployment benefits, not even include Social Security and there probably wouldn't include a tax refund because of your tithing off of the gross. You are essentially Artie typed on that but everything else really I think is evidence of God's faithfulness and provision in your life. So if you're applying the principle of the dive that I would say absolutely just tide on whatever comes into your hand in whatever form or fashion and do it with a grateful heart and God will honor that I do and I had some to do a credit card that we got about 60 seconds to read it credit card with a client and everything going on right now? And if you we don't want to pay taxes or credit.net yeah I'm not sure what you determine on the taxes. But here's what I would just say I like the fact that you would get out of dad. I want you to focus on getting out from under that credit card debt just as soon as you can. In fact, perhaps that's where you could take the rest of your stimulus check in and put it but I don't want you to pay it all the way down to get your emergency fund all the way down to zero.

Especially if you have some uncertainty in the midst of these difficult times were and as a result of the pandemic work you have some uncertainty around your job or your income. It's a time to preserve cash and pay the minimums but if you have some security in your job and you feel like you could, you know pay that those balances down and hang on to just a couple of thousand dollars and then start building it back up. The quicker you cannot get out from under that credit card debt, the better we just throw one other option that you could look at debt management contactor forensic Christian credit counselors.org and they can talk you through peace. Great questions Kimberly, thank you very much for calling in David and Sarasota Springs linens Creek coming in your direction or direction to greet you more about money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money on the radio and breaks it all down in a simple, easy to follow format that makes it the perfect reference to if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available in the store moneywise live.this very require. I will guard you and I'm here to help you understand God's purpose for your life to the eyes of a layman, it might surprise you know that if you're a follower of Christ with the biblical worldview. You're now in the smallest of minorities, according the latest Barna research less than 30% of our pastors, 10% of our population and 4% of millennial still hold a biblical worldview that doesn't drop your jaw. I don't know what will. For those of us who accepted God's gift of eternal life to the sacrifice of his son and our Savior Jesus Christ is a miracle for us to be counted among the 10% to whom much is given much is required. We are in his dad.

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Go to RTW.com and no moment here's go down this morning to Greenville South Carolina were businessmen are having their friends to lunch after the meal they want me to share about how Jesus Christ changed my life when I recognize he took my blood for me just like John and my Marine buddy in Vietnam. Jesus paid such a price for all voluntarily going to cross the luncheon to the nightclub and the food will be good. I'll share my story and Lord willing to clearly present the gospel say friend community business. The neighborhood could use just such a breakfast, lunch or dinner when I organize one this year and you can share your story, your life changing story and see other lives change right before your bills brave, strong and tender conference helps men face life's toughest information on your church hosting conferences go to donor.org. Do you know if you have enough enough money of house. Do you know how much is enough. If not, one blue can help with this book.

Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely to create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise outdoor less than more. We have some questions were going to get to those calls.

By the way, the number is 800-525-7000 but we also have an email question from Renata. She's a US vet. Thank you for your service. Renata she's in Florida. She wants to know about refinancing a Rob.

She says we bought this property a year ago, I could save one point on my interest rate is should we do this, should we refinance. We have $6000 equity in the property. Yeah, you know, I would say point is really the minimum.

I'd really like for you to save a point 1/4 or more key is you don't want to extend the term or not, but given that you're only a year and you probably don't have to worry about that. So what I would do is I would look at.

First of all, how long you plan to stay in the property as long as you plan to stay 5 to 7 years or more and you can save a full points on the interest rate and compare the APR to the APR, then the last step would just be to find out exactly what the closing costs are going to be and then it's just simple math. You can look at how much you're paying interest every month and how much less your pain with this new mortgage and then figure out how long it's going to take you to essentially recoup the cost of the refinance and as long as you live in the home. Beyond that, then you'll enjoy this lower interest rate for the life of the loan. So you're kinda right on the bubble. There I would look into the closing costs and make sure you plan to stay there for at least 5 to 7 years and then if all of that lines up. I'd so you can go right ahead with that refi Renata thanks for contacting us. We do appreciate it if you'd like to send a brief email to Rob. I keep it brief, just a couple of lines. The address is questions@moneywise.org questions@moneywise.org Cyrano Sarasota Springs, Florida David were glad that you're out there. We appreciate your patience. How can we help all that will allow the body general knowledge that I get. Thank you.

Oh, I downside out of my three bedroom two bath home life care community into by way of background, my wife and I were considering. Unfortunately my wife became ill. She did not survive. Sorry, no life care community by people looking For prepaid medical one-time deduction about $120,000 or so called by the I have the day to sign a contract percent community so how could I find in my home to sell the day.

I'm not a particular called bridge loan and I don't know the best alternative I need short-term cash, home is still on the market you will find a couple of terms here. I'm so sorry to hear about your wife's passing. You mentioned life care community and essentially what these are residences where if you need assisted or full-time nursing care.

Down the road you can of course get it there. The cost to live there has this future need built-in, so the ideas that your monthly costs don't go up even if you need the full nursing care which is different than what is referred to as a CCR see a continuing care retirement community which also provides that level of care but your costs will go up if you need access to the additional care.

Of course, the benefit to that, though, is that if you don't need assisted living care referral, nursing care, down the road you won't pay for it, but in both programs. Most all expenses, including some or all of your meals each day are included. Now I'm not on not surprised to hear a contract is required by, and that standard, there is usually a waiting list. So typically, my advice is to get on the waiting list. Put your home on the market because the real estate market is strong right now and if your home is in in a good position to sell, meaning it doesn't need a lot of repairs and it shows well wrapped you get a professional realtor in there to give you some counsel on how you stage it and maybe you know you add some landscaping to the front or you know some things it will just really help position it to sell quickly. You should be able to sell quickly if it's priced right and that would put you in a situation where you know you then can obviously move ahead with this. I think the situation I don't want you to get in is where you put yourself in a financial bind by trying to take out a loan for the contract for the life care community and still covering you know the cost of your current property unless you have the ability to do that. So, in either case, I think I'd go ahead and move ahead with the sale of the property. Just as quick as you can. If you wanted to delay David moving into the life care until your property sells and try to time up the closing of both of them would you be able to do that. Why do you have the 60 day window where you have to move ahead one day. To sign okay have given idea how long it would take if you let your spot, pass coming the oh no no time.

I mean, I gave them a time. I would consider next May. I would consider being able to make a move. So it says I do have some flexibility here mean, obviously you could go out and get a personal loan from your bank you if you have the assets and the credit score and the income and you know it would be a short-term financing situation, but ideally I go in and sell your home as quick as you can.

You may need to come up with some temporary housing.

Maybe you have to rent a place for a period of time month-to-month until you can sync these two things up if that's not possible to time the closings on both but I think the bottom line is it sounds I get some flexibility on the.

The life care community and so I go ahead and move ahead with the sale your property so you're in a good position to make this move.

You may need to get off the waiting list and moved to the back of the line if if the you're not ready. But you have that option and I think you'll feel a lot better knowing that your property is sold before you move ahead with it if that's possible.

If possible, one that's always the challenge when removing we all love two times the closing day of the sale and the buyer on the same day we walk across the hall to the other attorney's office and everything works great. Doesn't always happen that way. And so that's what we have to make contingency. The key is we don't want to put ourselves in a difficult financial spot. In doing so, so I'd opt for selling and moving twice before I would try to take both on unless you have the ability to do so.

David will glad you called. Rob has a pickup truck. Maybe we can help you give us a call. No promises there but I love Sarasota.

God bless David will pray that God gives you real wisdom and direction as you try to find just the right day in just the right buyer one last one, Silver Creek, Georgia hi Lynn, I can we help I call Sharon work for the same company only participate in the 401(k) program which until recently was being managed at 6%.

We often contribute monthly to rock IRA DVT strength to the company brought on by that I would not claim pandemic that 6% match has been expanded at least until the end of the year that were wondering what they want for tea diverts are all of our contributions to our 401(k) program into our Roth IRA. It does, and were seeing a lot of this year due to that, what's going on around here. I think the bottom line here land is if you don't have the match.

I like the Roth IRA, so maybe you'd fully fund your Roth first and then by reducing the 401(k). If you can't do both and then flip back to the 401(k) clearly when there is a match dollar for dollar you want to take advantage of every dollar possible going into that 401(k) but in the event that there is not maybe prioritize the Roth over it and then I suspect you to be able to do more than the Roth will allow. And that's where you go right back into the 401(k) so just figure out how much you can reduce that by the fully fund that Roth for the year for both yes ma'am thanks. Then I we do appreciate that.

And with that were almost out of time today Rob recommend functional. We talk a lot about getting out of debt here. Developing a spending plan a.k.a. a budget, having an emergency fund living within your means. All those things real positive and biblical things to do, but I just us talking about it doesn't necessarily make it easy to do and unfortunately free help is available to you from our money wise coaches. These are a group of volunteers nationwide who offer personalized help, so you can get started and we hope avoid any snags along the way. So if you want to connect with a coach, I just go to our website moneywise. I.org and click on connect with the coach will find that about halfway down the page and I'm sure how many we have not rented several hundred is not that some shy thing, not quite that many but we do have a bunch out there were adding to them all the time. In fact, I think this year we've already trained 30 or so more so yeah if you want to take advantage of it. We'd love to have you do that, depending on what's going on. Some months you can get right in other months you have to wait 30 or 60 days, but there were trying to increase our capacity all the time. So those folks can be there to serve you when you're ready. And they certainly love to do that. That's right. And if I did consider helping our ministry. Read the most appreciative. Moneywise.org moneywise live.org, click the click the donate tab at the top of the page and that would be blessed by your participation. Your help and your support and that goes for many radio stations the spring they're looking for your help and support as well.

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