Creative Ways to Cut Expenses

Creative Ways to Cut Expenses

Photo: thriftyfun.com

Even as the economy improves, many people are still hanging on tight to their finances. Given the economic decline that we experienced in the last few years, this is not a bad idea for anyone, including seniors. If your aging loved one is seeking to save money, consider the following areas.

  • Reduce Monthly Recurring Monthly Bills – Set aside some time to review your loved one’s monthly bills. If your senior is paying for a monthly membership or subscription they no longer use, make the call to cancel. Often, utility companies offer special senior rates and/or cost saving payment plans to help those on a fixed income. National Grid, NSTAR and Verizon are just a few of the Massachusetts companies that provide discounts for seniors. Determine if your senior is eligible for a discount.

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Understanding Reverse Mortgages

A Viable Tactic for Your Aging Loved One?

A reverse mortgage is a tool that can be used by older adults to supplement retirement income with additional cash flow for ongoing expenses of monthly living, or to pay for a one-time expense (such as a home construction project to accommodate a wheelchair). In a reverse mortgage, part of the equity in the home is converted into cash which is distributed to the borrower each month. Unlike a traditional mortgage, where a borrower makes monthly payments to reduce debt, with a reverse mortgage, the recipient receives monthly payments from the bank or lender. Typically, the loan is repaid when the home is sold or when the borrower moves out or dies. Read more

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