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Posts Tagged ‘financial’

LCTi Myth: I Cannot Afford Long-Term Care Insurance

December 10th, 2018 Comments off

As the title of this says, the belief that you cannot afford long-term care insurance is nothing more than a myth. The truth of the matter is that everyone can afford long-term care insurance, and everyone who is interested in retirement planning should. The premiums are not high when they are compared with the long-term care cost that families, or the individual, will have to incur over the course of the long-term care life.

If you are worried that you cannot afford long-term care insurance, then start getting the premiums as early as you can. There is nothing wrong with a 30-year-old doing retirement planning. In fact, the younger you are, the lower your premiums are. Often, a 30-year-old will pay $100 or more less than a senior citizen will in their monthly insurance premiums to pay for their long-term care insurance. The types of young individuals who take the initiative to start retirement planning understand the long-term care cost they may have to pay for without the insurance, and they understand that nearly half of all those who use long-term care services are not over the age of 65.

Long-term care is incredibly important and an individual should make the effort to afford long-term care insurance because it will make things easier, financially speaking, on their family and themselves. Costs can run as high as $5,000 per month for long-term care, and without long-term care insurance, an individual’s savings can disappear very quickly.

For the cost of cable television or monthly payments on that exercise machine you bought but never use, you can afford to pay your insurance premiums on your long-term care plan. There is no reason you cannot afford long-term care insurance when you make the effort to cut back on non-essentials. There is nothing more essential than making sure you have the money to get the long-term care you need in case you need help with your day-to-day activities.

Do not think that you will only need it when you are 80. Your life can change in an instant, and even at the young age of 40 you can require long-term care because of an accident, surgery, or illness. Christopher Reeve was healthy and fit at the age of 41, at the age of 42 he was paralyzed from the neck down because of a fall from a horse. He required long-term care for the rest of his life. If it can happen to Superman, it can happen to anyone.

Conclusion

If you believe the myth that only some can afford long-term care insurance, then you need to give your head a shake. Everyone, even if they have to cut back on that latte every day, can afford long-term care insurance when they make the initiative. Retirement planning for long-term care cost is an effective way of taking your future by the horns and ensuring your family does not have to pay for your care, thereby putting financial stresses on them as well. Everyone can afford long-term care insurance, it is just a matter of whether or not they want to take the initiative and pay for it.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.

Understanding Foreclosure

November 30th, 2018 Comments off

The real estate business is witnessing a downturn; house foreclosure is a common word we hear these days. Most of homeowners are ignorant of what it actually means and end up putting themselves in the worst of situations.

Foreclosure is a legal process instigated by the lending institution to terminate a homeowner’s right to reinstate the mortgaged estate. As a result the lender becomes the authorized owner of the property and can also sell the property to recover the principal money. Foreclosures only happen when homeowners fail to pay the stipulated payments as mentioned in the deed of trust for a period of more than 3 months.

These proceedings normally begin by sending a letter of notice called a notice of default to the homeowner demanding the mortgage payments. There are different types of house foreclosure and their application varies from state to state. However, the two most widely used and common types are by power of sale and by judicial sale.

America has experienced a large increase in foreclosure proceedings, above 79 percent in many cases. How do we put an end to this house foreclosure crisis? What follows are a group of tips that can at least help you individually to make a guide toward foreclosure stop.

First and foremost is communication. You must quickly and clearly communicate with your mortgage lender when you anticipate financial problems. Do not wait to receive a notice of default.

With an increasing number of foreclosure cases, you can easily find professionals to bail you out of such circumstances. The second step therefore is to seek professional help. If you are short of finances it is prudent not to hire them but rather simply ask for advice.

Finally, realize there are other sources of help out there and you are not alone. Ask those that are involved in the process: your lender, professional help to point you toward other helpful institutions or information. Just by doing a search on Google you can find multiple helps and aids in your area so do not give up!

One the most important aspects of avoiding a foreclosure is awareness of your financial situation and the aforementioned timeline. Keep your emotions in check it is very easy to let them overtake you and shroud you in depression and worry, just relax and be hopeful. Use the experts from the mortgage company and those you have sought out for vital support and information and as I’ve said hope for the best!

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What to Do if You Need to Sue a Debt Collector

November 29th, 2018 Comments off

If you’re in debt up to your ears, you might be worried that a debt collector might sue you for not paying on your debt. But did you know that there are many reasons for which you can actually sue them instead?

Keeping in mind that I’m not a lawyer, and am not giving any legal advice whatsoever, here are the facts:

The Fair Debt Collection Practices Act, also known as the FDCPA, defines specific practices in which debt collectors may not engage. According to the FDCPA, you have the right to sue a collector in a State or Federal court if they engage in any of these forbidden practices.

So, what are these forbidden practices?

The first, and most common, is harassment. Under the FDCPA, harassment means use of “threats of violence or harm”, using obscene language, or annoying someone through repeated use of the telephone.

The second forbidden practice is using false statements to collect on a debt. The FDCPA prevents debt collectors from telling lies in order to collect on a debt. This includes falsely presenting themselves as government agents or attorneys, lying about how much is owed, or claiming that your inability to repay your debt makes you a criminal. Debt collections agents have a long history of being dishonest if it makes them easier to collect on a debt.

Debt collectors are also not allowed to publicize the fact that you owe money on a debt. This means they cannot contact other people about your debt, contact you via postcard (since the contents of a postcard can be seen by anyone), or publish your name on a list of people who have outstanding debts. The only time they can contact other people about a debt you owe is to discover your address, telephone number, or place of employment.

So, what are the consequences if a debt collector does break the rules and engage in one of these forbidden practices?

Your first action should be to inform them that you are aware of your rights under the FDCPA, and that they must cease their illegal actions. Most of the time, this will resolve the problem without you having to resort to legal action.

If that doesn’t do the trick, however, you still have up to a year from the time they violated the FDCPA to sue the debt collector in state or Federal court. You are allowed to sue them for any demonstrable damages that you suffered because of their illegal practices, such as lost wages or medical bills.

Even if it’s not possible for you to prove that they caused actual damages, the judge can still force them to pay you as much as $1,000. The judge can also make them pay you for any attorney’s fees that you incurred.

Keep in mind that just because the debt collector violated the law in trying to collect your debt, the debt does not just disappear if you actually owe it. Their violation of the law only entitles you to sue them under the FDCPA.

Make sure to know the law, and be aware of your rights. If anyone violates your legal rights, make sure you enforce your rights.

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Other ways to get out of debt besides bankruptcy

November 3rd, 2018 Comments off

Contrary to what many people believe, bankruptcy is a legitimate way of getting rid of overwhelming debt and getting a fresh financial start. Far too many people avoid bankruptcy out of embarrassment or because of poor advice when it might be the best solution in their situation. Still, declaring personal bankruptcy should not be treated as a casual event, but rather as a serious financial step that has long-term consequences.

By all means, try to get out of debt without filing for bankruptcy. There are many options that you should consider carefully before talking to a bankruptcy lawyer.

So how can you get out of serious debt without actually declaring personal bankruptcy? Well, there are no overnight solutions unless you win the lottery or get an inheritance. (And you shouldn’t count on either of these. If they happen that’s great, but they rarely do.)

It’s important not to panic, and one way to avoid this kind of stress is to simply get the facts. Get together all of your documents so you can calculate exactly how much you owe and compare this to your current income. This might seem unsettling, but it needs to be done.

Are you willing to make some sacrifices in order to get out of debt? In many cases all it takes is some reasonable sacrifices in order to pay off your debt. However, if you couldn’t pay it all off within a few years (even after some changes to your budget), then bankruptcy should be considered.

Have you considered getting an extra income through a part time job or stay at home business? It’s amazing how quickly your debt can be reduced if you have a little extra income that is devoted solely to this purpose.

Working with your creditors may also work to reduce your overall debt load. If the company knows how bad your financial situation is, it may be willing to actually lower the amount of debt that you have to pay or at least work out some sort of repayment plan for the long term. Unfortunately, companies rarely consider these options unless you are really behind and have already damaged your credit. Even then, getting them to agree to a settlement is not that easy.

Of course, you should never make a decision hastily. Instead, discuss your finances with your family and ask a good lawyer about the consequences of bankruptcy.

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Beware of Reverse Mortgage Scams

September 4th, 2018 Comments off

Reverse mortgages are being used by more and more seniors in an effort to get a loan that does not have to paid back until they move or die, giving them the funds they need to pay for their own long-term care, without relying on family or insurance. It is an incredibly popular practice for those over the age of 62, who own a home and don’t want to be a financial burden on their families. In fact, they are the most popular type of loan for Americans over the age of 62.

However, seniors who are in need of some loan cash sometimes fall into the traps of reverse mortgages scams through fake websites and reverse mortgage companies who charge too much. This is a horrible situation for a senior to be in, because they may lose thousands of dollars to the scam artists, turning them into a severe financial burden for them family.

Usually, the scam is perpetrated through telemarketing with the senior being contacted by phone and convinced into giving up their personal information for the ‘loan’. The personal information is then used to steal the senior’s identity, often taking out a loan in their name, but making the senior foot the bill for the interest charges and monthly payments.

In the case where the senior thinks they are dealing with a legitimate company, they may be dealing with a phony reverse mortgage companies. These companies will charge six to ten percent of the entire loan amount just for the senior to get the name of a reverse mortgage lender. This is one of the most common types of scams. You can actually get information on who provides reverse mortgages, free of charge, from the Department of Housing and Urban Development.

As a result, if you are looking for a reverse mortgage, you need to be incredibly careful not to fall into the trap of a reverse mortgage scam. You should always make sure that before you sign anything, even if the agent is urging you to, you do your research into the company to find out if they are a) legitimate and b) financially stable.

It is also an excellent idea to sign the contract in the presence of a lawyer, adviser, or your children. This will help to avoid the tactics that have been laid by the reverse mortgage scam artist. However, if you simply want to avoid becoming a part of reverse mortgage scams, then you should simply not do your reverse mortgage dealings over the internet or phone.

Conclusion Reverse mortgage scams are one of the worst scams perpetrated by scam artists because it prays on the elderly and their desire to be financially secure after they have left the workforce. All reverse mortgage scams do is rob them of their money by forcing them to pay large sums up front, or by stealing personal information. To make sure you do not fall into a reverse mortgage scam, do your research and never, ever sign anything under pressure, or pay money up front without consulting an adviser first.

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