You might have found the perfect three-bedroom apartment or house you were looking for, but ask yourself this question; are you ready to move in? have you ensured that you have all the essentials ready? Is your apartment good to go or is there something missing?
Finding a decent place to live is just one aspect, making sure that it will be ready to accommodate you and your family is just as important. You don’t want to move in and find out that the furnishing is not to your liking or the bedroom has too much light, maybe the hall is too dark and so on.
Of course, you might have taken all these factors into account before you went ahead and signed that lease, but did you manage to check them off from your checklist?
Here are a few essential must haves for your three bedrooms.
There are a number of things you should buy and stock before you move in, like a first aid kit, fire extinguisher, flashlight and batteries, some duct tape and wall seal in case of a few minor leaks and whatnots. Having a tool set with the basics will come in handy even if you don’t have much use for them regularly.
Since it’s a big apartment, make sure your closet is stocked with all the essentials especially cleaning supplies. You might hire someone or a cleaning service to take care of the day to day tasks, but having supplies in hand in case the cleaner doesn’t show up someday will be helpful.
In case of an apartment, there will be a laundry room in the basement which will of course save you money. Make sure you have a good laundry detergent, some bleach, a couple of dryer sheets and if you don’t like creases in your favorite shirt, an ironing board. Doing your own laundry will save you time and money.
The most important must haves are for the bathroom, which also happen to be some of the frequently missed items. The list is not very big, make sure you have a plunger handy to avoid calling the plumber every time there is a clogged toilet. Make sure your utilities like a shower curtain, liner and rings, with a bath mat and adhesive stickers for your bathtub are in place before you indulge in that first hot shower.
The bedroom, kitchen and living are furnished accordingly as per your requirements. You might not be speeding a lot of time in the kitchen and may not plan on playing host to guests anytime soon. The furnishing will again depend on your requirements.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.