Fly View Productions / Getty Images . What Is a Reverse Mortgage? A reverse mortgage is a mortgage designed for homeowners who are age 62 or older. “The mortgage allows a homeowner to tap into the equity in their home and not have to make any monthly payments,” Melissa Cohn, executive mortgage banker at William Raveis Mortgage, told The Balance by email. “They can receive a lump-sum payment, a fixed monthly payment, or even a line of credit....

That’s why one common rule of thumb says that if you choose an adjustable-rate mortgage, it should have a fixed rate for at least as long as you plan to be in the house. That way, you can sell the home or refinance the mortgage before that dicey adjustable rate period kicks in. It’s definitely a good rule of thumb, but it’s not the be-all-and-end-all of choosing a mortgage. We’ll show you the pros and cons of using this rule of thumb, including when it might not make sense to follow it....

Examining your annual budget can help you recognize larger spending problems or patterns, financial priorities, or even changes in circumstance, all of which affect your financial goals. Here’s why setting financial goals can help you budget successfully. Your Life Circumstances May Change When you first started budgeting, you may have wanted to get out of debt or save up a down payment on a home. But once you reach that goal, you may lose your motivation to stick to your budget....

Shared equity mortgages are also called “partnership mortgages,” because the buyer has what amounts to a silent partner in their home purchase and its future sale. Alternate name: Partnership mortgages How a Shared Equity Mortgage Works In most cases, the homebuyer won’t owe the lender any payments unless they need to refinance the loan, or until they sell the house. They might also need to live in the home a certain number of years before they can take either of these actions....

Short-Term Bond Funds Short-term bond funds typically invest in bonds that mature in one to three years. The limited amount of time until maturity means that interest rate risk—or the risk that rising interest rates will cause the value of the fund’s principal value to decline—is low compared to intermediate- and long-term bond funds. Still, even the most conservative short-term bonds funds will have a small degree of share price fluctuation....

So if you’re asking yourself, “Should women invest differently?” The short answer is yes. Differently not just from the way men invest, but also from the way they have been thinking about money and investing it so far. There are many factors that often drive women’s investment outcomes, and they may need to change if women want to build long-lasting wealth. Learn why, here. Why Women Invest Differently A 2017 study by consulting firm Mercer revealed that women are more likely than men to lack financial courage....

Advantages of Keeping Renters Insurance Even during periods of transition, there are several advantages to keeping your renter’s insurance policy. In addition to protection against theft or damage, here are other reasons not to cancel your coverage: Worldwide coverage for personal liability, and theft or damage to your personal propertyAdditional living expenses to cover living somewhere other than your home because of property renovation due to a claimMulti-policy discount on insurance if you also have your car insured with the same company...

She’s written extensively about psychological and medical research, relationship conflicts, pregnancy, and postpartum care, neonatal loss, chronic condition mental health support, and the latest wellness trends. Her byline has appeared at Healthline, Well+Good, Psych Central, Greatist, Narratively, Romper, Nautilus, Narratively, AskMen, and Motherfigure Magazine among other places. Previously, Simone worked as an editor at The Weather Channel, Upworthy, theSkimm, and Business Insider. Visit her website at simonescully.com for more information....

There is no need to give the employer any more information than they need to know, which is the simple fact that you are resigning and when you are leaving. You’re not obligated to share the details of why you’re resigning. Keeping it simple can make good sense when you’re providing notice that you’re leaving your job. Review advice on what to include in a simple resignation letter, examples of printed and email resignation letters, and tips for politely and professionally resigning from a job....

The Balance examined the JOLTS (Job Openings and Labor Turnover Survey) data and wage statistics from the Bureau of Labor Statistics (BLS) and the Census Bureau to determine regional and industry trends in wage growth and employees voluntarily leaving their jobs. Wage Growth Tracks With High Quits Rates, but Not Everywhere The leisure and hospitality industries drove both increases in labor turnover and wage boosts. Those sectors include accommodation and food services, art, entertainment, and recreation....

When you invest in a mutual fund, you get an ownership stake in the fund and the money it makes. These investments are popular with beginner investors, because they are often professionally managed, have a relatively low minimum investment, offer a diversified range of underlying securities, and can easily be converted to cash. Mutual fund investing is a goal-oriented planning process. It’s important to establish your objectives and investing style before you start investing in mutual funds, so that you can allocate your dollars more efficiently....

Learn more about telecommuting, how it works, and its pros and cons. What Is Telecommuting? When you telecommute, you work outside of an organization’s brick-and-mortar location, and you usually use technology to help you do your job and connect with your employer or employees. Many industries—including sales, publishing, customer service, and marketing—offer telecommuting jobs. Many office jobs and positions in technology (including computer and software programming) can also be done via telecommuting....

To help you pick out the right one, we’ve rounded up the best label makers to buy right now. Powered by six AAA batteries, this Brother label maker is lightweight and portable. You can also use an optional AC adapter if you don’t mind keeping your label maker stationery. A protective case is included to safely store and carry it. You can even include batteries and additional tapes inside the case for easier portability of your supplies....

When shopping for a business laptop, there are traditional clamshells for heavy typing work to a 2-in-1 style computer with a touchscreen for flexibility to higher-end laptops with a bevy of security features. No matter what your styles and needs are, here are our top picks of the best business laptops. Along with standard USB and HDMI inputs, this laptop supports Wi-Fi 6 and Bluetooth 4.2 or above connectivity for quick data transfer and reliable connections....

Keep reading for the best money counters you can buy today. The money counter has a counterfeit bill detection rate of 1/100,000, which gives you greater accuracy and a reliable final count. The easy-to-read LED display allows you to quickly read the total number of bills in the stack. Note the machine doesn’t calculate the monetary total of the bills you’ve loaded. Counting speed: 1,000 bills per minute | Stacking capacity: Not listed | Weight: 10 pounds | Dimensions: 13 x 11....

Held annually in Jackson Hole, Wyoming since 1981, the symposium brings together central bankers and economists from around the world to discuss the most pressing issues impacting the economy and affecting monetary policy. Powell is expected to share the central bank’s economic outlook in an address on Friday morning, which will likely include the bank’s view on inflation, recession possibilities, and future rate hikes. Policymakers at the Fed have repeatedly said they will do what it takes to bring inflation down in line with the Fed’s inflation target of 2%—a long way off from the 8....

We’re less than a month away from the next Fed policy meeting, and after several jumbo-sized rate hikes this year, investors are looking for any and all hints about the direction the Fed will go next. But rate hikes impact everyone, not just investors, and we could get a clearer picture of how much higher rates have slammed the housing market with several reports due next week, including the S&P CoreLogic Case-Shiller Home Price Index and the National Association of Realtors’ report on pending home sales....

You’re not going to receive that whole amount if you take the money in a lump sum. The full advertised jackpot is the most you can win. It’s reserved for those who accept their winnings as annuities, so the money is paid out over a span of years. Either way, a hefty percentage of your lottery winnings may go to taxes. Federal Taxes on Lottery Winnings FICA taxes—Social Security and Medicare—are imposed on earned income, so here’s the good news: Lottery winnings are exempt from FICA taxes because they’re not earned....

Business Startup and Registration For most businesses, the date the business starts officially is the date on the business registration. Partnerships, LLCs, and corporations must register their business with a state. The effective date is usually the date of filing with the state, but a company can select another effective date. For federal tax purposes, most businesses must register with the IRS and get an Employer ID Number (EIN). Line 11 on this form asks for the date the business started or when ownership transferred....

Claiming the Deduction The IRS allows you to claim the educator expenses deduction if you’re a teacher and you’ve paid for classroom supplies or other materials out of your own pocket during the tax year. You don’t have to go through all the fuss and trouble of itemizing to claim it because it’s an adjustment to income. It also reduces your adjusted gross income (AGI), which is important because you can become ineligible for certain tax benefits if your AGI is too high....