5 Quick Steps to Improve Your Finances in 2018

 5 Quick Steps to Improve Your Finances in 2018

By LISA BROWN, CFP® | Brightworth     December 27, 2017   kiplinger.com

Losing weight and improving one’s finances are almost always at the top of most people’s lists of New Year’s resolutions. It makes sense to look out for your physical and financial health so you can enjoy life to the fullest. Following through on your resolutions is usually the tough part — it takes changes in certain behaviors, discipline and time to experience and maintain the results. This is as true for financial planning as it is for losing weight.  If improving your finances is one of your New Year’s resolutions, here are five steps you can take starting Jan. 1:

  1.  Immediately Pay Down Holiday Bills and Credit Cards.
  2. Build an Emergency Fund
  3. Read more here.

Faith Church and CENCAP

Faith Church and CENCAP

Faith Church raised approximately $1500 for hurricane relief in Puerto Rico. We sent the money through CENCAP Federal Credit Union, a neighborhood financial institution.  CENCAP is one of the few neighborhood financial institutions on Hartford’s North End.  The branch nearest Faith is in a building formerly occupied by Bank of America. CENCAP matched the dollars we sent and forwarded them to relief efforts on the island.  Wendy, the manager of the Terry Square branch, is accepting the check from Faith Church.

 

Reverse Mortgages for Seniors

FHA Reverse Mortgages (HECMs) for Seniors

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If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s Home Equity Conversion Mortgage (HECM) program.  The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your home’s equity.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. For more information, click here.