Partner Passed Away And Retirement Money Getting Low? Two Ways To Get The Money You Need
If your partner has passed away and you are running low on your retirement money, this can be very scary. If so, there are some ways you can get some help to leave the retirement money in your account so you do not completely deplete it. Below are two ways you can do this so you can determine what would work best for you.
Home Equity Line of Credit
If you own your home you can get a home equity line of credit to have the money that you need. This type of loan works similarly to a credit card. How much you can borrow depends on how much your home is worth. The lending institution will determine this. Once it is determined, they will set up your spending limit. The interest rate you are charged will be determined by your credit rating.
Once you start using the money you will have to pay monthly payments. The payments are generally set at a low amount so you can easily afford them. You will also set up a time period that you want to pay off the principal and interest. You can pay the principal off and then the credit revolves so you can start using the money again. As long as you have money in the credit account you can use it however you want.
The lending institution can go over this with you in much more detail so you can understand how it works. It is important that you take into consideration the fact that if you do not pay this loan back they can take your home from you. Places like General Electric Credit Union can give you more information about these loans.
Sharing Your Home
If you do not want to get a loan, you can share your home if you have enough room. For example, you can rent out one of the rooms and the renter would have to pay you rent. The person renting the room can help you with your chores, such as vacuuming, dusting, etc. This provides you with companionship so you do not get lonely if you currently live alone.
It is important that you be very careful of who you rent a room to. You can do a background check on your own and ask them for references. It would be much safer and easier for you to use a program that helps you find renters. Look online for this type of program in your area. This will ensure that you can rely on this person to pay you each month. You need to set up a lease agreement and make sure they sign it.
After working your whole life, you deserve to have a great time during your golden years. These two tips should help you do this.