Baby Boomer Finance – Credit Card Payments and Reverse Mortgages

Welcome to this weeks edition of Baby Boomer Finance – Credit Card Payments and Reverse Mortgages

Show Notes:

Don't pay your credit card bill early.  The computer may credit it to the previous months bill and then your next months bill will go unpaid.  Causing large interest and penalty payments due. 

    So pay you bill on time but not early.
   
    Watch your statement closely so any unusual or unexpected cost can be disputed immediately. 
   
    Learn how your credit card company can charge you for your "bad" behavior.

Reverse Mortgages

Reverse mortgages can be a good thing for you if you have a home with a lot of equity.  But be careful.  Some less than outstanding companies with sell you a reverse mortgage and then an investment tool that takes your next egg away.  Many seniors have lost everything.  So if you want to utilize a reverse mortgage be careful.  And if they want to sell you an investment for the proceeds get some outside advice before you sign.  Your home and equity may be at stake.