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Nestled within a chain of islands bordering both the Atlantic Ocean and the Caribbean Sea, Puerto Rico is a popular vacation spot. Plus, U.S. citizens don’t even need a passport when visiting although it can feel as if you’ve been transported to the ultimate far-flung tropical beach vacation.

Yes, sand and sea are a big part of the allure. But if you’re wondering what are some cool things to do in Puerto Rico, you’ll likely be happy to know that parks, museums, shopping, and historical sites are all waiting.

Read on to learn about top spots and attractions across the island, plus the best times of the year to go and other important details. With this advice, you’ll be ready to have an amazing getaway when visiting Puerto Rico.

Best Times to Go to Puerto Rico

If you’re looking for warm weather without the threat of hurricanes, plan your Puerto Rico trip for the winter or spring months. Temperatures average in the 80s all year long, but you’re more likely to avoid crowded beaches and other tourist spots if you focus on these milder months during the school year.

In fact, ending your holiday season with a trip to Puerto Rico lets you take advantage of festivals held throughout the island marking the epiphany in early January. Larger street parades are held in San Juan, but you can also find charming events in smaller towns as well.

Bad Times to Go to Puerto Rico

There are a couple of times of year that are less than ideal for a Puerto Rican vacation. Because a large portion of the local population is Catholic, crowds tend to swell around Easter. That could mean more lines and higher prices.

Another relatively bad time to visit: Hurricane season, which technically lasts from June through November. The most severe weather activity occurs between the middle of August through the middle of October. If you do travel to Puerto Rico during these months, consider purchasing travel insurance through an insurance provider or accessing credit card travel insurance.

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Average Cost of a Puerto Rico Vacation

Before you figure out where to keep your travel fund, calculate how much it will likely cost you. Flight costs vary depending on where you live and what time of year you plan to go.

Once you’re on the island, here are some estimated costs: Food costs can total $39 a day, and local transportation to be about $18. The average nightly hotel cost is $277 for a couple and $139 per person, though there are certainly ways to save money on hotels.

You’ll likely have other incidental costs as well, but here’s how much a week-long Puerto Rico vacation could cost once you’re there.

•   One Person Total: $1,524

•   Couple Total: $3,048

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10 Fun Must-Dos in Puerto Rico

No matter where you plan to stay, there are fun things to do in Puerto Rico across the entire island. The list you find here gathered intel from top-rated attractions on online review sites. In addition, travelers who have explored the island shared their knowledge. As a result, you’ll find a diverse range of activities for people of all ages and all types of groups, whether you’re going on a friends trip, a romantic getaway, or a family adventure.

1. Explore Old San Juan

When visiting Puerto Rico, a must-see is Old San Juan, the historic district of Puerto Rico’s capital city. The streets are lined with colorful buildings featuring Spanish colonial facades. You can take a guided walking tour if you’d love to know all the best historical facts and stories, or you can stroll on your own at no cost.

Be sure to include Fortaleza Street on your itinerary of things to see in San Juan, Puerto Rico. It has beautiful buildings as well as frequent modern art installations. There are plenty of shops and restaurants to try out in the neighborhood, as well as attractions like La Casa Blanca — the former home of Spanish explorer Ponce de Leon. nps.gov/nr/travel/american_latino_heritage/old_san_juan.html

2. Trek Through El Yunque National Forest

The only tropical national forest in the U.S., El Yunque is packed with natural excursions just outside of San Juan. It’s considered one of the top things to do in Puerto Rico. There are plenty of hiking trails, ponds, and a lagoon (complete with a rope swing so you can tap into your inner child).

There are more than 28,000 acres in El Yunque, and trails span 25 miles. You can create a plan for any level of exertion. If you’re staying in the San Juan area, definitely put this on your list of unique things to do in Puerto Rico. Admission is only $2, but make sure you have an advance reservation before you go. Bonus: If you are traveling with a pet, the trails are dog-friendly, though only service animals are allowed inside buildings. recreation.gov/ticket/facility/300017

3. Immerse Yourself in Art

Back in the city, get a dose of world-class art at the Museo de Arte de Puerto Rico. Open Thursdays through Sundays, this museum features permanent collections displaying the work of Puerto Rican artists dating from the 17th century to today.

Explore over 1,000 pieces that include paintings, prints, sculptures, photographs, and more. The museum, which is typically closed on Mondays and Tuesdays, is located in the Santurce neighborhood, which is about a 10-minute drive from Old San Juan. Tickets are $6 (not including taxes) per exhibition for adults; $3 for children. mapr.org/en

4. Get Glowing

One of the best things to do in Puerto Rico is to explore one of three bioluminescent bays, which have an otherworldly glow, thanks to microscopic organisms that light up. Seeing these bodies of water can be an amazing and memorable experience.

Mosquito Bay in Vieques is considered the world’s brightest bioluminescent bay. However, you’ll need to take a short flight or boat ride from San Juan to get there.

Alternatively, you can explore Laguna Grande in Fajardo (which is the closest option to San Juan) or La Parguera in Lajas, which is closer to Rincón. La Perguera is also the only place where you can swim rather than take a boat tour or kayak. The best time to go for any bioluminescent bay tour is December through April when there isn’t a lot of rainfall to cloud the water.

Tours can range from about $50 to $75 per person. This can be a good time to swipe with plastic when paying to earn credit card rewards.

5. Tour a Grand Historical Home

Museo Castilla Serrallés is a great thing to do in Puerto Rico if you love history and architecture. It’s the former home of the Serrallés family (of DonQ Rum), who built the extravagant tile-roofed Spanish Revival castle in the 1930s. It takes just under an hour and a half to drive from San Juan to Ponce where the property is, so you may want to think about getting a rental car.

Today, you can explore the home’s interior, as well as beautiful gardens outside. Learn about the history of rum through immersive exhibits, then stroll through the butterfly garden and Japanese gardens. The property is typically open from Wednesday through Sunday, and tickets cost $15 for adults. museocastilloserralles.com/

6. Get Wet

Located on the northwest corner of Puerto Rico, Aguadilla is about a two-hour drive from San Juan. It’s home to the pristine Crash Boat Beach, which is a great place to indulge in almost any kind of water activity you like, including swimming, snorkeling, and surfing (which is ideal during the summer travel season).

Crash Boat Beach is public, so add it to your list of free things to do in Puerto Rico. It definitely has a lively atmosphere, full of music and food to enjoy when you’re not in the water.

7. Stroll Through El Parterre Park

When you need a break from the beach, check out El Parterre in downtown Aguadilla. This beautifully landscaped park offers the perfect spot to casually stroll under mature trees, and there are plenty of benches for resting, reading, or picnicking, just like a local would. It’s also a good sunset watching spot.

El Parterre contains a natural water spring that has quite a bit of historical significance throughout the centuries. It was used as a water source by explorer Sir Francis Drake in the late 16th century and also by Spanish soldiers in later years.

8. Wander Into River Caves

Just an hour west of San Juan, Arecibo is a coastal location with diverse natural wonders to explore. One of the best things to do in Puerto Rico’s Arecibo area is to visit the Camuy River Cave Park. It’s one of the largest cave networks in the entire world.

Recently reopened in early 2023, you’ll walk through immense caverns that are estimated to be over 45 million years old. One of the most breathtaking spots is a sinkhole that shines in sunlight from hundreds of feet above. Tickets are $18 for adults, $13 for kids ages 4 to 12, with younger children admitted for free (which can help families afford to travel).

9. Surf at Domes Beach

Is surfing on your list of fun things to do in Puerto Rico? If so, check out Domes Beach in Rincón, located on the West Coast of the island (a little south from Aguadillo). Even if you don’t surf, you might enjoy catching a professional surfing competition throughout the year.

Domes Beach is also a great place to enjoy a sunset over the water. If you need a break from the waves, check out the Punta Higuero Lighthouse, a historic landmark originally built in 1892.

10. Venture to Vieques Beaches

A smaller island just to the east of the main Puerto Rican island, Vieques can only be reached by a short flight or ferry ride. Because of this, however, the beaches in Vieques are extremely tranquil and secluded. If you want a beach experience without large crowds or noise, this is an incredible option.

Plus, you can take one of the world’s best bioluminescent bay tours while you’re there.

The Takeaway

It’s easy to find dozens of things to do in Puerto Rico, whether San Juan or elsewhere. The hardest part is simply narrowing down your list of options to fit your time there. Whether you want a relaxed beach or an outdoor adventure, a historical home or a top-notch museum, you’ll find it all in Puerto Rico.

FAQ

Is Puerto Rico cheap for tourists?

It depends on your point of comparison. You’ll probably find it cheaper than large coastal cities on the U.S. mainland, but it also tends to be more expensive than other Caribbean island destinations.

What food is Puerto Rico known for?

Exploring traditional Puerto Rican cuisine is one of the best parts of visiting. Definitely check out mofongo, a mashed fried plantain side dish, as well as pasteles — similar to tamales but made with green banana masa and many options for fillings.

What can’t you bring back from Puerto Rico?

You can’t bring back fresh fruits or vegetables from Puerto Rico to the U.S. mainland. Cactus and citrus plants are also prohibited.

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Unfortunately, there are thousands of families every year struggling to get their resources because of beneficiary mistakes.

Although it is something not extremely fun or exciting to plan for, it is necessary to give thought to who your beneficiary will be in the event of your death.

Even if you have put extensive thought and planning into your life insurance plan, it may be the case that you did not put as much thought into who would gain the proceeds of your life insurance policy.

The fact of the matter is that both the selection process as well as the maintenance of your policy are equally important when it comes to when you should get life insurance.

Choosing Your Beneficiary

When writing out who will receive life insurance benefits upon your death, simply putting one-word designations like “spouse,” “children,” or “grandchildren” isn’t enough anymore.

When choosing a life insurance beneficiary, it is very important to be clear in the designations of who is going to receive the benefits after the death of the insured. 

Due to specifications regarding the wording of beneficiaries, certain members of the family may be left out, while others may be unintentionally included. For example, if you put “spouse,” then former spouses may be included in the event of a divorce.

In the case that children are the beneficiaries, then which children will be included must be specified. Are they only children from your marriage, or do children born out of wedlock count?

It becomes especially complicated when there is an ex-spouse involved, or adopted children. A specification is required if adopted children are included, or the children of a spouse which you may have adopted as well.

The same applies for any grandchildren. Also, if the children are minors, it is generally recommended that a guardian be appointed, as benefits aren’t usually paid to minors.

Depending on what state you live in there are a number of rules that you must adhere to when it comes to choosing a beneficiary.

It is also typically the case that if you are leaving your policy to a minor, they must have a guardian assigned to them at least until they are considered an adult.

Types of Beneficiaries 

A beneficiary does not necessarily have to be an individual, though. It can also be your estate, or even an organization.

The most important part about choosing a beneficiary is being extremely specific about who you are designating. A lot of people will specify by providing a social security number or some other type of unique identifier in addition to a name.

The beneficiaries can be specific, or a class. Specific beneficiaries are identified by name and relationship to the insured, while a class is identified mainly by relationship, such as “children.”

If a class is chosen as a beneficiary, who belongs to that class needs to be clearly identified, as legal complications can arise if the class isn’t distinguished.

In the event that you want to name multiple beneficiaries, the same rules apply as if you were to only have one beneficiary.

You need to be specific in the name of the person, as well as have a unique identifier. Additionally, the percentage and description of who receives what portion of the payout is equally necessary.

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Policies usually do not have a limit to the number of beneficiaries that you can claim.

Many people think that is only necessary to allocate based on round numbers as opposed to percentages, but this can lead to many problems if your policy grows in value during its life.

Changing Your Beneficiary

It is important to remember that if you do not keep your beneficiaries up to date, they will not be in the name of the person that you want the proceeds to go to. There are multiple life events that can change the status or identity of your beneficiaries.

It is extremely easy to change your beneficiaries; the hard part is remembering to do so. This is one of the most common mistakes that policyholders make in regards to their life insurance.

They name their beneficiary and then never think about it again, which can cause a whole avalanche of problems if they pass away.

There are, however, two types of beneficiaries: one of which is flexible in nature, whereas the other is not. The first type is called a revocable beneficiary. This means that the beneficiary of the policy can be changed whenever the policyholder chooses.

An irrevocable beneficiary, on the other hand, requires the sign off of the beneficiary in order to change who receives the proceeds of the policy.

This can prove difficult if the beneficiary is not acting in your best interest, or if they are not on the same page as the policyholder. As you can see, there are distinct differences between the two types of beneficiaries.

You should be very careful in choosing which type your policy has, since it could make a significant difference in the future. In just about every case, it makes more sense to go with a revocable beneficiary that allows you to change the beneficiary at any time.

This will give you more freedom in case there are any problems with the beneficiary, or if you need to change who will receive the money.

Contingent Beneficiaries

It is advisable to have several levels of contingencies. In the event that your beneficiary dies or is in some other way incapable of receiving your proceeds, there is a contingent beneficiary that is also named.

If the contingency dies as well as the beneficiary, the benefits may be left in limbo, or to be disputed by other family members.

That is why several contingencies must be clearly identified, as many complications can arise considering the possibilities of a changing family structure.

This can apply in most cases to spouses where the policyholder and the beneficiary are similar in age and could potentially die from natural causes around the same time.

In the case that you do not have a contingent beneficiary named, the proceeds will become a part of your estate. This should be avoided at all costs, as it is usually the case that the estate will be taxed heavily.

It’s always best to have a detailed plan in place regarding who would get the money if something were to happen to the beneficiary. You don’t want your life insurance policy to go to waste or be much less effective than you planned.

How Much Life Insurance Will Your Beneficiaries Need?

As important as it is to find your right beneficiary, you have to make sure that person(s) is left with enough money to cover any financial obligations you will leave behind. So, let’s take a look at some of the factors that help you decide how much coverage you need to buy.

You always need to calculate your current debt situation first.

The main goal of your life insurance plan is to give your family the money needed to pay off all your bills and debts. The number you come up with should be the baseline for how much coverage you start looking for.

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If it’s in your budget, we also suggest adding a few years worth of salary to the final total as well. Your income has helped support the family for years, and a sudden loss could bring on major lifestyle changes.

To stave that quick change, it’s best to up the value some to provide breathing room as family members cope with a drop in household income.

Another category to account for is the funeral expenses. While you may not realize it, funerals are expensive.

Funerals can come in around $10,000, and are a big expense that some might not be ready to pay. Your coverage will give your family the money they need to fulfill your family wishes.

Obtaining Affordable Life Insurance

In addition to choosing the right beneficiary, and ensuring that they will have enough money, it’s also important to get the most affordable life insurance plan available.

A lot of applicants are surprised to see how cheap a life insurance plan can be, regardless of how much life insurance you need. The following tips can help applicants obtain the most affordable life insurance plan for themselves and their loved ones: 

  • Cutting Tobacco: One of the easiest ways to get lower insurance rates is by cutting out tobacco. Users posing a much greater risk for health problems, such as cancer or heart problems, could equal a greater risk to the insurance company. By mitigating that risk they’ll be charging you much more for your insurance coverage, and that charge could be twice the quoted amount.
  • Getting in Shape: The medical exam you’ll complete is going to show the carrier a snapshot of your overall health. If you’re overweight, then your premiums are going to be around 50% higher than a person who rates healthy. When you know the date you want to apply for life insurance, it’s best to start living a healthier life a few months beforehand. Eat a little cleaner, and exercise a little more. These actions will keep your premiums down.
  • Laying Off the Gas Pedal: When the insurance company reviews your application, they are going to pull your driving records. With a lengthy accident or a ticket history, the carrier could see you as a high-risk applicant, which would translate into more expensive coverage. Slowing down on your way to work in the morning can save you hundreds of dollars every year, not to mention you won’t have to pay those expensive speeding tickets.
  • Taking Time to Compare: Our last tip is the easiest step for you: compare, compare, compare. You can make it even easier by working with us!

We have years of experience working with quality insurance companies and we’ve helped all types of applicants get the perfect plan. Our status as independent agents allows us to gather as many quotes as fast as possible and present them to you in a simple form.

Other Considerations

In most cases, there is a person or some other factor that is the catalyst for taking out a life insurance policy at all.

It is for this reason that choosing a beneficiary when it comes to buying affordable life insurance is typically a pretty painless task. There are some snags that one can face when choosing a beneficiary, though.

Your estate as the beneficiary may seem like a good idea, but it never is. Not only is your estate liable to be seized by creditors, but your estate is also heavily taxed.

If you are concerned that your estate may not be covered in regards to expenses. there are other ways to protect it other than leaving your estate as the beneficiary.

If you want to avoid this you can still name a person as a beneficiary, but also put it in writing that you want the proceeds to first be used for settling your estate. 

This is one of the best ways to ensure your estate is covered after your passing without having the life insurance policy eaten alive by taxes.

A lot of policyholders don’t put a lot of thought into who they name, or they never go back and fix the beneficiary named. Also, don’t use vague wording that may include or leave out people you don’t wish to. This can lead to a lot of complicated problems in the future.

The Bottom Line 

When deciding on life insurance beneficiaries, it is best to consider all possible situations.

While it may become complex and it is grim to think of the future deaths of you or family members, all of these things do happen.

Save your possible beneficiaries the trouble of having to dispute the distribution of benefits by defining beneficiaries as specifically as possible.

Aside from naming a beneficiary correctly, it’s vital that you also have enough life insurance coverage for your family.

Having too little insurance could leave them with thousands of dollars in leftover debt. Try speaking with a life insurance advisor to determine how to properly designate your beneficiaries.

Source: goodfinancialcents.com

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Your Guide to the Sharing Economy – MintLife Blog

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peer-to-peer lending). 

Looking for a quick definition? Keep the one below in mind.

Sharing economy definition

The sharing economy is a peer-to-peer lending system, often facilitated by online platforms, that allows individuals or small companies to share goods and services with one another.

To better understand the sharing economy, it’s helpful to see how it fits into the bigger picture of novel industries that are disrupting traditional ones. 

Sharing economy vs on-demand economy

The on-demand economy is a name for the new suite of services most people have available with their phone. “On-demand” refers to the fact that, with just a few taps, swipes, and a credit card, there are many goods and services immediately available to consumers. 

For instance, let’s say you need groceries delivered — there’s an app for that. A fleet of gig-working delivery drivers (more on that next) is ready on demand to bring you the bread, almond milk, and kale that you need ASAP. 

How does this differ from the sharing economy? When investors, economists, and consumers talk about the sharing economy, they are referring more specifically to services that facilitate sharing goods. It might not even be on-demand; for instance, if you’re part of a group of people who share power tools, you might not have access to the bandsaw you need until the person who has it now is done in 3 days. 

The sharing economy and the on-demand economy have a lot in common, though, as they both allow peers to collaborate through the use of a third-party app. That brings us to another buzzword you might be hearing a lot about these days. 

Sharing economy vs gig economy

The gig economy focuses more on the workers’ side, rather than the consumer. For instance, both sharing economy services (like Airbnb) and on-demand economy services (like TaskRabbit), and even services that fall into both categories (like Uber), can be considered forms of gig economy work. 

The gig economy consists of workers who operate on short-term contracts, performing jobs through an app-based service. When investors and economists talk about the gig economy, they’re usually talking about the transition in many sectors toward this sort of short-contract-based work. 

The quintessential example is a service like Uber or Lyft. Rather than a full-time, wage-based job like taxi driver, many people are instead working part-time, contract-based, often precarious positions as ride-share drivers. That’s the gig economy in action. 

Examples of the sharing economy

We’ve already discussed a few types of sharing economy services, but what are a few more familiar examples? The answer is that there’s no set definition or criteria for what makes a service a part of the sharing economy. That said, there are a few examples that you’re probably familiar with:

  • Ride-share: Services like Uber and Lyft are great examples of the sharing economy — a driver shares their car (and time) with a consumer, who gets a lower-cost ride out of the arrangement. 
  • Car-share: Some services also allow you to share your car with peers, not by driving them, but by allowing them to rent it. 
  • Tool-share: Power tools are expensive. Luckily, the sharing economy makes it easy to see who has a tool you can borrow, and pay a small amount to rent it for a day or two while you complete a project. 
  • Clothing sharing: There are sharing sites for expensive designer clothes that you probably won’t wear more than once. Pay for a subscription, then rent for a few days. 
  • Crowd-funding: Have a new business idea or product concept? You can use services online that allow you to crowd-fund the startup costs. 
  • Peer-to-peer lending: Rather than going through a large financial institution or sketchy loan shop when you need cash, peer-to-peer lending allows consumers to seek financing from other individuals who have a little surplus cash they’d like to grow. 

As mentioned before, there’s no hard-and-fast definition or criteria — pretty much any service that allows people to help each other out can be considered a part of the sharing economy. 

Sharing economy apps

We’ve mentioned that the sharing economy is mostly facilitated by app-based services — but what are these apps? Chances are, you’ve probably already got a lot of them on your phone. Here are a few common sharing economy companies, and what they’re built for:

  • Ride-sharing and taxi alternatives: Uber, Lyft

This is definitely not a complete list. Chances are, if you need some item or service, but don’t want to purchase it yourself, there’s a sharing economy solution out there for you. A simple Google search of “[What you need]” + “sharing app” will likely bring you tons of interesting options to consider. 

Pros and cons of sharing economy

Like anything, the sharing economy comes with plenty of pros and cons to consider. Before going all-in on using sharing apps, let’s take a look at some of the benefits and downsides that come along with the sharing economy.

Pros

  • Sharing services can help you save money
  • Sharing apps give you access to things you might not otherwise have (like power tools or a small loan)
  • They’re often on-demand, too (though not alway), so you can get what you need quickly
  • They allow owners of assets to make a small, steady stream of passive income
  • They’re popular. According to PWC, about 19% of people have participated in the sharing economy, and that number is expected to grow. 

Cons

  • They might be riskier than a traditional business because you’re renting items (like a car) from an individual rather than a company
  • While they might allow for a new income stream, some sharing economy jobs (like rideshare drivers) might not allow you to make a full living
  • Some app companies might inflate prices or take a large commission in order to increase their own profits — be sure to do your research on an app before using it as either a buyer or seller

Overall, for most people, deciding whether using the sharing economy makes sense will be an individual process. For some people, making money with side hustle apps might be a great way to spend some time and earn a little cash. For others, it might not make as much sense. 

If you have a vacation home you don’t use often, it could totally make sense to rent it out to travelers who need a place to stay. Others might not want the hassle associated with cleaning the home and preparing it for the next guests — ultimately, it’s up to you whether participating in the sharing economy makes sense. 

Sharing economy: the takeaways 

The sharing economy is a great way for peers to connect and share goods and services they have access to with people who are looking for access at a bargain price. It can include anything from sharing cars and power tools to peer-to-peer lending and crowdfunding. 

Here’s what to remember:

  • The sharing economy uses apps to allow individuals to connect with each other, sharing their goods and services.
  • It’s closely related to the on-demand economy and gig economy; in fact, there’s tons of overlap when it comes to the apps used in each. 
  • You can use the sharing economy to access things like car rentals, fashionable clothes, power tools, personal loans, and seed money for your ingenious ideas. 
  • Apps like Uber, Vrbo, DailyLook, and Prosper are all popular sharing economy options. 
  • There are pros and cons
    • Pros: Usually inexpensive, a great way to find extra income, and convenient
    • Cons: You have to trust peer lenders and borrowers, and some companies pay workers less than other options, or charge fees that make lending not worthwhile

What options can the sharing economy open up for you? Research the ways that you can start using sharing apps today, and start saving (or making!) money. 

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A How-To Guide to Modern Tipping

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A How-To Guide to Modern Tipping

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Ron Conway: Investing in a Down Economy

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The Millennial’s Guide to Buying a Home: Budgeting and Insurance

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  • Housing Finances

The Millennial’s Guide to Buying a Home: Budgeting an…

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Apache is functioning normally

When I was considering leaving my full-time job, I had some concerns. My main concern? Health insurance. And it wasn’t just me. Since my husband didn’t have health insurance coverage through his job, he had been covered under my policy for years. Plus, we were going to be adding kids to our family, so we needed to think about them too.

First, we took care of my husband’s needs. About a year ago, he started looking for a private health insurance plan — and since he is a healthy guy, he found an inexpensive one rather easily. And once we adopted the kids, they could also go on his plan with no problems.

So that left me. If I quit my job, I had a few options: 1. Find my own private health insurance plan 2. Go without insurance 3. COBRA 4. Find a non-insurance alternative.

A history of cancer, although it was a very minor case, eliminated finding my own private health insurance plan…at least for 2013. The Affordable Care Act would have eliminated that, of course, but not until 2014. Going without insurance seemed like a crazy choice, especially since medical bills are the number one cause of bankruptcy. For approximately $1,000 per month, I also could have gone on COBRA. I strongly considered using COBRA as a “bridge” to help me make it to the day when my preexisting condition would be covered. However, the last option, finding a non-insurance alternative, was the one I chose. Here is why, how it works, and what I think of it so far.

Although I do not have health insurance, what I do have is an eligible option under the Affordable Care Act. It’s a medical cost-sharing plan that is available to Christians who follow certain guidelines including moderate use of alcohol, and no tobacco or illegal drug use. Although I was unable to find similar options available to people who weren’t Christians, I think creating something like this would be amazing. Like, the vegetarian medical-cost-sharing plan, or the Paleo cost-sharing plan, or basically any overall healthy group. But I digress.

How It Works

When I signed up, I had to choose a level which determined the amount of money that I pay each month. The highest level requires the member to pay $500 per incident. An incident could include surgery, a broken bone, or pregnancy. For instance, if I needed to have my appendix removed, I would be responsible for the first $500 of all doctor/hospital/lab bills, but that’s it. On the other hand, if I have an annual physical that costs $400 with associated labs and testing, I would pay for all of it because I didn’t exceed $500 per incident. Ditto for the next incident. The other levels are less expensive, but require more member financial responsibility.

So each month, I send in my voluntary gift amount (not called a premium since this is not health insurance). This money gets sent to an escrow account, which is then distributed to other members, according to their eligible medical expenses. Certain medical expenses are not eligible, including more recent preexisting conditions. Each month, I get a newsletter that lists members who have ineligible expenses. If I want to, I can send extra money to be used for their expenses.

I’ll be honest: After over a decade of having regular health insurance, this felt like a scary option. But I have seen it work. As I have mentioned several times, my father had terminal cancer years ago. He had multiple surgeries, chemotherapy, radiation therapy, visits to the Mayo Clinic, and many other tests. And he had the same medical-cost-sharing plan as well. His bills were paid, so I knew the plan worked for him. I just hoped that it would work for me.

What I Think so Far

Wouldn’t you know, I had an incident about 10 weeks after signing up. I have paid almost $1,000 in bills so far with more to come, but I have submitted all my itemized bills to the organization, and I am waiting to be reimbursed for all my expenses, minus the first $500. (Just FYI, they do not recommend personally paying bills that are over $1,000. Instead, they recommend that these bills are submitted directly to the organization.) Additionally, I was not required to pay more than $500, but it can take 60 to 90 days for bills to be paid. Since we had the money in savings, I preferred to pay the bills and wait for reimbursements. But that’s just me.)

Another marked difference is my role in my health care now. I didn’t bother to shop around for my medical care before, because no matter which hospital or doctor I chose, I incurred the same costs. But now, I shop around. For instance, when I needed some lab testing, I could have chosen to go to my usual hospital lab or I could have gone to an independent lab, which was half the cost. I chose the independent lab.

Since I am officially a self-pay patient, I have also asked all my providers for discounts. Every time (except once), I did get a discount off my bill, all the way up to 20 percent off. I thought it would be awkward, since I hate negotiating, but it hasn’t been a big deal at all. I just simply say, “Do you offer discounts for self-pay patients?” If they do, super. If not, I deal with it. I also don’t feel bad about it, because insurance companies don’t pay the full price either. In fact, my doctor’s office is small and doesn’t have a standard discount for self-pay patients, so they bill me at the Blue Cross/Blue Shield contract rates.

We were notified that my husband’s and children’s insurance costs are going to double effective January 1, 2014, so I am also considering signing them up too. Our monthly costs, should all of us be on this plan, would be about half of what it would be otherwise. Other than financial benefits, I feel like I am more involved in my health care, and it hasn’t felt more complicated…yet. And this probably sounds really idiotic (like, why wouldn’t I have done this anyway?), but since I am on the hook for more of my costs, I am trying to be more healthful in general so my costs stay down over time.

If interested, here are some medical-cost-sharing websites for further research:

www.samaritanministries.org

www.chministries.org

www.mychristiancare.org

Source: getrichslowly.org

Apache is functioning normally

Now that tapping home equity is back in fashion, I figured it’d be helpful to see who the top HELOC lenders are.

Last year, banks and mortgage lenders doled out nearly one million home equity lines of credit (HELOCs), per HMDA data.

A total of 962,000 HELOCs were opened in 2021, up 10.7% from the 869,000 originated in 2020, the first annual increase in three years.

I expect HELOC originations to rise again in 2022 now that mortgage rates on existing first mortgages are so low relative to what’s available today.

Read on to see who the top HELOC originators were last year.

Top HELOC Lenders

Ranking Company Name 2021 Loan Count
1. Citizens Bank 48,992
2. PNC Bank 40,566
3. Truist 40,088
4. U.S. Bank 34,470
5. Bank of America 31,375
6. Huntington Bank 27,783
7. Third Federal 16,449
8. Figure Lending 14,726
9. Regions Bank 13,266
10. Boeing Employees CU 13,202
11. Mountain America CU 12,241
12. Zions Bank 11,127
13. State Employees CU 11,053
14. PenFed 10,362
15. KeyBank 10,238
16. Fifth Third 10,194
17. TD Bank 9,536
18. First Citizens 9,518
19. M&T Bank 9,287
20. America First CU 9,065
21. BMO Bank 8,870
22. Bank of the West 8,395
23. Alliant CU 7,992
24. Idaho Central CU 7,413
25. Ent CU 7,399

Last year, Citizens Bank led all HELOC lenders with nearly 50,000 lines of credit originated (48,992), representing a solid 5.1% market share, per HMDA data from the CFPB.

They were followed by PNC Bank with 40,566 HELOCs originated for a 4.2% share.

A similar total was generated by Truist Bank (40,088) for a market share of 4.2%.

U.S. Bank took third with 34,470 HELOCs opened and a 3.6% market share, followed by Bank of America with 31,375 lines of credit opened for a 3.3% market share.

In 2020, Bank of America had been the #1 HELOC lender with a 5.6% market share before falling to fifth in 2021.

Huntington Bank took sixth with a 2.9% market share, Third Federal came in seventh with a 1.7% share of the market, and newcomer Figure Lending took eighth with a 1.5% market share.

Regions Bank and Boeing Employees Credit Union rounded out the top 10 with 1.4% of the market, each.

You can see the top 25 HELOC lenders in the above table for more details. These 25 institutions alone accounted for 44% of the overall HELOC market.

Looking for a HELOC? Try a Depository Institution

If you’re in need of a HELOC, know that they’re mostly offered by depository institutions, also known as DIs.

In 2021, 809 DIs, including 271 banks and 538 credit unions, originated 934,000 HELOCs, per the HMDA data.

That represented 97.1% of all HELOC originations reported. In other words, practically every HELOC was opened by a bank or a credit union.

This differs from first mortgages, which have been dominated by nonbank lenders over the past several years.

These nonbank lenders, or non-DIs, accounted for just 2.9% of the HELOC market.

For the record, just one of the top 25 HELOC lenders was an independent mortgage company, Figure Lending.

It’s unclear if that will change in 2022 and beyond, though these companies are looking to get in on the action by offering HELOCs and home equity loans.

For example, Rocket Mortgage launched a closed-end home equity loan (HEL) in early August.

Meanwhile, wholesale lender United Wholesale Mortgage (UWM) released two HELOCs, including a standalone and a piggyback.

Regardless, there’s a good chance a local credit union (or the bank you already do business with) will offer HELOCs.

Who Are the Best HELOC Lenders?

So we know it’s mostly banks and credit unions that offer HELOCs. The question is which one is the best of the bunch?

That’s hard to quantify because banks and credit unions offer lots of different products, not just HELOCs.

As such, reading their reviews probably won’t give us a lot to chew on. Sure, we can see how they are rated on the whole.

But that might mean nothing with regard to their home equity lending.

You still want them to have favorable ratings, but that aside, I would look at the interest rate and loan term offered.

HELOC rates can range quite a bit from bank to bank, so put in the time to see who is offering what.

And pay attention to the margin (which is added to the prime rate), the loan term (how many years to draw and pay it off), and the starting interest rate.

Also take note of any perks such as the ability to lock in your rate so it’s no longer adjustable.

Though the way things are going, HELOC rates might peak in 2023 before beginning to flatten or fall as the Fed stops raising rates (and maybe even lowers them).

Either way, be sure to exhaust all your options in your HELOC search to ensure you don’t miss out on a better deal.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Back in July, the NCAA granted college athletes the opportunity to make money by using their “name, image and likeness” (NIL).

This means getting paid to sign autographs, make appearances, or promote products and services, among other things.

Importantly, it keeps college sports from turning into pay-for-play schemes, while also providing clarity to student-athletes and their families.

These NIL opportunities are beginning to materialize, and we now have what appears to be the first mortgage-related deal.

The nation’s second largest mortgage lender, United Wholesale Mortgage, is offering $500 per month to Michigan State University (MSU) athletes.

Because UWM is a wholesale mortgage lender, these athletes will essentially be promoting the mortgage broker model.

MSU Athletes Can Earn $500 Per Month for the 2021-2022 Season

This new partnership involves MSU men’s basketball and football players, of which there are 133 in total.

Each one will have the opportunity to earn $500 per month for the 2021-2022 season, which will amount to $6,000 per player.

In terms of how they’ll market UWM, it’ll apparently be via social media channels as opposed to a clothing partnership.

Per Crain’s Detroit Business, the MSU players won’t “be required to wear UWM logos on their jerseys.”

This differs from UWM’s earlier deal with the Detroit Pistons, in which their logo will feature on the left front strap of official team jerseys for the 2021-22 NBA season.

So expect all your favorite MSU student-athletes to pitch mortgage brokers and specifically UWM on Instagram and other social media platforms.

Rocket Mortgage Is the Official Mortgage Provider of MSU Athletics

What makes this story a little more interesting is the fact that UWM isn’t even the “official mortgage provider” of MSU.

That title goes to crosstown rival Rocket Mortgage, which recently inked a new five-year deal to be the presenting sponsor of the men’s basketball team.

If you visit the Breslin Center for a hoops game, you’ll see signage that reads “MSU Spartans Presented by Rocket Mortgage.”

There will also be “considerable branding” throughout the Breslin Center and Spartan Stadium for Rocket Mortgage.

Notably, the Rocket Mortgage logo will be “prominently displayed” on MSU football coach Mel Tucker’s headset, along with the MSU men’s and women’s basketball team benches and clipboards.

So while the players may be pitching UWM, they’ll have to compete with the massive Rocket brand campaign at the same time.

Rocket Mortgage and UWM Founders Are Both Michigan State Alum

As to why MSU appears to be the crown jewel to both the #1 and #2 mortgage company in the United States, it has a little to do with history.

It just so happens to be the alma mater of Rocket Mortgage founder Dan Gilbert, along with current UWM president and CEO Mat Ishbia.

Ishbia is actually the founder’s son, and joined UWM as its 12th team member after briefly coaching the MSU basketball team alongside Tom Izzo.

Before that, Ishbia also won a national championship with the Spartans basketball team back in 2000.

Both Rocket Mortgage and UWM have also been very active in metro Detroit and nearby, contributing to revitalization efforts in the state.

So it appears this is a sort of battle between the companies, which constantly exchange jabs in somewhat subtle, yet not so subtle ways.

This latest exchange makes MSU the venue for a proxy war between retail mortgage lending and wholesale lending, the latter fueled by mortgage brokers.

For the record, Rocket Mortgage also announced that through new and expanded multi-year deals, it now has partnerships with 25 of the “most influential and prestigious athletic programs” in the nation.

That list includes four Historically Black Colleges and Universities (HBCUs): Grambling State, Howard, Jackson State, and Southern University.

Perhaps the Rocket/UWM rivalry is better than college sports…

Source: thetruthaboutmortgage.com

Apache is functioning normally

If you’re a senior, you might be wondering who the top reverse mortgage lenders in the nation are.

Unlike the traditional home loan market, the reverse mortgage industry is dominated by a small handful of companies.

Typically, these lenders specialize in reverse mortgage lending, as opposed to simply offering the loans alongside other options.

As a quick refresher, a reverse mortgage loan allows homeowners 62 and older (55 in some cases) to access cash in their property without monthly payments.

In 2021, reverse lenders originated 59,000 loans, a 36% increase from the 43,000 the year prior. Read on to see who made the top-10 list last year.

Top Reverse Mortgage Lenders

Ranking Company Name 2021 Loan Count
1. AAG 18,407 (31.3% share)
2. FOA Reverse 10,575 (18% share)
3. Reverse Mortgage Funding 6,177 (10.5% share)
4. PHH Mortgage 4,319 (7.3% share)
5. Mutual of Omaha 4,101 (7% share)
6. Longbridge Financial 3,636 (6.2% share)
7. Cornerstone First 3,296 (5.6% share)
8. Open Mortgage 2,444 (4.2% share)
9. HighTechLending 1,144 (1.9% share)
10. Nationwide Equities 705 (1.2% share)

Last year, the top reverse mortgage lender in the country was American Advisors Group, or AAG for short.

The company originated more than 18,000 reverse mortgages in 2021, per HMDA data from the Consumer Financial Protection Bureau (CFPB).

While that might not sound like a lot of loans, it represented a staggering 31.3% market share.

So one company grabbed nearly a third of the entire reverse mortgage market. And yes, actor Tom Selleck of Magnum P.I. fame has been their spokesperson for a while now.

For perspective, the nation’s #1 mortgage lender (for forward mortgages), Rocket Mortgage, held an 8.8% market share in 2021.

AAG was also number one in 2020 with a slightly higher 35% market share.

In second place was Finance of America Reverse, the reverse mortgage division of FOA.

The company funded more than 10,500 reverse mortgages during the year, giving them an also impressive 18% market share. They ranked second in 2020 also with a 20.2% share.

Coming in third was Reverse Mortgage Funding LLC, which originated more than 6,000 loans for a 10.5% market share. They were third a year earlier as well with a very similar share.

In fourth was PHH Mortgage, which also offers forward mortgages to customers. The company managed to originate more than 4,300 reverse loans for a 7.3% market share.

Rounding out the top five was Mutual of Omaha Mortgage with about 4,100 loans funded for a 7% share of the market.

Collectively, the top five reverse mortgage lenders held about 75% of the overall market.

In sixth was Longbridge Financial with 3,600 loans funded and a 6.2% market share.

Seventh place went to Cornerstone First Financial with nearly 3,300 reverse loans funded for a 5.6% market share.

Behind them was Open Mortgage with nearly 2,500 reverse mortgages originated for a 4.2% share of the market.

HighTechLending Inc. (dba American Senior) took ninth with about 1,150 loans funded and a 1.9% market share, followed by Nationwide Equities Corp. with 705 loans and a 1.2% share.

Altogether, the top 10 reverse mortgage lenders held about a 93% share of the overall market.

Who Are the Top Rated Reverse Mortgage Companies?

We know who the biggest reverse mortgage lenders in the country are, but what about best?

That’s a different story, and one that can be difficult to quantify due to the many ratings websites out there.

However, I did some digging to find a good sample size of reviews for each company listed to see what customers think of them. We’ll also check out their Better Business Bureau (BBB) rating.

Starting with AAG, they have an “excellent” 4.5/5 score on Trustpilot from nearly 5,000 customer reviews. Their BBB rating is currently a ‘B+.’

Finance of America Reverse has a “great” 4/5 score on Trustpilot from about 500 reviews and an ‘A+’ BBB rating.

Reverse Mortgage Funding LLC has an excellent 4.6/5 score on Trustpilot from nearly 600 reviews and an ‘A+’ BBB rating.

PHH Mortgage has a 3.9/5 on Consumer Affairs from about 600 reviews and a ‘B+’ BBB rating. Other review sites didn’t have a large enough sample size.

Mutual of Omaha Reverse has a 3.9/5 score on Trustpilot from over 100 reviews and an ‘A+’ BBB rating.

Longbridge Financial has a 4.8/5 score on Trustpilot from nearly 800 reviews and an ‘A+’ BBB rating.

Cornerstone First Financial has a 4.9 rating from about 250 Google reviews and an ‘A+’ BBB rating.

Open Mortgage has a 4.91/5 on Zillow from about 25 reviews (most I could find) and an ‘A+’ BBB rating.

HighTechLending Inc. (dba American Senior) has a 4.95/5 on Zillow from about 110 reviews and an ‘A+’ BBB rating.

Lastly, Nationwide Equities Corp. has a 4.98/5 on Zillow from roughly 110 reviews and an ‘A’ BBB rating.

Remember to look beyond just the top names and also consider mortgage brokers, local credit unions, and more for in your search for a reverse mortgage.

Source: thetruthaboutmortgage.com