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While we firmly believe that home is where the heart is, we also know that unnecessary clutter and disjointed decor can encourage chaos rather than comfort in our most treasured spaces. The first step of any home improvement is to declutter your existing collection of items and decor, choose which items deserve a spot in your updated space, and then immediately get rid of the excess stuff. 

Once you’ve cleaned out your existing collection, create an attainable mood board of your ideas, colors, decor pieces, and furniture that will best reflect your goals for that space. Once you decide on your home aesthetic, you can begin shopping and then staging your home! 

Finding an aesthetic that inspires your best self isn’t as difficult as it may sound! We’ve compiled a list of popular home decor styles that are easily integrated into your home – big or small. If you’re looking for more ideas, check out this article on last year’s major trends.

Let’s get into it! 

Evie’s product selections are curated by the editorial team. If you buy something through our links, we may earn an affiliate commission, at no cost to you. We only recommend products we genuinely love.

Coquette

Love the frills of the coquette aesthetic? We do too! This trending fashion aesthetic is an ultra feminine home decor style that is easy to put together – even if you aren’t an interior decorator. The color scheme of this aesthetic is pink and white, with an emphasis on bows, florals, and simplicity. If you want to fully commit to both the style and home decor aesthetics, your beauty products can double as tabletop decor – display your fragrances and hair accessories as the focal point of the room. 

Here are a few of our coquette picks to inspire your decor refresh!

Artfully Walls I Still Read Fairy Tales Wall Art, $158

UO Big Bow Comforter, $200

UO Home Heart Stemmed Bud Vase, $12

Eclectic Grandpa

The eclectic grandpa aesthetic has been trending on TikTok for a while, and the home decor inspo is a perfect combination of colors, patterns, and shapes that encourage the ultimate cozy living space. While you may not want to camp out on another trending aesthetic, this term is quite helpful in defining your search and describing your design goals before you revamp your space! 

The eclectic grandpa aesthetic is essentially a muted version of your grandparents’ house, with an emphasis on bookshelves, dark wood, and vintage items. In a sense, the aesthetic is organized clutter with a muted color scheme and lots of greenery. To accomplish this decor look, you’ll need a variety of books (perfect items to thrift) as well as a central coffee table in your living room for eclectic items. 

Need to add a few pieces to your home decor? Check out our picks! 

Uma Fluted Glass Lamp, $68

UO Vinyl Record Storage Shelf, $119

The Terrain Houseplant Book, $35 

Garden Party 

Flowers are the original home decor piece, so creating a space that feels natural and inviting requires a floral emphasis. Play with different patterns that include one continuous shade, such as green, so your space reflects your favorite garden space. Shelf decor should include fresh flowers, and your wall decor can feature your favorite blooms in whatever art style you prefer! 

Let’s update your garden decor with a few new pieces!

Artfully Walls Blushing Wall Art, $178

Nathalie Lete Embroidered Velvet Pillow, $78

UO Botanical Stemmed Wine Glass, $14

Anthropologie Eden Platter, $68

Modern Farmhouse

While the farmhouse home decor aesthetic has been popular for a while, there are plenty of ways to accomplish this soft, clean decor style without caving to outdated, millennial basics. To keep this decor style fresh, you’ll need to incorporate a variety of different textures into your space, as well as some simple patterns that will cohesively blend with the range of beige and white tones. Patterned wallpapers are a major decor trend this year, which add the perfect final touch to your home! 

Ready to update your “sad beige” home into a modern cozy oasis? 

Farrow Ball Closet Stripe Wallpaper, $225

Safavieh 24in Flora Seagrass Table Lamp, $60

Anthropologie Carved Wooden Cake Stand with Glass Dome, $38

Coastal Classic

If you’re holding on to the remnants of the coastal grandmother aesthetic, this coastal classic home decor aesthetic is an elevated way to design your space. Light blue will be the primary color focus of your decor, along with bright shades of white and a classic wood finish. 

To avoid the instantly outdated components of this aesthetic, stay away from obvious artwork and decor elements that focus on ocean creatures. Shells, starfish, and boat shapes can be used in a classic way, but shouldn’t be the defining feature of your coastal classic home! 

Need to add a few new coastal pieces to your living room? Check out these gorgeous items! 

UO Toile Duvet Set, $100

Safavieh 26in Nissa Table Lamp, $70

Abrams Hardcover Coastal Blue Coffee Table Book, $40

Terrain Blue Floral Ceramic Vase Tall, $24

Elevated Preppy

Preppy home decor often invites the IG reels of sorority houses and dorm room decor to mind. However, there is an updated version of this bubbly pink and blue decor theme for your post-grad needs! The base of your home decor will be bright white (not beige), and the accents will feature pink and blue illustrations and objects. A white bed frame, bedspread, and bedside table create the perfect canvas for pink pillows, preppy artwork, and related items.  

 Here are a few fun home decor items to add to your collection!

Anthropologie Candace Mirror, $378

Balta 5X7 Covey Checkered Shag Rug, $70

Alja Horvat Yumi Cherry Tray, $59

Closing Thoughts

Choosing a home decor aesthetic is step one to enjoying your newly furnished place. Decorating your home should spark joy! 

Support our cause and help women reclaim their femininity by subscribing today.

Source: eviemagazine.com

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Reverse mortgages can be an attractive option for seniors who want to supplement their retirement income, pay off debts, or make home improvements. However, they should be carefully considered as they can have significant financial and legal implications.

Here’s how reverse mortgages work, the pros and cons, and what to consider before deciding if it’s right for you.

What is a reverse mortgage?

A reverse mortgage offers a unique financial option for homeowners aged 62 and older, enabling them to utilize the equity in their home without the obligation to make monthly mortgage payments.

Through this arrangement, homeowners have the flexibility to receive funds in several ways: a single lump sum, as ongoing monthly payments, or through a line of credit that can be accessed as needed. The defining characteristic of a reverse mortgage is its payment structure; rather than the homeowner paying the lender, the lender pays the homeowner based on the equity built up in the home.

This type of loan is specifically designed for seniors looking for additional income streams during retirement, leveraging the equity they have accumulated in their property over the years. The loan balance, including interest and fees, is deferred until the home is sold, the homeowner permanently relocates, or in the event of the homeowner’s death, at which point the estate is responsible for repayment.

Understanding How a Reverse Mortgage Works

Reverse mortgages enable senior homeowners to access their home’s equity in a flexible and strategic manner. This financial tool is especially beneficial for those who wish to remain in their home while supplementing their retirement income, covering healthcare expenses, or funding home improvements, all without the requirement to make monthly loan repayments. The process is straightforward and designed to provide seniors with financial relief by tapping into the value of their most significant asset—their home.

Step 1: Assess Your Eligibility

To kick things off, confirm your eligibility for a reverse mortgage. Requirements include being at least 62 years old, owning your home (or at least having a significant amount of equity in it), and using the home as your primary residence. You’ll also need to demonstrate that you can handle ongoing costs like property taxes, homeowners’ insurance, and regular maintenance.

Step 2: Calculate Your Home Equity

Your home’s equity is central to determining your reverse mortgage potential. Simply, it’s the difference between your home’s market value and any outstanding mortgage balance. The greater your equity, the more you might receive from a reverse mortgage.

Step 3: Select the Right Reverse Mortgage Product

Explore the different types of reverse mortgages available, including the federally insured Home Equity Conversion Mortgage (HECM), proprietary reverse mortgages for higher-value homes, and single-purpose reverse mortgages from certain state and local governments. Each type caters to specific needs and financial scenarios.

Step 4: Get a Professional Home Appraisal

An essential step in the process is obtaining a professional appraisal of your home. This assessment determines your home’s market value based on factors such as location, condition, and the sale prices of similar homes nearby.

Step 5: Undergo Counseling

A crucial step is to undergo counseling from a HUD-approved agency. This ensures you fully understand the reverse mortgage process, its financial implications, and how it fits into your overall estate planning.

Step 6: Decide How You’ll Receive the Funds

Reverse mortgages offer several options for receiving your funds: as a lump sum, in monthly payments, as a line of credit, or a mix of these methods. Your choice should align with your financial objectives and needs.

Step 7: Know When and How Repayment Works

No monthly payments are required with a reverse mortgage. The loan is repaid when the last borrower dies, sells the home, or the home is no longer used as the primary residence. Typically, the home is sold, and the proceeds are used to pay off the loan balance, including interest and fees.

Real-Life Example: Maximizing Loan Amount Through Equity

Imagine homeowners John and Mary, who own a home worth $300,000 clear of any mortgage. They qualify for a reverse mortgage that grants them access to $150,000. Opting for monthly payments, they supplement their retirement income, demonstrating how equity determines borrowing capacity and the flexibility in receiving funds.

Choosing the Right Type of Reverse Mortgage

When considering a reverse mortgage, it’s crucial to understand the different types available to you. Each type comes with its own set of features, benefits, and limitations.

Here, we’ll delve into the three primary types of reverse mortgages: the Home Equity Conversion Mortgage (HECM), proprietary reverse mortgages, and single-purpose reverse mortgages. By comparing these options, you can make a more informed decision that aligns with your financial situation and retirement goals.

Home Equity Conversion Mortgage (HECM)

Pros:

  • Federally insured, offering a layer of security.
  • Flexible payout options, including lump sum, line of credit, or fixed monthly payments.
  • Can be used for any purpose, without restrictions.

Cons:

  • Higher upfront costs, including mortgage insurance premiums.
  • Requires counseling from a HUD-approved agency, which may be seen as an extra step.
  • The loan amount is capped, which may limit access to equity for homeowners with higher-valued properties.

Proprietary Reverse Mortgages

Pros:

  • Designed for higher-valued homes, potentially offering access to more significant loan amounts.
  • May have lower upfront costs than HECMs.
  • Not subject to the same insurance and borrowing limits as HECMs, offering more flexibility.

Cons:

  • Not federally insured, which might pose additional risks.
  • May come with higher interest rates and fees.
  • Less regulatory oversight, requiring thorough due diligence by the borrower.

Single-Purpose Reverse Mortgages

Pros:

  • Typically the lowest cost option available.
  • Offered by state and local government agencies and some non-profits, intended for a specific purpose like home repairs or property taxes.
  • Interest rates may be lower than other reverse mortgages.

Cons:

  • Limited availability, as not all states and municipalities offer them.
  • The loan must be used for a specific, lender-approved purpose.
  • Not suitable for those looking for flexibility in how they use their funds.

Making the Right Choice

Choosing the right type of reverse mortgage depends on several factors, including your financial needs, the value of your home, and how you plan to use the funds. HECMs offer flexibility and security, but come with higher costs.

Proprietary reverse mortgages can provide access to larger sums for those with high-value homes but lack the insurance and sometimes the stability of HECMs. Single-purpose reverse mortgages are cost-effective for specific needs but offer limited flexibility.

Before deciding, it’s recommended to consult with a financial advisor or a HUD-approved counselor. They can provide personalized advice based on your financial situation and help you navigate the complexities of each option, ensuring you choose the reverse mortgage that best fits your retirement planning needs.

Eligibility Criteria for Reverse Mortgages

The FHA insures certain reverse mortgages, as long as borrowers meet certain requirements:

  • Be at least 62 years of age.
  • Live in the home as a primary residence (or your spouse, listed on the mortgage, must live in the home.)
  • Be capable of paying property taxes and homeowners insurance, as well as other maintenance costs and fees while you live in the home.
  • Meet FHA property requirements for the home.
  • Are you willing to attend a counseling session about home equity conversion mortgages (HECMs).
  • There are no delinquent federal debts on your account.

You’re more likely to get the money you need if you own your home outright, or if your loan balance is small so that you have a great deal of equity.

Reverse Mortgage Borrowing Limits

When you apply for a reverse mortgage loan, your lender will consider a few factors that will influence the amount of money you receive, including:

  • Your age
  • Value of your home
  • Equity available in your home
  • Interest rate
  • FHA mortgage limit for home equity conversion mortgages
  • Whether your fees are rolled into the loan
  • How you choose to receive your money

The older you are, and the more equity you have in your home, the more you’re likely to be approved for. Keep in mind, too, that fees associated with reverse mortgages are often much higher than fees for other types of home equity loans. That’s going to eat into how much you actually receive — even if you have a lot of equity in your home.

One of the perks of FHA-insured reverse mortgages is the fact that you don’t have to pay back more than the home is worth. So, if the value drops, and you owe more than it’s worth, you (or your heirs) might have to sign a deed in lieu of foreclosure turning it over to the bank. This is one reason many reverse mortgage lenders won’t actually lend you the entire amount of your equity.

You can use the money for whatever you want, whether it’s paying off debt, covering living expenses, or going on a vacation.

Accessing Your Reverse Mortgage Funds

If you get a fixed-rate reverse mortgage, you’ll receive a lump-sum payment. You can then take that money and do whatever you want with it. However, when it runs out, it’s gone. Some retirees use a lump sum to fund a retirement investment portfolio or purchase an immediate annuity. Others use the money to pay off debts or cover other expenses.

With an adjustable-rate HECM, you have different options available. You can choose to receive set monthly payments for a specific period of time or get payments for as long as you or an eligible spouse live in a house.

If you choose an open-ended payment schedule, you’ll likely get a smaller amount each month. However, you can be reasonably sure that you’ll continue to receive money until you pass on or move into a long-term care facility. With a fixed-term payment schedule, you could see higher cash flow every month. However, you run the risk of outliving the payments and trying to figure out what to do next.

Finally, you can also choose to use your reverse mortgage as a line of credit. You can withdraw funds as needed, up to the credit limit. This is a little more flexible and can be useful if you have other sources of income, and just want the HECM in case you need to fill a gap on occasion.

Pros and Cons of a Reverse Mortgage

If you’re considering a reverse mortgage, it’s a good idea to start with an FHA-approved lender so you receive protection. You can use an online locator to find a counselor who can help you with the process, or you can call 800-569-4287.

Carefully consider the pros and cons, too.

Pros

There are some ways to benefit from a home equity conversion mortgage that you wouldn’t see with a more “traditional” home equity loan.

  • No monthly payments as a borrower
  • Improve monthly cash flow
  • Pay off debt (including an existing mortgage on the home)
  • Non-borrowing spouse can remain in the home
  • Loan is paid off by selling the house when you pass on or move out

Cons

While a home equity conversion mortgage might seem like a no-brainer, there are some downsides to consider before you proceed.

  • High closing costs and other fees
  • You might not be able to pass the home on to your heirs
  • Costs associated with property taxes, mortgage insurance, and maintenance must still be paid
  • You’re draining a major asset—and you might still outlive your money

How to Spot and Avoid Reverse Mortgage Scams

Scams related to reverse mortgages are a serious concern, as they often target vulnerable seniors who may be seeking financial relief or have cognitive impairments. These scams can come in the form of dishonest vendors or contractors who promise home improvements in exchange for a reverse mortgage. However, they then either fail to deliver quality work or outright steal the homeowner’s money.

Similarly, family members, caregivers, and financial advisors may use a power of attorney to obtain a reverse mortgage on a senior’s home and then steal the proceeds. They may also try to convince seniors to buy financial products that they can only afford through a reverse mortgage, which may not always be in the senior’s best interest.

It’s important to be cautious and do thorough research to protect yourself from these types of scams.

Is a reverse mortgage right for you?

With a reverse mortgage, you can use your home as an asset if you know you’ll stay in it for a long time and need a little extra income for retirement. Borrowers who don’t intend to pass the home to heirs may benefit financially from the home during retirement. That is, as long as you can keep up with the costs of maintaining the home and pay property taxes.

In contrast, getting a reverse mortgage loan might not make sense if you can’t afford home maintenance or if you wish to leave your home to your heirs. When you’re no longer living in the home, your heirs will need to sell the home to pay off the loan. If not, they’ll have to pay the loan themselves to keep the house. If there’s enough money in the estate to pay it off, it will reduce how much ready cash they receive when you pass on.

Carefully consider your situation and your priorities before you decide to get a reverse mortgage. Then, make the decision most likely to benefit you in retirement and increase the chance that you’ll outlive your money.

Source: crediful.com

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We have a job opportunity to share from a member of GEM Diamond, Bright MLS.

Company Description

Bright MLS is the engine that powers the real estate market in the Mid-Atlantic U.S. – supporting over $100B in transactions yearly. It is the single source for all data on Mid-Atlantic residential real estate – anywhere. As a Multiple Listing Service (MLS), our technology solutions connect real estate professionals with other real estate professionals and their clients, providing an open and accessible marketplace for buying and selling real estate.

Role Description

The Director of Business Development & Strategic Product Partnerships plays a pivotal role in shaping the future of Bright, today and well into the future. This role is a mix of high-level strategy coupled with tactical implementation.

The primary responsibility for this role is strategy. They’re looking for a person with a deep knowledge of the real estate industry, and how the different players in the ecosystem interact with one another. You’ll have an innate ability to identify the right offerings to help their Brokers’ businesses, their subscribers’ businesses, and ultimately the Bright business. Additionally, you’ll serve as a strategic advisor to the CEO and Bright executive team, sharing your perspective about the shifting real estate landscape, and contributing to how Bright can position itself most effectively in this shifting world.

Tactically, you’ll lead a small team tasked with developing partner strategies, assessing revenue opportunities, building market relationships, and executing GTM plans across the organization.

Essential Job Functions

  • Market Research and Evaluation – Monitor market trends and industry developments to identify new opportunities for serving Bright subscribers effectively, and positioning Bright effectively in the marketplace.
  • Serve as a strategic advisor to the Bright Executive team, keeping leadership at all levels aware of shifts in the industry landscape, bold new product offerings that help build business, and of course, threats or challenges to the Bright business that are looming on the horizon.
  • Product Portfolio Alignment – Ensure that existing and proposed products align with Bright’s overall product and technology strategy, optimizing the value delivered to subscribers.
  • Business Case Development – Create and evaluate business cases, revenue metrics, and profitability measures to ensure partner solutions align with Bright’s revenue strategy.
  • Performance Monitoring – Analyze, monitor, implement, and report on partner progress, revenue goals, service level agreements, and policies to track and optimize partnership success.
  • Cross-Functional Collaboration – Partner closely with the product team to understand subscriber needs and collaborate with the technology team to deliver products and services that meet those needs effectively.
  • Negotiation and Contract Management – Lead negotiations with partner vendors, data consumers, and other relevant parties to achieve Bright’s business objectives. Collaborate with legal and compliance teams to structure contracts and ensure proper renewal processes.
  • Financial Oversight – Work with finance and accounting teams to ensure budget planning and accounting procedures align with Bright’s policies.
  • Other Duties – Perform other duties and assignments associated with the position that are reasonably assigned to support the overall needs of the business.

Key Requirements

  • Experience in real estate or related industries, preferred.
  • Proven track record as a strategic thought leader in partner relationship management.
  • Ability to grasp and prioritize a partner’s strategic objectives and effectively utilize that knowledge to enhance Bright’s product excellence.
  • Exceptional analytical and structured problem-solving skills.
  • Proactive, self-driven attitude, taking ownership of responsibilities with strong relationship-building and communication skills.
  • Previous involvement with technology and product teams, as well as collaboration with technology vendors.
  • Leadership skills to lead projects and inspire team members.
  • Excellent organizational and planning abilities.
  • Outstanding analytical and structured problem-solving skills.
  • Ability to navigate through ambiguity and uncertainty effectively (hey, you’re a strategist so easy-peasy, right?)

Learn More

Source: geekestateblog.com

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Molly Armando closed 25 real estate deals in the last 12 months, and she hasn’t even hit her two-year mark in the industry! On today’s podcast, Molly shares the steps it took to start a successful real estate business and her plans to scale it moving forward. Shelby and Molly also discuss the marketing side of real estate, including why agents may not want to focus on just one strategy. Other topics touched on include real estate referrals, time blocking, and communicating with clients.

Listen to today’s show and learn:

  • What Molly Armando did before real estate [2:03
  • The steps it takes to get a real estate business started [6:38]
  • Ways to win business as a new Realtor [11:44]
  • Getting the most out of a real estate CRM [16:17]
  • Why real estate agents must time block [18:48]
  • How to mitigate interruptions when working other tasks [24:35]
  • Why communication is key in real estate [26:53]
  • What to expect when creating real estate content [29:37]
  • The keys to starting out successfully in real estate [32:44]
  • Molly’s contract-to-close process [32:59]
  • Molly Armando’s plans and goals for the future [35:51]
  • The importance of asking for referrals with every transaction [36:50]
  • The Real Estate Rockstars Mastermind and Tom Ferry events [37:57]
  • Where to find and follow Molly Armando [39:16]

Molly Armando

Molly Armando was born and raised in Dartmouth, Massachusetts and has stayed in love with the state’s Southcoast area ever since. As “The Southcoast Realtor” with Residential Properties Ltd., Rhode Island’s largest and most successful independent real estate company, clients rely on her native knowledge and unwavering commitment. Her year-to-date sales numbers have reached $12,011,065 with $3,100,500 pending as of October 2023, earning her a place as the #6 individual agent at Residential Properties out of 245, putting her in the top 3% of the company. She began her professional life at various digital marketing software companies, building a top-to-bottom approach to client success. Her background in business and digital advertising makes her an expert in marketing trends and sales strategy at its most cutting-edge. These capabilities serve only one purpose – to get results for her buyers and sellers. She lives by a simple yet powerful motto: “My goal is to help you reach yours.”

She is a leader throughout the Southcoast and deeply committed to giving back to her community. Residing with her family in South Dartmouth, Molly is recognized as the visionary behind the town’s annual Padanaram Buoy Tree, drawing visitors from all over New England. The Buoy Tree is made up of over 600 decorated buoys with 50 of the best entries auctioned off for local charities. This unique event has received wide acclaim and publicity, highlighted in publications such as The Boston Globe. She is also the founder of both the Dartmouth Mom’s Group and the Padanaram Community Coalition. Her professional memberships include the National Association of Realtors® (NAR), the Massachusetts Association of Realtors® (MAR), and the Realtors® Association of Southeastern Massachusetts (RASEM).

Related Links and Resources:

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com