FINANCES Archives - Truly Rich and Blessed

Family and Finance: What You Need to Know About Reverse Mortgages

January 13, 2018 by Tina

You may have read the title of this post and wondered, “Reverse mortgages?! What’s that?!”

Well, don’t worry. If you did that, I did the same thing, too, when I first heard the term.

So I turned to Google and found this definition of what a reverse mortgage is from a report published by the Consumer Financial Protection Bureau:

A reverse mortgage is a special type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow seniors to access the equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.

I also happened to receive this article from Nathan Hoffman, someone I recently got acquainted with via e-mail. Sharing it here with you all, in case some of you may find helpful.

Important Points About Reverse Mortgages

If you are looking for a home loan that won’t require you to pay a little back each month then a reverse mortgage might be right for you. The loan involves borrowing money based on your home’s total value and spending it for whatever purposes you desire. By converting the equity to cash you can relieve some of your financial tension during retirement, but there are several other things you must know before signing a reverse loan agreement.

You Must Meet Reverse Mortgage Qualification Guidelines

Reverse mortgages, which are also referred to as home equity conversion mortgages, are only available to those who are at least 62 years of age. Therefore, it is possible to apply for one jointly with your spouse, but you both must meet that age requirement in order to do so. If one of you does not meet the requirement then a joint mortgage agreement will not be allowed.

You must also be aware that anyone signing the loan agreement must maintain primary residency in the home in question. Rental properties and vacation homes are not eligible for Home Equity Conversion Mortgage or HECMs. You also cannot take out a reverse mortgage in your name on a property occupied by friends or family members unless you also live in that home yourself.

You Will Not Automatically Qualify for an HECM Solely Based on Age and Residency

Home ownership and residency, as well as meeting the age requirement of 62 years will not guarantee that you can receive an HECM. Your home must actually have a large amount of value which can be converted. A property with little monetary value cannot be used to obtain a reverse mortgage.

Additionally, as the recipient of a reverse mortgage you will still have the responsibilities of home ownership. Those responsibilities include paying tax and insurance bills. If your potential reverse mortgage lender does not feel that you have significant income sources to cover those expenses your loan request may be denied. However, your lender may give you the option of still receiving the loan but automatically using some of the loan money to cover the costs of those ongoing bills.

You May Not Have Multiple Mortgages if One is an HECM

If there is already a standard home mortgage on your home you may not be eligible for an HECM. If your reverse mortgage lender is willing to give you a reverse loan there will be a mortgage repayment requirement. Under the terms of the requirement the lender will give you reverse mortgage money with the stipulation that a portion of the funds must be used to pay off the original mortgage balance right away.

Not All Lenders Offering Reverse Mortgages Are Government-Monitored

There are some reverse mortgage lending companies which are monitored or insured at the federal level. However, there are also many private lending companies offering such home loans. Private companies may not adhere to the same standards as government-monitored companies. In fact, there are also many supposed reverse mortgage lenders who are actually scam artists. Therefore, you must research the history of the lending company itself before signing up for a loan with a particular lender.

A Reverse Mortgage May Negatively Impact Your Family in the Future

Before obtaining a reverse mortgage you must understand that the balance will come due whenever you cease to live in the home. Although your family’s assets cannot be impacted by your HECM, your home itself can be sold when you no longer live in it, even if members of your family still live there. In order to maintain residency in the home your family members would then have to pay off your loan balance on your behalf.

For more finance-related articles and tips, please feel free to check out our Finances category here on TrulyRichandBlessed.com. Thank you and God bless us all!

On Giving Back: One of the “Secrets” of the Truly Rich (and Blessed!)

July 18, 2017 by Tina

Here on Truly Rich and Blessed, one of my goals is to inspire others to “discover and grow the riches they already have.” Believe it or not, if you’re reading this, you’re actually a lot richer than you think! You are actually already blessed in so many ways!

Being truly rich and blessed is not primarily about the material aspect of our lives (though being rich financially and resource-wise isn’t a bad thing, of course!). It’s more about having an “abundance mindset,” which is something I learned about from Brother/Kuya Bo Sanchez and from being a member of the Truly Rich Club.

But what is an abundance mindset in the first place? Well, in my own words, it’s really just about believing that there is already an abundance of blessings around us — all we need to do is to wait expectantly (and work hard, if we’re talking about financial blessings 😉 ) so we can receive them! We need to claim in faith that, yes-indeedy, we are #TrulyRichandBlessed!

Connected to having an abundance mindset is having a generous heart — which is one of the “secrets” of the “truly rich,” according to Kuya Bo. Yes, if you want to receive more, you should give more. Give back, especially to those in need.

I must admit that my family and I have a long way to go in concretely putting this into action. We have been involved in different causes over the years but we have yet to commit to a cause that we regularly give back to, whether in terms of time, talent or treasure (or all three!). I’d like to share what the aforementioned causes are here though, in the hope that maybe some of you out there would also like to help out somehow:

1. Concerts for a Cause

Since our eldest joined the a few years ago, he has performed for three fundraising concerts so far. As his parents, we have also been part of the concerts somehow, helping in whatever way we can. Our most recent “concert for a cause” was for the medical needs of Kuya Arnold Candelaria, a fellow homeschooler who had a traumatic brain injury and had to undergo brain surgery.

As of this writing, he actually still needs our prayers — and any material assistance for his home care needs would be a huge blessing, too! Here is a short video about Kuya Arnold, which was made by a friend of the Candelarias, Marita Pierce (this is publicly posted on ).

If you feel moved to help the Candelaria family out in any way, please feel free to contact me.

2. Kalinga: Caring Is Our Business

Last year, we had the opportunity to make ‘s annual All Saints Day celebration more meaningful by collecting and packing items for the beneficiaries of the run by the Society of the Divine Word (SVD).

A post shared by on Oct 27, 2016 at 4:40pm PDT

The Center is run by Fr. Flavie Villanueva, SVD, who happens to be one of the priests we used to serve with in Timor Leste. (You can read more about the Center, and Fr. Flavie, here.)

Fr. Flavie has actually asked for our help to raise more funds for the Center. I’ve been thinking of how to do so — maybe we can organize a fundraiser or something like that soon — what do you guys think?

3. Grace to Be Born

Grace to Be Born Maternity Home and Orphanage is just one of the Mercy Ministries of the Light of Jesus Family. It is a ministry close to my heart because it helps pregnant women in crisis, and their babies, too.

We have yet to visit the actual premises of Grace to Be Born but I thank God that we were able to contribute financially to their cause last year.

A post shared by on Oct 1, 2016 at 4:47pm PDT

God used our trials last year so He could be glorified even more, I believe, and we were able to donate even more money to Grace to Be Born earlier this year, just before Titus had his operation. We responded to His call to give more from the funds we had raised for the surgery — something that may seem strange to others, but again, this is our response to His kindness and generosity. I pray that more and more people will be moved to give to the Lord in different ways, whether through Mercy Ministries like Grace to Be Born, or directly to the Church, which has many other ministries!

4. The Parenting Emporium

Before I end, I’d like to mention that over at The Parenting Emporium (TPE)— a retail social enterprise near and dear to me and my family, there are also different ways in which one can help those in need. I love how every purchase made at the TPE store benefits their Advocacies and Beneficiaries!

In photo: Maricel Cua (second from left) and Beng Feliciano (third from right), the founders of The Parenting Emporium, pose with different influencers along with Fabien Courteille (the only guy in the photo) and Erika Ng Wong (second from right). Fabien and Erika are two of the people behind Plush and Play and , both of which are “Proudly Filipino with Love,” social enterprises that benefit families in Bulacan. You can read more about how The Parenting Emporium gives back to others here.

Well, these are just a few causes to which one can practice “giving back,” of course. I’d like to hear from YOU about how you practice giving to those in need, or if you haven’t started yet (and that’s perfectly all right — it’s never too late), how you plan to do so.

So go ahead — leave a comment and share how you give back to others. 🙂 Hope to hear from you!

How #SunShorts Reminds Us to Be “Truly Rich and Blessed” In All Aspects

June 23, 2017 by Tina

Image credits:

I’ve been seeing several posts on social media about #SunShorts, the series of short films produced by Sun Life Financial to commemorate Financial Independence Month, so I decided to look for and watch the films. This is actually the second series of #SunShorts videos, and I thought I’d share them here.

The first one, “Waves,” has supposedly gone viral. I was really surprised at the ending (and almost cried, actually!). Watch it below to find out why…

The second video, “She Said, She Said,” also tugged at my heartstrings. Watch it first then read on to find out why.

If you’re a regular reader of Truly Rich and Blessed, or follow my posts on or , you probably already know this by now: While I advocate the “Truly Rich and Blessed” life and mention Our Faith and Our Relationships a lot as part of “the riches we already have,” our family is still far from being “truly rich” in the finances department.

Yes, we have stock investments and mutual fund investments (and are “mentored” via Bro. Bo Sanchez’s Truly Rich Club), but we still have A LOT to learn, and a loooong way to go.

So I guess that’s why the second #SunShorts video really struck a nerve with me. Mostly because (a) I know how hard it is to raise kids these days — what more if you’re a single mom like the one in the video?… and (b) I can sort of relate to the mom who feels like she isn’t doing things right, and isn’t spending enough time with her kids.

Yes, even if I work mostly from home and am with the kids almost all the time, I do tend to be “busy” with other things like chores and work-related tasks (or time-suckers like social media, ARGH!) — to the point that the kids feel “neglected” sometimes. And this is NOT what being “Truly Rich and Blessed” means at all. We need to be “truly rich” in all aspects of our lives, including our relationships and our finances.

But if you think my heart ached at “She Said, She Said,” you should definitely watch the last #SunShorts video below (get your tissues out!):

Sniff, sniff! Why, Sun Life, why?!

But seriously though, I really commend Sun Life for coming up with these videos that, in the words of fellow mom-who-advocates-the-richness-of-relationships Rose Fres Fausto, are all about “spreading financial awareness by tugging the heart of the emo Pinoy” (click the link to read her insightful article which features a conversation she had a few years ago with Sun Life Financial’s Chief Marketing Officer, Mylene Daez Lopa).

We Filipinos do tend to be an “emo” bunch, and what better way to teach people about financial independence — or at least make them more aware of the need to take charge of their finances — than by tugging at their heartstrings, right? And what a beautiful reminder, too, to invest not just in our finances but also in our relationships!

So thank you, Sun Life Financial, for these #SunShorts! Thanks for reminding us to be “Truly Rich and Blessed” in all aspects of our lives! 🙂

If you want to watch more videos from Sun Life Financial, check out their . You can also get more information about Sun Life from their official website. If you want to talk to an actual Sun Life financial advisor, I highly recommend my friend and fellow “Truly Rich” life advocate, Joey Tayaban. You can get in touch with her via her website.

Starting a Passion-based Business: Tina De Guzman’s Inspiring Story

May 27, 2017 by Tina

I started this blog — then known as “Truly Rich Mom” — because I was inspired by the teachings of Brother/Kuya Bo Sanchez. I also wanted to share our adventures as a then-missionary family and share mom-recommended products and services too. I re-branded to Truly Rich and Blessed last year mostly because I wanted to reach out to non-moms as well.

Still, you really can’t take the “mom” out of me, and I definitely can’t stop writing about things related to motherhood because, well, it’s an integral part of who I am. I also like sharing inspiring stories about how people are becoming “truly rich” (and blessed, in my opinion) in different aspects, especially when they are my fellow moms.

Truth be told, my husband and I are still trying to figure out what kind of entrepreneurship path is best for our family. In the meantime, we are learning all we can from Kuya Bo and other successful entrepereneurs.

One such entrepreneur is a fellow mom and my namesake as well — Tina De Guzman of Fluffy Pwets. I wrote about her last year for one of the Truly Rich Club‘s e-newsletters, which is exclusively for members. (I contribute there sometimes, as I do for other publications.) I’m sharing Tina’s story below, in the hopes of inspiring at least one of you out there to follow your business dreams! (Tina also gave birth earlier this year to their second child — congrats, tokayo!)

Starting a Passion-based Business: Be Inspired by the Mompreneur behind Fluffy Pwets

“Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.” This quote from Jack Ma, founder of Alibaba.com, can probably serve as inspiration for every entrepreneur out there, especially those who are just starting out, or want to start but don’t have the guts to do so.

The truth is, whether you’re just a newbie or a more “seasoned” entrepreneur, any business has its own set of challenges. Just ask Tina de Guzman, a lawyer, international development specialist, and the mompreneur behind “Fluffy Pwets” (www.fluffypwets.com).

Fluffy Pwets is the Philippines’s first and original brand of hybrid fitted cloth diapers in the Philippines, and all their products are individually handcrafted by Filipino women using both imported and local materials. Having expanded since its first appearance in the market, Fluffy Pwets now also offers coordinating clothing, accessories, and cloth diapering essentials.

Here, de Guzman shares a bit of her story with us – may it inspire us to pursue our business dreams and goals!

The “birth” of Fluffy Pwets

“My husband and I are cloth diapering parents. We would buy diapers locally and from abroad, and the choices in the Philippines were limited,” de Guzman recalls. “I did a lot of research, tested many different diaper types, and one day, we just decided to try making our own cloth diapers.”

At the time, De Guzman was working fulltime, and she is actually still employed to this day.

“It was very difficult to start a business while holding down a job, because you can only do so much within your supposed waking hours,” she shares.

“When Fluffy Pwets started getting hundreds of orders and we didn’t have enough staff yet, I ended up finishing Fluffy Pwets-related work at 5:00 a.m., leaving just enough time for me to hit the shower and get ready for my day job. It was crazy.

“Now, it’s more manageable. I am at risk of getting carpal tunnel syndrome though, because I handle our accounts mostly via phone and laptop, but I can’t say I’ve been forced to pull all-nighters like when we were starting out.”

The blessings behind having a business that you love

Despite all the challenges though, de Guzman says starting and running the Fluffy Pwets business is “very much worthwhile, especially if you believe in your product and there is good reception from your target market”.

“Anything worthwhile won’t come without challenges,” she emphasizes. “It’s overcoming those challenges that make your undertaking victorious.”

De Guzman shares that Fluffy Pwets has actually become a blessing of sorts to her. “Aside from the business side of it, I appreciate how my network has expanded because of Fluffy Pwets,” she divulges. “I’ve met a lot of people and made new friends who I wouldn’t have met through my day job.

“Also, it is so humbling and fulfilling to see photos of #FPbabies! Most parents send us photos of their babies wearing Fluffy Pwets diapers, clothing, blankets, and bags on their birthdays, photo shoots, and other special occasions. We appreciate that we’ve become a part of their lives.”

Simple but meaningful tips for starting your own business

Whether you’re employed now and hope to start a business based on something you love – like cloth diapering, as in de Guzman’s case – or already have a business of your own, you will probably find the following tips from de Guzman helpful:

1. Do your research.

2. Be original. Be the first and constantly innovate.

3. Prioritize customer service and excellent product quality.

4. Don’t skimp on investing on experts – be it expert craftsmen, illustrators, or marketing professionals.

If you want to get more inspiring and practical tips on how to be “truly rich,” I encourage you to join the Truly Rich Club. You may do so just by clicking here. 🙂 God bless us all so we may bless more people!

How to Retire as a Multimillionaire: Learn from COL Financial’s Edward Lee

December 17, 2016 by Tina

‘Tis the season for giving and sharing so I thought I’d pop in for a really quick post to invite you all to learn with me as COL Financial‘s very own Edward Lee — one of Kuya/Bro. Bo Sanchez’s mentors when it comes to being “truly rich” in the financial aspect — spills his secrets to investing in the stock market.

As you may (or may not! 😉 ) already know by now, my husband and I have been stock market investors for a while now, but we are still a looooong way off from being “truly rich” like Kuya Bo and Sir Edward are! That’s why we are committed to learning and investing as much as we can, not for our own personal gain but so we can bless our loved ones and those in need, too!

That’s why I’m extending Kuya Bo’s personal invitation to YOU, to join the webinar by Sir Edward Lee.

Below is the letter Kuya Bo sent out to us Truly Rich Club members:

Dear Tina,

For many years, I’ve been investing in the stock market.

And because of this, I know that I will retire a multimillionaire. As a
member of the TrulyRichClub, I know that you will also be the same.

Let’s bless other people more.

This coming December 18, 2016 at exactly 2:00 P.M. Manila time, I will hold
another webinar. But this time, I have a special treat for everyone. My
mentor, who has been investing in the stock market for 42 years, will spill
all his secrets, so you too can retire a multimillionaire.

The last webinar had thousands of viewers, and many of them are now
applying what they learned. I have no doubt that in a few years, they too,
will enjoy the fruits of what they’re planting now.

Let’s empower people to do the same to take charge of their finances, and
then become a blessing to others.

Invite people to joing us for another webinar happening this December 18,
2016 at 2:00 PM.

Blessings,

Bo Sanchez

Remember, this webinar is ABSOLUTELY FREE OF CHARGE! You can sign up for it NOW here. I hope and pray it will bless you somehow!

By the way, if you’re looking for ways to have a more meaningful Christmas, please do follow my #TRBFaith and #LiturgicalLiving posts on and . I’m actually thinking of doing a Facebook Live session about it — would you guys be interested in something like that, if ever? Let me know in the comments, please! Thanks in advance. 🙂

Oh, and if you know someone who might be interested in attending the FREE Webinar by Sir Edward Lee, please feel free to share this post by clicking any of the buttons at the bottom of this post. Thank you and God bless!

P.S.

Remember, you can learn how to retire as a multimillionaire from one of the best financial “experts” around, just by attending the webinar. Click here to register.