westchester

Will reverse mortgages save you money in the long term?&nbsp;

CPA and economic development consultant <a href="https://martincantor.com/">Marty Cantor</a> breaks down what a reverse mortgage is, how it works, and who would benefit the most.

CPA and economic development consultant Marty Cantor breaks down what a reverse mortgage is, how it works, and who would benefit the most.

New Jersey

NJ Weather Stories

Weather stories

NJ | Weather

NJFORECAST

Weather's been pretty active today as we know downpours and light snow and even accumulations north and west like this image coming in from Doug. Doug has a couple of images actually from the Mount Arlington area. You can see some of the snow on some of the pavement here but not widespread on the pavement. A lot of it is having trouble sticking to the roads. Thank goodness. Right. But definitely the colder surfaces, the metal surfaces like the cars or maybe even the grass, there's some sticking as you can see right here. Very, very light accumulation in this part of New Jersey and even our own Isabel Lyndhurst started making a little snowman using the thunderbolt hat there. Of course, being chunky wet snow. That is unfortunately the case for our areas in the northwest. But if you love the snow, this is not unfortunate for you. It's just a mess for the morning commute. So if you have any images feel free to send it to me here at the news 12 New Jersey Weather Center and I'd love to continue airing them here throughout the morning. And even into this afternoon, we have a coastal flood advisory in effect for Ocean County, especially for our communities along Barnegat Bay. The barrier islands expecting to see some very minor flooding throughout the rest of this morning. As the high tide rolls in reason why south winds last night pushed all the water in, had trouble draining out during low tide this morning. So it's running a little higher than normal and that's going to spill over generally toward the Manteo area. The Ocean Gate area, the Bay head area point Pleasant Beach. I think the northern areas of the Barnegat Bay are the ones that are going to see some minor flooding in those most prone low lying areas along the waterfront on the barrier islands. That's also because of the wind now coming in from the west. So west northwest winds 36 MPH in seaside heights and along the shore. So just be aware, Monmouth Ocean County is definitely going to be seeing those gusty conditions, the gustiest of the winds for today across the state. So in a nutshell today, the rain is ending this morning. The light snow ending also north and west. We had some isolated accumulation on the colder surfaces and the back bay flooding is that other concern for Ocean County wind gusts forecast for the rest of the day 15 to 25 MPH, but it is going to be improving with the sun emerging for this afternoon, 48 degrees for our high And tonight our low at 31 where tomorrow is a beautiful day, mostly sunny and temperatures in the mid forties. We hold on to that seasonable weather pattern for the rest of this week with the next chance of rain Sunday into Monday. All right, thanks Mike.

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Weather

Brooklyn

BK | Weather

BXFORECAST

For a look at this weather. The storm is fading out a bit. Alan, it is. Right. Right. And we've seen already a lot of rain but the good news about this rain and that it's fallen over about a day's worth span again. It started raining at around 9 a.m. yesterday. Now we're in the six hour. So it's not like this amount of rain fell in just a couple of hours that would have definitely caused the flooding. So luckily, we avoided the worst of the flooding, still seeing some areas of ponding lots of wet roadways. So still take it slow for the morning commute. But luckily this two inch amount out towards Morris Park did not come all at once. Great news there, Pelham Bay almost two inches there as well. Morrisania, about 1.88 inches Fordham and City Island at about an inch and a half. So not too bad, we definitely need the rain. It's been general dry with these bursts of rain here and there. So looking at the next couple of hours still hanging on to some of that rain, we're going to see a burst of some heavier rain. Moving in towards the seven and eight o'clock hour and the futurecast has it right here at 815. So right along the Bronx River Parkway, heading down from Wakefield, Bedford Park down to sound view. Hunts point all seeing that steady, more moderate rain, probably more than the rain falling right now. Right now, it's more of a light to steady rain. We'll see a steady to moderate rain at 8 a.m. Morris Heights as well. High Bridge Melrose Morrisania, all dealing with that steadier rain gets out of the way at around 9 a.m. Again, maybe a little bit of leftover shower activity. North Bay Chester Wakefield, but gets out of the way and we'll actually see the sun break out by noon and it's going to be a completely sunny afternoon, barely a cloud in the sky, but it's not going to feel all too nice because the winds will start to pick up here over the next 2 to 3 hours by 930. The wind gusts will be approaching 35 MPH. Riverdale, East Chester throgs neck at a 30 mile per hour gusts and will be between 15 and 25 to 30 MPH into the afternoon hours. That's going to make it feel quite cold tonight. We're going to see the feels like temperatures in the twenties this evening and in the twenties tomorrow morning. So you definitely want to bundle up as we take it to the 10 day forecast. This December chill lasts all week, but the payoff is going to be this weekend.

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Westchester

WC | Weather

HVFORECAST

Look at where the storm is right now and what it means for all of us here in Westchester and the Hudson Valley Matt. Yeah, it's leaving us as we speak as we go throughout the morning. Expect breaks of sunshine and during the afternoon, a mix of sun and clouds just dry for the conditions still wet outside in spots on the ground, especially those wet leaves can make travel a little bit more slippery. So just take it easy this morning. But I mean, the day is improving as we go throughout the morning and into the afternoon, for sure. It is a day to bundle up though, temperatures will feel like the thirties at actual highs will be around 40 to 45 degrees, but it's still going to be a bit blustery into the afternoon with winds that can gust between 2030 MPH through the morning and into the afternoon hours. That's not damaging wind thankfully, but it's enough to make it feel almost about 10 degrees colder than it is here is the future cast into this evening. And overnight tonight, we're looking at clear to partly cloudy skies with overnight temperatures dropping down to around 30 or so into early on Tuesday. So the wind, like I mentioned here still gusting between 2030 MPH at times. That's not consistent gusts, but there's scattered gusts in that range. Even through the middle part of the afternoon hours. Today, here's a hyperlocal planner for Yonkers as we get into the afternoon sunshine after a gloomy wet start to the day, the second half of the day, so much better. A high of around 45 just feeling like the thirties and then clear skies to at worst, partly cloudy this evening and overnight as temperatures begin to fall back into the thirties by around six o'clock this evening. So highs across the board today, around 45 in Yonkers, like we mentioned 44 in White Plains to 40 in Middletown, but feeling uh close to 10 degrees colder at times when we factor in that wind at 20 to 30 MPH into the afternoon. Those are scattered gusts in that range overnight tonight, lows in the upper twenties to the near 30 it's still breezy overnight. It's dry, but make sure you're dressing warmly overnight with an extra layer into early on Tuesday morning because it can feel like the upper teens and low twenties. And tomorrow morning, tomorrow, decent day, it's breezy. It's chilly. It can feel like the thirties again tomorrow, but it's nice and dry. And in fact, once we get into the later morning into the afternoon hours today and through the rest of next week it is a nice dry stretch. It's chilly through Thursday with highs in the low forties. Remember that's seasonable for this time of the year. However, temperatures do come up a bit to above average temperatures for Friday and through early next week in the upper forties to low fifties with our next chance for any wet weather. Late Sunday into Monday.

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Long Island

LI | Weather

LIFORECAST

All right back in the weather center with rich now underrated, part of all the different weather aspects today it's cold out there. Yeah, it's turning colder rich. We had temperatures yesterday in the fifties and sixties. And now with the cold front past Long Island, we're looking at temperatures feeling like the thirties down to 30 in Hempstead. With that gusty wind reach 20 to 30 MPH. The colder weather is with us, the rain tapering off, still some drizzle and residual moisture left over Long Island right now. Going towards noon time, better weather conditions drying out coming your way for this afternoon. The evening rush hour looks quite nice. So you can see the heaviest rain is now east of Long Island. The cold front is east of Long Island. We have those north to northwest winds at around 15 to 30 MPH. Still some wet roads. So give yourself some extra travel time. And with that gusty wind two hands on the steering wheel for today. So by noontime, here's that sunshine through the afternoon, we get towards the evening rush hour at 5 p.m. 41 but a wind chill around 29 degrees. So colder weather for the evening rush hour clear skies tonight, tomorrow morning, temperatures around 27 to 32 degrees. So we'll keep an eye to the sky for the sunshine on the way, the drier conditions coming in. And as we go through the next several days and several hours here, we're looking at dry weather conditions through this evening. So the weather is getting better and it's also turning a little colder. You can see here at 1245 some clouds but otherwise dry weather conditions a bit breezy and temperatures in the mid forties, dry weather for the evening rush hour overnight, colder weather coming in towards the morning hours of your Tuesday, temperatures will be in the up twenties to low thirties and with the wind, it will feel more like around 20 to 25 Tuesday afternoon, lots of sunshine, a bit of a chill temperature around 44 degrees dry weather heading into Tuesday night, more dry weather into Wednesday and then Thursday, Friday, most of our work week now will be dry and you can see that Tuesday, Wednesday, Thursday, Friday, Saturday, dry. We'll watch the threat of some showers developing late Sunday into Monday. Recapping your hyperlocal forecast today. Mid-forties for today, the rain giving way to sunshine. It's gonna feel colder around the island. Tonight, sun goes down at 425 your overnight lows twenties and thirties. It's cold to start off Tuesday morning. Then Tuesday afternoon, you're going to deal with sunshine at 4445 Wednesday. Colder on Thursday, dry Friday, Saturday, rain coming in late Sunday into Monday.

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Hudson Valley

HV | Weather

Bronx

BX | Weather

Connecticut

CT | Weather

CTFORECAST

And I know nothing about this makeover subject. I have nothing to say John. Come in, please. I have short friends. They may take offense to that. Right. None intended but nothing is showed of rain as we work away and the wind it's gonna get worse. The wind is still gonna stick around throughout this morning. Um, the good news with the rain is it's starting to, to diminish and decrease. But again, with that wind, it's brought a lot of power outages specifically for Litchfield County spots across Newtown. Already seen over 200 power outages due to a storm that's really swept through with a lot of rain. A thunderstorm that pass through just a little bit after midnight earlier on this morning. So with that, we have a flood warning in effect for spots out across New Haven County. That's that lime green area, the darker forest green, that's the watch which sticks around throughout the rest of our morning, uh, into our afternoon. That flood watch looks like it's gonna expire by the time we head into around your 66 30 hour. Again, we're really starting to see that system move out east and thankfully, the worst of it is behind it, but still take it easy. We're still dealing with some steady bouts of rain this morning, some heavy rain this morning. But as we fast forward into the afternoon, we'll start to see that improvement. We really liking this rain to wrap up before the morning is done. And then we're gonna see, uh, a strong cold front bringing into some colder weather. We're quiet for the rest of this week, but again, it's gonna be a cold one and you're certainly gonna see that as we head into your tonight. So you just look at your 56 o'clock hour still dealing with some rain. Again, that strong cold front moves in. So notice different colors as you're looking up north and northwest, some pinks, some blues, a little bit of a mixing. We may see some flurries, we may see some snow showers and we could maybe even see about a coating to an inch thick for areas. Well, north, we're to cornwall on north, maybe spots out of crows ocean. Here's a look at your seven o'clock hour. We're starting to see that rain taper off by around 89 o'clock. I like for us to be dry. Then we could see some sun. By the time we head into this afternoon we're still gonna watch for some snow showers for areas up north and then again, a break in the clouds. Some sunshine for your afternoon. Numbers are gonna be in the lower to mid forties, then we're cold for tonight and we'll see that heading into your tomorrow. Looking at your extended forecast again. Once we get through this morning, we're looking at improvement as we dry out, but again, chillier.

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0419BeWellMartyReverseMortgage_2023-04-19-09-31-00

Your Financial Health: Will reverse mortgages save you money in the long term?

You know, with the price of just about everything going up. So many of us are looking for ways to really hang on to more of our money. So maybe that means you're thinking about selling your house refinancing or even signing up for a reverse mortgage. Well, Elizabeth, you sat down with CPA and economic development consultant, Marty answer to talk all about this. So what did you learn? I think the most interesting part was really how much age is a factor in all of this and when you're trying to decide should it be a home equity loan or a reverse mortgage? Really? That's a main number that you need to consider. So let's listen to what Marty really had to say. What about those different types of mortgages? Obviously, you know, we've seen mortgage rates really start to change. A lot of people think they're high. But if you put it in the context of like 1981 or whatever, it's, it's wildly not. Well, yeah, I mean, look, you got variable mortgages and, and you have fixed mortgages, uh variable mortgages, everybody looks at favorably because uh it's, it's usually at a lower rate than what the fixed mortgage is. But the danger is it, it adjusts as interest rates go up so you could ultimately wind up paying a variable mortgage that was larger than the fixed mortgage at the time that you purchased. And that, and that creates, you know, obviously the economic problem for your household, sometimes it's better to get a fixed mortgage. So you know what you're going to pay every month and then when the mortgages come down, you refinance to a lower mortgage rate and and has a good impact on your household budget. And I think that's one of the things too, is like figuring out when is a good time to actually refinance. And you know, seniors may be having this idea of a reverse mortgage and trying to take some of that money out of their home without losing the house they're in. Well, uh most seniors if they need money to live, uh uh obviously with costs going up and inflation going up, uh Social Security did go up, but it depends upon your payments. Then you, you know, you need money to live and, and a reverse mortgage means the uh the bank will give you cash to live up live now. But ultimately, when you pass away, the bank can take over your house. So your heirs don't get it. If the heirs want the house, they have to pay off the, the reverse mortgage to the bank, but it's a good way for seniors. If they live alone, they don't have heirs to get their money out now so they can afford to live. So, let's talk a little bit about the downsides. I know that reverse mortgages also though can come with a lot of fees. Well, yeah. Yeah, I mean, it's, it's almost, uh, the same kind of fees, uh, that you'd experience when you buy a house. There are closing costs, there are title searches, uh, bank fees, lawyers fees. So the fees are gonna be pretty much the same, uh, because you're going through a real estate closing in a, in a sense. Uh, so, uh, you're always gonna have those but you can always fold those in, uh, uh, to the mortgage. So you'll get the reverse mortgage. So you get less money, the bank, uh, to pay off the fees. Uh, the other thing is that, uh, you won't get 100% to your house because the banks want, want you to have some skin in the game. Uh, so, and, and to limit the banks, uh, downside because remember, uh, you today, uh, you'll have to put 20% down because this way it protects the bank, uh, from any decline in the housing markets. So the bank wants the same protection, uh, as if you bought your house in, in terms of reverse mortgage as well to protect their interest and their equity. Right? Because what, I guess what would be the impetus to decide. Ok, I wanna take the reverse mortgage instead of taking out like a home equity loan. Well, a home equity loan you have to pay off every month, a reverse mortgage. You don't have to pay off. They give you the money you don't, uh, and the bank builds in, you know, whatever cost are there. So if you don't have money and you're not working, you're retired and your income is not going up. Uh, the reverse mortgage may be good for you because this way you're getting extra cash to live on. Uh, the other thing is, uh, it depends upon how old you are and how long you're going to live. You know, the life expectancy. Uh, you know, the money doesn't last forever. Uh, so, uh, you know, those are all the facts is that you would have to consider how old you are the fees, uh, how much money you need to live? What are your budgetary shortfalls? Will this cover it? Uh, you know, and then you can make a decision. Ok. It is time for Marty's mailbox. We asked you to write in your financial questions and we have an expert here to answer them. So today we have a question from Kim who says increased interest rates hurt those who need money the most and help those who have plenty of money. Well, that's true. And it's really all a matter of if you have money to invest that you're not gonna need, uh, in the short term, then you'll get a higher rate. Uh, if you don't have enough money to invest that or money that you really need to meet your household financial budgets, then uh you're not gonna get the higher interest rates and a lot of middle class people and, and the, and the lower income people don't have that kind of money, excess money. Uh, they have to pay for their food and their energy and their home mortgages and their rents and, and their household budgets partly break even. So there's really no money to invest. So in times like this, uh those the richer people, the wealthier people, the excess money will get richer and will get wealthier and those who don't have, the money will not and they'll, they'll remain where they are. But then what's the Feds thinking in doing that? Well, the feds thinking and doing that is inflation is really a tax on, on those people who can least afford it. So by the Fed trying to, by increasing interest rates, trying to take money out of the economy to slow it down. So prices don't go up and price and there's price stability then that benefits the middle class and the lower income people. The downside is uh even if the Fed does uh achieve their 2% inflation growth, prices are not going to come down. I think we have a price reset. Uh right now and the prices we see now, are they gonna be the prices that are gonna be going forward? So, what the fed is doing is to prevent prices from going any higher.

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