Budgeting is often considered one of the more challenging parts of community management. However, I want to flip that script and consider that it can be one of the best tools to plan for your year ahead, and it can be fun learning so much about your community. But everyone should participate because, as I always like to say, we can do whatever we want to do in the short and long term, but we have to pay for it. So there’s a balancing act. Here are some tips to help you in the process:
Television commercials promote reverse mortgages as an easy financial solution for seniors. If a senior is struggling financially during their retirement years, a reverse mortgage appeals to them because it lets them remain at home and draw money. The final outcome of a reverse mortgage isn't as glamorous as the commercials portray. Understanding the implications for your active-adult community is important for preventing misconceptions about reverse mortgages and HOAs.