Question 1

How does a reverse mortgage work?

Accepted Answer

In a reverse mortgage, you borrow against your home's equity and receive payments as a lump sum, monthly installments, or line of credit. No monthly payments are required. Interest accumulates over time, and the loan balance grows. The loan becomes due when the last borrower dies, sells the home, or permanently moves out. Heirs can repay the loan or sell the property.

Question 2

Can I dispute a charge for poor service?

Accepted Answer

Yes, for credit cards you can dispute charges for services not rendered as agreed, defective products, or if the merchant misrepresented the service. Document all communication and attempts to resolve with the merchant first.

Question 3

What are common bank statement abbreviations?

Accepted Answer

Common abbreviations include ATM (Automated Teller Machine), POS (Point of Sale), ACH (Automated Clearing House), DD (Direct Deposit), NSF (Non-Sufficient Funds), EFT (Electronic Funds Transfer), and CR (Credit) or DR (Debit).

Question 4

What is the difference between statement balance and current balance?

Accepted Answer

The statement balance is what you owed at the end of your last billing cycle, while the current balance is what you owe right now, including any new charges or payments since the statement date. Pay the statement balance by the due date to avoid interest; the current balance reflects real-time activity.

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Frequently Asked Questions

How does a reverse mortgage work?

Can I dispute a charge for poor service?

What are common bank statement abbreviations?

What is the difference between statement balance and current balance?

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