Question 1

What is Form 1099-INT?

Accepted Answer

Form 1099-INT reports interest income earned from banks, credit unions, and other financial institutions. You receive it if you earned $10 or more in interest. Use it to complete your income tax return.

Question 2

What is an adjustable-rate mortgage (ARM)?

Accepted Answer

An ARM has an interest rate that changes periodically based on market conditions. It typically starts with a lower rate than fixed mortgages for an initial period (e.g., 5, 7, or 10 years), then adjusts annually. Your monthly payment can increase or decrease. ARMs are riskier but can save money if you plan to move or refinance before adjustments begin.

Question 3

What is a Target debit card?

Accepted Answer

The Target debit card (RedCard Debit) is linked to your checking account and offers 5% off most Target purchases, free shipping on Target.com, and extended return periods. Unlike the Target credit card, it draws directly from your bank account with no credit check required. You can apply in-store or online.

Question 4

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.

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Frequently Asked Questions

What is Form 1099-INT?

What is an adjustable-rate mortgage (ARM)?

What is a Target debit card?

How does a reverse mortgage work?

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