Improving Your Financial Wellness

3.28.2023 | Category: Article

A recent studied showed that 77% of Americans feel anxious about their financial situation. However, if you’re a homeowner, you may have a financial safety net you don’t realize.

What is financial wellness? This term can, of course, mean different things to different people. 

In general, financial wellness defines your ability to:

• Manage your day-to-day expenses
• Pay your debts
• Weather unexpected financial emergencies

• Plan for long-term financial goals, such as retirement

Given the financial impact of COVID-19, climbing interest rates and relentless inflation, it’s no surprise many of us need help keeping our finances on track.

Owning a Home can Help

As a homeowner, each month you pay your mortgage you build equity. You may not realize it, but your home’s equity could be your biggest asset — and easiest way to access cash.

For example, a cash-out refinance with Mutual of Omaha Mortgage can provide a lump sum of cash that you can use to:

• Pay off high-interest credit card debts
• Cover out-of-pocket medical expenses
• Pay overdue taxes

• Replace income from job loss

You’ll also have the flexibility to fix those costly home repairs you’ve been delaying. At Mutual of Omaha Mortgage, we want to bring you as many financial options as possible.

Financial Wellness and Your Health

Anxiety. Migraines. Hypertension. Digestive issues. All can result from financial stress. To lower your stress and gain more control over your situation, financial advisors recommend creating a household budget, developing short- and long-term financial goals and increasing your financial literacy.

Many advisors also suggest creating an additional source of income, which may be achieved by tapping into your home’s equity. Contact us today to learn about home equity loans and how you can take advantage of our financial services.