Empty Nesters

After they move out, it's time for you to move forward.

Children gone? So are the days that every time you turn around you're buying new clothes, electronic gadgets, and athletic gear. Instead, life offers a new financial outlook. Maybe it's time for a home equity loan that lets you live your own dreams, some retirement advice to help you get ready for the long run, or some information on student loans in case you're not quite finished being a parent.  

A Mid-Course Correction

For years, the focus has been on your kids and their success. So you spent your time as a homework tutor, sports team (or dance troupe) chauffeur, and college financier. Now you can take a deep breath, high five yourself for some great parenting, and figure out financially where you go from here. 

• You'll learn to like the lack of chaos in your house. You'll learn to like having time after dinner to do what YOU want. But you'll especially like the way money piles up once you're no longer covering all your kids' expenses. Just don't let it pile up in your checking account. Until you decide exactly where to focus your resources, maybe open a Money Market account, which pays higher dividends than most saving accounts while still offering easy access to your funds. Another answer is a short-term Savings Certificate which may pay a little more without tying up your investment funds for very long.
• Back to the house thing. It's not only quiet, but with only one or two people living there, it seems so big. Lots of people in your shoes think about downsizing. Chances are, it's been years since you've gone house-hunting. No worries. Our friendly Clearview lending team can explain the details of the various mortgages we offer and help you pick one that's right for you. Or if you feel like you need a more in-depth refresher course, our members have free access to GreenPath Financial Wellness, a financial planning organization that, among other things, offers online home-buying articles and e-courses.
• Or maybe you're happy right where you are. After all, those rooms hold a lot of great memories. So let's take all the effort you've made to pay down your mortgage and spruce up your house and work it to your advantage. That home equity you've built up can qualify you for a loan at a very low interest rate. We offer lump sum home equity loans, as well as lines of credit that allow you to access cash whenever you need it. The big takeaway is you can use the money however you want. A new Jacuzzi in the master bath for those relaxing evenings? Dive in. That trip to Toronto or Tahiti or Tokyo you've always dreamed of? Bon voyage. A motorboat to cruise our three rivers? Welcome aboard.
• Though you just completed one important phase of your life (parenting), another one (retirement) looms ahead. With the high cost of raising children, you may have fallen behind on your retirement savings. Let's play catch-up. Federal law allows you to contribute extra money annually to your 401(k) and Individual Retirement Account if you're over 50. And if you only have the 401(k), it's really time to supplement it with a Traditional or Roth IRA that can help build up your savings at a healthy pace while offering tax advantages, too.
• There's one last thing you'll realize as a parent: You're never really done. Even if your offspring is acing college or is crushing it in their career, they'll turn to you for financial advice. Are they in the market for that first credit card? Confidently advise them that Clearview's Student Platinum Mastercard will let them buy the stuff they need now and build their credit history over the long run. Shopping for their first car? Boldly state that Clearview offers low auto loan rates and can help them find the perfect vehicle through our Auto-Buying Resource Center.
• And if they come to you for more cash to finish off their higher education? Yeah, tell them that private bank is now closed, but everyone's favorite credit union has an online Student Loan Center they can lean on from here on out.