Reverse Mortgage Lenders: Help For The Senior Citizens
By: Best Debt Care

Reverse Mortgage lenders can prove to be of good help for those citizens who are over the age of 62 and are looking forward to having income streams to financially support themselves. Retirement can be stressful and with the current downturn in the economy we have seen many retirement portfolios dropping by more than 50% adding even more pressure to the retirees. Moreover, many of them end up in financially weaker positions by the time they hit old-age and this leaves them perplexed and insecure about the rest of their lives.

This is the perfect time for them to consult a reverse mortgage lender who provides a government insured home equity loan with no payments.You do pay your real estate taxes and homeowners insurance.  Reverse mortgage lenders are the best professionals to help the senior citizens with these programs which are specifically for seniors in financial need, making it possible to access their equity without putting anymore financial stress on them.

If you would like information about a reverse mortgage in The Villages,Florida, contact our team of Specialists at IReverse. We are dedicated to answering all of your questions and providing the knowlege you need to make decisions for your future. Call 800-486-8786 ext 813.

 

 

Real Estate Solutions for Land-rich, Cash-poor Seniors
Daily Local News

As seniors look to stretch their assets in retirement, they might consider the equity in their homes. Unfortunately for many, that value may have reduced along with the economy.

However, when there is enough equity in the house, it is worth taking a second look to incorporate real estate strategies into the overall plan. These should not involve going deeper into debt. Mortgage payments into your 80s and 90s are a concern. Also, you do not want to deplete, without reason, the equity in your house

Reverse Mortgage. The immediate thought that comes to mind is a reverse mortgage. With a reverse mortgage, you do not make payments, can continue to remain in your home, and the lender does not recover until after you move out or die. You do pay your real estate taxes and homeowners insurance.

Payments can be made to you either in a lump sum or monthly, or you can have a line of credit to use as needed.

When I wrote about reverse mortgages before I referred to them as the “last cookie jar.” They are unavailable before age 62 and the value is greater when you are 80 or 85. So this is not ordinarily a tool to use to get out of credit card debt when you are 65. You should also not think of this as a way to get rid of a sizable conventional mortgage.

 

If you would like information about a reverse mortgage in The Villages, Florida, contact our team of Specialists atIReverse. We are dedicated to answering all of your questions and providing the knowlege you need to make decisions for your future. Call 800-486-8786 ext 813.

 

 

 

 

 

Don’t Be The Person Who Says…
“If I had a known I was going to live this long, I would have done things differently.”
By Lamy Brodhead-Buck

Hindsight is 20/20, and while none of us has a crystal ball to tell the future, we do know three things. 1) We are going to live. 2) We are going to die. 3) And we may be disabled in the meantime. Whatever circumstances life deals us, we need to be prepared. There are four primary risks that must be considered when planning finances for a lifetime.

• Outliving your money. You can expect to spend as many years in retirement as you did working. Will your resources last a lifetime?
• Cost of living increases. At 5% inflation, the cost of living doubles every 15 years. If your retirement lasts 30 years and starts with a lifestyle maintenance of $24,000 in year one, it will cost $96,000 in year 30!
• The rising cost of healthcare. An obvious and relentless challenge for all of us.
• Leaving a spouse impoverished. Tragically, it happens, but it doesn’t have to happen to you.

The good news is, that with proper financial guidance, all of these potential problems can be minimized or even eliminated.

If It’s to Be, It’s Up to Me

We know that based on our aging population, our government will not be in a position to provide the financial support and services that we will need as we age. Medicare and Medicaid benefits are being scaled back every year. That is why you must know and understand what strategies and programs can be put into place now to ensure your resources last a lifetime. Consider the following tools:

The Reverse Mortgage

A study released by the National Council on Aging (NCOA) shows that reverse mortgages can be used to pay for long-term care expenses at home, allowing many to remain independent and in their homes longer.

Have you considered how to pay for care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage could be the answer. Reverse Mortgages have helped many seniors live stress free in their golden years by using the equity in their homes! Learn how one of your options could be a Reverse Mortgage from iReverse. .

 

 

 

 

 

 

Reverse Mortgage in The Villages, Florida: Paying for Nursing Home Care

Paying for Nursing Home Care
eldercarechannel.com

The decision to place a loved one in a nursing home is often accompanied by an incredible amount of anxiety and stress. Whether the need for long-term care is brought on by a sudden accident or by a long-term, progressive illness, this is likely an unhappy time for both the person entering the nursing home and those who are helping with the transition.

The last thing most people want to do during this time is to deal with the question of how to carry the often overwhelming financial burden associated with nursing home care. However, it is critical to make good financial choices during this period, because these decisions can have far-reaching consequences. Fortunately, there are options for alleviating the burden, and help is available to guide you through this unfamiliar process.

According to federal government statistics, as of the year 2000, approximately 13 million Americans needed some form of long-term care. This figure is expected to grow to 27 million by the middle of this century. The transition from living independently to living in a long-term care facility, such as a nursing home, is one involving great difficulty for many people. It means giving up a certain amount of control over your own life. No longer are you in your own home, with all the privacy and independence that entails.

Besides the upheaval involved in moving to a nursing home, there is also the stress of figuring out how to pay for nursing home bills that can total $6,000 each month.

Covering the Cost of Nursing Home Care

Aside from choosing the right facility, the number one concern for many families is how to pay for long-term care in a nursing facility. The most common means of paying for care fall into the following categories:

Out of Pocket.With the average monthly nursing home bill coming in at $6,000, only those with substantial income or savings are able to pay for all of their long-term care from their own funds. However, this is the initial payment method that many families have to use until other benefits take effect.
Reverse mortgage. For families who don’t have enough savings or income to cover the entire bill for long-term care, reverse mortgages are becoming an increasingly popular option. Homeowners who have reached a certain age can qualify for a reverse mortgage, draw on the equity in their home, and not have to worry about the loan coming due as long as they reside in the home. This option works for some people, but it is not a good choice for those who are single.
 Private Insurance. Long-term care insurance is a relatively new option that is gaining popularity, but it is not yet a common method of paying for care. Policies can be confusing, and insurance only pays for a set amount per day for a certain number of years.
Medicare. Medicare is the federal health insurance program that is available to people 65 and over. It provides limited, short-term coverage of some costs associated with long-term care.
Medicaid. Medicaid is a needs-based medical assistance program that is jointly funded by the federal and state governments. It pays medical expenses for those who can’t afford their own care, and can pay a large portion of long-term care costs for those who meet certain requirements.

Before choosing any of the above options, it is recommended that you consult with an Elder Law attorney to make sure you are selecting the option that is right for you.

 

Have you considered how to pay for care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage could be the answer. Reverse Mortgages from IReverse have helped many seniors live stress free in their golden years by using the equity in their homes!

 

 

One Woman Crusade to Dispel the Myths about Reverse Mortgages…. Part 1

By Sue Haviland, Author of Senior Solutions, Secrets to Maintaining Independence and Choice for Life

In this 2 part, article, we discuss some of the most common myths that surround the reverse mortgage program, and tell you the TRUTH!

As a 25+ year mortgage industry veteran, Sue Haviland is always looking to provide her customers with the most up to date information. So it comes as no surprise that this Maryland based reverse mortgage expert has taken a stand on the many inconsistencies and down right misleading information that are seen today.

“It is surprising to me that so many who write and speak fluently about various different types of financial vehicles could be so woefully misinformed about the reverse mortgage and its benefits to many American senior homeowners. Record numbers of reverse mortgages have been done in recent years and as our population ages this product will be in demand for years to come.”

She has made a list of the most often observed myths in the hope that by getting the facts out, senior homeowners and their families will no longer be mislead but will become educated and look to the reverse mortgage as part of their retirement planning.

As with all financial products, the senior homeowner must be sure that the reverse mortgage meets their goals and is the right option. It is also imperative that the borrower deal with a Reverse Mortgage Specialist in their area.

Here are some of the most observed myths and the truths that dispel them:

1) The bank will get your house.
The reverse mortgage is just that…a mortgage. You do not give your house to the bank. You do not sell your house to the bank. The senior retains title to the property and can even sell the home at a later date if they choose. They must continue to pay real estate taxes, homeowner’s insurance premiums, and condo fees, if applicable, just as they normally would.

2) If you use up all your money, your heirs will be left with a big bill to pay.
Reverse mortgages of today are “non-recourse” loans and the senior or their heirs cannot be left with a debt when the home is sold. This provision is one of the biggest safety nets of the reverse mortgage programs of today. It means peace of mind for the senior as well as the other family members who may be selling the property in the future.

3) The reverse mortgage is a very complicated loan.
Nonsense! It is a very easy to explain transaction when handled by a reverse mortgage expert who has made it their mission to become fully educated on the products available in the marketplace. You should always work only with a reverse mortgage consultant who is well versed and can answer all your questions to your satisfaction. With so many seniors doing reverse mortgages today, you are bound to find someone you know who has had a positive experience.

Have you fallen prey to one or more of these myths? Now that you know the truth, could a reverse mortgage in The Villages, Florida be the perfect product for you? For more information, contact a Specialist at IReverse. Call 800-486-8786 ext 813 today.

 

 

Reverse Mortgage Expert on a One Woman Crusade to Dispel the Myths about Reverse Mortgages…. Part 2

By Sue Haviland, Author of Senior Solutions, Secrets to Maintaining Independence and Choice for Life.

In our last article, we looked at a few of the myths and misconceptions that still surround the reverse mortgage product. Here are even more….

4) If you have a mortgage on your property, you cannot get a reverse mortgage.

This is not only incorrect, I find that the majority of my clients do have an existing mortgage and getting rid of that monthly payment burden is the goal they have in mind when they first call me. During our initial consultation, they are quite relieved when I explain that the reverse mortgage proceeds can indeed used to pay off any existing liens.

5) If you get a reverse mortgage, you cannot leave your house to your children.

With a reverse mortgage, the homeowner retains title to the property. So if the intent is to leave the home to children or others upon the death of the borrower that can be stated in the will. You can also consult with an elder law attorney to be sure that your wishes are stated just as you want. The reverse mortgage does not prevent a senior from leaving the home to heirs. To the contrary, I often find that in the course of the reverse mortgage process, the family will come together and discuss these very issues.

6) If you take out a reverse mortgage, your kids will be against it.

Nothing could be further from the truth. With very rare exceptions (another topic for another day) the children are 100% in favor of mom and/or dad taking out a reverse mortgage. The idea that the kids are counting on getting a “free and clear” home as part of their inheritance is just not the case. Instead, they are relieved that mom and/or dad are able to stay in their own home which often holds many memories for the entire family and that they will have the ready cash to meet expenses. With families spread out all over the country, I hear comments like, “I’m glad that mom will be able to hire someone to take care of the yard and clean out the gutters. Since I do not live close by it is difficult for me to help her. But now I know she can pay someone to do these chores.” Or, “We were going to move dad to assisted living in Florida so he could be near us but he didn’t want to leave his friends and activities in Houston where he has lived for so long. With a reverse mortgage he can pay for someone to help with the upkeep on his home and we know he has the money to pay for his medicine. ”

With the growing demand for reverse mortgage in our country today and the many protections this program provides for both the senior and the family, de-bunking these myths will reduce the needless skepticism on the part of the consumer. It is easy to get the facts from a reverse mortgage specialist who has the knowledge and the expertise to present the information. At that point, the senior can make the appropriate decision. Helping a senior make the most of their retirement years is just what this product is meant to do, and has done for thousands and thousands of reverse mortgage clients who tell happy stories indeed.

If you would like information about a reverse mortgage in The Villages, Florida, contact your iReverse Reverse Mortgage Specialist. We are dedicated to answering all of your questions and providing the knowledge you need to make decisions for your future. Call 800-486-8786 ext 813.

 

 

 

9 Ways to Cut Housing Costs
By Steve Vernon

Housing costs are one-third of the average American household’s budget, the largest monthly expense for most families. And since reducing living costs is the most common way to make ends meet in retirement, it makes sense to take a hard look at your housing costs.

Since most Americans have insufficient savings to fund a traditional retirement, they’ll need to look for creative ways to make every dollar count, and finding resourceful ways to lower housing costs will help.

Here are nine ways to pare your housing budget:

• Downsize to a smaller house, with reduced bills for utilities, maintenance, and property taxes. You might also be able to realize some home equity that can be invested to generate retirement income.
• Move to a location that enables you to reduce other costs, such as transportation or health care. This could mean moving out of the suburbs and into a city.
• Move to a less expensive part of the country. There are a number of Best Places to Retire sites that you can review some to give you ideas. [Read: Top 10 Retirement Towns for 2011]
• Move to another country with dramatically reduced living costs. Panama, Costa Rica and some South American and European countries consistently show up on lists reviewing best places to live abroad.
• Rent out a room or two for additional income. This solution works best if you don’t want to move and have a large house. After my daughter graduated from college, she rented a room from a retired couple for a year. It was win-win situation: My daughter had inexpensive housing, and the couple realized some extra spending money.
• Share housing with other retirees — the Golden Girls solution. Not only will you share in the cost of housing, but you can also realize savings in regards to your insurance, utilities and even food. Obviously this option isn’t for everyone, but don’t dismiss it without thinking it through.
• Consider a reverse mortgage to help you generate retirement income. This solution works for people who own their house and plan to stay for many years. If you didn’t or don’t plan to buy long-term care insurance, however, I prefer that you keep your home equity in reserve for a day when you could face high bills for long-term care.

 

Have you considered how to pay for care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage from IReverse could be the answer. Reverse Mortgages have helped many seniors live stress free in their golden years by using the equity in their homes! Contact us at 800-486-8786 ext 813 to learn how one of your options could be a Reverse Mortgage in The Villages, Florida and the surrounding communities.

 

 

HUD Updates Counseling Guidance
Written by Brett Varner
The Department of Housing and Urban Development (HUD) has released a new mortgagee letter offering new guidance regarding the administration of HECM counseling.

Mortgagee Letter 2011-31 presents five separate updates or guidance to HECM counselors and lenders as it relates to the HECM counseling protocol and certificate:

Revisions to the Certificate of Counseling (HUD form 92902) – adds a specific data field for the attorney-in-fact holding a Power or Attorney name and signature, add the HECM Saver as an option to be presented by counselors, replaces the Agency Tax Identification Number with the Agency Housing Counseling System Identification number, and includes a HECM for Purchase certification by homebuyer.

Changes to the documentation of the power of attorney – the AIF’s name must be entered at the top of the certificate along with the name of the homeowner.  The AIF must sign where indicated on the revised form.

Signatures on Certificate – all owners shown on the property deed and non-borrowing spouses must receiving counseling and must sign the counseling certificate.

Dates on Certificate – counselors are to complete both the date counseling completed and the date of expiration of the certificate.

Revisions to Certificate – revisions are only allowed up until the time of endorsement
Change Lenders & New Case Numbers – clarifies that a HECM certificate can be associated with a new case number and case numbers can be transferred to other lenders regardless of certificate expiration date.

If you would like more information about reverse mortgage counseling, contact our Reverse Mortgage Specialist at IReverse Mortgage. We are dedicated to answering all of your questions and providing the knowledge you need to make decisions for your future. Call 800-486-8786 ext 813

 

 

9 Steps to Preventing Falls: More Than Home Design
By Bob Gersh, Reverse Mortgage Specialist with iReverse Home Loans

During your older years, a simple fall can mean the difference between staying in your house and moving to assisted living. That’s why it’s important to do everything you can to prevent a tumble.

You may already know about fall-proofing your home—checking for trip hazards and making improvements. You can find lots of checklists for that. But do you know the other steps you can take to prevent a fall?

The American Geriatrics Society issues fall-prevention guidelines for health-care professionals to use with at-risk patients. Here are some tips based on their recommendations. If you have walking or balance problems, talk with your doctor about whether they might help you.

5 Actions to Take

1. Ask your doctor about reducing medications or dosages. Some medicines—especially psychiatric ones—may increase your risk of falling. Taking a lot of medicines may too.
   2.  Exercise. The guidelines recommend strength training, along with balance, coordination and gait training. Consider tai chi or physical therapy. Talk to your doctor before beginning. If you aren’t used to moving around much, some studies found that exercise may increase your risk of falling.
   3.  Ask whether you need vitamin D supplements. Deficiency can make you weaker.
   4.  Wear proper shoes. I’ll cover this more in a future post. Three tips for now: Wear flats, don’t wear slip-ons and have good treads.
   5.  Don’t wear multifocal lenses while walking—especially on stairs.
   
   4 Things to Get Treated
2. Cataracts.
   2.  Low blood pressure. Postural hypotension (blood pressure that plummets when you sit up or stand up) can make you lightheaded.
   3.  Heart rate and rhythm abnormalities.
   4.  Foot problems, including moderate to severe bunions, toe deformities, ulcers and deformed nails.

If you need financial help improving your home or getting proper treatment, a reverse mortgage may help—especially if you plan to stay in your home for a while. And preventing a fall will help accomplish that!
For information about a reverse mortgage in The Villages, Florida, contact a reverse mortgage specialist at iReverse Home Loans. We are dedicated to providing you with the knowledge you need to make decisions for your future. Call 800-486-8786 ext 813.

Disclaimer: This post is not meant as individual advice. See your doctor for personalized recommendations.

 

Five Questions Every Worker Should Ask Before Retirement
By Kayleigh Kulp, FOXBusiness

Wall Street’s recent turmoil has many investors questioning whether they will have enough to retire the way they’ve always dreamed, or to retire at all, for that matter.

Whether your post-work life is just around the corner or far away in the distance, there’s never a bad time to reevaluate your definition of retirement: what it means ideologically and financially.

“How you answer that question has very important implications about where you’re going to be and what you’re going to spend,” says author and certified financial planner Eleanor Blayney. “There’s so many demands on the dollars we thought we’d be using in our 60s or 70s. Retirement used to be a going away from the workplace. Now it has to be thought of as ‘what am I going toward?’”

Should I downsize? Housing accounts for about one-third of expenses for people aged 65 and older, according to the Mature Market Institute. Next on the list is transportation, taking up nearly 20% of total expenses. A lot of retirees want to keep their big place for a family to come home to for the holidays, but Blayney says moving to a smaller home in a more affordable city is a good way to stretch your nest egg.

Take a look at AARP’s  list of most affordable retirement cities

If downsizing isn’t an option, or you’d like to stay in your home forever, pay off your mortgage before retirement or consider a reverse mortgage as a way to gain extra monthly income.

Also consider downsizing big, gas-guzzling vehicles or opt to keep cars longer to avoid recurring payments.

 

If you would like information about a reverse mortgage in The Villages, Florida, contact our team at iReverse. We are dedicated to answering all of your questions and providing the knowledge you need to make decisions for your future. Call today, 800-486-8786 ext 813.