Reverse Mortgages Oct 2003
September was busy with registration for fall classes, including Evergreen Forum, returning favorites, and new offerings. Our attention is now on our exciting conference, “Plans for the Future Day” which will present information on legal and financial issues through a keynote speaker, workshops, and exhibit tables. We need your help to make this day a success, by attending and letting your friends and family know. These issues are of interest to adults of all ages.
Along this theme, I have read a lot recently about Reverse Mortgages. Many people own homes that are now of significant value, but live on retirement incomes that have dropped dramatically with the stock market, making it difficult to meet expenses. This becomes even more challenging when facing the need to pay for assistance such as lawn service or home health care, or to modify the home with assistive devices. Until recently, it appeared that the only option was to sell the house to access the equity. This is painful when you are attached to your home and do not want to move in with family or to assisted or apartment living.
Reverse mortgages are another option. They are a special type of loan that enable people 62 or older to convert home equity into cash while continuing to live in the home. Payments flow from the lender to the homeowner during the course of the loan, and do not come due until the borrower(s) no longer live in the home (sell, move out or pass away). The loan amount cannot exceed the value of the home. Borrowers can select to receive payments as a lump sum, line of credit, or monthly payments. Loan proceeds are tax-free and do not affect Social Security payments, but may impact eligibility for income-restricted government assistance programs.
The potential benefit to older adults and their family caregivers is tremendous. A clear benefit of reverse mortgages is freeing up the resources for a family to pay for needed support and services while remaining in the home. The down side is that the children will need to repay the loan or sell the house, not inherit the house free and clear. If you would like more information, attend the conference or speak to a PSRC staff person. This information was gleaned from the National Council on the Aging publication, Innovations, Issue 2, 2003.
I look forward to seeing you on October 25!
Susan W. Hoskins LCSW
NEWS BULLETIN: WE NOW ACCEPT PAYMENT BY VISA/MC! PSRC can now take payment for classes and events at the Suzanne Patterson Center by Visa and Mastercard. This will enable you to register for events by telephone. Payment for programs must be received at the time of registration to hold your place in a class.
EXERCISE AND LIVE LONGER!
Did you know that regular moderate physical activity reduces the risk of many chronic health problems? 30 minutes of exercise a day can help avoid:
- Premature death 30-40%
- Heart disease 40-50%
- Stroke 30-50%
- Type II Diabetes 30-40%
- Breast cancer 20-30%
- Colon cancer 30-50%
- Osteoporosis (women) 40-50%
Source: The 30 Minute Fitness Solution by JoAnn Manson and Patricia Amend
Join one our fitness classes and help your health!
Mandatory Generic Substitution for PAAD and Senior Gold
All prescriptions filled under the PAAD and Senior Gold programs must substitute the generic version unless your physician gets prior authorization from First Health Services to use the brand-name and forwards the authorization to your pharmacy. There are some exemptions for specific medications or those without a generic equivalent.
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Engaged Retirement: Beyond Financial Planning
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Reverse Mortgages Oct 2003
Emergency Preparedness, Jan 2003