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Director's Message

Reverse Mortgages Oct 2003

Director’s Message
October 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
Executive Director
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.
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. 

Previous Messages

October 2017: HomeFriends Celebrates 30 Years!

September 2017: Annual Report

July/August 2017: Preferred Caregivers: Daughters

June 2017: Cues & Clues

May 2017: Recharging

April 2017: GrandPals Celebrate 20 Years!

March 2017: Multi-generational Households

February 2017: No One Ages Well Alone

January 2017: Help at Home

December 2016: Gratitude

November 2016: Family Caregiving

October 2016: Annual Report

September 2016: Corporate Healthcare

July/ August 2016: Strategic Planning

June 2016: Is Your Home Age- Friendly?

May 2016 Part 2 : We Need Your Help

May 2016 Part 1: Going Solo

April 2016: Volunteering

March 2016: Partners In Caring

February 2016: PSRC's Strategic Plan

January 2016: Hope

December 2015: Gratitude

November 2015: Helicopter Children

October 2015: Is Princeton An Age Friendly Community?

September 2015: Annual Report

July & August 2015: Family and Community

June 2015: A Gift that Keeps Giving

May 2015: Is 60 the New 40

April 2015: Spring

March 2015: On Being Mortal

February 2015: Mentoring

January 2015: Winter Blues

December 2014 - Leaving A Legacy

October 2014 An Age Friendly Future

September 2014 Annual Report

July - August 2014

June 2014 - Romance After 50

May 2014 - Your Virtual Estate

April 2014 - Memory and Forgetting

March 2014 - Aging in Community

Observational Stay

February 2014 - Family Caregiving

January 2014: Attitudes about Aging

December 2013 - Giving

November 2013 - Healthcare Marketplace

October 2013 - Annual Report 2013

September 2013 - Total Brain Health® Fair

July - August 2013 My cat, My Father and Me

June 2013 - Age Friendly Communities

May 2013 - Navigating a Changing HealthCare Landscape

April 2013 - Becoming Visible

March 2013 - Navigating Life’s Transitions

February 2013 - Partners in Caring Princeton

January 2013 - Men as Caregivers

December 2012 - The Safety Net

November 2012 - Going Solo

October 2012 - Documenting Your History

September 2012 - A Journey of Transformation

July - August 2012 - Gratitude & Moving

June 2012 - Diversity

May 2012- Aging in America


March 2012 - Patient-centered Care

February 2012 - Can you Spare an Hour?

January 2012 - Challenges & Opportunities

December - Are you Prepared for Emergencies?

November - We need YOU!

October - Chocolate for Memory

September- Looking Back and Looking Forward

July - August 2011; Ageism

June 2011 - Accessibility

May 2011 - Paper retention

Knit Wits, April 2011

Lessons and Legacies, March 2011

Independent Living February 2011

Home Safety January 2011

Witness to my Life December 2010

Elections, benefits and open enrollment November 2010

Retire in 3D!

Strategic Planning September 2010

Am I Old? July 2010

Memory Clutter June 2010

Aging In America May 2010

Volunteering April 2010

Spirituality March 2010

Estate Planning February 2010

Encore Careers January 2010

Hiring Home Care December 2009

Annual Giving by Sharon Naeole November 2009

Flu Pandemic 2009 October 2009

Healthy Memory, Healthy Mind September 2009

A Personal Perspective on Caregiving July/August 2009


Wei Ji: Crisis, Danger and Opportunity April 2009

Write your own obituary March 2009

Hobbies February 2009

Hope and Vision in Challenging Times
January 2009

Medicare Changes 2008: Take A Look! December 2008

Scams, Frauds and Rip-offs November 2008

Engaged Retirement: Beyond Financial Planning October 2008

September 2008 Caregiver Dilemmas

Finding Rhythm and Purpose July/August 2008

Spring Cleaning II June 2008

V + OA = ER (Volunteering + Older Americans=Engaged Retirement)May 2008

Spring Cleaning April 2008

Have You Had the Talk Yet? March 2008

Get Moving with FitRhythms™! February 2008

My Condolences January 2008

Advocacy December 2007

What Are Social Services? November 2007

Sensitive Topics October 2007

Plan for the Future September 2007

The Up-side of Aging Summer 2007

Volunteering June 2007

Strategic Plan May 2007

National Conference on Aging: Let's ReThink Aging April 2007

Brain Health March 2007

Resiliency February 2007

Transportation January 2007

Season of Giving December 2006

Medicare Part D November 2006

April Hill McElroy October 2006

Civic Engagement September 2006

Change June 2006

White House Conference on Aging May 2006

Hearing Loss April 2006

GrandPals March 2006

Lets Talk February 2006

Eldertopia January 2006

Hoarding December 2005

Annual Report: November 2005

Are You Prepared? October 2005

Planning Ahead October 2005

Watch Your Language September 2005

Medicare Part D Summer 2005

Sue Tillett June 2005

The End of the Journey May 2005

Clutter March 2005

New Dietary Guidelines February 2005

Transitions January 2005

Funding December 2004

Caregiving November 2004

Civic Engagement with GrandPals October 2004

A New Look September 2004

Safe Driving Summer 2004

Food Safety June 2004

Communication June 2004

The Challenge of Giving Care May 2004

Seniors On The Move April 2004

Depression March 2004

McGreevey February 2004

Medications January 2004

Random Acts of Kindness December 2003

Civic Engagement November 2003

Reverse Mortgages Oct 2003

Emergency Preparedness, Jan 2003

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