One can always discern the bias of an article from the introductory remarks.  While the article acknowledges that seniors are living longer, it goes on to suggest that reverse mortgages are “often expensive and unnecessary.”  The reporter ( I use this word begrudgingly) continues, “Though reverse mortgages have their place, it is a rare one. Be cautious.”

The financial planners that were interviewed urge creative solutions like selling the home to the kids. How many kids are in a position to entertain such a transaction. Many of the adult children have lost …

Coping with the Stress of Senior Home Care
December 15, 2009 · Leave a Comment

This article was submitted by Linda Dunkelberger, a freelance writer and editor working for Visiting Angels (www.visitingangels.com). Visiting Angels is a nationwide senior home care provider that helps seniors with everyday tasks, errands, meals, transportation, and more.
Caring for aging parents or loved ones carries a lot of responsibility and a range of emotions. No matter how much love you have in your heart, carrying the load of caring for your loved one will leave you drained physically, emotionally …

With the passage of the reverse mortgage amendment (to HR 4173) in the House of Representatives, the possibility exists that the Consumer Financial Protection Agency will have oversight over the reverse mortgage industry.

In the past, I have suggested that the industry needs a new kind of oversight. The counterintuitive notion of a reverse mortgage “czar” overseeing the industry could be a good thing. Consider this: The reverse mortgage industry has been in existence for twenty years. Yet the industry has not been able to shake the ubiquitous misconceptions that continue to …

When Seniors Move in with Relatives or Others
December 8, 2009 · Leave a Comment

Take Steps Up Front to Prevent Disputes
This article was written by Kate White, Executive Director of Elder Law of Michigan. Although it addresses seniors and their families in Michigan, similar occurrences are taking place throughout the country.
The poor economy in Michigan is forcing many families to consider moving in together to save money and provide care for older adults. According to USA Today, US Census Bureau statistics released in September, 2008 reveal a significant rise in the number …

(fair-NEWS) – Mortgage Refinance Rates Dropping Down This Week Too.

U.S. mortgage rates fell under 5 percent for the unparalleled in last three weeks, a key level which could boost home loan demand and assist the hard-hit housing marketplace get better, a intimately watched mortgage analysis showed last Thursday. Rate of interest on U.S. 30-year fixed-rate mortgages standard 4.98 percent for the week ending November 5, down from the preceding week’s 5.03 percent, as per to a survey released on Thursday through home funding company Freddie Mac.
Many industry professionals take 5 …

The reverse mortgage program really needs to remain strong and robust. It must include condos and co-ops and as many older Americans as possible. This means that the spot condo approval needs to remain in effect indefinitely. It also means that the co-op procedure must be comprehensible. Many fear that it will not be. This inscrutability will act as a de facto elimination of co-ops.  The program must be void of further haircuts. Congress must provide any needed subsidies as long as the program remains in the MMIF.

 The implementation …

Submitted by Robert Hoffman
I am a future senior with something in common with many seniors today: I have diabetes. This is a tale of three diabetics: my stepfather JJ, myself, and my son’s father-in-law. This is also a tale of two morals: listen to what the medication says to the body, and take a hike.
Six years ago I found JJ (my stepfather and then 62) crawling on the floor of his recreational vehicle trying to locate the Formica dining top, but he could not. To him, the world was upside …

Help Seniors Avoid Scammers and False Advertising
December 5, 2009 · Leave a Comment

Submitted by Carol Hetzler
The elderly are often targets for scammers looking to con someone out of their savings, and if the person has Alzheimer’s, dementia or another mentally-debilitating situation, they can make disastrous decisions that can severely impact their finances.
My mother, in a lonely state of mind after dad had Alzheimer’s, started playing the lottery through the mail.  At one point she received a phone call from Canada, claiming that she had won the lottery, but had to send …

I believe that it is time to take a step back to digest and review the recent changes that have occurred and to also focus upon impending changes that will be implemented shortly.  This review is meaningless unless we over-lay the new HUD maxim-“risk management”. Accordingly, it is important to become aware of the aphorism “how one views something will determine what one sees”. And so it is with reverse mortgages. The focus of helping our elders seems to have taken a back seat to efficient long term management (at …

Info On Reverse Mortgage istockAnalyst.com (press release) A Reverse mortgage is a program designed by the Government to help senior homeowners who are 62 years or above and do not have any other income to support … and more