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.
June 2013 - Age Friendly Communities
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
APRIL 2012 - TEN YEARS
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!
Am I Old?
Aging In America May 2010
Volunteering April 2010
Spirituality March 2010
Encore Careers January 2010
Hiring Home Care
Annual Giving by
Flu Pandemic 2009 October 2009
Healthy Memory, Healthy Mind
A Personal Perspective on Caregiving
Wei Ji: Crisis, Danger and Opportunity
Write your own obituary
Hope and Vision in Challenging Times
Medicare Changes 2008: Take A Look!
Scams, Frauds and Rip-offs November 2008
Engaged Retirement: Beyond Financial Planning
Finding Rhythm and Purpose
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?
Get Moving with FitRhythms™!
My Condolences January 2008
What Are Social Services? November 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