Renovation for Elderly; and Reverse Mortgage Costs

REVERSE MORTGAGE COSTS


To All:

Here's a view of the Reverse Mortgage from California Senior Lenders, which I thought you might find interesting.

About Reverse Mortgage and its Costs.

The reverse mortgage transaction is designed to be done one time. It is not designed to be refinanced every other year. It is a one time loan and it is a long term loan.

There is no “premium” to the lender. The only way for the lender to cover the costs and make any money is to charge the fees to the borrower up front.

If a homeowner takes out a reverse mortgage at age 62, it is very possible that the lender will not get their money back (and their profit) for 25 to 30 years. Would it be ok if the lender charged some up front fee to cover their current overhead and payroll?

FHA is insuring the homeowner against any default by the lender. If the lender goes out of business (lenders are closing their doors everyday), FHA will insure the homeowner gets their full benefit from the loan.


All FHA (and most private) reverse mortgages are “NON-RECOURSE” loans. This means the homeowner is not personally liable for this debt. THE HOMEOWNER IS NOT PERSONALLY LIABLE FOR THIS DEBT! And it is only available with a reverse mortgage.


The (new) FHA program (as of July 30th, and planned to go into effect Oct. 1st) is going to give the homeowner approx. 50% more money and the interest rate is almost 3% less then the private programs.

This is a long term/one time loan and if you add up the fees and calculate the interest charges, project this into the future, paying the fees and getting the lower rate is generally always cheaper.

By Lidia of California Senior Lenders



RENOVATE FOR THE ELDERLY SOONER RATHER THAN LATER

To all:

A bit over a year ago I was lucky enough to attend a NARC (National Association of Retirement Counselors)* luncheon at Vinson Hall in McLean where a presentation was put on about the upcoming renovations of a unit that were to take place, and about the special details and materials that were to be used - to make life easier, safer and more enjoyable for the residents.

So, I was especially pleased to see this article in the Washington Post recently, and see how well the renovations turned out.

With so many older people wanting to, and perhaps, financially needing to, stay in their homes, renovations, with new easier to use and maintain materials, safer designs, better lighting, wider halls and doorways, outside ramps and more, are necessary to help ensure the "golden years".

And, so, once again I say a reverse mortgage may be the best way for some people to finance these home upgrades and then enjoy their homes and independence to the fullest.

Enjoy your day.
Gloria

An Age-Appropriate Update Can Add to Independence

by Kathleen Holm, Washington

Post Staff Writer, 8/12/2008

This efficiency apartment at Vinson Hall in McLean (VA) was renovated and furnished with features intended to reduce the risk of dangerous falls. (Photos From Lydia Cutter Photography/vinson Hall)

The countertops have beveled edges in a contrasting color. This feature aims to help people with visual impairments clearly see the end of the counter. (Lydia Cutter)

Seniors Want To Stay In Their Homes

It's a common refrain: Most people don't want to leave their houses as they get older; they'd like to stay put. Two weeks ago, a retirement community in McLean unveiled a suite that has been adapted and equipped to make that goal more possible.

Your Body: At Any Age, It Makes Sense to Keep Yourself in Balance

Your Home: An Age-Appropriate Update Can Add to Independence

Some elements in Vinson Hall's Suite 238 could be transferred more easily than others to an ordinary home. But the renovation project offers reminders of where potential problems lie as well as examples of simple innovations that could inspire anyone hoping to redo their own living space.

Previously a 520-square-foot, 1960s efficiency with boring beige walls, thresholds that could cause nasty falls and a narrow bathroom entryway that couldn't accommodate walkers or wheelchairs, the apartment was under reconstruction for a year.

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It now features many of the usual adaptations for the elderly and handicapped, such as grab bars and shower seating, as well as such less common ones as remote-control window shades and countertops with easily visible edges.

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Among the additions are recliners that angle forward to help someone move independently from a sitting to standing position.

The staff wanted to create a space that would allow residents to "age in place . . . [and] preserve their dignity," Vinson Hall administrator Judy Bowes said at the press preview.

The new design focuses heavily on preventing falls, which are the "leading cause of death from injury," according to AARP's senior vice president for livable communities, Elinor Ginzler.

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The apartment was reconfigured by Moira Leite of M. Quinn Designs in Annandale to remove features that can cause falls, such as lamps with cords, and replace them with recessed lighting; she also avoided floor coverings, such as rugs, that could cause someone to trip.

Leite also added elements to prevent problems that might lead to falls. The kitchen's continuous Corian countertops, for example, have beveled edges in a contrasting color, which clearly denotes the end of the counter for anyone whose eyesight is impaired.

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Corian is heat-resistant, so some dishes can be slid from stovetop to dining counter rather than being picked up and carried. That can reduce the chances of spilling the contents on the floor, which could lead a person to slip and fall.

Some elements of the renovation are appealing regardless of one's physical ability or age. The suite aims to showcase universal design and possibilities for equipping your home so it ages with you, said Vinson Hall's director of development, Marcia Twomey.

Good lighting, for example, is crucial for safety, but it can also make tasks easier to perform. "Shadows can be deathtraps" on stairwells and in bathrooms, Ginzler said. Well-lit spaces, on the other hand, can improve the quality of life, Leite said.

The new suite's bathroom includes incandescent and fluorescent lighting. A combination of both can help improve visibility for those with cataracts and macular degeneration, Leite said.

Incandescent light mimics sunlight and produces less task-lighting glare. And fluorescent bulbs produce a broader spectrum of ambient light.

Erasing or easing the obstacles that sometimes send people to a hospital, assisted living facility or nursing home may prove popular,

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A 2006 AARP poll of people age 50 and older found "89 percent like where they're living and want to stay there as long as possible," Ginzler said.

Just as with baby-proofing a house for an infant, it's better not to wait for things to go wrong. Incorporating smart design elements can make life easier, not only for the elderly but also for other members of the family.

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Just as people with walkers will find a pedestal sink more accessible, children (and older adults) who have trouble turning small knobs will have an easier time with lever or D-shaped handles.

Ultimately, it is a good idea to consider redesigning earlier rather than later. "Far too often it is not planned ahead of time," Ginzler said, "but thought of after a crisis."

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*NARC sponsors and runs the Certification as a Retirement Counselor, It assures potential elderly clients that they can rely on counselors for quality service and a strong ethical commitment. They know that they can rely on these credentials because they are backed by the national organization. NARC Certification starts the client-counselor relationship off on the right foot!

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