1)  Costs for doing a reverse are comparable to a conventional mortgage…even though you always hear they are high cost. Since this is a FHA insured loan , the difference is the cost of the Mortgage Insurance Premium.  All fees are regulated and only HUD allowed fees are permitted with no mark-ups or junk fees.
2)  Social security and Medicare are NOT affected if you take out cash from  a Reverse Mortgage, because it is a loan so the IRS does not consider the proceeds income.
3) The Lender or bank does NOT own your home..You OWN the home and are on title.
4)  There are no monthly mortgage payments , however you still must pay your taxes and insurance.
5) A reverse is a non-recourse loan. This means the borrower or heirs are not responsible for any difference if the home is sold for less than what is owed. Borrowers are NOT leaving debt to their children.
To talk to a Reveres Mortgage Specialist  at MSI Reverse call 855 901 3100

According to Wikipedia the online dictionary below are the definitions of Medicare and Medicaid. Many seniors believe that these two medical payment systems are all they need for healthcare without every really understanding what they do or how they work. The financial consequences of understanding how and when each of these apply can make a huge difference in a persons quality of life and/or care, it pays to know these differences.

Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over; to those who are under 65 and are permanently physically disabled or who have a congenital physical disability; or to those who meet other special criteria like the End Stage Reneal Disease program (ESRD).

Medicaid is the United States health program for certain people and families with low incomes and resources. It is a means-tested program that is jointly funded by the state and federal governments, and is managed by the states.^[1] People served by Medicaid are U.S. citizens or legal permanent residents, including low-income adults, their children, and people with certain disabilities. Poverty alone does not necessarily qualify someone for Medicaid. Medicaid is the largest source of funding for medical and health-related services for people with limited income in the United States.

Medicaid is basically charity, and while it serves a function of assistance in society there are strict rules and regulations for qualifying. If you are concerned or interested I suggest speaking to a certified elder law attorney or one the specializes in wills, trusts or succession planning.

If you need a referral or are an attorney wishing to be referred you may contact me at crizzo@msiloans.biz

So I did some checking to see what is still made in America:
Here’s are 10 things stills made here:

1. Motorcycles – Harley-Davidson and  Victory, also Snowmobiles by Polaris
2. Baseball bats by Louisville Slugger and Wilson footballs
3. Kitchen Appliances – KitchenAid and Viking
4. Guitars – by Gibson
5. Crayola Crayons and silly putty
6. Hallmark greeting cards
7. Pianos by Steinway
8. Guns…Smith & Wesson
9. Chopsticks! by Georgia Chopsticks
10. Cars – believe it or not 80% of the parts on a Toyota Camry are made in America, 75% on a Chevy Malibu!

Have a Great New Years and all the best to everyone in 2012!

Examples of this include accessible entrance doors; entry-level hallways that are wide enough for mobility devices; ramped or beveled door thresholds; and accessible bathroom.

“Because of the profound demographic shift, state legislators will want to be aware of how the policies discussed in this report affect the ability of older adults to age in place as they consider introducing or amending similar legislation,” AARP concludes in its report. “On the whole, state adoption of policies and practices that facilitate aging in place is a prudent way to help ensure our communities are livable throughout the lifespan.

Because seniors want to stay in their homes, a reverse mortgage is an option that seniors should look at to help them have access to their equity and use it for home health care , or to make their home more handicap accessible if needed.

Read the full report, “Aging in Place: A State Survey of Livability Policies and Practices ^[1].”

Written by Alyssa Gerace ^[2]

Here are ten tips to help make the conversation a little easier and less stressful.

1. Be Positive — Bring up the subject when things are going well in your parent’s life, rather than at a time of stress, problem or an incident. Allow your parents to make their own choices. Resist the temptation to push issues unless their health is in jeopardy.
2. Ask for help — Ask your mom or dad to help you understand what’s important to them and what kind of assistance they would like to help them stay in their home as long as possible. Be aware of the questions they ask you..especially if they are general or  vague questions. When my mother called me one day to ask to take my father to his doctor’s appointment I said no problem. However, I realized this simple question was my folks way of  telling me dad’s health was failing and my mother needed assistance and wanted someone else to know.
3. Make it easier  your parents to accept help — Talk to your parents about your experience, or that of a friend or relative, in asking for help. Show understanding about how it is sometimes for all of us to ask for assistance from others.
4. Focus on them — Focus on your parents’ needs and worries about their current and future living situation. Ask them how they feel about climbing the stairs, or other concerns they have about being safe in their home.
5. Ask about daily activities — Find out what your parent would like help with the most. Is it cooking? Cleaning? Yard work? Driving? Ask them if anything about their current situation detracts from the enjoyment of daily activities.
6. Know the status of their health — Ask your parents about any health problems they have and maintaining their ability to manage daily healthcare.  Are they having problems taking their medications? Can they afford their medications?
7. Make sure they can pay their expenses — It may be difficult to ‘butt into’ a parents finances, but it’s important to know if they can afford to pay bills, eat well and enjoy live, without worrying.
8. Find out how your parents get around — Ask your parents how they get around on a typical day. Do they drive or take a bus? Are they getting rides with friends or walking? Knowing how your parents travel can help you help them find the best ways to get where they want to go safely.
9. Research community resources — Check out transportation ,meals,or home care services that are readily available to make it possible for your parent(s) to remain independent.
10. Compare costs and services — Do your folks have the funds to stay in their home. Look at the benefits a reverse mortgage can have. Compare the costs and benefits of remaining in the home,using a reverse mortgage with that of Assisted Living or continuing Care Retirement Communities.

For additional information call one of our Reverse Mortgage Specialists at 855-901-3100

* Seniors who could benefit from a stream of income during their retirement years
* Seniors who do not have  enough income to make regular mortgage payments
* Seniors who are finding out that traditional retirement income sources ( IRA’s,
   pensions,401Ks,social security) aren’t sufficient to everyday living
   expenses and healthcare needs.
* Seniors who are looking to extend the life of their investments assets, by using
   the proceeds of a reverse mortgage as an emergency fund.

Local Businesswoman Awarded Special Reverse Mortgage Designation

Anissa Palmatier, a reverse mortgage specialist with Mortgage Services III, LLC (MSI), based in Bloomington, IL, has been awarded the Certified Reverse Mortgage Professional designation, making her part of a small, but growing cadre of professionals, who have demonstrated superior knowledge and competency in the area of reverse mortgages and dedication to upholding the highest ethical and professional standards.

Only 29 applicants nationwide have so far received the CRMP since the first awards were bestowed by the National Reverse Mortgage Lenders Association in  June 2010. The first class of awardees, including Palmatier, were honored at NRMLA’s Annual Meeting in November 2010.

 “I believe in this product, and I enjoy helping seniors finance longevity,” says Palmatier.

Before someone can apply for the designation and sit for the exam, they must first meet a series of rigorous experiential thresholds that include time spent in the reverse mortgage industry, number of reverse mortgages personally closed by the applicant and continuing education. Each applicant must also pass a background check.

“We congratulate Anissa and admire her for striving to be a part of the first group of 28 industry professionals committed to demonstrating their eagerness for continued education and thorough knowledge of the reverse mortgage sector,” says Peter Bell, President of NRMLA.

Reverse mortgages are available to seniors 62 years-old and older with significant home equity. They are designed to enable elderly homeowners to borrow against the equity in their homes without having to make monthly payments as is required with a traditional “forward” mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home.

About Anissa Palmatier

Anissa Palmatier has been in the mortgage industry for over 10 years and joined the MSI Reverse Mortgage team in 2011. She became one of only 29 people in the country to earn the CRMP (Certified Reverse Mortgage Professional) designation given by the National Reverse Mortgage Lenders Association in June 2010. Previously, Anissa was a reverse mortgage specialist for National City Mortgage, which was acquired by PNC earlier this year, and has closed over 150 reverse mortgage loans.

About the National Reverse Mortgage Lenders Association:

The National Reverse Mortgage Lenders Association (NRMLA) is a membership organization comprised of over 300 companies and more than 1,000 people participating in the reverse mortgage industry. NRMLA serves as the national voice for the reverse mortgage industry. It serves as an educational resource, policy advocate and public affairs center for lenders and related professionals.

 NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business.

 For information contact:

 Anissa Palmatier, 309-275-3283

Here is an example of using a reverse for purchase:
The Williams recently sold their home of 30 years for $350000 in Chicago and moved to Sarasota to purchase a new primary SFR for $300000. They can use the $350000 to buy the home in Sarasota and have no mortgage payment , but only $50000 left in the bank for living expenses or an emergency fund.
To keep more money in the bank for living  expenses or an emergency fund they can look at purchasing their Sarasota home using a reverse mortgage.
At both age 74, the net proceeds available from the reverse mortgage on the new SFR purchased property using a fixed rate of 4.99 (APR 6.72) would be $194166

* Purchase price………………………….$300000
* Reverse mortgage net proceeds…..$ 194166
* Cash required to close………………..$105834
By using a reverse mortgage , the Williams will still not have a  monthly mortgage payment*, but more  importantly they will  still have over $244000 in the bank that can be used for living expenses or an emergency fund. This is a great way to extend the life of their saving and investment assets.
So using a reverse mortgage to purchase your retirement home can be a good option to keep a liquid emergency fund, instead of using all your assets to buy a home that can be harder to convert into cash in cash of an emergency.
For more information call MSI at 855 901 3100 or visit us on the web at www.msireversemortgage.com

  *monthly interest is added to the loan balance each month, so the loan balance grows. A reverse  mortgage payment is not required until the last spouse living in the home dies,  they sell their home, no longer live in the home,or do not pay the taxes , insurance or upkeep the home.