90% of seniors want ot stay in their home! A reverse mortgage can help.
“Nearly 90% of people over age 65 indicate they want to stay in their home as long as possible, and four of five in that age bracket believe their current home is where they will always live,” says AARP, which emphasized importance of accessible building standards that allow people to stay in their homes instead of having to spend money on retrofitting or relocating.
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]
The Holidays are a good time to talk with your parents about their finances and health.
It is not easy to talk to your folks about their future. I remember approaching my folks about this and my dad would say, ” I ain’t moving from my home, you will have to carry me out. End of discussion!” I found the holidays are a good time to reach out to your parents and approach them about their well-being.
Here are ten tips to help make the conversation a little easier and less stressful.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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?
- 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.
- 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.
- 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.
- 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
Reverse Mortgages are a Great Options for………
* 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.
Anissa Palmatier of Bloomington Received Reverse Mortgage Award
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
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About MSI
Mortgage Services III's Reverse Mortgage Specialists are here to work for your best interests! Contact us today to see if a Reverse Mortgage is right for you! MSI is headquartered in Bloomington, IL with multiple offices in the Metro Chicago area. 