For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home equity loan. But a conventional loan really doesn’t free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person’s lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title “reverse mortgage”.

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money to pay off debt, make home repairs, or for remodeling.

For those seniors who are in need of long term care and want to stay in their home, a reverse mortgage can create the money needed to pay for in-home personal and medical care. They can also pay for needed medical equipment and handicap adaptation to their home.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

• The bank does not own the home but owns a lien on the property just as with any other mortgage
• You continue to hold title to the property as with any other mortgage
• The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
• There is no penalty to pay off the mortgage early
• The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish

False Beliefs Regarding Reverse Mortgages

• “The lender could take my house.” The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
• “I can be thrown out of my own home.” Homeowners can stay in the home as long as they live, with no payment requirement.
• “I could end up owing more than my house is worth.” The homeowner can never owe more than the value of the home at the time the loan is due.
• “My heirs will be against it.” Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

The amount of reverse mortgage benefit for which you may qualify, will depend on

• your age at the time you apply for the loan
• the reverse mortgage program you choose
• the value of your home
• current interest rates
• and for some products, where you live

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower or borrowers no longer occupy the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

The most popular reverse mortgages are the so-called HECM loans. HECM loans require that the applicant meet with a government approved counseling agency to be sure the applicant understands the reverse mortgage process.

The Federal Trade Commission states:

“Before applying for a HECM, you must meet with a counselor from an independent government-approved housing counseling agency. Some lenders offering proprietary reverse mortgages also require counseling. The counselor is required to explain the loan’s costs and financial implications, and possible alternatives to a HECM, like government and nonprofit programs or a single-purpose or proprietary reverse mortgage. The counselor also should be able to help you compare the costs of different types of reverse mortgages and tell you how different payment options, fees, and other costs affect the total cost of the loan over time. Most counseling agencies charge around $125 for their services. The fee can be paid from the loan proceeds, but you cannot be turned away if you can’t afford the fee.”

A Reverse Mortgage Specialist in your area can answer your questions, calculate the amount of loan you can receive and advise the type of loan for your needs.

The National Care Planning Council (http://longtermcarelink.net/a7reversemortgage.htm) has a list of Reverse Mortgage Specialists in your area.

Reprint courtesy of National Care Planning Council’s e-newsletter, Planning for Eldercare.

Almost one-third of people 65 and over fall each year, half of which take place in the person’s home. It can be scary to have a loved one living alone. What if they fall and injure themselves? What if they can’t reach the phone? There are a few ways to get peace of mind for you and your loved one.

One of these ways is a medical alert system. A medical alert system is essentially a small receiver that plugs into your phone line. This receiver connects to a pendant that can be worn around the neck or the wrist. If the wearer has a problem, they can activate the pendant and this sends a call through the receiver to either an operator or 911. A system like this provides a great way for seniors to live independently with a sense of security. Getting one of these systems can be a tough process however.

There are as many as 10 different providers of medical alert systems. Each provider has different features and drawbacks. You should consider what the battery life of the pendent is. If you fall and the battery is dead, you can’t call for help. The range that the pendent can call for help varies from provider to provider. Some cheaper pendants can’t even signal through walls. Make sure to do your research before you pick a medical alert system provider. A personal alternative to medical alert systems is to hire a home caregiver to look after your loved one.

Actually, Mindy probably doesn’t need any introduction! She’s built a stellar reputation across the DC area, with over 30 years experience in the areas of trusts and estates, and all aspects of elder law. She’s active in the community at large and a leader in the legal community. We were pleased to be a part of a great networking event with Mindy July 19th and wanted to share a few photos. For more info on her practice, visit The Law Offices of Mindy Felinton, PC.

Warman Home Care was happy to donate gift baskets and attend the Gaithersburg, MD Upcounty Senior Center Holiday Luncheon.

As you can see, we had a great time exchanging gifts, playing games, eating way too much and – dancing! At Warman Home Care, we try and donate food from time to time to the senior center to help our. But it was extra special to join this event and get to spend some quality time with the staff and members. The live music was a treat, and we had a great turnout for the event.

The Gaithersburg Upcounty Senior Center serves Gaithersburg Maryland and residents of Upper Montgomery County by offering a variety of classes, trips, special events, activities, and a lunch program for senior citizens 55 years of age and older. Click through to find out more about this senior center.

Amidst the debate surrounding health care reform, senior citizens and their families should be aware of what the potential changes will mean for them. If the bill passes, does it mean that the elderly and their families have more choices? Or does it mean the loss of care entirely?

In a recent article for the New York Times, conservative author and blogger Ross Douthat wrote that the elderly are skeptics when it comes to health care reform. It may seem to them that their benefits are being cut, which could result in a loss of essential care. According to Douthat, some are also expressing concern over the rumor and myth that after a certain point, care for the elderly is going to be withheld, resulting, ultimately, in death. Although this would never happen, the bill may result in certain limitations on Medicare procedures that are needed by the elderly.

On the other hand, Democrat Howard Dean, former Governor of Vermont, argues that health reform will result only in more healthcare choices, not a lack or loss of care. In an article for the Washington Post, he wrote that controversy surrounding health care reform stems from myths, which are largely falsified, especially in regard to its supposed support of euthanasia. Reform, he wrote, will resemble the much like in place Medicare system, only it will be available to everyone instead of just the elderly. Dean agreed that steps will be taken to cut waste and frauds, ultimately resulting in more affordable healthcare, rather than a lack or loss of care that some believe to be part of the planned system.

More than anything, it is important to understand what health care reform will mean for the senior citizens in your life. If you would like to learn more about health care reform, please see the list of resources below. 

AARP

New York Times

New York Times Health Care Reform Blog

Washington Post

Government Health Reform

At Warman Home Care we’re always on the lookout for things that make you feel warm and fuzzy.  Philadelphia Magazine is coming out with their “Best of Philadelphia” issue where you can find more than 350 restaurants and services that will give you that warm and fuzzy feeling right here in Philly.

Warman Home Care will also be launching another “Warman Fuzzy” Photo and Video Contest in honor of Grandparent’s Day, which is October 4.  Winners will receive an iPod Nano or iPod Touch for sending in their warm & fuzzy photos and videos of their grandparents or a special senior that has touched their lives. Updates about the next “Warman Fuzzy” photo and video contest will be posted to the Care Share blog.

By popular demand, here are several recipes from our most recent CareShare event! Thanks to personal chef Nikki Haddad for preparing several fantastic healthy, delicious Spanish tapas dishes for all to try. Nikki conducts classes, especially for area hospitals. She demonstrates how fun, easy and tasty healthy cooking can be, even on a tight schedule and budget.

CareShare events like this one, graciously hosted by the Georgetown Retirement Residences in Washington, DC, bring together select professionals in the senior care field. Pictured below is Megan Pickard, from Professional Health Resources (left) and Jackie Adams, new Director of Nursing for the Georgetown Retirement Residences enjoying the event.

Tapas – the Small Plates of Spain
Presented by Personal Chef
Nikki Haddad
The Little Chef
callthelittlechef@gmail.com

Spanish Lettuce Wraps

8-10 small lettuce cups (iceberg or butter lettuce leaves work well)
1 cup crumbled feta (sheep’s milk) or goat cheese
1 cup oil packed sun dried tomatoes (reserve oil)
1 cup roasted red pepper, ½ inch pieces
1 cup Spanish olives, cut in half
1/2 cup scallions, diced
1/4 cup capers
1-2 cloves minced garlic (to taste)
2 tbsp fresh lemon juice
Sea Salt and Pepper to taste

Arrange lettuce cups on a platter.  Combine the rest of the ingredients in a bowl.  Adjust seasoning.  Divide the filing between lettuce cups.  Serve 8-10.

Ceviche’

1 lb. medium shrimp, steamed*
1 lb. krab, steamed*
1 cup cilantro, chopped fine*
1 tsp red pepper flakes (to taste)
1 small red onion, sliced thin (or green onion)
2-3 cloves garlic, minced (to taste)
2 limes, juiced
2 lemons, juiced
1 orange, juiced
¼ cup extra virgin olive oil
2 tbsp tomato paste
Sea salt and fresh ground pepper to taste

In a large bowl, combine garlic, citrus juices, oil and tomato paste…whiskto combine..  Add shrimp, mussels, tomato, cilantro, red pepper flakes, and red onion.  Toss gently but thoroughly.  Refrigerate and hour or two before serving.  Bring to room temperature and as you would shrimp cocktail or with tortilla chips or crostini.  Serves 8-10.
*  Use preferred seafood- anything goes!
*Use your favorite herbs or whatever you have on hand–fresh is best!

Spanish Steak with Chimichurri Sauce

1 ½ -2 lb Flank Steak, cut lengthwise into halves or thirds

Dry Rub:
2 cloves garlic, crushed
½ tsp ancho chili powder
½ tsp Spanish paprika
1 tsp. dry oregano
1 tsp. ground coriander
¼ tsp ground cumin
1 tsp coarse ground pepper
1 tbsp kosher or sea salt

Whisk well.  Rub steak with a little olive oil-just enough for rub to stick.  Generously rub steaks with spice mix and allow to marinate 2-24 hours.  Bring to room temperature, about 20 minutes.  Place steak slices under broiler or on grill and cook 5-7 minutes per side or to desired doneness.  Remove from heat and allow to rest for 10-15 minutes.  Slice across the grain into very thin slices.  Drizzle with chimichurri sauce and enjoy. Best served at room temperature.
Serves 6-8

For 1 ½ lbs. to 2 lb. flank steak

Chimichurri Sauce:

1 cup finely chopped parsley or cilantro leaves
2 cloves garlic, minced
3 T fresh lemon juice
2 tsp. red wine vinegar
1 tsp. red pepper flakes (to taste) or a dash of cayenne pepper
1 tsp. ground cumin
1/2 cup extra virgin olive oil

Place all ingredients in a jar or shaker and mix well.  Place sliced steak on a platter and drizzle with chimichurri.  Buen Provecho!

callthelittlechef@gmail.com

The flickr and YouTube comments, favorites and ratings are counted, and we finally have winners of the  “Warman Fuzzy” Photo and Video Contest.  The winning photo, is one of a dog wrapped up in a warm and fuzzy bed,  pictured to the left.

The winner of the “Warman Fuzzy” video contest is a video (below) of a cute puppy whistling.

Thanks to everyone who submitted photos and helped us decide which photo and video should win. Warman Home Care is a private duty homecare provider that serves clients in Maryland, Washington D.C., Virginia and the greater Philadelphia region. Very soon, we plan to hold another contest similar to the “Warman Fuzzy” contest. We hope that future contests are just as fun as this one was!

A few weeks ago, we asked what Warm and Fuzzy Meant to you. We found out that Warm and Fuzzy can be many things, from a cute kitten to a grandfather reading to his granddaughter.  More than 100 adorable photos were submitted to the Warman Home Care “Warman Fuzzy” Photo Contest, and we just couldn’t decide on our own.

So, we’re leaving voting up to our readers! We’ve narrowed it down to 23 finalists. You can vote simply by commenting on  flickr for the particular photo you think should win. Votes can also be earned when photos are  marked “favorites” on flickr.

We also received video submisssions for the Warmest and Fuzziest video. Voting will be handled the same way for the videos, just leave a comment on your favorite video or rank it on YouTube.

Thanks for your participation, and good luck to the finalists!

All of us here at Warman Homecare are always on the look out for what we call a “Warman Fuzzy” – something that touches your heart and makes you feel good inside.  This story has got it all – cute baby animals, a daring rescue, and a happy ending!  Check out this recent story and then go to www.warmanfuzzy.com to post your best warm and fuzzy pictures or videos to win an iPod Nano or iPod Touch.