Some of our clients ask us if a reverse mortgage is a good idea. Usually they are struggling on a fixed income and are looking for ways to keep up with the rising costs of utilities, food, and medical care. The answer - as it is so often - is that it depends.
The basics of the reverse mortgage are simple enough to grasp. If you own a home and are at least 62 years old, you may be able to quickly get money by taking out a reverse mortgage. It allows an eligible home owner to borrow from the home's equity in a lump sum, line of credit, or regular monthly payments (called a "reverse annuity mortgage"), while not having to pay a monthly mortgage payment. The homeowner retains title and must pay insurance and property taxes while living there. The loan and interest are due when the homeowner dies or vacates the home. The home is then sold and the proceeds are used to pay off the loan. The most popular choice is the line of credit because it allows a borrower to decide whether he or she needs the money and how much. Moreover, no interest is charged on the untapped balance of the line of credit.
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Also in this month's issue of LifeLines
UPCOMING EVENTS - FUTURE SEMINARS
Check next month's newsletter for dates, times, and locations for the Fall schedule for our informative seminars on long-term care planning and asset protection. These seminars have proved very popular and early registration is recommended.
Sestak's Senior Service Fair: On Wednesday, August 13th, from 1-4 PM, Congressman Joe Sestak will be holding the "Seventh Congressional District's Senior Summit and Service Fair" at the Brandywine Campus of Pennsylvania State University located at 25 Yearsley Mill Road, Media, PA. This event is free of charge.
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HEALTHLINE - DIABETES AND AGING
Diabetes mellitus is a chronic disease in which the glucose (sugar) levels in the blood are too high. In Type 1 diabetes, the pancreas doesn't produce enough insulin, and in Type 2, the body is unable to use the insulin that is there. Type 2 is the more common type in older adults. Diabetes is a serious condition associated with many complications, including blocked arteries, stroke, nerve damage, loss of vision, and kidney disease.
Some symptoms of diabetes and high glucose levels in the elderly may include weight loss, excessive hunger and thirst, lack of energy, frequent urination, feeling tired, memory loss, and vision problems. Diabetes can be treated with insulin, but lifestyle changes such as modifying your diet, losing weight, increasing physical activity, and stopping smoking may be the first options suggested by your health care provider.
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CARE GIVER HELPLINE - CARE AT HOME CAN HELP THE CAREGIVER
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