Summer is a great time to increase your fitness level for a better quality of life. Fitness should involve more than just improving your appearance; it is really about maintaining your health. Please remember to talk to your doctor before starting any exercise Regimen. Aerobic exercise - loosely defined as any physical activity that makes your muscles, heart and lungs work harder - is best. Walking is one of the safest, most effective and easiest forms of exercise. Experts say 30 minutes of walking 3-5 times a week can bring about significant improvements in your fitness level. Walking can lower bad cholesterol and blood pressure while helping to maintain bone density and strengthen muscles. It also boosts your metabolism, helping your body burn more calories. Exercise releases mood-elevating endorphins.
A pedometer can help keep you accountable in your goal to become more active. It accurately counts your steps. You can get them for as little as $10 at Walmart. The more sophisticated ones cost around $30-40. Daily step count roughly correlates with these activity levels:
Less than 5,000 steps = sedentary
5,000-7,499 = low activity
7,500-9,999 = somewhat active
10,000-12,499 = active
12,500 or more = highly active
I recently discovered on days I do not purposely exercise I get less than 2,000 steps. YIKES! I GOTTA GET MOVING! Lets Go!
Making the decision to hire a home care service to provide care for your loved one is an important decision and can, at the same time, be very difficult. If an illness or recovery from surgery requires nursing care or physical therapy, a physician may order skilled home care services that provide both skilled providers and personal aides. Your decision is then based on the obvious medical determinations made by the doctor. But what if you as the family caregiver must determine the extent of care needed without the help of a doctor?
Each home care situation is unique. In the beginning, family or friends step in to help with simple tasks and support for aging seniors who want to stay in their homes. As long term care needs progress, more time is required to manage those needs. Physical and mental conditions change with aging making usually routine hygiene and daily living activities difficult for an aging individual. Even with the healthiest of seniors, the ability to drive a car, shop for groceries or do general housekeeping eventually needs to be relinquished to the responsibility of another person.
In one example, Karen, would stop by her parents' home on her way to work every morning and again on her way home from work in the evening. She checked in the morning to see that they were up and ready for the day and Karen would take a shopping list for things they needed. In the evening she delivered the needed items she had purchased during her lunch break and sometimes she fixed a meal when one was not prepared by her mother. This worked well until Karen began to notice her father did not shave or dress during the day and both parents were forgetting their medications. Karen felt more time and supervision was needed in their care but with her own family and job, she could not do it. Non-medical or personal home care services would be a good option for Karen to consider.
Before starting your search for a non-medical or personal home care company, determine what the care needs are and how much time each week will be required for assistance from the company. You may want to consult with the family physician and other family members as well as experienced social workers or care managers to determine needs. Most home care companies, as well, will help you do an assessment at no charge. With your care needs in hand, you are ready to begin your search.
The National Association for Home Care & Hospice (http://www.nahc.org/home.html) gives the following guidelines and checklist in searching for a home care company.
How long has this provider been serving the community?
Does this provider supply literature explaining its services, eligibility requirements, fees, and funding sources? Many providers furnish their home care clients with a detailed "Patient Bill of Rights" that outlines the rights and responsibilities of the providers, clients, and family caregivers alike.
How does this provider select and train its employees? Does it protect its workers with written personnel policies and malpractice insurance? Does it protect clients from theft or abuse by bonding its employees?
Does this provider assign supervisors to oversee the quality of care clients are receiving in their homes? If so, how often do these individuals make visits? Who can the client and his or her family members call with questions or complaints? How does the company follow up on and resolve problems?
What are the financial procedures of this provider? Does the provider furnish written statements explaining all of the costs and payment plan options associated with home care?
What procedures does this provider have in place to handle emergencies? Are its caregivers available on notice?
How does this provider ensure client confidentiality?
If a home care company has not previously been recommended to you, ask for a list of previous clients and call for their experience with this provider.
Following up on these guidelines can help you determine the quality of personal care that is given. Many states license non-medical home care companies and require both legal and health standards to be maintained.
When I talk to clients they often share with me that they feel overwhelmed with the accumulation of their “stuff”. If you have been living in your home for 10, 20 or even 60 years, you might have quite a bit of “stuff” accumulated.
Are you feeling overwhelmed? Don’t be. Not everyone has the resources to outsource help in getting rid of their accumulated riches.
Use these helpful tips and resources to get organized.
Set small goals: Every week set a goal to go through a drawer or closet vs. saying to yourself “This weekend I am going to clear out the garage.” It is easy to overwhelm yourself. Set goals that feel good.
Get in contact with one or two charities. Am Vets has my contact information logged in their data base. When I call, they have my address and I can set up a pick up date from their automatic system.
Have an area in the house or garage called the “Charity Pile”. Anytime you view or pick something up you would like to give to charity, put it in the pile. When you have enough stuff for pickup, call your charity. They will come out every month if you request them to.
When you are cleaning a drawer or area of the house, ask yourself these questions:
Do I use it?
Do I need it?
Does it bring joy to my life?
Is it damaged, broken or inoperable? If so, am I willing to repair it right now?
If I lost it in a fire would I replace it exactly as it is?
Does it reflect who I am in my life now?
If I had to move three times next year, would I pack it and pay to move it that often?
I think you will find these questions “freeing” in the process of clearing the clutter from your life.
My friend Jo Lodato of the Joy of Organizing also gave me the “FAT” program that is immensely helpful.
Whenever you pick up a piece of paper “FAT” it:
F: File it
A: (take) Action on it
T: Toss it
If you have things of value that you are hesitant in parting with, consider using a consignment shop or contacting someone who will consign your things on EBay. Be aware that you will probably only receive 40% of what it is sold for. However, 40% of something that you wouldn’t use need or want can be worth your additional feeling of lightness. I wish you well.
If you have a reverse mortgage question, Call Angella 866-949-7030.
This is a great article on Senior Pet Adoption. An excerpt of the article is below along with the link. Consider using www.petfinder.com. It is a search site with pets that need homes all over the country. I hear it said that if everyone who apopted an animal, adopted from an animal shelter, we would no need animal euthanasia.
There’s no question that pet adoption can be good for some seniors. The benefits are well-documented:
Lower blood pressure
Reduced cardiovascular disease
Reduced feelings of stress
Lower cholesterol levels
improved overall health means fewer doctor appointments
Increased sense of responsibility and alertness
Reduced sense of loneliness
Increased activity during the day
Increased fun!
Sounds great, doesn’t it? But before you rush out and buy that dog, cat, or ferret, make sure you are making the right pet adoption decision.
Things to Consider About Pet Adoption for Seniors
Don’t surprise anyone with pet adoption. Ever. No matter how wonderful the animal is, pet ownership is a big responsibility. The American Humane Society encourages people not to purchase pets as a surprise, so discuss pet adoption and pet ownership with the senior before you acquire the animal.
Let the person choose their own pet. You may love Beagles, but your grandmother might want a quieter dog. And while your grandfather says he would love to have a cat, perhaps grooming a long-haired cat isn't what he had in mind.
You may be taking care of elderly parents now or looking at that possibility in the near future. According to a report from USATODAY/ABCNews/Gallup Poll, 41% of baby boomers are helping take care of elderly parents by providing personal help or financial assistance or both.
If financial planning and long term care planning have not been done previous to the need for care, the burden falls on the caregiving family member. Decisions about how care will be paid for, who will be responsible for managing the estate as well as how the long term care will be given can cause stress and contention among family members.
It is best for parents and all family members to be involved in planning for future financial needs. The financial resources being used today could change drastically with the occurrence of a stroke, illness or onset of dementia. In order to plan financially for long term care, you need to know what the costs are now and what they will be in the future.
Every year MetLife does a survey of long term care costs. Their 2010 survey shows that the average daily rate for private nursing home is $229 which is up from $219 in 2009. Assisted living monthly base rate cost rose to $3,293 in 2010 from $3131 in 2009. Home health aids average $21 an hour.
Planning financial needs can be very difficult, considering you do not know when long term care will be required or how long it will be needed. You can determine what will be needed in certain living situations. Staying in your home for care will require Professional Home Care assistance, travel accommodations to doctor appointments, help with shopping, meals, medical supplies and medication and possibly a 24-hour attendant. Even if a family member is doing most of the care, eventually professional care will be required or a move to a nursing home facility will be necessary.
When evaluating your present income and assets consider how they would work for future needs.
Do I have to sell the house to pay for other living arrangements?
Are there other financing alternatives?
Do I have life Insurance or the means to pay for a funeral and burial?
Will my spouse be cared for financially?
Should I do Medicaid planning?
Do I have the legal documents that may be needed?
An article by Thomas Day, Director of the National Care Planning Council, titled “Paying the Cost of Care,” reviews some of the financial options that can be used.
“Tangible assets that might produce enough income to pay for long term care might include investment property such as rentals, commercially leased property, land, a farm, second home or a business..."
"Some individuals are heavy into real estate and short on cash. If the intent was to cash out of the investment at some future point, then a sale is warranted. But, it seems a shame to sacrifice in early years to establish an investment only to throw it away to long term care. It would make more sense to use income from the investments to buy long term care insurance."
Long term care insurance is one option for paying for care. Long term care insurance helps pay for the care you need when you can no longer care for yourself. It can protect your family's financial future and your own investments. There are qualifications that need to be met with health and age. This type of insurance is more expensive the older the person and almost impossible to get if age related illness has already occurred.
Senior Financial Planners are expert in working with seniors and their families to set up long term care plans. They usually work with an Elder law Attorney and Care Manager (Professional) to give you all options and resources for care.
Elder Law Attorneys help with Medicaid Planning and Asset protection as well as legal documents needed for final requests.
If staying in your home is a desired option, a Reverse Mortgage can supply the funds to pay for home care.
Another option for veterans who served during a time of war is the Aid & Attendance Benefit. This benefit provides extra income up to $1,949 to help pay for home care, assisted living and medical costs. It will also pay for widows or widowers of the Veteran. To learn more about qualifications for these benefits contact a Veteran Benefit Consultant in your area.
Knowing your needs and financial resources is paramount before making any long term care decisions. Working together, both parents and family members can ease the stress and burden of elder care needs.
Reverse mortgage borrowers are much more sophisticated in comparison to five years ago. The popularity of the programs and the Internet has contributed to a vast amount of information available to consumers. Nine times out of 10 when I talk to a client, they have already done their research on how a reverse mortgage works. They have often talked to several loan originators and are anxious to talk about rates and costs. Too often when I explain that there are fixed rate and adjustable rate programs available, clients will immediately state that they want a fixed rate at the lowest cost. While a fixed rate reverse mortgage program can be applicable in many situations it is not always the wisest choice or the most financially conservative program for everyone.
The most important questions to ask in choosing a reverse mortgage program is how much money do you need/want?
How are you going to use the money?
Do you need the money for income?
Do you have any debt/lien payoff? How much?
Are you going to use the money to make a large purchase such as a car?
When do you want the money?
Are you going to use the money to pay down medical or credit card bills?
Do you need the money for repairs on your home? Do you anticipate needing repairs on your home in the future?
How much will they cost?
Do you have money in reserve?
Do you need an emergency fund?
Is your home age friendly? Or, can be modified to be age friendly?
Will you be able to sustain a budget to take care of yourself and your home including property taxes and homeowners insurance?
This is a major HUD concern for borrowers who are attaining reverse mortgages. There are thousands of reverse mortgage borrowers who are delinquent on property taxes and maintaining homeowners insurance. Delinquency of these items can and will cause a lender to foreclose on your home. These are exceptionally important questions to consider.
Homeowners that do not need as much money or may have a smaller debt/lien payoff might want to consider one of the saver programs. The costs are less and there are smaller amounts that are available to borrow.
Homeowners that plan on living in their home for a long period of time might want to consider the monthly adjustable program. While it is the most expensive program to attain, it is the most flexible. Clients can get a monthly income for life, take money over a specific period of time, or set up a credit line that they can access anytime with great flexibility. Another great aspect of the credit line is that any unused portion will grow at the same rate as the loan +1.25%. This credit line growth rate is independent from both the home value and the loan value.
The fixed rate programs might be more appropriate and attractive for homeowners who have a larger debt/lien to pay off. Or who might need a large sum of money right away. There is some emotional assurance of knowing how much you owe any given time; however again, it is not always the most financially conservative reverse mortgage.
A good reverse mortgage specialist will be happy to quote you programs, costs and rates. A better reverse mortgage specialist will ask you why you want a reverse mortgage and help you answer some the questions listed above, provide you with consumer guides that are not full of marketing hype and stress that it is important that you take your time and make a fully informed decision.
If you have a reverse mortgage question, Call Angella Conrard, Reverse Mortgage Advisor. 866-949-7030; www.reverse-your-mortgage.com.
Starting September 11, 2010, reverse mortgage counselors will be implementing a new counseling protocol.HUD counselors will be required to use the national Council on aging is Financial Interview Tool (FIT) to create a budget for their clients based upon their income, assets, debt and expenses.
This tool is designed for counselors to help their clients understand their current situation, and if a reverse mortgage can assist them in their long-range goals of aging in place.
While some potential reverse mortgage borrowers may consider this new protocol unneeded, meddlesome or a bit lengthy considering that less than 20% of Americans have not had any kind of budget training others might think that it might be helpful and a protocol to prevent disasters for older Americans in the future in the area of successful aging in place with a reverse mortgage.
This new protocol will help potential reverse mortgage clients assess their current financial needs and their future financial needs and if a reverse mortgage should be considered. Counselors will also be completing a BenefitsCheckUp for clients whose income falls 200% below the poverty level or are disabled. This checkup can quickly screen clients for more than 1800 public and private benefits programs that they may be eligible for.
The counselor will provide the potential reverse mortgage client with (the loan originator may also provide):
The role of the counselor is that of an independent third party. Their job is to provide objective information on reverse mortgages to their clients so that they may make a fully informed decision as to if it's for their highest benefit. It's been my experience in working with clients that at the very least HUD reverse mortgage counseling can be a review of the information I've provided for my clients on the nuts and bolts of how reverse mortgages work. For the 20% of potential borrower's that may find this reverse mortgage counseling a bit tedious, in my opinion it's a safety net for those consumers who might not think about the implications of how reverse mortgage will affect them in the long run. This will help avoid defaults from the failure of paying taxes and hazard insurance that would only cause more stress to the FHA insurance program that puts the entire reverse mortgage program at risk, along with that a healthy future market.
If we had a crystal ball and could see into the future, we would not need to prepare ahead for end of life decisions.
James was 62 years old when a stroke made it impossible for him to communicate with his family. Neither his wife nor children knew anything about his financial or medical information. James had always taken care of things himself and left no written directives in his behalf. Besides having to locate important documents, the family was left to make their own decisions about James long term care.
The National Institute on Aging gives three simple, but important steps to putting your affairs in order:
“Put your important papers and copies of legal documents in one place. You could set up a file, put everything in a desk or dresser drawer, or just list the information and location of papers in a notebook. If your papers are in a bank safe deposit box, keep copies in a file at home. Check each year to see if there's anything new to add.
Tell a trusted family member or friend where you put all your important papers. You don't need to tell this friend or family member about your personal affairs, but someone should know where you keep your papers in case of emergency. If you don't have a relative or friend you trust, ask a lawyer to help.
Give consent in advance for your doctor or lawyer to talk with your caregiver as needed. There may be questions about your care, a bill, or a health insurance claim. Without your consent, your caregiver may not be able to get needed information. You can give your okay in advance to Medicare, a credit card company, your bank, or your doctor. You may need to sign and return a form.” National Institute on Aging http://www.nia.nih.gov
Advance directives are legal documents that state the kind of medical care or end of life decisions you want made in your behalf. It is a way for you to communicate your wishes to family or health care professionals. Emergency response medical personnel cannot honor Advance directives or living wills. They are required to save and stabilize a person for transfer to a hospital or emergency facility. Once at the facility a physician will honor the directives.
The Living Will as part of your directives gives your consent or refusal for sustained medical treatment when you are not able to give it yourself. If this document is not in place then a family member or physician will decide such things as:
Resuscitation if breathing or heartbeat stops
Use of breathing machines
Use of feeding tubes
Medications or medical procedures
Advance Directives and Living Wills are legal throughout the United States; however, some states may not honor other states' directive documents. Be sure to check with the state you live in for their requirements.
Review your directives periodically. They do not expire, but your wishes may change. A new or revised Advanced Directive invalidates the old one. Be sure your family member or healthcare proxy has a current copy.
General Power of Attorney - authorizes someone to handle your financial, banking and possibly real estate and government affairs as long as you remain competent.
Special Power of Attorney - authorizes someone you designate to handle certain things you cannot do yourself for a period of time.
Durable" Power of Attorney -The general, special and health care powers of attorney can all be made "durable" by adding certain text to the document. This means that the document will remain in effect or take effect if you become mentally incompetent.
Many people do not know the difference between a general and a durable power of attorney. A general power of attorney is a document by which you appoint a person to act as your agent.
Agents are authorized to make decisions for you, sign legal documents, etc. Many people are unaware that a General Power of Attorney is revoked when the person granting that power becomes incompetent or incapacitated.
It is the "Durable" Power of Attorney that allows for an agent to continue making decisions on your behalf no matter what happens to you. A responsible adult child of an aging parent would be given a "durable power of attorney" to act on behalf of the parent. This provides broader authority than just adding the child's name to bank accounts and documents.
You may choose to produce notarized power of attorney documents on your own. If your estate is large and real estate or business is included it is advised to secure a reliable attorney.
The opinions expressed in this Blog and those providing comments are theirs alone, and do not reflect the opinions of iReverse Home Loans or any employee thereof. iReverse Home Loans is not responsible for the accuracy of any of the information supplied by the Blog. Please click your browser's back button if you do not wish to continue.
reverse mortgages help seniors strapped for cash More seniors are turning to a reverse mortgage loans these days. A reverse mortgage is a loan that allows seniors to tap into their home equity and use the money to pay for things such as medical bills, groceries and even home repair.
FHA is overwelmed with condo projects to be approved HUD, did away with condo projects ability to be approved with "Spot Condo" proceedures to get a better hold of the data of how many FHA loans exist in what projects. Approvals are adding another month in the process of attaining a reverse mortgage for condo owners.
Older American Home Values are flattening Golden Gateway Financial released new usage data from its online reverse mortgage calculator showing that average home values for older Americans have halted their slide after remaining flat or declining for seven consecutive quarters.
A new survey from the Center for Retirement Research at Boston College found that 40 percent of individuals 45-59 expect to retire later than they had before the downturn, with most of the respondents intending to work an additional four or more years before retirement.
Financial Planning Exchange Forum This is an excellent forum, set up by my friend Bryan Wisda who has a passion in helping seniors and people with finances in general
Obama to Promote Annuities and Other Forms of Guaranteed Life Income The Department of Labor and the Department of the Treasury (the “Agencies”) are soliciting comments whether the agencies could or should enhance the use of lifetime income or other arrangements designed to provide a stream of income after retirement.
One of the questions is related to reverse mortgages:
What are the advantages and disadvantages of approaches that combine annuities with other products (reverse mortgages, long term care insurance), and how prevalent are these combined products in the marketplace?
Why the sudden interest in how the government can enhance the use of lifetime income arrangements?
The New York times recently reported that the Obama Administration is promoting annuities as a tool to give Americans a better shot at a more secure retirement.
Is Reverse Mortgage Interest Deductable? Reverse Mortgage interest deduction rules are the same for traditional loans and for reverse mortgages:
Reverse mortgages are meant for the elderly who will most likely be paying their mortgage and the accrued interest only after they die so the interest deduction is usually just an afterthought. Upon death and on their personal tax returns mortgage interest may be deductible for the original acquisition debt interest, home improvement debt interest and possibly up to $100k of debt on the home for any other use but not deductible for AMT (but it probably won't make that much of a dent in their personal taxes)
Qualified Residence Interest Expense.
Congressional Justification Docs Detail Possible Changes to FHA Reverse Mortgage Program The US Department of Housing and Urban Development published the 2011 Congressional Justifications for the FY 2011 Budget which provides more information regarding the OMB’s $250 million credit subsidy request for the Federal Housing Administration’s reverse mortgage program.
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