Honoring 11+ million unsung heroes: Alzheimer’s caregivers

About 3.3% of the U.S. population – over 11 million people – currently serve as volunteer,
unpaid caregivers for 6.5 million loved ones living with Alzheimer’s disease. In Colorado alone, we have more than 159,000 unpaid caregivers assisting over 76,000 people with Alzheimer’s.

November is a special month to honor this unique, dedicated group of people. Originally
designated as National Alzheimer’s Disease Awareness Month by President Ronald Reagan in
1983, the event later was expanded by President Bill Clinton to honor our nation’s caregivers:
National Family Caregivers Month.

To be clear, Alzheimer’s is a horrible disease that takes a toll not just on those living with it, but
their volunteer caregivers and our society as a whole. For example:

* The average voluntary caregiver provides over 27 hours of care per week.

* Across the U.S. in 2021, volunteer caregivers provided about 16 billion hours of unpaid care. At a
value of $16.98/hour, that total ($271.6 billion) is more than 14 times McDonald’s revenue in
2020 ($19.2 billion).

* In Colorado in 2021, 159,000 volunteer caregivers provided 184 million hours of unpaid
care valued at $3.7 billion.

Beyond their time, caregivers make direct financial contributions. On average in 2021,
dementia caregivers reported spending $12,388 each for medical, personal care and household
expenses for the person with dementia.

The disease also takes a personal toll: a Stanford University study reported that caregivers have
a 63% higher mortality rate than non-caregivers, and 40% of Alzheimer’s caregivers die from
stress-related disorders before the person for whom they are caring.

There is help for these heroic caregivers. The Alzheimer’s Association offers a wide range of
educational programs and services – all at no charge – for caregivers of persons living with
Alzheimer’s disease.

To learn more, go to www.alz.org or call the Association’s free 24/7 Helpline at 800-272-3900.

Just that quickly my life changed. My mother suffered a minor stroke and a subsequent pulmonary embolus. She was hospitalized twice and was also battling the beginnings of dementia. My mom had always been so independent, even to the point of joining my friends and me for an occasional Happy Hour (pre-COVID 19). However now, she really needed my help. Her memory wasn't that good anymore, and while she wasn't incapacitated she did need assistance with keeping track of medications, doctor appointments and light housekeeping.

Of course, at the time my mom became ill, my corporate job was busier than ever. I often found myself working long hours, albeit at home, to stay on top of things while also trying to keep an eye on mom Any life I had outside of work and my mom seemed to disappear. Burnout was on the horizon.

Juggling care giving and full-time work are not uncommon. According to researchers, in 2014 there were an estimated 23.9 million caregivers that also had outside jobs. So how do you find a balance between caregiving and having a full-time job? Here are some things I learned:

Get organized. That means organize your life so you can be effective at both caregiving and your job. I started my mornings an hour earlier than usual. This way I was able to get in some early morning meditation, breakfast and get a jump on my paperwork before I was flooded with emails and phone calls. I also set up a calendar for my mom, so she could easily keep track of her doctor appointments. The family invested in a 30-day pillbox, with an alarm that made it easier for my mom to know which pills to take and when.

Reach out for help. Though my sisters lived on the opposite coast, they came out to help care for my mom. While a full-time nurse wasn't necessary, we were able to have a nurse come in twice a week to check on my mom and her medications. The home health nurse was covered by Medicare. This assistance from others was invaluable. I was able to regroup and spend time on things that needed my attention at home.

Make time for yourself, even if you only have 30 minutes to spare, spend it on you. The "me time" can be used to relax, meditate, spend time with friends or just take a long bath. You also need to take care of your health. Get in some exercise like a nice walk and eat well. If you start to feel ill, make time to get medical attention. You can't be of assistance to a loved one if you are not healthy.

Talk to others who might be in the same situation. Reach out to peers who have also taken care of an ill or aging loved one. Not only are these people be a source of wisdom and encouragement, but they will help you feel you are not alone.

Juggling care giving and full-time work is never easy. But if you have a plan, doing both is possible.

Leslie Smith is a lifestyle strategist for women over 50. For more from Leslie check out her blog at [http://www.reinventinggrandma.com]

Article Source: https://EzineArticles.com/expert/Leslie_C_Smith/228387

For more Healthy Living: How to Boost Your Sleep Quality as You Grow Older

Q: What do most Americans cite as their #1 fear during retirement?
A: Running out of money.

If you are living in a primary residence, plan to stay a minimum of 18 months and have paid your mortgage and creditors on time for the last two years, you might want to consider a Reverse Mortgage.

DID YOU KNOW?

• More than 1.2 million senior households have utilized an FHA-insured reverse mortgage
• Older adults often focus on a debt-free retirement, overlooking a valuable financial resource: their home. Collectively, homeowners 62+ years have a record $6.5 trillion of “tappable” equity
• A reverse mortgage is a “non-recourse” loan. Borrowers are not responsible for repaying the loan.
  Source: Black Knight, Nov. 2, 2020

A reverse mortgage offers options, flexibility

A reverse mortgage can help homeowners at least 62 years old age-in-place, maintain independence, retain home title ownership, gain access to home equity that earns compound interest tax-free (and is non-taxable when drawn on) or double their purchasing power to get a newer home.

They enable older Americans to borrow against the equity in their homes to help fund retirement needs without having to make PI monthly payments as required with traditional “forward” mortgage or home equity loans. Funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, refinances or passes away.

A reverse mortgage was a “win” for many local Coloradan clients of Kevin Guttman’s, including:

• Carol, an 84-year-old woman on a tight budget, was using credit cards to buy groceries. A reverse mortgage freed up more than $1,000 each month, eliminating her monthly PI mortgage payment and enabling her to pay off debt and retain title to her home.  
• Ruth, a 75-year-old woman, dreamed of buying a sprinter van to travel to national parks. She turned her dream into a reality with a reverse mortgage, using equity from her home tax free.
• Sharon and Bill, a couple in their 60s, used a reverse mortgage to double their purchasing power for a newer, updated home with no monthly PI mortgage payment. When Bill passed away, not having a mortgage payment allowed Sharon to stay in their home.
• Jim was concerned that his senior parents might outlive their money. A reverse mortgage’s elimination of monthly PI payments gave the couple more disposable income to pay medical and rising cost of living expenses.

Is a reverse mortgage right for you?

A Certified Reverse Mortgage Professional can educate you about your specific numbers and what you might quality for, as well as provide an analysis of your situation, so you can make an educated decision. All reverse mortgage borrowers are required to get counseling from an independent, third-party, HUD-approved counseling agency.

A reverse mortgage does not have to be complicated when you have a professional’s help!

Let Kevin Guttman help guide you through the Reverse Mortgage application and arrange for an appraisal of your property after receipt of your HUD counseling certificate. He can process the necessary paperwork, including a title report and the checking of balances of liens/mortgages to be paid off.  Once completed, the documents will go to a loan underwriter for final approval. You will work with your reverse mortgage specialist to satisfy any conditions or requirements needed to close the loan.  Learn more at ReverseMortgageRevolution.com.

Certified Reverse Mortgage Professional (CRMP) -- An elite designation

Guttman, a reverse mortgage specialist with C2 Financial Corporation, recently achieved Certified Reverse Mortgage Professional (CRMP) status, joining a group of 176 such designated individuals nationwide who currently hold the designation. He passed a rigorous exam and background check, demonstrating a competency in reverse mortgages and dedication to upholding the highest ethical and professional standards.
“Achieving this milestone is a testament to my commitment to reverse mortgages,” said Guttman. “The process was long and arduous and adds to the level of expertise maintained by me and our firm.”

In addition to his CRMP designation, he also earned a Military Mortgage Designation to better serve veterans. 

Prior to his current career, Guttman was a fundraiser, campaigning for the less fortunate in need of clean water, medical clinics, schools and small business loans. He is also an ordained minister and best-selling author. The real estate business is multi-generational in the Guttman family, as Kevin’s father was a REALTOR®/real estate investor and he currently works with his wife of 33 years, Sabena.

Client referrals drive business
Guttman and his team have been serving Colorado families by referral since 2004, earning five-star reviews from clients online. Credit up to $750 is given at closing for the appraisal, with 10% given to charity.

View YouTube videos here.
Call 719-302-5820 or 877-251-9709, or email kevin.guttman@gmail.com.

You are in retirement or moving towards retirement and you receive an inheritance. What do you do with the money or the property?

The answer depends on several factors. What is your current financial situation? What do you expect your financial situation to be in the short term and in the long term? Too many people have little or no idea because they have not done proper planning during the income producing years. You definitely should not expect an inheritance to pay for the rest of your life.

Things happen. People live longer. Your planning should revolve around your resources, not
someone else’s.

After evaluating your Money Life, it is time to figure out what to do with the inheritance. Write down your goals (with your spouse, of course). Put together a plan. Then, take action; follow your plan.

If you wish to work with a financial person, choose someone who is a fiduciary, someone who by law must put the client first, someone who does not make money by selling financial products.

If you don’t need the inheritance, think of your Legacy. Your legacy is what you pass on to your descendants as well as your personal contribution to all mankind in the future.  Pay it forward; leave the world a better place than you found it.

Money Coach Bill Stanley is a Registered Investment Adviser, a fiduciary who does not sell
financial products. He educates and he coaches. Bill’s passion is financial literacy for all. His
book, “Money Sense for Young Professionals” is a perfect gift for that child or grandchild who is interested in a better money life. Bill has started a private nonprofit, the William Stanley Foundation, as part of his legacy.

An important topic that we're addressing today is "should you pay the first medical bill that you get"?

Author, Marshall Allen, "likens today's health care system to a bully, squeezing and taunting the consumer". He says you don't need to have a major surgical procedure to feel that steep out-of- pocket health care costs which also include your annual health insurance premiums and deductibles as well as an epidemic of billing mistakes are draining your pocketbook! 

According to Allen, the cost of basic health care is Americans' #1 financial concern. Allen recently wrote a book which is a guide on how to fight back against out-of-control medical costs and bills. His book is entitled, "Never Pay the First Bill: And Other Ways to Fight the Health Care System and Win".

Allen cites the perennial increase in health care prices. If you look at 2010 - 2020, workers' earnings went up 27%, family health care premiums went 55% and deductibles went up 111%. So, family premiums went up twice as fast as workers' earnings.

Some people feel as though they are uninsured, even if they are technically insured, because they are responsible for a lot of out-of-pocket costs. This is especially true if someone has a high annual
deductible. If you have a $3,000, $5,000, or $10,000 deductible, you are functionally uninsured...that's a sobering thought! Source...

Allen makes the point that he is not advocating that we should not pay our bills at all, but "that we should never pay the first bill until we have checked it to make sure it's accurately priced and accurately documented." Source...

Did you know that experts who review medical bills for a living say that almost every medical bill has some kind of an error. It's common for there to be charges for things that didn't even happen. And, it's very common to be charged more than you should be charged for something that did happen.

Allen also said, "In America, we say the customer is always right. But in health care, the insurance companies are more concerned with keeping the hospitals, doctors, nursing homes and others in their networks than they are making sure that we're satisfied with the quality of care or the accuracy of the billing. So, even if you have an error in your bill, your insurance company will just pay it!"

People get the feeling that they are on their own. There's seems to be a sense of betrayal that the American public feels. Older Americans who are caring for their older parents have experienced the higher and higher costs year after year!

That's why there is momentum to do something about this situation in the American health care system!

Allen closes this interview by saying, "It's going to be a fight. There's going to be winners and losers, because right not they're taking away more of our money than they should and they're not going to release their grip on our money without us fighting back." Source...

We invite you to read this entire interview at Next Avenue.

Jumbo Reverse Mortgage Loan

Homeowners who are looking to use a reverse mortgage to tap into their home equity now have a new option at their disposal. The only private reverse mortgage available for the last few years was Generation Plus, meant for borrowers with home values exceeding 1 million. In addition, Urban Financial of America abolished the dry spell in the private reverse mortgage industry and introduced jumbo reverse mortgages.

Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of $600,000. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.

A jumbo reverse mortgage can help you tap into your home equity during retirement and help you face everyday challenges. When you meet the age and credit score requirements, the jumbo reverse loans can be a place to age and increase your cash flow with rising healthcare costs, education, or helping out other family members.

Even with millions of dollars in home equity, we all have to balance our budget at the end of the month.

How does a Jumbo reverse mortgage loan work?

Buying a house is a life-changing event in our lives, and it requires a lot of financial planning. Working on your credit score and saving enough for a down payment are crucial first steps towards homeownership. On top of this, it involves choosing the lowest mortgage rates and negotiating favorable terms. Unfortunately, depending on your chosen area, your home may be worth more than $679,650, and you won’t qualify for a traditional government-insured reverse mortgage. Instead, you’ll need to opt for a jumbo loan.

Jumbo reverse mortgages, frequently called proprietary reverse mortgages, differ from conventional reverse mortgages. The loan amounts exceed the conforming limits set by the Federal Housing Finance Agency, and therefore cannot be purchased, guaranteed or backed by Fannie Mae or Freddie Mac.

Private firms and larger banks are generally responsible for jumbo reverse mortgages. However, mortgagers are subject to the same obligations under traditional reverse mortgages to finance their high-valued property.

Homeowners must be over 62 years old and continue to live in their own home as their primary residence. In addition, they must have the financial resources to continue to maintain the property.
When the reverse mortgage loan idea was first conceived, people quickly began to recognize that the common was a brilliant solution to common challenges. Using the equity in your home, a reverse mortgage is a financing option that eliminates monthly mortgage payments and taps into your equity. Consequently, the loan doesn’t need to be repaid as long as the borrower continues living in his home. However, this doesn’t mean that a reverse mortgage is free. Borrowers are still responsible for paying property taxes, insurance, and home maintenance. Meanwhile, the loan accumulates monthly interest, and you’ll repay it at the end of the loan’s lifespan.

Jumbo reverse mortgage loan to value

So, what percentage of your home appraisal can you actually access? Several factors determine how much equity you can access with this loan. For most traditional mortgages, the maximum loan-to-value ratio without a PMI is typically 80 percent. However, depending on the lender’s requirements, it varies slightly. For reverse mortgages, the LTV isn’t used as a critical determining factor in the approval process. Instead, the LTV ratio is influenced by other key factors, including the borrower’s age, current interest rate, and the home’s sales price. The current rate sits at approximately 50 to 55%. 

High loan limitsMany seniors with an existing mortgage of over 1 million dollars qualify for a reverse jumbo loan. In general, homeowners with 50% to 55% or more equity have a good chance of being approved.

When you apply for a jumbo reverse mortgage, you can potentially borrow hundreds of thousands more than the HECM loan limits.

With jumbo reverse mortgages, seniors can borrow up to 6 million worth of home equity. The exact amount depends on the borrower’s eligibility, age, house value, and how much is owed on the property. With a large amount of cash at your disposal, you’ll gain more control over your assets and investments. Capitalize on a program that takes a glance at the total value of your home.

Since Jumbo reverse mortgage lenders aren’t FHA approved nor guaranteed, lenders don’t need to follow FHA guidelines. Instead, they mimic FHA protections and provide their adaptation to their guidelines.

Jumbo reverse mortgage benefits

1) Retain Home Ownership

Undoubtedly, the critical benefit behind a reverse mortgage is to keep one of your most significant assets. Contrary to what some people believe, lenders don’t take away your ownership when you borrow against it. If you adhere to loan terms and continue to pay your taxes and insurance, you will remain the legitimate proprietor.

2) Stay financially stable

One of the many benefits of a jumbo reverse loan is your ability to boost your finances by tapping into your equity. In addition, private companies offer complete flexibility when it comes to payout options, including lump sum, monthly payments, or line of credit.

Seniors can benefit from an increased standard of living and allow them to live their dreams. When your house is worth $1,000,000 or more, you want to access your home’s equity and spend it whatever way you want. It’s an excellent way to use the value of your property to fund part of your retirement.

3) No Insurance Premiums

Private reverse mortgages don’t require insurance. As a result, borrowers aren’t left behind with a pile of upfront or annual insurance premiums they face when borrowing the government-insured program.

4) No Monthly Mortgage Payments

Many borrowers use a jumbo reverse mortgage to eliminate monthly payments while allowing seniors to live in highly valued areas. While traditional mortgages allow refinancing small mortgages, jumbo products allow borrowers to refinance several hundred thousand. So not only will you lessen your burden, but you’ll also bring in an additional source of income.

5) Fixed-rate loans

Borrowers taking out jumbo reverse mortgages don’t need to worry about interest rate hikes. Jumbo reverse mortgages have various fixed interest loans, which means your loan size will increase with predictability. This is uncomplicated to plan your finances!

6) A Reverse mortgage loan is generally a non-recourse loan

One of the best benefits of a reverse mortgage is that it is generally a non-recourse loan. You’re protected if your loan balance is higher than the value of your home. Your lender cannot seek to seize your assets and must absorb the loss.

Lower Cost

It was just a few years ago that people were ranting about how expensive reverse mortgages we’re. Today, it’s no longer the case. Corelogic determined that the difference is due to Fannie Mae and Freddie Mac’s continuously increasing guarantee fees. Since 2010, it nearly tripled, and since jumbo loans are too big to be purchased by this giant corporation, it leaves jumbo loans untouched.

Reverse mortgages backed by the FHA carry some hefty financing charges. The biggest one being a 2% insurance premium.

Meanwhile, the higher jumbo rates have come down from 7.5% to as low as 4.95% and require no additional monthly insurance charges as required by government-backed programs. This equates to savings totaling $16 447,50$ compared to a HECM jumbo program. In addition, jumbo loans benefit from no upfront or recurrent mortgage premiums, and lenders can often waive origination fees and pay upfront costs.

Applicants face strenuous observation and often have stellar credit scores. Therefore, it becomes advantageous for lenders and advantageous enough to offer better terms.

The jumbo programs make much sense when you consider all the improvements, lower rates and fees, higher loan amounts, and underwritings.

Are Jumbo reverse loans still available?

The recent changes made by the HUD make it easier for Jumbo reverse mortgages to re-enter the market, offering a product exceeding the lending limit of $822,375.

Jumbo rates recently dropped, and many borrowers find that the range of jumbo products is more appealing than ever for higher valued homes. Potential homebuyers and refinancers see an opportunity to secure a lower rate, even if the pool of lenders is scarce with the pandemic. Borrowers may face stricter requirements and more documents during the process to ensure their repayment capability. The excellent news is jumbo reverse mortgages are still available.

Sources

Michael Branson (November 16, 2019). Lowest Cost Reverse Mortgage Surprisingly Affordable!
https://reverse.mortgage/lowest-cost
Mortgage News -7thlvl. 5 Major Benefits of Reverse Mortgage Loans
https://mortgagenewschannel.com/5-major-benefits-reverse-mortgage-loans/
Kathleen Coxwell – New Retirement (August 25, 2014). New Jumbo Reverse Mortgage; HomeSafe Reverse Mortgage Brings Additional Benefits
https://www.newretirement.com/retirement/new-jumbo-reverse-mortgage-homesafe-reverse-mortgage-brings-additional-benefits/
Michael Branson (March 12, 2021). 2021 Jumbo Reverse Mortgages: Lenders Rates & Limits.
https://reverse.mortgage/jumbo
Brett Stumm What is a Jumbo Reverse Mortgage and Its Pros & Cons?
https://brettstumm.com/jumbo-reverse-mortgage/
LendingTree.com (June 5th, 2018). Understanding Jumbo Reverse Mortgages
https://www.lendingtree.com/home/reverse-mortgage/understanding-jumbo-reverse-mortgages/
Alpha Mortgage Reverse Mortgages Maximum Loan-to-Value
https://reversemortgagevalue.com/loan-to-value/
Jackie Lohrey | Sapling.com How to Use My Home As Collateral for a Loan
https://www.sapling.com/5489036/use-home-collateral-loan
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Get to Know Kevin A. Guttman Reverse Mortgage Specialist
A Jumbo Reverse mortgage doesn’t have to be complicated when you have a professional help you along the way. Contact our team today to get the wheels in motion a (877) 251-9709
image source: Pixabay