The Truth About Reverse Mortgages in California
Long-term care isn’t just about picking a nursing home or a home care agency. Long-term care is also about the legal and financial matters that almost always come up when families are trying to help an aging loved one make choices.
Read more →Reverse Mortgages for Seniors in Hollywood and N Hollywood CA: As Medicare and Social Security Trust Funds Deteriorate, Now is the Time to Think Ahead!
Reverse Mortgages for Seniors in Hollywood and N Hollywood CA: As Medicare and Social Security Trust Funds Deteriorate, Now is the Time to Think Ahead!
From the New York Times: http://www.nytimes.com/2009/05/13/us/politics/13health.html?_r=2&hp
WASHINGTON — Even as Congress hunted for ways to finance a major expansion of health insurance coverage, the Obama administration reported Tuesday that the financial condition of the two largest federal benefit programs, Medicare and Social Security, had deteriorated, in part because of the recession.
Doug Mills/The New York Times
Treasury Secretary Timothy F. Geithner, with, from left, Michael J. Astrue, the Social Security administrator, Kathleen Sebelius, the Health and Human Services secretary, and Labor Secretary Hilda L. Solis, discussed the financial status of benefit programs.
Seniors in N. Hollywood California Receive $250 Checks….
I found this article on CNN.com and thought you might find it interesting: Grandparents, retirees and struggling seniors have waited months for this.
Tens of millions of Social Security recipients will see their bank accounts jump by $250 starting Thursday, when the government began sending out checks and transferring funds for a one-time boost coming from the stimulus bill passed in February.
The payments are flowing to nearly 55 million seniors and retirees between now and June 4, with a huge batch of checks hitting the mail this week. “Approximately half of them will be out in the next day or two,” Social Security Commissioner Michael Astrue told CNN Thursday.
Read more →REVERSE MORTGAGE OPTIONS for CONSUMERS IMPROVE WITH LOAN LIMIT BOOST in North Hollywood, CA
The recent increase of the national loan limit for Home Equity Conversion Mortgages (HECMs) is barely a month old and already lenders see it as a game-changer.
The federally insured HECM limit climbed to $625,500 from $417,000 on Feb. 17, when President Obama signed the American Recovery and Reinvestment Act of 2009 into law. The higher loan limit, which stays in effect until yearend, follows by less than four months an increase of the loan limit to $417,000; previously, the loan limit varied by county and maxed out at $362,790.
The financial crisis has accentuated the value of the higher limit. With so many seniors reeling from diminishing investments, weakened home values, and scant availability of consumer credit, many reverse mortgage originators say the HECM increase offers a valuable option to cash-strapped seniors.
The National Council on Aging Reminds Us: Reverse Mortgages can be used by over 13 million Americans to Remain Independent and in Their Homes Longer
WASHINGTON — A study released by The National Council on the Aging (NCOA) shows that reverse mortgages can be used by over 13 million Americans to pay for long-term care expenses at home, allowing many to remain independent and in their homes longer. “The study shows that reverse mortgages have significant potential to help many seniors pay for help at home or to make home modifications. It also points to the need for strong consumer safeguards and lower transaction costs if these loans are to appeal to the millions of older Americans who could potentially benefit,” said NCOA president and CEO James Firman.
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