A Tale of Three “Lucy”s – Lucy Three Is Moving!

A Tale of Three “Lucy”s – Lucy Three

You have probably heard from several sources to plan ahead when moving.  It’s never too early to start thinking about what to pack and how it will get to the new facility.  This past November, I was faced with three moves at the same time.  I will call my clients Lucy 1, Lucy 2 and Lucy 3. 

Lucy 1 lived in an apartment on the 15^th floor.  The view was wonderful, the space was large.  But there was this pesky little issue of persistent leaks that the property manager shrugged off as a small problem.  But mold growing under the carpet for years, and several trips to the hospital were hardly small issues for my client, retired from her teaching position.  It was time for a move.

Lucy 2 lived in a maintenance-free townhouse.  At 89 years old, her memory was failing and she had caregivers coming every day to help her dress and eat.  As her disease progressed, it became clear to the daughter that her mother needed someone watching her 24 hours/day. 

Lucy 3 lived in development specifically for residents over 55 years of age.  The homes were single family, but maintenance-free.  A widow, she lived there alone, but had children and grandchildren in the area to help.  She was able to drive, but when her multiple sclerosis and the weather got worse, she was unable to go outside.  She had to rely more and more on others, and began falling more frequently.  When she fell, she couldn’t get up on her own.  She decided to move to assisted living.

Over the next few posts, I will tell the stories of each of my clients and the unique challenges each faced. 

Here is the story of Lucy 3:

Bedroom 2 Before Staging

Lucy Three is a widow who moved from her lake home in Wisconsin to a senior community for residents 55 years of age and over.  It was ideal for her.  There was no maintenance, and she could keep her independence because she was still able to drive.  Several children lived nearby, as did grandchildren.  She was able to function quite well for years, driving herself to doctor appointments or the dentist.  But as her MS progressed, she began falling more.

The community had an alarm system for health emergencies, which Lucy was able to use.  But when the falls became more frequent, she decided she either had to get some help or move to assisted living.  After weighing her options, Lucy decided to move to assisted living.  

Once the decision was made, the family sprang into action under my direction.  Rooms were measured in the new apartment, and floor plans drawn to see what furniture could go with Lucy.  In addition to the furniture, Lucy had to choose which of her personal belongings she wanted to bring with, as it wouldn’t all fit in the new place.

The family then got together to pack what Lucy needed.  As they packed, they sorted through the rest of Lucy’s belongings, claiming what they wanted.  The family also took photos and posted them on Flickr so the children who lived out of state could select what they wanted. 

Bedroom 2 After Staging

In Lucy 3’s case, the family overpacked, boxing items up that could have been left out for staging.  Also, they used the spare bedroom as a holding place for anything Lucy wasn’t taking with her, and was available to the family.  That’s what I was faced with when I came in to stage the home.

Lucy moved the middle of November.  I was to start staging the home soon after, but a toilet sprang a leak, and flooded the house.  Luckily, it wasn’t anything that moving the furniture and professionally drying out the carpet couldn’t handle.  The water from the master bathroom didn’t go any farther than the main bedroom and part of the living room.  Then the carpet had to be re-stretched. 

I awaited word from the family for when the rooms were ready again.  They put the furniture back where it had been, then called me.  My job was to clean out the front bedroom, pack up the extras, and stage the home.  As I was packing, I put aside some items I knew the family did not claim.  I dropped off a load at Goodwill after clearing out the bedroom.  Items that were questionable with the family remained boxed up and stored in the closet.

Once the staging was done, I let the family know it was ready to list.  This was early February.  I had time to move on to the next project.  Not!  The home sold in ten days!  So back to work! 

Living Room After Staging

The next task was to completely empty the house.  That meant the family had to pick up everything they wanted.  And I had to find outlets for the rest.  I called a dealer, Bob, who buys collections, to see his interest in the Lladros, Madame Alexander Dolls, and Wedgwood Lucy Three was parting with.  I met him at the house on a Sunday morning.  While there, he gave me the name of an auction house in Chicago that might be interested in the furniture.  I took photos of the furniture and sent them to the auction house owner, Roger. 

Bob bought the Lladros, Wedgwood and the dolls. Roger made an offer on the furniture, and I arranged it so he could pick up Lucy 3’s furniture the same day as Lucy 2’s furniture.  It would save him a trip.  He not only loaded up the furniture, but took most of the other donations with him on the truck.  It saved me phone calls to charities, and trips to Goodwill. 

Once all the big pieces were out, the family came and picked up their items.  My next task was to clean out

Dining Room After Staging

the garage.  I packed up the last of the donations in my car and then swept it out.  Then I ran a vacuum cleaner through the rooms, dusted the baseboards, window sills and ceiling fans and took out the last of the garbage. 

I dropped off the key with Lucy Three so she could give it to her real estate agent.  The house closes in April. Another empty house! Another success! 

Next? 

Click here to see Lucy One's Story
Click here to see Lucy Two's Story

A Tale of Three “Lucy”s – Lucy One Is Moving!

A Tale of Three “Lucy”s – Lucy One

You have probably heard from several sources to plan ahead when moving.  It’s never too early to start thinking about what to pack and how it will get to the new facility.  This past November, I was faced with three moves at the same time.  I will call my clients Lucy 1, Lucy 2 and Lucy 3. 

Lucy 1 lived in an apartment on the 15^th floor.  The view was wonderful, the space was large.  But there was this pesky little issue of persistent leaks that the property manager shrugged off as a small problem.  But mold growing under the carpet for years, and several trips to the hospital were hardly small issues for my client, retired from her teaching position.  It was time for a move.

Lucy 2 lived in a maintenance-free townhouse.  At 89 years old, her memory was failing and she had caregivers coming every day to help her dress and eat.  As her disease progressed, it became clear to the daughter that her mother needed someone watching her 24 hours/day. 

Lucy 3 lived in a development specifically for residents over 55 years of age.  The homes were single family, but maintenance-free.  A widow, she lived there alone, but had children and grandchildren in the area to help.  She was able to drive, but when her multiple sclerosis and the weather got worse, she was unable to go outside.  She had to rely more and more on others, and began falling more frequently.  When she fell, she couldn’t get up on her own.  She decided to move to assisted living.

Over the next few posts, I will tell the stories of each of my clients and the unique challenges each faced. 

Here is the story of Lucy 1:

Lucy One lived in a suburban apartment building, close to the train, shopping and many amenities.  Physical limitations prevented her from enjoying most of these attractions.  However, the view west from her 15^th floor apartment was unobstructed and breathtaking throughout the seasons.  The building had onsite laundry facilities, handicap access, handicap parking, secure access and onsite maintenance staff.

As I stated above though, the unit had one big problem – the sliding patio doors leaked, and when it rained, water came in.  At first, we thought it was only during heavy rains.  The water would soak the carpet and seep up upholstered furniture a good 6-8 feet into the room.  After a serious health scare, Lucy had a mold inspector come in to assess the damage.

New Kitchen Before Unpacking

Lucy was in the hospital at the time, so I met the inspectors and gave them access to the unit.  As it turned out, the problem was more extent than we imagined.  Even small amounts of rain were apparently getting through the door.  Mold can’t grow without moisture, and the amount present under the carpet indicated it had been there a long time.  The property manager agreed to replace the carpet, but never addressed the fact that the water was still coming in.  And as long as it still leaked, the mold would continue to grow.  My client decided, with the help of a lawyer, to walk out of her lease.

New Living Room Before Unpacking

She began searching for a new apartment—farther east and closer to the lake.  She wanted a view of the water now that she was retired and home all day to look out her windows.  Well, she found that view, but lost many other features of her old apartment.  Thus began my challenges as a move coordinator.

The new apartment was smaller, and different configurations meant furniture couldn’t be used as it was in the old place.  Lucy had some tough decisions to make.  What furniture/belongings would she take with her, what would she donate, and could she afford offsite storage for the rest? 

She directed me from her extended stay facility.  I would bring photos, and she would tell me what to do with the items.  After several trips, I had marked everything that would be trashed, and packed up what would be going with.  I also set aside boxes for donations.  Her brother helped in this process, taking many of the larger items to the dumpster and helping with packing.  He also brought some boxes to the new apartment before moving day.

Living Room After Some Unpacking

On moving day, the weekend before Thanksgiving, the movers arrived at my house to pick up a piece of furniture my client had had refinished.  They then went to the apartment, where my client’s brother met them to supervise.  The apartment and two storage lockers had to be emptied.  After the truck was loaded and gone, I went to the old apartment and did a final look-through.  It was not necessary to do a thorough cleaning, as the apartment was being gutted and getting a complete make-over.  (Mind you, my client had been living there for 17 years, during which time the building did nothing to update the space.)  But again, they were doing this with the door still leaking.  Good luck to the new tenants.

I closed up the old space, checked the mail for the last time and dropped off the keys. 

I didn’t go to the new apartment on moving day, but went during the week to unpack the priority boxes – kitchen, linens, etc.  Lucy was still at extended stay.  She moved in on Thanksgiving, and was able to enjoy a take-out dinner with her brother and his partner.  There were still boxes to unpack, but at least she was in a healthy environment – no water leaks, no mold. 

Kitchen After Unpacking

The new building and apartment presented challenges, though.  There was no handicap access, no parking for visitors, small elevators, and no garbage chute.  Lucy hired others to help with the unpacking. And while it is a work in progress several months later, it is looking much better!  Many of the boxes still there will be emptied as the rest of the furniture comes in from the storage unit.  I’ve taken in even more donations as we determine there is no home for the items in the new space.  Lucy has purchased organizing systems that will make the most of the space she does have.

Yes, we are still moving things around as we figure out the best configuration for her.  But that’s part of the process.  This was an unexpected move.  My client really had no intentions of moving at this stage of her life.  Yet it was best for her health.  And with proper planning and cooperation all around, it came together. 

If the sun ever shines in Chicago again, Lucy will see that magic place on earth where sky meets water – right from her window.

Click here to see Lucy Two's Story
Click here to see Lucy Three's Story

Remove Tripping Hazards for Seniors

Senior Thursday

We have all fallen at some point in our lives.  Maybe it was down a flight of stairs, or perhaps in a slippery tub or on a patch of ice.  With luck, we pick ourselves up and continue on.  As we age, though, these falls not only become more frequent, they also become more dangerous. 

Consider these statistics from the CDC:

·        One out of three adults age 65 and older falls each year.

·        Among older adults (those 65 or older), falls are the leading cause of injury death.

·        In 2010, 2.3 million nonfatal fall injuries among older adults were treated in emergency departments.

·        In 2010, the direct medical costs of falls, adjusted for inflation, was $30.0 billion.

These are serious figures.  So what, exactly, causes this increased risk?  Medication is one.  Some meds can cause dizziness or drowsiness.  Another is poor eyesight.  And finally, tripping hazards.  Meds can be adjusted, and poor eyesight can be treated.  And yes, tripping hazards can be removed.  Here are some tips to help protect the seniors in your life:

·        Remove all throw/area rugs from the home.

·        Make transitions between rooms smooth.  Thresholds are dangerous even at a 1/4” high.

·        Install grab bars in the bathrooms.

·        Install railings on both sides of the staircase.

·        Improve lighting in the home.

·        Have the senior wear shoes or slippers at all times.

·        Have the senior use a walker if they are unsteady on their feet.

·        Purchase recliners that lift for getting up/sitting down.

·        Install a bath transfer seat.

·        Remind the senior to never climb on chairs.

·        Purchase a step stool with a handle for support.

·        Keep floors clear of clutter.

·        Keep sidewalks clear in the winter.

Keep the seniors in your life healthy and happy.

Should I Retire?

Senior Thursday

One question more and more seniors are grappling with is whether or not it is the right time to retire.  With the cost of living going up, but income not keeping pace, coupled with the stock market collapse a few years ago, the question isn’t as easy to answer as it used to be. 

Another reason it can’t be answered easily is that everyone’s situation is unique.  We all have different levels of income, varying amounts of debt, and different health concerns.  Nobody’s portfolio (if you even have one) is the same, either.  Add factors such as health and life insurance coverage, ages of your children and grandchildren, your company’s pension plan and you start to see how the answer for you will be completely different from your neighbor or brother’s answer. 

If you’ve been earning a decent pay since college graduation, have put your children through school, and they are financially secure, you’ve grown your portfolio to six times your annual income, and your health is good, you can comfortably retire at 60 or 65.  However, if you’ve been living paycheck-to-paycheck all your life, have medical bills to pay and only one year’s income invested with no company pension, then you may have to work well past 60 or 65 just to make ends meet.

Your financial advisor and accountant can best help you answer this question.  In order to arrive at the best answer, though, you should have the following information/documents together for review:

·        Previous year’s tax return

·        Current pay stubs

·        Most recent statements from investments

·        Most recent statements from bank accounts

·        Summary of monthly expenses (mortgage/rent, food, pets, transportation, utilities, etc.)

·        Summary of assets (real estate, vehicles, savings accounts, etc.)

·        Most recent Social Security Statement

·        Most recent pension statement

·        Life Insurance policies

·        Health Insurance policies

You are never too old to start planning.  But beginning early will help make your retirement years as comfortable as they can be.

Grandparents Raising Grandchildren

Senior Thursday

While historically, grandparents hand over care of children once their own are married and have their own families, today’s economy is forcing many extended families to live under the same roof or combine parenting services. 

Almost 5.8 children are living in homes with their grandparents in the United States.  Of these, more than 2.5 million grandparents are taking on the responsibility for these children.  Often it is because the parents are both working.  Sometimes it is because the parents are not emotionally or physically able to care for the kids. 

Whatever the reason, this places added stress on elderly grandparents who may be physically challenged themselves.  This may put a strain on family relations as well.  Here are some helpful hints on creating a secure, warm environment for these children, their parents and grandparents.

·         Remember that the parents are the decision-makers when it comes to their children.  Respect their wishes.

·         Keep the lines of communication open.  Even though the parents are the decision-makers, grandparents should voice their opinions on matters where the child may be better off otherwise.  For example, if a grandchild shares stories with the grandparent about issues at school, and the child no longer wants to attend after-school care, the grandparent should inform the parents of these problems. 

·         Don’t rely on grandparents 24/7.  They need a break from parenting also.  Ultimately, children are the responsibility of the parents, not the grandparents.  So let them have time off and go on vacations.

·         Keep extensive records on school, health, legal and financial records for the children.  Create a binder to hold all this information.

·         Strive for consistency.  Keep the family on a routine.  If everyone knows what to expect, days will go more smoothly.  Everyone should know bedtime routines, mealtime routines, etc. 

·         Make the home safe for everyone.  This should include child-proofing the house, and keeping grandparents safe from falls and such.  Children’s toys can create a hazard for seniors, who aren’t as stable on their feet as younger adults.

·         Everyone should have a sense of privacy.  This would be a room of their own, and private spaces for relaxing or having phone conversations.

Documents Every Senior Should Have in a Safe

Senior Thursday

We know the importance of having a will—especially when children or blended families are involved.  But as we age, this document, along with others, are a must for the elderly.  In addition to a will, every senior should have a trust, a power of attorney for property and a power of attorney for health care.  An attorney can help draw up these documents.  These documents should be kept in a safe place—either a safe-deposit box at the bank or an in-home fire-proof safe.

In addition to these legal documents, seniors should have copies of their life, auto and home insurance policies, including contact information.  Regarding their health, seniors should have health insurance information in their safe, and a list of their physicians, allergies and medications. 

All financial information should be handy, too, including a list of investment accounts, IRAs, bank accounts, savings accounts, etc., as well as debts such as mortgages or loans.  Account numbers and contact information should be on this list.

Other legal documents to keep safe are birth certificates, marriage certificates and death certificates, as well as powers of attorney you hold for others. 

Finally, include your burial wishes, especially if there are specific instructions you want followed such as cremation or choice of cemetery.  If you already have a burial plot, the paperwork should be in the safe.

Let someone in the family know where your documents are kept, and how to access these documents in case of an emergency.  This can be a child, a close friend, or an attorney.

Losing a loved one, or leaving loved ones is never easy.  Being prepared make the journey smoother.

 

If you need help organizing your papers, contact Prima By Design (847-955-1822) for an estimate.

Staying Active Through Your Senior Center

Senior Thursday

As we age, our lives change.  Our children move out of the house, perhaps even out of state.  We retire from our jobs.  Suddenly, the people who used to be in our daily lives are gone.  And the less fortunate also lose their spouse.  The house is quiet and empty.  There is no one to talk to, no one to share celebrations or create memories.

The more we are alone, the more lonely we get.  This can turn into depression.  It also causes dementia to progress more rapidly. This is why it is important to stay active and spend time with others. 

One way is often right in the senior's back yard.  Many park districts and villages have Senior Centers or Senior programs.  These programs have a variety of events to appeal to everyone.  There may be weekly card games or monthly trips to the theater.  There are groups for crafting and exercise. 

This is a great way to keep in touch with friends or find new ones.  The interaction will keep a mind sharp as well as occupied.  This may spark memories and begin conversations about the past. 

If transportation is a concern, many park districts offer free or discounted rides for seniors to the events. 

So the next time you encounter a senior who lives alone, suggest they join their local park district.  Keep their minds healthy, which will keep their bodies healthy, too!

Bathtub and Shower Safety for Seniors

Senior Thursday

Bathrooms can be dangerous places because of slippery, wet surfaces.  But they are more so for seniors.  Seniors have less stability on their feet, and their bones are more brittle.  A fall can mean a bruise for someone in their 40s, but could be deadly for a senior.  Therefore, precautions should be taken for them at home.

·         All bathtub and shower areas should have grab bars.  They need to be installed professionally to hold up to the weight when pulled on. 

·         Showers and tubs should have rubber mats or some other non-slip surface.

·         Vertical grab bars from floor to ceiling are helpful in larger areas.

·         Areas should be kept clean because mildew and soap scum make surfaces even more slippery. 

·         Floors should be kept dry.  Make sure the shower curtain is kept securely inside the tub so no water splashes out. 

·         Use a transfer chair for the tub or shower if you are unstable on your feet.

·         Allow plenty of time to bathe.  Rushing can cause falls.

Fire Safety for Seniors

Senior Thursday

Fires are dangerous under any circumstances, but even more so for seniors.  One reason they are more prone to injury is because of their decreased mobility.  They don't move as quickly, and can't always get out of a room or down the hall fast enough.  If they live alone, there is nobody to assist them in their escape.  Also, their medications often have side effects, which slows their reaction time.

There are fire hazards that seniors are particularly susceptible to, so it is important to check on elderly relatives and friends.  One of these is kitchen fires.  They often start because seniors forget they have food cooking on the stove, and it starts to burn.  Or they may fall asleep from medication while dinner is cooking. 

Another common cause of fires is smoking-related.  Whether it's the cigarette or the matches, carelessness and sleep often contribute to the danger. 

Portable heating units are another preventable cause.  Placing them too near curtains, bedding or clothing can cause fabrics to start on fire. 

Finally, faulty wiring from old appliances or old homes is common.  Being frugal can have its drawbacks.  Seniors often don't want to part with a "perfectly good lamp" without realizing that the cord is so frayed that live wires are exposed.

Protect your family and friends by checking for these hazards.  Share these tips with them. 

·         If you leave the kitchen when cooking, take a spoon or towel with you to remind you there is food on the stove.

·         Never cook with loose, dangling sleeves.

·         Never use water to put out grease fires.  Use a pot lid instead.

·         Never use your stove to heat your home.

·         Use only Underwriter Laboratories approved units to heat your rooms.

·         Don't leave smoking materials unattended.

·         Install smoke detectors on every level of your home.

Do the Pieces of Your Estate Plan Fit Together?

Senior Thursday

Do the Pieces of Your Estate Plan Fit Together? 

by Patricia Deemer

If your estate plan documents are older than 2007 or 2008, you may want to review them yourself and consider having an attorney review them.  The four "basic" document components of a basic estate plan are a will, a durable power of attorney for property, a power of attorney for health care, and a revocable trust.  There are state law rules governing the execution (or signing) of each of these documents that must be observed.

A will disposes of your real and personal property and takes effect only after your death.  You may change it as long as you are competent. Your will may have other provisions, including naming guardians for your minor children or burial instructions. If you have a revocable trust, your will generally 'pours over' into your trust any property not specifically disposed of by your will.

A trust is a legal entity created by a Grantor for the benefit of designated beneficiaries under the laws of your state and a valid trust document.  A Revocable Trust can be changed or completely revoked by the grantor at any time during the Grantor's lifetime as long as the grantor is competent to do so.  A trust must have a trustee.  Often, the Grantor is the initial Trustee of the trust, and the primary beneficiary.  The Trustee holds the legal title to the property for the benefit of the beneficiaries of the trust.  The property held in the name of the trust is known as the trust corpus or trust estate.  The Trustee is a fiduciary, and thus, is held to a high standard of conduct and responsibility to the grantor and the beneficiaries.  The terms of the trust are directions from the Grantor to the Trustee; the trustee is obligated to follow the terms of the trust.  A revocable trust typically provides for Successor Trustees who continue to follow the Grantor's directions after the Grantor is either deceased or no longer able (or willing) to manage his or her trust.  For example, if the Grantor becomes unable to manage his or her own affairs during life, a successor trustee may take over without the need for a court proceeding to appoint a guardian.  A trust continues to exist after the Grantor's death.

A Power of Attorney for Property names an agent, a person who can make financial decisions for you if cannot make them for yourself, without going to court.  Since 2007, an agent under a Power of Attorney for Property cannot take any actions with respect to an account titled in a Trust unless specific language referencing the Trust is included in the Power of Attorney for Property.  Thus, if your documents are older, they may not work together the way you originally intended.  Some people do intend that the agent under a Power of Attorney not have the ability to take actions with respect to their trust accounts, however, it is important that you understand whether or not your current documents still express your intentions.

A Power of Attorney for Health Care names an agent who can make medical decisions for you if you are unable to do so yourself.  This is a very important document that should be a part of every estate plan.

Do you understand how your documents work together? Do you understand them?  Many people are very surprised to learn what their wills or trusts actually say, particularly about how and when distributions are made to their children after their deaths.  A trust should be drafted to fit your particular family's needs and circumstances.

Patricia Deemer, of Deemer Law Firm, has been helping families with their legal needs for over 17 years.  Call her at 847-847-7463 to schedule an initial consultation.

Elder Abuse Awareness

Senior Thursday

Elder abuse is often a silent crime.  Most of us never see it because most victims are abused behind closed doors by their own family members. And, too often, people who do see it choose not to get involved because it’s none of their business.

Yet, if you are a witness to elder abuse, you are legally obligated to report it. 

Elder abuse can happen on various levels.  There is physical abuse (injury, illness, medication administration), neglect (withholding medical care, lack of food, neglected pets), sexual abuse, emotional abuse (lack of eye contact, anxiety around caretaker, confusion) and financial abuse (recent changes in will, frequent ATM use, transfer of titles). 

If you have an elderly relative or friend, the best gift you can give them is time.  Take the time to call them, visit them, and check up on their health and physical space.  Look for signs of abuse on your visits.  If you suspect anything, you should call your local Adult Protection agency. 

Take care of your elders.  It will be you one day.

Preventing Feuds Between Children

Senior Thursday

Death and dying are not very comfortable conversation topics.  Who wants to talk about life after they leave this earth?  Yet being prepared is important, especially in larger estate matters.  Tying up an estate in court usually results in the lawyers making more money than the children will inherit.

In order to have peace among the family, and make sure they get as much as possible from your estate, it is important that you have these discussions and make these decisions. But more than making decisions, you must make the right decisions to prevent feuds among your heirs.   Here are some ways you can prevent these arguments.

·         Name only one trustee—the most competent of your children, rather than co-trustees.

·         Name a corporate trustee who can be an impartial party.

·         Meet with your children (either individually or in a group) and discuss your estate plan with them.

·         Explain your choice of trustee to your children.

·         Tell your children as much as you are comfortable with about your assets, net worth and debt.

·         Collect all your financial information in one place for your children/trustee.

Talking with your children now will prevent stress later.

How to Choose a Reverse Mortgage Company

Senior Thursday

These last two weeks we discussed the basics of a reverse mortgage and the steps in obtaining one.  This week, we'll look at how to select a reverse mortgage company that you can trust, and the qualities you should look for in a company.

First, look for a company that will educate you on the products and help you make the decision that is best for you.  Everyone's situation is different, so it is important to choose a product that will benefit you.

Second, find a company that offers a wide variety of products.  From jumbo loans for high-value properties to smaller products for modest homes, the company you select should be able to handle the size loan you need.

Third, what sort of service and support do they offer?  Are they available by phone or email when you need them?  Or is it difficult to get through to someone when you need them?  Your company rep should be accessible.

Fourth, how quickly can they close the loan?  Will you have to wait several months?  Or can they close it in four to six weeks?

Finally, how do they treat you as a customer?  Are they committed to helping you improve your life?  Or are they just after your business?   Find a company that wants to help you improve your financial security and well-being. 

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762

Fundamental Steps in Obtaining a Reverse Mortgage

Senior Thursday

Last week we talked about reverse mortgages, and how they can help ease financial struggles for seniors.  This week, we'll cover the fundamental steps in obtaining a reverse mortgage. 

The first step is to consult with a reverse mortgage specialist who will answer any questions and tell the senior how much money is available.  The next step is to meet with a representative to talk about the different products and help them choose the one that is right for them.  Seniors may want a family member to sit in on this discussion so everyone is aware of the process and benefits.

Next, the government requires an independent counseling session, at which time an objective party will answer all questions and dispel any confusions. 

After the consultation, a home appraisal is done to determine the value of the home.  Once the value is determined, all the paperwork is completed and signed.  At that time, the senior can decide whether they want monthly installments on their loan, or a lump sum payment.  The money is theirs to spend however they wish.

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762

Overview of Reverse Mortgages

Senior Thursday

What is a Reverse Mortgage, and how does it help seniors?  A reverse mortgage allows seniors to tap into the equity they've built into their home.  It's a loan against the home, and it doesn't have to be paid back for as long as the senior lives in the home.  The money is generally tax-free because it's not considered income. Nor do the funds affect Social Security income.

Homeowners over the age of 62 who have equity in their home, and that home is their primary residence, qualify for a reverse mortgage.  The amount of the loan is determined by the homeowner's age, the total value of the home, and the amount of equity in the home. 

Monies can be distributed as a lump sum, or in monthly payments.  Homeowners can use the money any way they wish, whether it's to purchase a vacation home, help pay bills, or put a child through college. 

It's important to remember that the senior will still retain ownership of the home, and can never owe more than the home is worth. 

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762

Maintaining a Healthy Medicine Cabinet

Senior Thursday

As we age, it is a fact of life that our health changes.  Some of us have more illnesses than others.  Some suffer from illnesses such as diabetes and arthritis earlier than others.  But by the time we reach our 70s, we are probably going to be on some sort of medication. 

Being on medication brings its own problems.  One of these is your medicine cabinet.  It contains health hazards if you aren't careful.  Here are some tips for keeping you and your medicine cabinet, and YOU, healthy.

·         Never take any prescription medication that is not yours.

·         Never take a new medication (prescription or over the counter) without consulting your physician.  There could be serious interactions with medications you are already taking.

·         Never take expired medication.  While some are still good for a few months after the expiration date, others can cause serious illness, or even death.  Also, they may not be as effective as they were when fresh.

·         Never double up on medication if you miss a dose unless your physician okays it.

·         Have the basics on hand at all times—first aid supplies and pain relievers.

·         Keep a paper and pen handy to write down when you run out of something and need to replenish.

·         Stock up on seasonal items (like sunscreen or flu medication) before the season so you have it when you need it.

·         Keep your medications within easy reach—especially those you take daily.  Daily meds should be within arm's reach.  Other less-used items can be stored higher.

·         If a medication falls out of its container and you find it later on the floor, don't take it.  It may be something other than you think, or it may be expired.