The Basic Requirements for a Reverse Mortgage
The Basic Requirements Reverse Mortgage The first qualification for a reverse mortgage in America is the borrower has to be at least 62-years-old. Although there are absolutely no credit requirements or minimum income, there are certainly no other requirements and homeowners should ensure they qualify for the loan prior to investing time and money into the entire process. The funds can be used for any purpose for most reverse mortgages. However, the financial borrower must pay off any mortgage which exists with the reverse mortgage proceeds and personal additional funds if necessary. A pending bankruptcy normally slows the whole process.
Applicants must seek free financial counseling from an approved source by HUD (Department of Housing and Urban Development). The financial counseling actually provides a safeguard for the financial borrower and the family. This assures the borrower comprehensively understands the purpose of the reverse mortgage and how it’s obtained. The AARP (American Association of Retired Persons) has proposed a complete plan—which must be approved by the federal US government—for maintaining closing costs low for senior citizens that qualify for reverse mortgages.
Acquiring the Mortgage Program
Homeowners normally learn about reverse mortgages from an advertisement, word-of-mouth, a news article or on the Internet. The owner usually contacts a reverse mortgage lender or even the National Reverse Mortgage Lenders Association for an upfront education. Financial counseling is a requirement for all reverse mortgages as it may be conducted by telephone or face-to-face. By US federal law, a financial counselor must completely review options which are available to the prospective borrower—this includes social services, housing, financial and health alternatives.
The homeowner completes a loan application and chooses a payment plan—whether lump sum payment or fixed monthly payments, line of credit or a combination. Once all pertinent data is received, the lender finalizes parameters of the loan with the homeowner, which can take 4-8 weeks to underwrite the loan package. If the loan package is fully approved, signing of the loan is scheduled.
The homeowner has three business days subsequent to the closing to cancel the loan. The reverse mortgage loan is repaid when the homeowner ceases to be occupant of the principal residence. Of course, the repayment obligation can’t be more than the sale’s price or value of the home.
Monday, July 28, 2008
Reverse Mortgages for Seniors
Welcome to Reverse Mortgage Seniors
The Basic Requirements for a Reverse Mortgage
The Basic Requirements Reverse Mortgage The first qualification for a reverse mortgage in America is the borrower has to be at least 62-years-old. Although there are absolutely no credit requirements or minimum income, there are certainly no other requirements and homeowners should ensure they qualify for the loan prior to investing time and money into the entire process. The funds can be used for any purpose for most reverse mortgages. However, the financial borrower must pay off any mortgage which exists with the reverse mortgage proceeds and personal additional funds if necessary. A pending bankruptcy normally slows the whole process.
Applicants must seek free financial counseling from an approved source by HUD (Department of Housing and Urban Development). The financial counseling actually provides a safeguard for the financial borrower and the family. This assures the borrower comprehensively understands the purpose of the reverse mortgage and how it’s obtained. The AARP (American Association of Retired Persons) has proposed a complete plan—which must be approved by the federal US government—for maintaining closing costs low for senior citizens that qualify for reverse mortgages.
Acquiring the Mortgage Program
Homeowners normally learn about reverse mortgages from an advertisement, word-of-mouth, a news article or on the Internet. The owner usually contacts a reverse mortgage lender or even the National Reverse Mortgage Lenders Association for an upfront education. Financial counseling is a requirement for all reverse mortgages as it may be conducted by telephone or face-to-face. By US federal law, a financial counselor must completely review options which are available to the prospective borrower—this includes social services, housing, financial and health alternatives.
The homeowner completes a loan application and chooses a payment plan—whether lump sum payment or fixed monthly payments, line of credit or a combination. Once all pertinent data is received, the lender finalizes parameters of the loan with the homeowner, which can take 4-8 weeks to underwrite the loan package. If the loan package is fully approved, signing of the loan is scheduled.
The homeowner has three business days subsequent to the closing to cancel the loan. The reverse mortgage loan is repaid when the homeowner ceases to be occupant of the principal residence. Of course, the repayment obligation can’t be more than the sale’s price or value of the home.
The Basic Requirements for a Reverse Mortgage
The Basic Requirements Reverse Mortgage The first qualification for a reverse mortgage in America is the borrower has to be at least 62-years-old. Although there are absolutely no credit requirements or minimum income, there are certainly no other requirements and homeowners should ensure they qualify for the loan prior to investing time and money into the entire process. The funds can be used for any purpose for most reverse mortgages. However, the financial borrower must pay off any mortgage which exists with the reverse mortgage proceeds and personal additional funds if necessary. A pending bankruptcy normally slows the whole process.
Applicants must seek free financial counseling from an approved source by HUD (Department of Housing and Urban Development). The financial counseling actually provides a safeguard for the financial borrower and the family. This assures the borrower comprehensively understands the purpose of the reverse mortgage and how it’s obtained. The AARP (American Association of Retired Persons) has proposed a complete plan—which must be approved by the federal US government—for maintaining closing costs low for senior citizens that qualify for reverse mortgages.
Acquiring the Mortgage Program
Homeowners normally learn about reverse mortgages from an advertisement, word-of-mouth, a news article or on the Internet. The owner usually contacts a reverse mortgage lender or even the National Reverse Mortgage Lenders Association for an upfront education. Financial counseling is a requirement for all reverse mortgages as it may be conducted by telephone or face-to-face. By US federal law, a financial counselor must completely review options which are available to the prospective borrower—this includes social services, housing, financial and health alternatives.
The homeowner completes a loan application and chooses a payment plan—whether lump sum payment or fixed monthly payments, line of credit or a combination. Once all pertinent data is received, the lender finalizes parameters of the loan with the homeowner, which can take 4-8 weeks to underwrite the loan package. If the loan package is fully approved, signing of the loan is scheduled.
The homeowner has three business days subsequent to the closing to cancel the loan. The reverse mortgage loan is repaid when the homeowner ceases to be occupant of the principal residence. Of course, the repayment obligation can’t be more than the sale’s price or value of the home.
Thursday, July 24, 2008
The Massachusetts Home Care Program
Home Care Program overview
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provides support services to elders with daily living needs to remain at home in their communities. The services are designed to encourage independence and to ensure dignity. The program also supports families caring for elders in order to encourage and to relieve the ongoing care giving responsibilities.
The Home Care Program is administered by the Executive Office of Elder Affairs in coordination with local Aging Services Access Points (ASAPs) located in communities throughout the Commonwealth of Massachusetts. Some of the services provided by the program include homemaker, personal care, day care, home deliver meals, transportation, and other community support services to help maintain an elder in his/her home. The ASAPs conduct comprehensive needs assessments to determine eligibly for the Home Care Program and other programs and services as appropriate. An individualized service plan is developed with the elder and his/her family and the ASAP reassesses the elders needs and monitors the services on an ongoing basis.
Eligibility for the Home Care Program is based on age (60 or older), financial status, and ability to carry our daily tasks such as bathing, dressing and meal preparation.
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provides support services to elders with daily living needs to remain at home in their communities. The services are designed to encourage independence and to ensure dignity. The program also supports families caring for elders in order to encourage and to relieve the ongoing care giving responsibilities.
The Home Care Program is administered by the Executive Office of Elder Affairs in coordination with local Aging Services Access Points (ASAPs) located in communities throughout the Commonwealth of Massachusetts. Some of the services provided by the program include homemaker, personal care, day care, home deliver meals, transportation, and other community support services to help maintain an elder in his/her home. The ASAPs conduct comprehensive needs assessments to determine eligibly for the Home Care Program and other programs and services as appropriate. An individualized service plan is developed with the elder and his/her family and the ASAP reassesses the elders needs and monitors the services on an ongoing basis.
Eligibility for the Home Care Program is based on age (60 or older), financial status, and ability to carry our daily tasks such as bathing, dressing and meal preparation.
Monday, July 7, 2008
Caring for our Seniors Reform Bill
Senator Boxer California Democrat Susan Collins Maine Repbulican
have created a bill that aims to generate more geriatric specialists and long term care workers and also creates an advisory panel to make recommendations
1. Require health care workers to demonstrate competance in basic geriatric care in order to maintain their liciences and certification.
2. Provide more courses and training in how to care for the elderly in all professional schools and health training programs.
3. Icrease pay for geriatric specialists and direct-care workers
Medicare Should increase is reimbursement reates for services delivered by geriatric specialists and STATES SHOULD ALLOCATE FUNDS TO BE ADDED TO THE MEDICIAD PAYMENTS THAT COVER THE MAJORITY OF SERVICES PROVIDED BY DIRECT CARE WORKERS.
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