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October 5, 2015 by jazzsocialmedia

13 Dangers of Caregiver Denial, from Senior Living Blog

13 Dangers of Caregiver Denial

Posted On 28 Sep 2015 by : Dana Larsen


Denial is a normal human emotion, especially with symptoms as heartbreaking as dementia or Alzheimer’s, as no one wants to confront the disease for which there is currently no cure. But there are risks to caregiver denial.

Dangers that go along with caregiver denial are two-fold. Not only is your loved one at risk; but also you, the caregiver, is at risk. Learn more about the 13 dangers of caregiver denial and get some survival tips from acclaimed author and caregiver, Elizabeth Lonseth.

 

 

13 Dangers of Caregiver Denial

It doesn’t matter how many times you’ve been through the caregiving experience. It never gets easy. But a little education helps, and there are definitely some good pointers to keep in mind. Elizabeth Lonseth, author of “A Gradual Disappearance” — a concise, intimate and sincere guide for people dealing with Alzheimer’s disease or dementia — is a seasoned caregiver who has watched not only both her parents be diagnosed with memory impairment, but also both her husband’s parents. Her fourth time around is still difficult, but at least she has some awareness to help guide her in the Alzheimer’s journey.

“I was in my 30s when my dad was diagnosed with dementia. I didn’t know how to deal with it and was in denial. Guilt was also a problem. Then, eventually, my husband’s parents were both diagnosed and my husband and I went through the myriad of emotions and caregiving challenges with them, as well. My mom’s Alzheimer’s diagnosis is the 4th time around. It’s still hard, but mom played a role in her choices as I was educated on what I needed to do and how to get things in order.”

Elizabeth has been asked to speak to many caregivers and senior care professionals who have been affected by Alzheimer’s and dementia. Denial was a key theme and problem she discovered from her audiences, so she decided to write a book about the dangers of denial, which comes out on October 14, 2015. This interview is a sneak peek at the gems of wisdom you can expect from her upcoming book, “The Dangers of Denial: Embracing the Challenges of Alzheimer’s and Dementia.”

7 Dangers of Denial for the Patient

“Denial is a tool. It protects us. But if we stay in denial, it becomes a problem… sometimes with dire consequences,” Elizabeth notes. “People try to hide their problems. But if both the patient and their loved ones ignore changes in behavior, even if they are subtle, this can lead to problems.” An Alzheimer’s or dementia patient only has a small window of being objective. If they can confront the problems they’re experiencing in a timely manner, they can participate in decisions that involve their care and finances.

Here are seven dangers that can occur that Alzheimer’s and dementia caregivers need to be cognizant of when caring for their aging loved one: (click here to read the full text on Senior Living blog)

1. They can get lost.
2. They can hurt themselves or others.
3. They can have a home accident.
4. They can suffer from poor nourishment.
5. They can cause an accident from driving.
6. They can overdose on medications.
7. They can become a victim of elder abuse.

6 Dangers of Denial for Family Members

Family members also suffer from denial that their loved ones have dementia and Alzheimer’s, according to Elizabeth. Having a realistic perspective about your loved one’s illness and his or her needs is crucial if you’re thinking about their wellbeing. But it can be hard for family members to accept that their parent, spouse or family member has changed. It’s even worse when both the elderly loved one with the problem and the family member is in denial:

“When loved ones and family members are both in denial, this presents a huge problem as it puts the sufferer at risk, not to mention, they can’t participate enough in the decision making for their care needs.”

Here are the six dangers of denial for family members that Elizabeth discusses:

1. Losing the chance to make special memories.
2. Forfeiting being the best advocate for your loved one.
3. Not getting legal papers in order.
4. Family conflict.
5. Loss of financial resources.
6. Stress involving illnesses and even the death of the caregiver before the patient passes away.

To read the complete text of this blog on Senior Living blog, click here.

Filed Under: Blog

October 1, 2015 by jazzsocialmedia

4 Advantages FHA Reverse Mortgages Have Over HELOCs

4 Advantages FHA Reverse Mortgages Have Over HELOCs

National Mortgage News, 9/8/15 by Jeff Taylor
4 Advantages FHA Reverse Mortgages Have Over HELOCs

Home Equity Conversion Mortgages (Reverse Mortgages) are safer than ever, thanks to recent regulatory changes made by the Department of Housing and Urban Development. When applied appropriately, HECMs offer advantages over home equity lines of credit, allowing seniors to postpone tapping other retirement resources by leveraging a tax- and payment-free option that serves as a reserve thereafter.

Lenders serving senior homeowners interested in accessing their home’s equity often suggest a HELOC (Home Equity Line of Credit). However, by not also providing the HECM as a viable option, lenders do senior borrowers a disservice.

Repayment Terms

HELOCs have a monthly payment and typically must be repaid within 10 years, or a dramatic interest rate increase occurs. HELOC rate resets that potentially double monthly payments could significantly impact quality of life for fixed-income seniors, perhaps setting the stage for loan default.

Conversely, HECMs have no fixed repayment date. The borrower can access HECM funds as long as they live in the home, and the balance is not due until the borrower passes, moves or sells the home (unless the surviving non-borrowing spouse remains in the house via the Mortgagee Optional Election allowed by HUD Mortgagee Letter 2015-15 and described below). Interest rates fluctuate with an adjustable-rate HECM, but those fluctuations only affect its outstanding balance, not the total funds available.

Financial Assessment Rules

In the past, some HECMs were originated without a full understanding of the borrower’s long-term financial scenario. As a result some borrowers underestimated monthly expenses such as taxes and insurance, which are a cost of ownership still due on homes financed through a HECM.

This year, HUD implemented new Financial Assessment rules for reverse mortgage lenders. Similar to calculations for traditional mortgages, FA requires that lenders calculate borrowers’ ability to stay current on taxes and insurance, and set aside some HECM funds to cover these costs if needed.

The best option for financially secure seniors is the adjustable-rate HECM, since it provides the most flexibility. Further, the HECM adjustable interest rate is typically lower, saving actual equity dollars. With a fixed-rate HECM, borrowers take a lump sum at closing and incur higher interest rates, typically to avoid an immediate financial challenge.

Servicing and Foreclosure Policies

Many commonly believe that a surviving spouse not listed as a co-borrower on the HECM will be required to immediately repay the loan upon the borrower’s death or be foreclosed upon. That is simply not true. Because HECMs are Federal Housing Administration insured, neither the borrower nor the estate must make up the difference should the loan become “upside down.”

HUD Mortgagee Letter 2015-15 addresses the non-borrowing spouse concern by allowing lenders to pursue a Mortgagee Optional Election upon the death of the borrowing spouse rather than initiate foreclosure proceedings. This assigns the loan to HUD, and provides that the non-borrowing spouse can remain in the home if able to fulfill loan conditions.

In contrast, the lender may cancel a HELOC upon a spouse’s death — even when both spouses are listed as borrowers — because the initial loan determination included income information from the deceased borrower. Further, legal liability varies from state to state for a HELOC following a spouse’s death. In a community property state, such as California, the surviving spouse is responsible for debt not covered by the estate.

Although it’s often the subject of negative press, the HECM product is sound. Complaints emerge largely from “last resort” borrowers versus borrowers seeking a retirement supplement or a HELOC option. The education gap, and occasional “piling on” of negative media stories, has unfairly tarnished the HECM reputation. Consumer Financial Protection Bureau data shows HECM complaints are minimal compared with forward mortgage complaints.

Lender Profits

As senior homeowners look to their lender for guidance on the best way to access their home’s equity, lenders have a responsibility to keep HECMs in the mix to ensure their borrowers are obtaining the best mortgage equity loan option for their situation and goals.

Filed Under: Blog, Colorado Reverse Mortgages

September 25, 2015 by jazzsocialmedia

More Seniors Work in Retirement

More Seniors Work in Retirement

Many Older Americans Say They Plan to Work in Retirement

According to a study by Transamerica 82% of aging adults say they plan to work past age 65, or don’t plan to retire at all.

Filed Under: Blog, Retirement Plans

September 25, 2015 by jazzsocialmedia

Aging American’s Worries

Aging American’s Worries

Poll Reveals the Worries of Aging Americans

The 2015 United States of Aging Survery polled 1,650 adults over 60 about their top concerns. Among their biggest worries:

28% cite an increase in the cost of living

24% cite unexpected medical expenses

58% have lived in the same residence for more than 20 years

75% say they intend to live in their current home for the rest of their lives

Filed Under: Blog, Retirement Plans

September 3, 2015 by jazzsocialmedia

Reverse mortgages help longevity planning

Reverse Mortgages help Longevity Planning

In an article published this week, September 3, 2015, by the Journal of Accountancy, reverse mortgages were recommended as a retirement funding option when Associate Editor Courtney L. Vien asked four prominent CPAs about their views on coping with lengthy retirements, rising health care costs and clients with dementia.

To help his clients avoid running out of money during retirement, Jean-Luc Bourdon, CPA/PFS, a Principal at BrightPath Wealth Planning LLC, based in Santa Barbara, CA said, “Selling the home or taking a reverse mortgage to utilize home equity can be one answer.

To see how a reverse mortgage can help in your longevity planning, call Steve today!

Filed Under: Blog, Colorado Reverse Mortgages

September 2, 2015 by jazzsocialmedia

How a reverse mortgage helps financial planning

How a reverse mortgage helps financial planning

Sixty-six year old Lisa M. is the epitome of a happy and prosperous senior homeowner. With a successful acting career and paid-off home in sunny Los Angeles, California, she enjoys an active and fun lifestyle. And, though it may surprise you, much of her ability to continue this lifestyle is possible because of Lisa’s reverse mortgage loan.

“I did it for the freedom,” she shares. “I was not struggling before, but I was tired of having to budget. So I invested some of the money and now I can get up and do the things I want to do. I go to Zumba every day, and keep up my beauty regime.” Since its inception in the early 1960s, reverse mortgages have sometimes been misrepresented as a loan meant only for retirees with financial hardship. However, in actuality, they are versatile financial planning tools for borrowers such as Lisa to use in a strategic way.

Simply defined, reverse mortgages are loans designed for senior homeowners ages 62 and older to help convert a portion of their home equity into cash that they can use for whatever they desire. This means that if you are searching for methods of strengthening your future retirement resources, this loan option may be a solution for you. Uses in Financial Planning There are a few tactical methods in which a reverse mortgage can be used to enhance your retirement years.

With your loan funds, you may want to strategize your financial planning in any of the following ways: Delay Payouts from your Social Security and Pension One popular way to use reverse mortgage funds is to hold off early withdrawal of social security benefits or pensions in order to maximize your future payouts. For example, according to the official Social Security website, seniors may choose to retire as early as the age of 62, but doing so may result in a reduction of benefits of as much as 30%. However, postponing your retirement can result in an increase of up to 8% for each year that payouts are delayed. Using funds from a reverse mortgage instead of drawing upon social security until reaching the maximum age of 70 can help you maximize your lifetime benefits.

Protect your Portfolio in a Down Market In a similar fashion, reverse mortgage funds can also help you avoid withdrawing from a portfolio that has recently lost value. In the event of a down market, pulling funds from your reverse mortgage, or supplementing your portfolio with these proceeds can provide a better chance that it will recover from the loss and protect the longevity of your accounts. Eliminate your Monthly Mortgage Payments With a reverse mortgage, one requirement is that the loan must be the only lien on your home and that any existing mortgage must be paid off with the funds. Though this requirement may decrease some of the funds you expected from the loan, the benefit is that reverse mortgages do not require monthly payments. This is a great opportunity to eliminate your monthly mortgage payments and free cash that used to be tied to that expense. Increasing monthly cash flow is a powerful feature with this loan.

However, it is important to note that borrowers are still required to continue paying the taxes and insurance on the property, as well as keeping the home properly maintained. Because no monthly payments are required, this is essential for your loan to be considered in good standing. Establish a low-cost, growing line of credit. One of the many reverse mortgage disbursement options you can choose is the line of credit, which allows you to access funds as needed and repay the balance when convenient. An additional benefit is that the interest is only charged on the portion used, and the unused portion has the potential to grow.

This means that you may utilize a reverse mortgage line of credit strictly for emergencies or unexpected expenses, and as a more flexible alternative to high interest credit cards. Other Questions In addition to questions about how a reverse mortgage can help in financial planning, potential borrowers may also wonder about following: Will a Reverse Mortgage be a Financial Windfall? When first receiving a reverse mortgage, it may seem as though you are receiving a windfall of money, especially if you choose a lump sum disbursement option. The feeling of having access to a large amount of money may be exciting; however, it is important to remember that your funds are still loan proceeds that must be paid back at loan maturity. Thus, be sure to use your funds responsibly. Loan maturity typically happens when a borrower moves away, passes away, or defaults under the loan terms.

When this happens, the loan is commonly repaid by selling the home. Funds from the sale of the home are used to repay the loan, and any remaining funds are given to your estate. Why Should a Reverse Mortgage Counselor be Involved? Before applying, the Federal Housing Administration (FHA) requires that all borrowers meet with a reverse mortgage counselor approved by the US Department of Housing and Urban Development (HUD). This safeguard ensures that you are informed of all benefits and risks of the loan, and are aware of all other options as well. It is for your benefit that a reverse mortgage counselor is involved to clarify whether a reverse mortgage will truly help you achieve your goals.

Read the original article on equities.com by clicking here.

Filed Under: Blog, Colorado Reverse Mortgages, Retirement Plans

July 27, 2015 by jazzsocialmedia

Reverse Mortgages instead of LTC Insurance

Reverse Mortgages Provide Alternative to LTC Insurance

A recent article in Financial Advisor Magazine states, “In instances where long-term care insurance isn’t an option for older adults, advisors should consider recommending a reverse mortgage, taken as a line of credit.

“Clients over age 60 may have missed the window to purchase affordable long-term care insurance,” the article states, adding that each year after ago 60 premiums become ‘extraordinarily high’, and it becomes less likely for the applicant to medically qualify.

“A unique feature of the HCEM reverse mortgage many are surprised to learn about its growing credit line. As the borrower ages, the reverse mortgage line of credit contnues to grow, providing access to significantly more funds. This makes the reverse mortgage a superior funding tool versus traditional HELOC, which doesn’t grow over time and requires monthly payments.”

Filed Under: Blog, Long-term Care

July 27, 2015 by jazzsocialmedia

Prevent Tax Identity Theft

Prevent Tax Identity Theft

The average tax refund in 2014 was $3,034

 

Studies show that most Americans use their tax refund to pay off debt. Some save or invest it, and others reward themselves with a shopping spree. Whatever your choice, if identity thieves get their hands on your social security number, they can file your tax return before you do and run off with it. Never carry your social security card in your wallet, and give out the number only when it’s required-think financial transactions, employment records, and tax returns. Prevent tax identity theft!

Filed Under: Blog, Tips for Seniors

June 30, 2015 by jazzsocialmedia

Seniors worry about running out of money

Seniors Worry About Running Out of Money

reverse mortgage success stories-1

79% of CPAs say the top fear among their older clients is that seniors worry about running out of money.

Exasperating this fear are concerns about:

  • health care costs
  • market fluctuations
  • lifestyle expenses
  • unexpected costs
  • being a financial burden on a loved one
  • desire to leave an inheritance

A Colorado Reverse Mortgage can help solve these problems. Call Steve today to see how a reverse mortgage can help you! (719) 266-5500.

Filed Under: Blog, Tips for Seniors

June 8, 2015 by jazzsocialmedia

Maximizing Social Security Benefits

Maximizing Social Security Benefits

Russell Settle, Founding Partner with SocSec Analytics, LLC, says that individuals and couples lose substantial sums of money by claiming benefits too soon. A delay in filing for SocSec can save those benefits, thus maximizing social security benefits.

As an example:

  • Fred and Mary are both 61.
  • Their Social Security benefits at age 66 are $2400 (Fred) and $1200 (Mary).
  • Fred’s life expectancy is 82 years and Mary’s is 86 years.
  • Both claim benefits at age 62, leaving $185,000 in potential benefits on the table.
  • The number increases to $300,000 if they both live to age 90.

If a person can afford a delay in claiming, a reverse mortgage may provide the financial resources needed to do just that.

To avoid losing $180,000 to $300,000 in potential Social Security benefits, Fred and Mary should delay claiming until age 70. To finance an 8-year delay in receiving benefits, they need at least $15,000 a year ($120,000 total) to supplement their other retirement funds.

A reverse mortgage for $120,000 or more could easily finance this delay, allowing Fred and Mary to greatly increase their overall Social Security benefits. To learn more, call Steve at: 719-266-5500 or email him at: [email protected].

Filed Under: Blog, Retirement Plans

May 18, 2015 by jazzsocialmedia

The Art of Eldering

How can you perfect the art of eldering? CCE in Durango says you can do it with conscious choices and preparation.

the art of eldering-The Mortgage Doctor of ColoradoEveryone ages. Although we continue to gain experience and wisdom, we also begin to notice our bodies are not as strong as they used to be.

Many of us are afraid of what this means. Questions begin to nag at our minds: How much longer will I be able to work? When will I begin to need help? Will I be able to afford the everyday costs of living, and the help I may need for my care?

Ron Penvy, the founder of the Center for Conscious Eldering in Durango, Colorado, says:

Elderhood is being recognized as a life stage with the potential to be a time of wholeness, passion, purpose, continuing growth and commitment to service. It can be the culmination of one’s personal development. But becoming such an elder does not just happen. Developing such qualities is the result of conscious choices and preparation.

The Mortgage Doctor has his own Colorado reverse mortgage, and uses it to enjoy his retirement
The Mortgage Doctor has his own Colorado reverse mortgage, and uses it to enjoy his retirement

The Mortgage Doctor, Steve Haney, spends much of his time reaching out to the people of Colorado, letting them know how he can help you prepare. He is passionate about helping elders to live their retirement comfortably, where they can perfect the art of eldering. Even if you don’t know how you are going to pay for your elder years, The Mortgage Doctor can help.

If you’d like to hear one of his radio shows, click here. Even though Steve is somewhat of a celebrity in Colorado’s front range, he’ll speak to you personally if you call his office today. (719) 266-5500

Don’t spend your time worrying about whether you are prepared for your journey into the art of eldering. The Mortgage Doctor wants you to spend that time in fulfillment. Call him today to take a look at your finances. You’ll be glad you did!

Filed Under: Blog, Tips for Seniors Tagged With: Colorado Reverse Mortgages, Colorado Springs Reverse Mortgages, Reverse mortgages for retirement

February 18, 2015 by jazzsocialmedia

5 Proven Approaches to Prevent Falls

Published 2-4-2015 | A Place for Mom Senior Blog | By Lisa Kernisan, MD

Fall Risks and Seniors

Seniors and families are often quite worried about falls, and with good reason. The Center for Disease Control (CDC) estimates that 1-in-3 seniors fall at least once every year. In 2013, falls led to 2.5 million emergency room visits and over 700,000 hospitalizations.
Even when a fall doesn’t cause a serious injury, it’s often scary for seniors and their families. Plus, a fall is an important red flag: one of the strongest risk factors for future falls is having had a previous fall.

For these reasons, it is recommended that seniors be screened for high fall risk, and offered help preventing falls. But unfortunately, many primary care doctors are too rushed for time. Plus, most aren’t particularly trained to adapt healthcare to the needs of aging adults.

In other words, even if your parent does mention falls to their doctor, your parent may not get enough fall prevention help.

But, you and your parents can learn more about the most useful proven strategies for reducing falls, and ensure that your parent’s doctors haven’t overlooked an approach that can help.

5 Proven Approaches to Reduce Fall Risk

Let’s review five approaches that can be especially helpful to seniors who are at high risk for falls. If you’re able to attend a medical check-up with your parents, discuss following ideas at the appointment:

1. Medications Review

2. Check Blood Pressure While Sitting and Standing

3. Gait and Balance Evaluation

4. Home Safety Assessment and Modification

5. Vitamin D, 1000 IU per day

For details about each of these points, click here: http://www.aplaceformom.com/blog/2-4-15-geriatricians-prevent-falls/

Filed Under: Blog, Tips for Seniors Tagged With: A Place for Mom, Colorado mortgage blog, Denver Reverse Mortgages, home loans in Denver, Provident Lending, retirement planning

January 20, 2015 by jazzsocialmedia

Americans Are Living Longer

Americans are Living Longer

Americans are living longer. In 2012, life expectancy in the United States hit a record high:

78.8 years average life expectancy!

If your savings is going to run out before your years, call Steve today!

Local: (719) 266-5500
Toll free: (877) 299-5500

Filed Under: Blog, Colorado Reverse Mortgages Tagged With: Colorado mortgage brokers, Colorado Reverse Mortgages

January 18, 2015 by jazzsocialmedia

Most Americans Have Insufficient Savings

Most Americans Have Insufficient Savings

Retirees in 49 out of 50 states have inadequate funds to support themselves in their later years.

Generally, retirees need 70 percent of their pre-retirement income to support themselves.

Nevada is the only state that has seniors who report sufficient funds, according to a recent survey from invest.com.

If you need more money to supplement your retirement years, call Steve today!

Filed Under: Blog, Colorado Reverse Mortgages Tagged With: Blog, Colorado Reverse Mortgages, Jumbo Reverse Mortgages, Reverse Review

January 16, 2015 by jazzsocialmedia

Older Americans Need Reverse Mortgages

Older Americans Need Reverse Mortgages

Given that older Americans’s homes are worth, on average, more than their other combined savings, there is a begrudging inevitability about reverse mortgages. As more people enter retirement in the coming decades with modest savings and no private pension, they’re going to need some of that home equity back during their increasingly long lives. Therefore, older Americans need reverse mortgages to supplement their income. - The New York Times, September 2014

If you are over 62 and need to supplement your income, call Steve today!

LocaL: (719) 266-5500
Toll Free: (877) 299-5500

Filed Under: Blog, Colorado Reverse Mortgages, Retirement Plans, Tips for Seniors Tagged With: a good reverse mortgage in Colorado, Colorado Springs revere mortgage provider, Seniors need Colorado reverse mortgages

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ABOUT US

The Reverse Mortgage Institute is run by Steve Haney of Provident Lending, known in the front range as The Mortgage Doctor, from his popular radio show.

The purpose of The Reverse Mortgage Institute is to bring information about the new reverse mortgage to seniors, to give them a choice about how they live their retirement.

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© Copyright 2015, The Reverse Mortgage Institute

Provident Lending Corp's NMLS #: 229099
Steve Haney's NMLS #: 229020
Steve Haney's State License #: 100017813

Regulated by the Division of Real Estate

Disclosure:
These materials are not from the U.S. Department of Housing and Urban Development (HUD) or FHA and have not been approved by HUD or a government agency.

The Reverse Mortgage Institute can only originate loans in the state of Colorado.

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