Posts Tagged ‘News’

NBC Nighly News: Reverse Mortgage Ripoff?

I just finished reading an article about a network news program that did a negative report on reverse mortgages, citing an incident in Los Angeles of a senior borrower who was talked into buying annuities that did not mature until the year 2033 without a substantial penalty. I saw the actual Nightly News piece with Tom Costello. I was very concerned with the piece because I saw that they interviewed a woman identified as Robin Talbert with the AARP.


I have to believe that only part of Ms. Talbert’s comments were represented in the piece on the program as her comments stated “We’re all living longer and you don’t want to outlive that equity in your home to which the piece cut away immediately to Mr. Costello who added Because the bank could then take the home. Ms. Talbert is absolutely correct, and the AARP champions all things for seniors, but they are extremely aware of how reverse mortgages operate and Mr. Costello’s remarks are done in a way to mischaracterize reverse mortgages.


This is the type of misinformation and misreporting that we have been running into for several years now. While I do not know all of the borrower’s circumstances in this particular situation and I always get extremely angry when I hear of any mortgage professionals who do not keep the borrower’s best interests at heart, it is not the Reverse Mortgage that is the rip off here, it was the end use of the funds.


The notion that the bank will take the borrower’s home when her equity is gone is just plain wrong and bad reporting. The whole idea behind the reverse mortgage and one of the reasons the borrowers pay mortgage insurance is that no matter what happens to the equity, the borrower will never make another house payment and the borrower or the borrower’s heirs will never owe more than the property is worth, regardless of what the equity position does. The loan is set up so that you own your property, not the bank.


If the Nightly News or Mr. Costello had researched reverse mortgages more thoroughly, they would have learned that if the borrower had chosen what is known as the tenure option or payments for life, she would have received those payments for the rest of her life so long as she continued to occupy the property and the bank would never then take the home when the senior outlived the equity as the report leads the listener to believe.


I think it is very important for seniors to not only go through the required counseling, but also to enlist the assistance of their loved ones or trusted financial advisors whenever available. In this piece, the borrower said she didn’t really even need the money, she was doing just fine without it. Her daughter was with her during the television interview and maybe if she had been with her during the reverse mortgage process, she could have helped her to keep from getting the loan in the beginning. Another piece of advice, don’t ever go into the process with someone who is only looking to sell you another product or service.


If you don’t need a reverse mortgage and someone is trying to sell you one so that you can buy something else, or you do need one for living expenses and then someone tries to tell you that you should put the money into something else instead, find a reverse mortgage specialist who is only looking to help you fulfill your reverse mortgage needs. Many people have used reverse mortgages as retirement tools but make sure that your use of your funds is from your careful plan and decisions, not from someone elses salesmanship.


Reverse Mortgages can be a very viable retirement tool and I’ve seen them help many senior borrowers. Like almost anything, they can be abused but if you take the time to research the products and the people with whom you are working, the reverse mortgage can be the difference to many seniors of staying in their homes or having to leave; between barely surviving and aging in grace and dignity.


I would hate to see a senior borrower avoid this viable option that may be badly needed due to bad or partial reporting.

Michael G. Branson (CEO All Reverse Mortgage Company)is a Mortgage Broker who has over 31 years of mortgage banking experience. Toll Free (888) 801-2762

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The U.S. Census Bureau reports that there are 306 million Americans, 78.2 million of whom—more than one-quarter—are Baby Boomers.  The oldest Boomers began turning 60 on New Year’s Day, 2006, slightly more than 40 months ago.  The generation that sincerely believed that it would never grow old is doing precisely that.  
This generation, “the pig moving through the python”–a disparaging reference to its size–is both the largest in American history and the first to have significant responsibilities for its aging, frequently infirm, parents’ needs—housing, healthcare, insurance, end-of-life planning, and a lot more.  
As we Boomers school ourselves about caregiving options for our parents, most of us ought to be thinking about our own advancing age and figuring out how we’re going to pay for our care.  We may consider nursing homes, assisted living facilities, or an alternative that will enable us to continue to live at home and receive the care we’ll need, such as <a title=In home healthcare from Great Places! onClick=”javascript:pageTracker._trackPageview(’/outgoing/article_exit_link’);” href=http://www.greatplacesinc.com/features/InHomeHealthCare.aspx>InHomeHealthCare</a>or  <a title=Adult day care from Great Places! onClick=”javascript:pageTracker._trackPageview(’/outgoing/article_exit_link’);” href=http://www.greatplacesinc.com/features/AdultDayCare.aspx>AdultDayCare</a>.  But it’s a demographic inevitability that as life expectancies continues to extend, we’re going to need help with basic daily functions—dressing, bathing, cooking, to name a few—perhaps for decades.
How will Boomers select OUR senior housing?  Proponents of “generational marketing” believe that generational values drive product marketing, and that each generation has unique values that are determined by their life experiences, lifestyles and social values.  Baby Boomers are routinely characterized as the “me generation,” the most egocentric in history.  This is the generation, after all, that grew up believing that the economic prosperity that existed after World War II would continue indefinitely.  “Shop ‘till you drop,” and “He who dies with the most toys wins!” are slogans that are claimed to reflect Boomers’ values and buying habits.  

On the other hand, Baby Boomers are also the “Woodstock Generation,” an age group that raged against their parents’ attitudes and mores, embracing the “hippie” lifestyle of “sex, drugs, and rock ‘n roll.”  Many of them rejected the traditional family formation and structure, opting instead for informal, even communal, living arrangements, often seeking self-sufficiency by “living off the land.”

It is this latter modality that has gotten increasing traction as Boomers age.  After decades of indulging every shameless, greedy impulse, our generation seems to want to age gracefully and adopt healthy lifestyles.  Health, wellness and sustainability have become compatible and complementary to us.  

As a result, it may be no surprise that the “greenest” Americans are the oldest Americans.  As reported by WSL Strategic Retail (http://www.wslstrategicretail.com) a research firm that provides marketing information to retailers and manufacturers, fully 85 percent of those over 55 try to conserve energy or use natural products, for example, compared to only 65 percent of Americans under age 35.

The emerging model of elder living for Boomers.  In 2002, Dr. William Thomas began to develop an alternative to traditional nursing home care that he called the “Eden Alternative.”  Here’s how he describes his motivation for changing the culture of nursing facilities:

“I went to the nursing home and sat.  Yes, I just sat and watched.  . . .  I was just observing.  I sat in the lobby.  I sat in the dining room.  I sat in the solarium.  What I saw was something I had been too busy to see before.  What I saw were the elders suffering – not from the physical ailments that brought them to the nursing home, but from plagues of the human spirit.  I saw patients suffering and dying from loneliness, helplessness, and boredom.
“I knew that I had to do something.   This brought me to the story of Eden.  Every child in America knows this story of world-making.  Yes, I thought, ‘Human beings were not meant to live in a cold, sterile environment.  They were meant to live in a garden.  That is a true human habitat. We must create a place for our elders that is much more like a garden – the Garden of Eden!”
Dr. Thomas developed the Green House® model, a small, “intentional” community that is a radical departure from the traditional nursing home or assisted living facility.  This model changes the size of the facility, its interior design and staffing patterns, and, most important, the methodology for delivering services.  The Green House website (http://www.thegreenhouseproject.org) describes this approach as “a place where elders can receive assistance and support with activities of daily living and clinical care, without the assistance and care becoming the focus of their existence.”
The Green House serves six to ten elders, blending architecturally with neighboring homes.   Each resident has a private room or unit with a private bathroom.  The rooms are bathed with sunlight and are organized around a hearth, an open kitchen and dining area. They’re intended to look and feel like a home, with few medical signposts.  The floorplans, décor and furnishings provide a sense of warmth, while the use of smart technology (e.g., computers, wireless pagers, electronic ceiling lifts, and adaptive devices) demonstrates sustainable, “green” practices.

Equally important, residents are not subject to the limitations of the typical institutional schedule.  They sleep, eat, and participate in activities according to their own schedules.  Meals are prepared in the open kitchen and served at a large dining table where staff, elders and visitors enjoy nutritious food and good conversation with people who care about each other.

Laurence Harmon is a principal of Great Places, go there for more info on:
AdultDayCare,
InHomeHealthCare.

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Health News: The Secret To Good Health Is Simple

How good is your health?

Most people forget that good health is the greatest asset they can have in life.

They work hard all their lives without taking proper care of themselves

for many years until one day they break down.

Don?t wait until you?ve a nervous break down, to face the reality.

You should balance your activities with the proper amount of rest.

Some of the leading experts in the field of aging now believe that regular exercise along with the proper amount of rest may actually add years to the life span.

Results from a number of tests indicate that speed and muscular strength of many of the elderly can be extended.

Leading authorities agree that this new data is going to shatter many of the myths about aging and physical performance.

The conclusion now is that the performance and ability of the elderly has long been underestimated, diet, proper sleep and exercise along with rest and relaxation are all important factors in preserving our bodies.

Laughter is one of the best things for your mental and physical state.

People are naturally attracted to someone who has a good sense of humor.

You can develop a good outlook and a good sense of humor by associating with and surrounding yourself with pleasant happy people.

Recognize that stress is a killer. A life filled with stress can really wreak havoc on your body causing a number of illnesses such as hear attacks, strokes, asthma, gastric problems, menstrual disorders, ulcerative colitis, angina, irritable colon, increased blood pressure, ulcers, headaches, etc.

There are different types of stress such as mental, emotional and physical.

Emotional stress seems to take the greatest toll on everyone.

All stress is not bad; in fact, life would not be very interesting if it were not met with challenges.

However, too much stress, too often with no effective and appropriate outlet, does not allow the body and soul to recuperate.

You might review a typical week to see if you can identify things that might be making you anxious or causing you stress.

Once identified, stressors can be attacked and eliminated.

Are you a worrier? Chronic worriers don’t have more serious problems than others – they just think they do.

Many worriers try to cope by trying not to think about their problems, but this just makes things worse.

Doctors say that chronic worriers feel less anxious if they actually spend a half-hour a day thinking specifically about their problems.

Get plenty of exercise. People who are physically fit look good and feel good.

A good exercise regimen will lengthen your life. Improve your appearance, build self confidence and help delay the aging process.

Remember that you need to do something physical every day.

If you don’t use your joints, quite simply they’ll tighten up with age to create the stooped, bent and worn out appearance we so often associate with old age.

Studies have shown that people with arthritis experience less pain if they continue to keep their joints flexible.

As one gets older, the bones tend to get brittle which is why it is common for senior citizens to break bones and especially their hips when they fall.

Eating right, getting proper sleep and learning to relax are all very valuable in maintaining a healthy body and mind.

And keep in mind that eating healthy foods and avoiding those high in fats, sodium and cholesterol will help to decrease your risk of heart disease, high blood pressure and associated problems.

May these good health news and insights help you to live a longer, healthy and happy life.

The author is a health expert and understands the role of health news from Health Blog in maintaining a good health. This is what has been shared with the help of article to make other people familiar with the benefits of health blog .

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Obama’s Latest News Conference

President Obama jumped right into the news conference tonight, immediately focused on health care, and keeping the reform proposal debate the main subject.

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Reuters Outsources to India to Cover US Financial News

Outsourcing of media and publishing is one of the most recent events in the Outsourcing industry, bringing about an unprecedented revolution in the global media and publishing business. Preceding Reuter?s decision to outsource its work to India, Time Warner’s magazine Business 2.0, New York Times, and Technology news portal CNET have experimented with outsourcing their research reports, news alerts, editing work and are looking to initiate pilot programs to get news pages designed in India.

The aim again is cost-cutting and to provide up-to date news, keeping the reports, bulletins, and broadcasts, fresh throughout the day. Reuters has acquired a base in Bangalore (a Reuters Bureau, like any other) with 60 people who are to carry out their basic data analysis, and compile tables, with over 300 non-editorial people monitoring market data. In addition, a polling unit has also been set up to make calls for collecting data, starting with Australian economic polling. The stories, however, will be written in the original centre.

David Schlesinger, global managing editor, Reuters, corroborates that the driving force behind outsourcing their work to India is to avail of the huge cost advantage. According to Schlesinger, the move meant that Reuters could broaden their coverage of US companies without incurring crippling costs. Also, they can use their New York journalists for more interesting stories, and to conduct interviews with senior company officials. Reuters is keen to benefit from the advance in technology in India, which is apt for conducting editorial and publishing work, and looks forward to a flourishing outsourcing publishing business from India.

The journalists employed by Reuters, Bangalore, cover US financial news in night shifts. Company news is reported live as it happens on the New York Stock Exchange. These journalists get an opportunity to work for the world’s biggest news agency, Reuters, for much less than their counterparts in the US. With this move, Reuters implements its massive cost-cutting program. The journalism operation in Bangalore could soon be significantly expanded, said Schlesinger.

So, while the News industry never tires of slamming the outsourcing industry in general, it seems to have discovered the benefits of Outsourcing for itself.

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