Reverse Mortgages Can be Great, but be Sure your Spouse is Protected
Reverse Mortgages are a very useful tool for people who are running low on liquid assets but wish to remain in their homes. These non-recourse loans are designed to give seniors over age 62 access to the equity in their homes, and unlike the traditional mortgage or Home Equity Line of Credit, monthly payments are not required. However, when the homeowner/borrower vacates the premises (such as,...
Reverse Mortgages and Real Estate Taxes
Yesterday, the Secretary of the US Department of Housing and Urban Development (HUD) announced a new policy designed to help reverse mortgage borrowers who are behind on their real estate taxes.
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-001
With a conventional mortgage, your monthly mortgage payment typically includes an amount which the...
Improving the Lives of Elders, One Gesture at a Time
The NY Times reported, on 21 June 2014, about a gym being operated by Martin Luther King Addo, a bodybuilder and personal trainer who was raised in Ghana in West Africa. Mr. Addo opened his gym next to an apartment building in Manhattan and specially tailors much of his work to the residents in their 80’s or even 90’s or have disabilities, helping them to improve their walking,...