• The Newspaper for Active Seniors •
New law makes it easier to save on prescription drug costs
Aging, Dementia, and Hearing Health Uncorrected pronounced hearing loss renders a patient less responsive to medical treatment.
If you’re married or divorced, these littleknown strategies can add thousands of dollars to your Social Security checks.
U
nder a new law, more Medicare beneficiaries could qualify for Extra Help with their Medicare prescription drug plan costs because some things no longer count as income and resources. The Extra Help is estimated to be worth an average of $3,900 per year.
25 TH A NNUAL L A P ALMA D AYS
THE “OFFICIAL VETERAN’S DAY PARADE OF ORANGE COUNTY”
To qualify for the Extra Help, a person must be on Medicare, have limited income and resources, and reside in one of the 50 states or the District of Columbia. To qualify for extra help, people must meet certain resource and income limits. The new Medicare law eases those requirements in two ways. First, it eliminates the cash value of life insurance from counting as a resource. Second, it eliminates the assistance people receive from others to pay for household expenses, such as food, rent, mortgage or utilities, from counting as income. There
See Drugs CONTINUED ON 7
ACTIVITIES
R
Every year, retirees pass up a whopping $10.1 billion in Social Security benefits—spousal benefits that most people don’t even know they’re entitled to. These benefits can increase your income and solve the big riddle that confronts so many of us when we first think about Social Security: whether to get immediate monthly income at 62 or wait and get a bigger check—maybe a lot bigger. If you hold off until you’re 66—which the government considers Full Retirement Age (FRA) for people born from 1943 through 1954—the monthly benefit will be one-third
esearchers at the University of Wa- tal score testing. shington and the Harbor View MeMany with hearing aids reported that dical center in Seattle demonstrated they had started going to movies and spent that hearing impairment was twice as pre- more time with their family and friends valent among older adults with diagnosed than those who could not hear as well. Alzheimer disease as with others. Further- Those with hearing aids were happier and more, the greater the hearing loss the grea- fewer depressed. ter the symptoms of dementia. In another study called the Nun Study, a As patients were aurally cut off from special group of nuns over the age of 100 communication and their who are also active heaenvironment, they suffering aid users and who As patients were aurally cut off from red and were more suwere willing to donate communication and their See Income environment, they suffered and sceptible to depression their brains to scientific and cognitive dysfunc- were more susceptible to depression and study after their death, the CONTINUED ON 1 cognitive dysfunction. tion. surprising results were as In another study, it follows: Their brains were was found that hearing riddled with Alzheimer‘s, More inside: aid use led to dramatic outcomes such as but during life they exhibited no signs of the reduced depression and cognitive dysfunc- disease and lived active, happy lives right Our Community tion up until death. It appears that the constant Mulrow and her colleagues studied new auditory information and learning see- Active Sports 188 patients over 64 years of age who had med to stimulate and rewire new pathways, varying levels of hearing loss. From that bypassing the old circuited, interrupted pa- Entertainment group, half were given hearing aids. At the thways. Their happy, active hearing lifeend of the four-month period, the hearing style served them well right up until death. Hospital News aid group exhibited marked improvement They certainly got the most that they could Your Money in social, emotional and communication out of life. functioning. Some even improved in men-
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2 HEALTHY LIVING • JANUARY 2010
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OUR COMMUNITY Ford Ladies Hold Annual Christmas Party By Helen M. Brown
hired at the Long Beach plant and dents, making their home on Mayworked on the teletype. A second port Ave. until the plant closed and The Ford Motor Company in woman was hired a short time later they had to re-locate. They bought Pico Rivera closed their doors in to work the switchboard. a chicken farm outside Bentonville 1980 forcing two thousand men The couple praised for traveling where they lived until a few years out of work. It had opened in 1958 the farthest to attend this year was ago when they re-located again to combining both the Long Beach and Maywood plants. When it closed in 1980 a group of salaried employees spearheaded by Jack Koulek of the Trim Department and his wife, Beverly, who worked in the office, decided to band together and form the LA After Club. They decuded to meet twice a year in order to stay in touch with each other. They would meet at Christmas time and again in the summer. On Saturday, December 5, 2009, twenty-nine years later, approximately 75 of these former Ford employees and their wives met at Khroury’s in Long Beach The Ford Ladies Group met at Mimi’s restaurant in Corona to celebrate their annual Christmas this year on Thursday December 10th. About twenty ladies Party. It is a wonderful group and were present, including Marie Carter and Helen Brown from even though some did not origiNorwalk and Phyllis Evans from Pico Rivera. nally know one another, due to the number of men at Ford, it wasn’t long before they were able to make Dan & Karen Block. They came Tucson, AZ. lifelong friends within this smaller from Ontario, Canada. They spend The Ford Ladies Group, not to be gathering of their former co-work- half the year in Ontario and the out done, meet for their own Christers. other half in Mt. Washington, KY. mas party each year. This year they It was an honor to welcome Ms. Last year it was Lyle and Ann Ben- met at Mimi’s restaurant in Corona Pauline Doolittle, a spry 91 year ton who traveled from Arkansas. on Thursday December 10th. About old. She was the first woman to be They were long time Norwalk resi- twenty ladies were present, includ-
Irvine Senior Center Holds Volunteer Recognition Party
ing Marie Carter and Helen Brown from Norwalk and Phyllis Evans from Pico Rivera. For many years they met in this area but for the past couple of years they’ve met at Mimi’s as that seems to be more central for most of the group. Nikki Higgins of Norco and Linda Hainey of Downey were hostesses this year. Unfortunately, Linda had out-of-state company and was unable to attend. Each guest brings a beautifully packaged unmarked gift. After a delicious lunch numbers are drawn and gifts are chosen. Then the fun begins as guests are allowed to “Steal” the already chosen gifts but no more than three times. This can get pretty loud and other restaurant patrons even joins in the fun sometimes to cheer them on. This year, for the first time in 29 years, to every one’s amazement no one wanted to “Steal”, all were happy with their first gift. This group of warm-hearted women manage to meet several times a year to celebrate the “Big” birthdays, you know, the 5 and 0 years. What a grand group this is. It is a privilege to know each and every one of them. When they have to forego a meeting, they are sorely missed.
What you say:
A simple,
caring word.
The Irvine senior center held its annual volunteer recognition party this past December honoring the many fine folks who help out at the two centers. "We could not do many events with out them", said Don McLean, director of the center, "it is the least we can do to have this party for them."
What is heard:
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An entire chorus of
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HEALTHY LIVING • JANUARY 2010
3
OUR COMMUNITY
69-Year-old gets his degree and eyes further education NORWALK, Calif. - January 11, 2010 - Stubbornness sometimes can be good. Determined to finish what he started when he was 18, Michael Esposito quit being a business owner and came back to Cerritos College after nearly 50 years. His parents started a meat market in Whittier in 1947 when he was seven. Esposito worked there everyday while attending schooluntil his parents sold the store in 1958. At Whittier High School, he was a good student, an accomplished athlete and college-bound, until life got in the way. He started working right out of high school, for San Antonio Construction Company in Artesia, in 1958, the year his mother married the owner of the company. Esposito wanted to go to college but his mother discouraged him, because his labor was needed at San Antonio. She explained that, “Your father will teach you everything you need to know. No need for college!” However, “my passion for education has never left me,” said Esposito. One day in 1959, Esposito was very surprised by a call from Joe Incorvia, who was his wrestling coach in high school. Incorvia had
moved to Cerritos College from Whittier High to start a wrestling team. With help of Incorvia, Esposito started taking evening classes at Cerritos College where he became one of the first ten
went to Mt. San Antonio College for one semester, but work again got in the way of college. He obtained a B-1 contractor’s license for California in 1975. A year later he earned a contractor’s
Michael Esposito
wrestlers to letter at Cerritos in the 1959-60 school year. His college career ended for a long time after 1966. In 1966 he
license for Nevada. By this time at San Antonio he was the construction superintendent. The company had grown and he did all the firing
and hiring. In 1977 at the age of 37, Esposito bought the company and specialized in wood frame storage buildings all over California. Here is one episode shows that he remained a keen learner even after he became a busy business owner. While working on a large job in Southern California, he went back to Cerritos College in 2003-04. He earned nine units before work took him north again. One must be wondering by now, “Why did he have to keep coming back to Cerritos College? Joe Incorvia was a big factor. Coach Joe was a big influence in his life – he introduced Esposito to wrestling in high school and taught him the importance of higher education. To show Joe that he completed what he started 49 years ago, it had to be Cerritos College. He came back to Cerritos College in summer 2009 to finish his “job.” In fall 2009 after 49 years, he finally earned his A.A. in history from Cerritos College, where he started so long ago. What next? 69-year-old Esposito smiled and said “I want to be a history teacher, if I live long enough!”
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4 HEALTHY LIVING • JANUARY 2010
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SPORTS First Annual California Winter Games in the Sierra Nevada for Seniors
The first annual Senior Winter games will take place at Dodge Ridge near Oakdale, in the Yosemite area March 11-14, 2010. Featuring winter sports competition for men and women 50-years-old and up in fiveyear groups, events will include Downhill: Giant Slalom, Slalom, Dual Slaloms; Snowboarding: Giant Slalom, Slalom, Dual Slaloms; Nordic (telemark): Giant Slalom, Slalom, Dual Slaloms; Cross Country: 5k and 10k Nordic (Classic and Skating races). The games will feature a festive, colorful, action-packed Winter Carnival atmosphere for competitors, spectators, friends and family. Dodge Ridge offers a great venue located in the newly built 16,000 sq. ft. Family Lodge. Enjoy the scenic mountain view from an elevation of 6,600 feet and take in a breath of fresh air. Call (209) 536 - 5307 for more information. 8X10adnusres:Layout 1 6/28/09 3:35 PM Page 1
Orange County Seniors ready for Vacaville Senior Games
The annual Vacaville Senior games will begin January 17, 2010 and many of the OC Seniors are heading out to compete. Marge and George Knowland, pictured above, will compete in the swimming events. Other events include Men’s Basketball, Ice Hockey, Women’s Basketball, Racquetball, Pickleball, Bowling and Tennis. Got to visitvacaville.com for more information.
Healthy activities for seniors on the go It is common knowledge that we live longer and are healthier today than we were only a few decades ago. Advances in medicine and technology can be a blessing and a curse. Many seniors need alternatives, depending on health and mobility, to stay happy and healthy.
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Seniors don't need extreme sports -they need activities that are geared towards them and their lifestyle. Things To Do - Getting Fit Studies show that seniors who exercise regularly and are careful in their nutritional needs live a longer life. Look at George Burns -- at his 95th birthday party, he said that he has a regimen of diet and exercise, and plans to live to see his 100th birthday. If we are to compete in things such as the World Senior Games, it makes sense to get into shape. Many seniors feel that they are too old, that their muscles are atrophied and will no longer be of good use to them. They worry that they might be injured in any strenuous activity. Nothing can be further from the truth. A good place to begin is with water therapy, gradually building up to swimming. It is one of the best activities that a senior can do to increase fitness. Activities for seniors on the go should include an exercise program, and a lot of community activity centers provide this. Nearly every community not only has an exercise program, but other activities that are of interest to the senior citizen. Everything from bridge to bingo to walking tours is generally included in community activities. Other Things To Do Look to the web for your answers to these questions. Research your community website and find activities that might get your interest. A lot of communities have garden clubs. Most all seniors have some experience with gardening, and this is a good activity that can get you out of the house, meet new people, and share your knowledge with others. Go on walking tours, or join a local bridge club. Almost every hospital has a wellness center that gives special attention to seniors and exercise. There are many volunteer activities in the community. Help out with Special Olympics next year. Whatever your choice, stay active and live longer.
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HEALTHY LIVING • JANUARY 2010
5
ENTERTAINMENT Cerritos Center for the Performing Arts WOODY HERMAN ORCHESTRA
Sunday, January 17, 2010, 3:00 PM Lyric Configuration: $52/$40/$28 Jazz clarinetist-saxophonist Woody Herman revolutionized Swing music with a repertoire that embraced a wide spectrum of genres, including Blues, Bop, and Rock. The Big Band leader won Grammys for Thundering Herd, Giant Steps, and the album Encore: Woody Herman, 1963. The Woody Herman Orchestra continues Herman’s legendary vitality and versatility, mixing classics from the past with new songs that suit the band’s exuberant, hard-swinging style. NOTES FROM THE EDGE Wednesday, January 20, 2010, 7:30 PM Sierra Cabaret: $30
introduces composers, unravels the beauty of their music, and helps listeners approach and appreciate the works in new ways. In this exploration, Kapilow deconstructs The Four Seasons, Antonio Vivaldi’s best-known work and one of the most popular pieces of Baroque music. The evening features live performances by violinist CheeYun and the Riverside County Philharmonic and concludes with a Q&A.
Rob Kapilow AVENUE Q Friday, January 29, 2010, 8:00 PM Saturday, January 30, 2010, 2:00 PM & 8:00 PM Sunday, January 31, 2010, 3:00 PM & 7:00 PM Lyric With Pit Configuration: $47/$35/$25 Friday & Sunday Evening $60/$48/$36 Saturday & Sunday Matinee $55/$43/$31 Saturday Evening
Notes From the Edge is a concert of arrangements for string quartet and vocals of songs by such performers as Radiohead, Pink Floyd, David Bowie, Elvis Costello, and Joni Mitchell. With arrangements by renowned film composer Mark Governor and violist Tom Tally, Notes From the Edge is a captivating, original, and exhilarating concert experience. ROBERT KAPILOW’S WHAT MAKES IT GREAT SERIES VIVALDI * The Four Seasons WITH CHEE-YUN, VIOLIN AND THE RIVERSIDE COUNTY PHILHARMONIC Wednesday, January 27, 2010, 7:30 PM Recital Configuration: $30 In his acclaimed What Makes It Great? series, Robert Kapilow
Full of heart and infectious humor, Avenue Q is about grand dreams and trying to make it in the Big Apple * on a small bank account. The Tony winner for “Best Musical,” “Best Score,” and “Best Book,” Avenue Q features a clever cast of people and puppets who spin the risqué into laugh-out-loud hilarity. It’s “wicked yet sweet,” hailed Newsday. Not suitable for ages 16 and younger.
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Album For Children. LMT’s Programs for Young Audiences is designed to give Performing Arts children ages 5 and up and their families exposure to a diverse mix of national and international touring stage acts. The season will continue with The Kennedy Center Theater for Young La Mirada Theatre for the Audiences on Tour production Performing Arts continues its of Nobody’s Perfect (presented 2009-2010 Programs for Young in spoken English and American Audiences series with 3-Time Sign Language) on February Grammy Award 28, 2010,The Winner Tom Adventuresof Harold Chapin in Concert. and the Purple Performances are Crayon on March, Sunday, January 24, 28, 2010, and the 2010 at 1:30 and season will finish 3:30 p.m. with Storybook Nicknamed Theatre’s Sleeping “the Pied Piper Beauty on May 16, of Children’s 2010. Music” by Parents All seats are $8 Magazine, Tom for children and Chapin’s live $12 for adults. performances Tickets are available engage the online atwww. hearts, minds and lamiradatheatre.com imaginations of Tom Chapin or by calling the La children and adults Mirada Theatre Box alike. Tom has Office at (562) 944gained widespread critical and 9801 or (714)994-6310. Season popular acclaim for his recordings subscriptions are available for aimed at 4 to 11 year-olds and their $24 (Children) and $36 (Adults). families. The theatre islocated at 14900 La Five of his family recordings Mirada Blvd. in La Mirada, CA. have received Grammy Parking is free. nominations for Best Musical
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The Bingo Club is a function of and operated by The Irving I. Moskowitz Foundation. A Non-Profit Public Charitable Organization.
6 HEALTHY LIVING • JANUARY 2010
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HOSPITAL NEWS Presbyterian Intercommunity Hospital is once again a Medi-Cal Provider for Hospital Admissions
Executive Officer, James R. West, has announced that the hospital will once again be providing both inpatient and outpatient care to the Medi-Cal-insured patients in Whittier and the surrounding areas. PIH annually provides healthcare services to more than 2,500 MediCal inpatients. “We are committed to our mission of providing quality healthWhittier, CA – Presbyterian care and reaching this agreement Intercommunity Hospital (PIH) with the State of California allows has reached an agreement with the us to continue to serve the healthState of California regarding its care needs of our community,” said Medi-Cal contract. Effective today, West. January 7, 2010, PIH is once again a Medi-Cal provider for hospital admissions. PIH had terminated its Medi-Cal contract effective July 31, 2009, but re-entered contract discussions with An estimated 95% of waste from the California Medical Assistance demolition to be recycled. Commission (CMAC), the agency that negotiates Medi-Cal contracts Whittier, Calif. – Presbyterian on behalf of the State of California. Intercommunity Hospital (PIH) is A mutually agreeable reim“thinking green” when it comes bursement rate has been reached and PIH’s President and Chief
PIH Construction Projects “Go Green”
to the new Plaza Tower expansion now underway on the hospital campus. Construction for the six-floor, 237,750-square-foot building will begin in February 2010. However, in order to build the Plaza Tower, older portions of the hospital must be demolished first. In order to be more environmentally conscious, PIH is recycling as much of the waste materials from this project as possible. It is estimated that as much as 95% of the waste materials generated during this demolition will be able to be recycled. This means that only 5% of the waste material will go to area landfills at the end of the demolition process. The estimated tonnage of waste materials to be generated and recycled during the demolition is as follows: • Concrete: 12,480 tons (approximately 11,850 tons of which will be recycled) • General debris: 1288 tons
The Newspaper for Active Seniors
(1224 tons to be recycled) • Structural steel: 70 tons (66 tons to be recycled) • Sheetmetal: 50 tons (47 tons to be recycled) • Rebar: 150 tons (142 tons to be recycled) • Nonferrous metals:10 tons (9 tons to be recycled) In total, PIH and its contractor, Millie and Severson, estimate that more than 13,338 tons of materials generated from this demolition will be able to be recycled. By recycling, PIH is helping to prolong the community’s and region’s supply of natural resources. Recycling also helps to reduce air, soil, and water pollution. When the hospital’s new Plaza Tower is completed in 2012, it will contain 11 new state-of-theart surgical suites and specialized procedure rooms. Additionally, the building will be compliant with SB 1953, the California seismic retrofit/replacement statute. The new Plaza Tower is another facet of PIH’s continuing efforts to not only improve the hospital, but to grow and expand our services to meet the needs of our community. We are proud to be able to integrate “green” construction technology in the best interests of our community’s resources.
Healthy Living is the only area newspaper dedicated to the interests and lifestyles of active seniors residing in Los Angeles and Orange Counties.
You can find Healthy Living in community and senior centers, active senior living residences, VFW & American Legion Posts, city halls, bookstores, public libraries, pharmacies, select CVS, Walgreens, retail outlets, restaurants, banks, the waiting rooms of doctors offices, and more. Active seniors represent a growing and powerful segment of the American population, and as such, they deserve their own locally-oriented publication. You will find articles on travel, fitness, self diagnosis techniques, finances, legislation, where to dine out, healthy recipes, and more.
For information call 562.407.3873
s
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HEALTHY LIVING • JANUARY 2010
7
YOUR MONEY INCOME
Continued from page 1 larger than if you take it at 62. Wait until age 70 and the check will be 76 percent larger. The longer you live, the more that will matter—and chances are, you’ll live a long time. The average 65-year-old can expect roughly 20 more years of life. Among that same group, 41 percent of women and 28 percent of men will live to age 90—and half of those women will make it to 95, as will one-third of the men. Fortunately, spousal benefits offer a way around the riddle. If you’re married—or if you’re divorced after ten years of marriage and haven’t remarried—you can claim a benefit not only on your own work record but also on your spouse’s. No, you can’t collect those benefits simultaneously. In some instances, however, you can get them consecutively: you can file first to get a spousal benefit, and then later to get your own benefit after it has grown as big as possible. To see how spousal benefits work, consider these sample situations.
Two-Income Couples
The Scenario: Bob is 66; Kathy is 62. Based on their work records, each qualifies for a $2,000 monthly benefit at their FRA. Kathy plans to file now for her own benefit, so it’ll be reduced to $1,500 (for details on how your age affects the size of the benefit you receive, go to www. ssa.gov/retirement/1943.html). Bob intends to wait until he’s 70 so that his benefit will grow to $2,640. The Better Way: Normally, when you apply for your own benefit, the Social Security Administration also looks at your spousal benefit and, if it’s bigger, adds the difference. But when Kathy files for Social Security, Bob should apply only for a spousal benefit, something he can do because he has reached FRA. “He must make it clear on the form that he’s restricting the application to the spousal benefit,” says Social Security Administration spokesperson Mark Lassiter. “That keeps his own benefit growing 8 percent a year for four more years.” The Payoff: As a spouse, Bob gets 50 percent of the $2,000 Kathy would be entitled to at 66, an extra $1,000 a month for four years. At age 70 he can switch to his own $2,640 benefit. According to the Boston College Center for Retirement Research, in any given year about 700,000 couples stand to gain from using this approach.
One-Income Couples
The Scenario: Tom, 64, works full-time; Sandra, 60, is a homemaker. His Social Security benefit at 66 will be $2,000 a month. He’d like to wait until he’s 68 to apply, which will bump the benefit to $2,320. But he’s not sure he and Sandra can manage that long without it.
The Better Way: At 66, Tom should apply for his $2,000 monthly benefit, which allows Sandra to file for a spousal benefit. Tom can then— surprise—voluntarily suspend his benefit (at FRA, he has that option) so it will keep growing. Meantime, Sandra continues receiving her spousal benefit. (For details, go to www.ssa.gov/retire2/yourspouse. htm.) The Payoff: Sandra gets $650 a month. Why not $1,000—half of Tom’s benefit? Because she’s only 62. No matter whose earnings record it’s based on, the amount you get depends on your age when you apply for it. The moneymaking lesson here is to fully explore your choices. Use Social Security’s online calculator (at www.socialsecurity.gov/OACT/ anypia/anypia.html) to play with different assumptions, or make an appointment to visit your local Social Security office. Don’t hesitate to ask agency staff to check with supervisors if they’re unfamiliar with these seldom-used strategies.
Top ten things to know if you're interested in a reverse mortgage
Reverse mortgages are becoming popular in America. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. Many seniors use it to supplement social security and more. You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 2098085. Decide if one is right for you! 1. What is a reverse mortgage? A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But DRUGS unlike a traditional home equity loan Continued from page 1 or second mortgage, no repayment also is another important “twist” in is required until the borrower(s) the law. The application for extra no longer use the home as their principal residence. FHA's HECM help can now start the application process for Medicare Savings provides these benefits. You can also use a HECM to purchase a primary Programs -- state programs that residence if you are able to use provide help with other Medicare cash on hand to pay the difference costs. These programs help pay between the HECM proceeds and Medicare Part B (medical insurthe sales price plus closing costs for ance) premiums. For some people, the property you are purchasing. 2. Can I qualify for FHA's HECM the Medicare Savings Programs also pay Medicare Part A (hospital reverse mortgage? To be eligible for a FHA HECM, insurance) premiums, if any, and the FHA requires that you be a Part A and B deductibles and cohomeowner 62 years of age or payments. older, own your home outright, or have a low mortgage balance that Who can get Extra Help? can be paid off at closing with Anyone who has Medicare can proceeds from the reverse loan, get Medicare Part D prescription and you must live in the home. drug coverage. Some people with You are further required to receive limited income and resources are consumer information from an eligible for Extra Help to pay for approved HECM counselor prior the costs–monthly premiums, anto obtaining the loan. You can contact the Housing Counseling nual deductibles, and prescription co-payments–related to a Medicare Clearinghouse on (800) 569-4287 for the name and telephone number prescription drug plan. To qualify of a HUD-approved counseling for Extra Help: agency and a list of FHA-approved * You must reside in one of the lenders within your area. 50 states or the District of Colum- 3. What types of homes are eligible? bia. To be eligible for the FHA * Your resources must be limHECM, your home must be a single ited to $12,510 for an individual or family home or a 1-4 unit home with $25,010 for a married couple living one unit occupied by the borrower. together. Resources include such HUD-approved condominiums and things as bank accounts, stocks, manufactured homes that meet FHA and bonds. We do not count your requirements are also eligible. 4. What's the difference between house and car as resources; and a reverse mortgage and a bank * Your annual income must be limited to $16,245 for an individu- home equity loan? With a traditional second al or $21,855 for a married couple mortgage, or a home equity line living together. Even if your annual of credit, you must have sufficient income is higher, you still may be income versus debt ratio to qualify for the loan, and you are required to able to get some help.
make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment." 5. Will I still have an estate that I can leave to my heirs? When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. 6. How much money can I get from my home? The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You can use an online calculator like the one on the AARP website to get an idea of what you may be able to borrow. 7. How do I receive my payments? You have five options: Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. Term - equal monthly payments for a fixed period of months selected. Line of Credit - unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted. Modified Tenure - combination of line of credit with monthly payments for as long as you remain in the home. Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
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