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SOLERA DIAMOND VALLEY | SEPTEMBER 2023 11 Submitted By Linda Weiss, Resident Here's another excerpt from my wonderful little book I Could Chew on is, by Francesco Marciuliano. I hope you enjoy it. By Kathy Caraher, Resident Reverse Mortgages have been around for several years, and they've changed over that period. I've been researching them and thought I would share some things I found out. ere are three types, and they may not be right for some, but others may benefit. It is a personal choice to be made by you and your heirs. A reverse mortgage is as a way for those over 65 to benefit from the equity in their home while still living. To decide if a Reverse Mortgage is right for you, consider all your goals, needs and available options. A Reverse Mortgage is a complex financial transaction and a legally binding document. I recommend you check out the pamphlet "A Guide to Use Your Home to Stay at Home" by the National Council on Aging (NCOA). It is approved by HUD. Based upon the value of your home and the amount of debt, an approved formula is used to calculate your benefits. e idea is to provide you with relief from the current mortgage principal and interest and provide a Line of Credit, to be used over time, for unexpected expenses. You will still pay your taxes and insurance. e longer your funds remain unused in the Line of Credit it earns interest. e interest rate varies over time and is determined by the amount of interest applied to the loan. Your first encounter in this process is usually with a Reverse Mortgage Loan Specialist. Resources for finding one can be through friends, neighbors, family, or online research. Basic qualifications involve the value of your home, the outstanding loan balance (if any) and your credit history. I received a Complimentary Reverse Mortgage Quote based upon the government backed program. e Loan Specialist gave me a thorough explanation of all the features, rates, and costs verses benefits. is gave me an overall picture of the process and allowed me to review it and make my decision. I was provided with a list of/and directed to contact one of the approved FHA Reverse Mortgage Counselor for Mandatory Counseling. is phone session lasted about 45 minutes. Aer successfully completing this process, I received approval to proceed with the application. e session was highly informative. Once the application is taken care of, the process proceeds much like the regular mortgage: appraisal, title search, credit check and escrow closing. At this point, you still have title to your home and may live in it until you move out or pass on. You will have options for you or your family for terminating the loan and up to a year to process the sale of the home. If your equity runs out, you may remain in the home for your lifetime if you maintain it and pay the property taxes and insurance. I am by no means an expert. I just wanted to share some of the processes you would encounter if you did your own research. What's the Latest on 'Reverse Mortgages'? is is the dance I do for you, do for you is is the dance I do for you As you get my can of food is is the twirl I do for you, do for you is is the twirl I do for you As you open my can of food is is the leap I do for you, do for you is is the eight-foot vertical leap I do for you As you stop serving my food to answer e phone is is me running in a sheer panic, Wild panic is is me running in desperate, Gasping, blind panic As you continue to talk on the phone THIS IS ME LOSING MY (censored) MIND MY (censored) BRAINS, MY (censored) COOL THIS IS ME WONDERING WHAT THE (censored) COULD BE SO (censored) IMPORTANT THAT YOU'RE STILL ON THE (censored) PHONE is is me realizing I was howling out loud, Really loud And that perhaps I overreacted Just a little And so, this is me eating the food You give to me, always give to me DANCE OF JOY Happy Dog Loses Mind, Regains Mind