Discussion on Reverse Loans

For a second time I was a guest speaker on KVTA AM 1520 radio this morning and discussed the myths of Reverse loans that continue to circulate within the general population.   This is the second time that I have been a guest for this particular radio station as I had been previously invited by Pat Hansen of Medical Maze Solutions to be a guest on program that she hosts.

Pat’s program airs the first Saturday morning of each month; 8:30 A.M. and she and her guests discuss senior issues and provide information about services and other topics that are pertinent to aging.  Her program is very informative and a good source of information for seniors and their adult children if they are looking for answers to various concerns or problems.

I along with Corinne Berenson who is a Long Term Care Specialist, discussed the importance of Long Term Care insurance.  There will be a  very large need for it in the future as MediCal and Medicaid run out of funds to pay for long term care of older folks.  Most people haven’t planned for it (You know, “I’ll never get old”) and because of this denial the financial burden for the family and the country will be enormous.

Plus the projections for financial stability/security have become dimmer, due to the current economic environment.  It’s going to take a long time for things to turn around and they will, but not immediately.

Most people will outlive whatever they have managed to save and the financial crisis has been particularly devastating to older people. Not only are they short on money every month to meet their needs but they have become vulnerable to losing their homes as well because they are unable to make mortgage payments on their properties.

And to add to this cheery information, it is now projected that funds for Medicare will be depleted by 2017 and if you can manage to live long enough, Social Security will only be a memory by 2037.

And now back to my comment on retirement…I would have to say…what retirement?   If anyone had ( and that is the correct word) investments, they have probably seen a loss up to 60% of their portfolio, wiping out the possibility of having enough money to meet their living expenses.  And if their children were helping them financially, they may no longer be able to, due to job losses, etc.

Obviously, funds from a Reverse loan can be used to fill in this financial gap if seniors would just be open to learning more about them.  And in those cases where they are, I always refer them to AARP for the booklet called “HomeMade Money” that can be downloaded from the AARP website.   www.aarp.org    Plus it’s free.   Can’t get any better than, that!

Plus I can mail anyone a copy that wants one who doesn’t know a computer from (you fill it in) but would like to have it.   Just contact me and I will get it out to you still FREE.

It was a fun hour and because of that initial meeting with Kelli McKay who was the sound engineer, she invited me back to discuss the “myths’ surrounding Reverse Mortgages on her show, which I did this morning.

If you would like to hear it, please follow these instructions:

www.kvta.com    Click on the tab “Locals Only”, go to the Podcast page and look for me under May 19th.

Here is a photo of myself, Pat Hansen and Corinne Berenson from the previous broadcast.

I will be following up on today’s interview in the next post…