FHA limits the benefit of a Reverse Mortgage

As of October 1st, 2009, FHA will begin limiting the benefit amounts for Seniors obtaining reverse mortgages. Overall, the benefit amount will be 10% less after October 1st vs. prior to October 1st.

In a world where home values have dropped, assets have diminished, the COLA for SS is 0% and healthcare is continually becoming more expensive...this is not good news.

Some recent good news though - the loan limit for Reverse Mortgages might stick at $625,500 for the time being...so while it won't change the principal limits available to homeowners, it will at least let them base their benefit off of a higher amount.

Senior Education Events in October and November

The Senior Education Network is holding a series of events in October and November at the Southampton Free Library in Southampton, PA. Additionally, events are forming at the Northampton Senior Center and the Doylestown Library.

Visit www.SeniorEdNet.com and click on “Upcoming Events” for full details including upcoming events calendar.

Topics for the Southampton Educational Events include:

· Social Security / Medicare

· Senior Housing Options

· Staying Fit and Healthy over 65

· Long Term Care Insurance Basics

· Reverse Mortgages

· Practical Estate Planning / Medicate Laws

· Home Health and Medicare Eligibility

· Understanding Hospice Care

· An Overview of Long Term Care

The Senior Education network is a volunteer organization – these are not sales presentations.

Seniors Saved from Foreclosure - Reverse Mortgages Save the Day

Many of the foreclosures we are seeing are falling into two categories:

1) Seniors
2) Single Female Parents

Reverse Mortgages CAN BE USED to save seniors from foreclosure.

• Criteria for reverse mortgages include age and property value.
• Criteria not factored is credit rating, employment, assets or ability to repay the loan.

Saving a homeowner from foreclosure with a reverse mortgage is a success story we should all look to create. Who do you know that needs help today? Introduce them to this web log - or please feel free to contact me with questions.

Thank you - and have a great weekend!

Retirement Benefits - Free Information from Social Security

THURSDAY SEPTEMPER 24th, 2009 from 6pm to 7pm
At the Friends Home and Village, 331 Lower Dolington Road, Newtown, PA
Please R.S.V.P. to: Friends Home and Village (215) 968-9222

Social Security Benefits in 2010
Presented by Karen Risch, Field Representative - SS Office

Reverse Mortgages: A Key to Retirement Planning
Presented by Ben D. Stucker, CSA