What You Need To Know About Your HECM Counseling Session

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "What You Need To Know About Your HECM Counseling Session"

Transcription

1 What You Need To Kow About Your HECM Couselig Sessio 1. Why do I eed couselig? The US Departmet of Housig ad Urba Developmet (HUD) requires a certified couselig sessio for a federally-isured reverse mortgage, also kow as a home equity coversio mortgage (HECM). 2. Does everyoe eed couselig? Reverse mortgage borrowers choosig the federally-isured reverse mortgage are required to get couselig before applicatio. Official couselig from a idepedet HUD-approved couselor is required. 3. What will the couselig sessio etail? I reverse mortgage couselig, you ll get iformatio o the pros ad cos of the reverse mortgage. You ll also discuss your other optios. You ll receive a projectio of how much you ca expect to receive from a reverse mortgage. Ad you ll compare the payout terms available to you. It will take about a hour. 4. What do I eed to brig to my couselig sessio? Before you do your couselig sessio, you may wat to make some otes about how much moey you re makig ad how much your expeses are. You do t eed to provide your actual pay stubs or bills or ay other documetatio, but the couselor IS required to do a budget with you. You ll also wat to kow if there are ay lies o your house. If a leder has give you a projectio of your reverse mortgage payout, you may wat to have it available as well, although it is ot required. 5. What is a certificate of HECM couselig? A certificate of HECM couselig is writte proof that you ve received couselig. The certificate caot be provided util your couselig is completed. I order to process your applicatio, your leder will have to have a faxed or ed copy of the certificate siged by us, your reverse mortgage couselor. 6. What if I m actig as a legal guardia or have power of attorey? A legal guardia/power of attorey is required to be couseled.

2 Use Your Home to The official reverse mortgage cosumer booklet approved by the U.S. Departmet of Housig & Urba Developmet

3 The Natioal Coucil o Agig (NCOA) is committed to helpig older persos to maximize all resources, public ad private, so that they ca be as idepedet as possible i the residece of their choice. As people grow older, more ad more of them face health or ecoomic challeges that ca make it more difficult for them to cotiue to live i their ow homes. For may seiors, their homes are their biggest fiacial asset. This booklet is desiged to help older adults to uderstad ad assess the potetial rage of optios, icludig reverse mortgages, that may be available to them for payig for the services ad supports they may eed. James Firma, CEO The Natioal Coucil o Agig is a oprofit service ad advocacy orgaizatio headquartered i Washigto, DC. NCOA is a atioal voice for older Americas especially those who are vulerable ad disadvataged ad the commuity orgaizatios that serve them. It brigs together oprofit orgaizatios, busiesses ad govermet to develop creative solutios that improve the lives of all older adults. NCOA works with thousads of orgaizatios across the coutry to help seiors fid jobs ad beefits, improve their health, live idepedetly ad remai active i their commuities. For more iformatio, visit You are free to copy, distribute, ad trasmit this publicatio for couselig-related purposes. The limits for reuse or distributio are spelled out at Natioal Coucil o Agig. All Rights Reserved.

4 Overview Like most Americas, you probably wat to stay i your home as you grow older. However, as it gets harder to do thigs o your ow, you may eed a helpig had with everyday tasks. It ca be costly to pay for help at home, alog with home modificatios ad other health eeds. For may people, these extra costs are a real burde. Older Americas ofte hold oto their home as a est egg i case they eed extra moey. But whe that raiy day arrives, how do you tap the equity i your home? Some people may tell you to sell the house ad move to assisted livig or a ursig home. There is aother optio. If you ve owed your house for may years, it could be worth a lot more tha you paid to buy it. Home equity is the differece betwee the appraised value of your home ad what you owe o ay mortgages. A reverse mortgage ca help you covert some of your home equity ito cash ad cotiue to live at home for as log as you wat. Usig the equity i your home ca seem like a good idea. But is it right for you? It is a decisio you should cosider carefully, because the house may be your most valuable fiacial asset. This booklet will help you uderstad the beefits ad challeges of this fudig optio. After readig this booklet, you should be better able to: Decide if stayig at home is right for you. Uderstad the differet ways you ca pay for help at home. Kow where to go for more iformatio. 3

5 People who eed help at home face may challeges. A ogoig health problem ca make it hard to kow how much loger you ca cotiue to live at home. You should also be aware of govermet beefits ad commuity programs for seiors, ad how a reverse mortgage may affect your eligibility for these programs. This booklet will give you the tools you eed to make wise choices. It will help you ask the right questios ad pla ahead so that you ca stay at home as log as possible. Talkig with family ad a kowledgeable fiacial advisor also ca help. 4

6 Challeges of Agig i Place Livig at home ca become difficult as you grow older. Ogoig health coditios such as arthritis or poor eyesight ca make it hard to do household chores, drive a car, or climb stairs safely. People who are forgetful may ot take their medicie o time. Without extra help, older people ofte struggle with everyday tasks after a serious heart attack, stroke, or fall. I the past, whe a older perso had trouble livig aloe, that was a sigal that it was time to move i with family or go to a ursig home. But for most people this is o loger the case. Today, you ca receive a wide rage of services ad supports i your home or commuity. New advaces i medicie ad techology are helpig eve people with complex medical problems to stay i their ow homes for may years. This is ofte called agig i place. Choosig to live i your home whe you eed extra help ca be a big decisio. There are may practical ad fiacial factors to cosider. You will eed to balace health ad safety issues with your desire for idepedece ad a familiar settig. It is crucial to pla ahead as much as possible. Aswerig these questios ca help you get started: Will livig at home work for me? What resources do I have to help me stay at home? How log ca I cotiue to live at home? It is importat to remember that every situatio is uique. What may work for oe perso might ot be the best choice for someoe else. 5

7 Will Livig at Home Work for Me? First, make sure that your home is safe ad comfortable, ad fits your eeds. Check that the services you wat are available i your area. If it is difficult for you to live by yourself, you should cosider other optios, such as a retiremet commuity or assisted livig. The right housig for you Where you live ad the house itself ca keep you from agig i place. Thik about these factors to see if stayig i your ow home makes sese: Chagig eeds A house that was ideal 30 years ago may ow be too difficult to hadle aloe. Older houses ofte eed a lot of costly maiteace, improvemets, or repairs. Safety A house with cluttered furiture or steep stairs is a accidet waitig to happe. Usafe eighborhoods may make you afraid to go shoppig or atted social activities. Isolatio A trip to the grocery store, pharmacy, or place of worship ca be a problem whe you caot drive. It is easy to feel loely or trapped whe family ad frieds are far away. Ease of use If you eed a walker or a wheelchair, it helps to have a bedroom o the first level, grab bars i the bathroom, ad ramps for the etrace of the house. You ca fix some of these coditios by modifyig your home. If you wat to live i a safer eighborhood or closer to your family ad frieds, you will have to move. Adequate help Most older people who have health problems get help i their ow homes. Family or frieds who give this help are called caregivers. There are also may professioal services. A homemaker ca provide trasportatio, do household chores, ad assist with daily activities. A urse ca check your medicatios ad give medical care, while a therapist ca provide rehabilitatio i your home. Adult day ceters may 6

8 offer social activities, health checks, ad rehabilitatio therapies. They provide a safe ad fu place to be while family caregivers are at work or take a break from caregivig. Relyig o paid services may ot work if you do ot wat a strager i your home. It ca also be hard to fid the services you wat at a price you ca afford. Without good quality ad reliable help, people with health issues ofte fid it hard to live at home. Cost of supportive services Whe you get help at home, usually someoe comes ito your house from a home health agecy. Professioal services i your home ca be expesive. Some service providers charge by the hour, while others charge for each home visit. While services i the home ad commuity may cost less tha i a ursig home, these expeses ca add up over time. If you eed a few hours of help from a home health aide i the morig ad at ight, you could easily sped $76 per day, or $2,280 per moth. Media atioal cost of services, 2012 Homemaker: Home health aide: Adult day health care: Assisted livig: Nursig home: $18/hour $19/hour $61/day $3,300 per moth $200-$220/day Source: Geworth Fiacial 2012 Cost of Care Survey. 7

9 You also may eed to make chages to the house to make it easier ad safer to stay at home. Home modificatios ca rage from a hudred dollars to istall a grab bar to thousads of dollars to istall a lift or add a bathroom to the mai floor. Costs vary i differet regios of the coutry. They ted to be higher i areas where the cost of livig is high. What Resources Do I Have to Help Me Stay at Home? Look at all the resources you ca use to help you live at home. You likely have three major sources of help: support from family ad frieds, persoal icome ad assets, ad the equity i your home. Support from others Most older Americas who have difficulty doig everyday tasks deped o family ad frieds for help. Childre ca ru errads, provide trasportatio, ad maitai the house. Neighbors may help with yard work or home repairs. A spouse or adult childre ca also provide a high level of lovig care. Family caregivig ca be a rewardig experiece. But thik about this carefully if you expect to rely o your spouse or childre as your oly source of help. It ca be very tirig to help someoe every day, especially if they have trouble walkig or have Alzheimer s disease. Caregivers may develop health problems because of the strai of these activities. Workig caregivers may have to give up their job or cut the umber of hours they work to give help at home. Persoal fiaces Payig for i-home services ad other health-related expeses ca quickly use up a big part of a retiremet est egg. Review your fiaces carefully. They will be a importat part of your decisio to remai at home. Your fiaces iclude your icome, savigs, ad ivestmets. 8

10 Estimate your household budget. Work out your icome ad livig expeses, alog with the mothly cost of ay loas ad credit card debt. You also have to budget for home repairs ad maiteace, ad keep up with isurace ad tax paymets. Keep a eye o cash flow. Make sure you have eough moey readily available each moth to pay for expeses. Your eed for help may vary as your health chages. If you have fiacial resources such as stocks, bods, or property other tha the home, you could sell those assets to get more moey ow. If you ow a life isurace policy, you may be able to use part of the death beefit to pay for supportive services ( accelerated beefit ). If you have very limited fiaces, you may be eligible for govermet programs. Home equity Home equity is the differece betwee the appraised value of the home ad what you owe o ay mortgages. If you ve owed your house for may years, it could be worth more tha you paid to buy it. Tappig the equity i your home ca quickly give you extra cash for a ramp or lift, or to help pay day-to-day expeses. A home loa may also be less costly tha high iterest rates from credit cards. It ca be a very emotioal decisio to tap home equity. May people see their house as a place to live, ot as a resource to pay for everyday expeses. For some, it is importat to leave a iheritace for their childre. You must balace your desire to preserve home equity with the risk of ot havig eough fuds to cotiue to stay at home. Pichig peies ca lead to poor utritio, health complicatios, or a serious accidet that ca put you i the ursig home. 9

11 Other Housig Optios Livig with a ogoig health coditio ca be hard. You may eed to chage your livig situatio whe you: Caot take care of yourself or maage the home o your ow aymore. Have had several falls or other accidets. Need roud-the-clock supervisio (such as i the later stages of Alzheimer s disease). Oe optio may be to live with your childre. First, thik about how this will work. How easy will it be to live together? Will your kids have to make chages to their house, such as addig grab bars or buildig a ramp? Who will pay for expeses such as ret? You may ot wat to move because you are afraid of losig your idepedece. However, today there are may attractive housig choices where you ca get the help you eed. For example, seior housig makes it easier to live idepedetly by offerig services such as trasportatio ad social activities. I assisted livig, you ca live i a private apartmet ad get help with everyday activities. Cotiuig care retiremet commuities (CCRCs), or life care commuities, offer a full rage of services from idepedet livig, to assisted livig, ad ursig care. 10

12 Your House As A Resource Oce you decide to cotiue livig at home, the ext step is to make sure that you have eough moey to pay for the help you eed. This sectio describes your choices for tappig home equity. Typically, you would take out a loa that uses your home as the collateral to guaratee that you will repay the loa. To help you decide which optio may be best for you, aswer these questios: Why do I eed the moey? How much cash ca I get from my house for help at home? Am I prepared to tap home equity? The equity you have built up over may years should be used wisely. It is importat that you uderstad the costs, beefits, ad risks of the differet type of loas. Why Do I Need the Moey? Sice home loas ca be costly, you eed to be clear about how you pla to use the moey. Some homeowers like to pla ahead by takig out a lie of credit. These fuds give them the flexibility to pay for expeses as they arise. Others wat a lump sum to deal with a specific, oe-time cost such as addig a bathroom or payig off a existig mortgage. How log you will eed the loa will also make a differece i your decisio. Are you tappig home equity to solve a immediate problem? Or do you eed fuds for may years to pay ogoig household expeses? Whe you take out a loa to tap a portio of your home equity, you usually caot use the remaiig equity for other eeds util you pay off the loa. It is importat to look at your overall fiacial situatio, or you may fid yourself stuck with a loa that does t fit your chagig eeds. 11

13 Short-term solutios for immediate eeds If you wat to use home equity to deal with a emergecy or for specific problems that eed attetio right away, you ca use several fiacial optios. Sigle purpose loas May states ad commuities offer special loas to help older homeowers who are strugglig to live at home. These loas are desiged to meet specific eeds: Home repair ad improvemet loas: Borrowers get a oe-time, lump-sum paymet that ca be used oly for the specific repairs or improvemets that each program allows. Property tax deferral loas: These programs allow older homeowers to defer paymet of some or all of their property taxes util they move out of the home. Borrowers do ot eed to make paymets o these sigle-purpose loas for as log as they cotiue to live i the home. Advatages Sigle purpose loas usually cost less tha covetioal home equity loas. You may ot have to pay back all of the loa if you cotiue to live i the home for a certai period of time. Disadvatages Most programs require borrowers to be at least 65 years old. Ofte, oly homeowers with low or moderate icomes ca apply. These loas may ot be available where you live. The remaiig equity i your home may ot be available to use for other eeds. 12

14 Covetioal home equity loas These loas ca be useful if you are usure how log you ca cotiue to live at home or how much help you will eed. Covetioal home equity loas ca also help families who have other assets they do ot wat to sell right away. Util you have a good sese of what s goig o with your health situatio, you ca get extra fuds from these loas without payig large fees or makig drastic chages. There are two types of home equity loas: Home equity lie of credit: This loa works like a credit card. You ca borrow up to a certai limit for the life of the loa. Durig that time, you ca withdraw moey as eeded. As you pay off the pricipal, your credit revolves ad you ca use it agai. Home equity loa: You receive the moey i a lump sum. You pay off the loa over a set amout of time, with a fixed iterest rate ad the same paymets each moth. With these loas, you will pay poits, appraisal fees, closig costs, ad loa iitiatio fees. Closig costs iclude attorey s fees, fees for preparig ad filig a mortgage, fees for title search, taxes, ad isurace. Advatages If you qualify ad your credit is good, you may be able to get a home equity loa quickly. With a lie of credit, you oly pay iterest o what you borrow. Sice you pay for the loa from icome, your home equity does ot go dow. 13

15 Disadvatages You may ot qualify for these types of loas. Leders look carefully at your icome, other debt, ad credit history. You must be able to make mothly paymets o the home equity loa. If you ca t make these paymets, you could lose your house. Whe your lie of credit eds, you must pay off the etire loa. A leder may ot let you reew the loa. Usig a covetioal home equity loa to solve cash-flow problems ca be risky. If your health declies, mothly loa paymets alog with other expeses may become more tha you ca hadle. Log-term solutio Reverse mortgage If you expect to live i your curret home for several years, you could cosider a reverse mortgage. Reverse mortgages are desiged for homeowers age 62 ad older. These types of loas are called reverse mortgages because the leder pays the homeower. To qualify for this loa, you must live i the home as your mai residece. Ulike covetioal mortgages, there are o icome requiremets for these loas. You do ot eed to make ay mothly paymets for as log as you (or i the case of multiple homeowers, the last remaiig borrower) cotiue to live i the home. Whe the last borrower moves out of the home or dies, the loa becomes due. There are two types of reverse mortgages available i the market. These iclude: Home Equity Coversio Mortgage (HECM) This program is offered by the Departmet of Housig ad Urba Developmet (HUD) ad is isured by the Federal Housig Admiistratio. These are the most popular reverse mortgages, represetig about 95% of the market. There are two types of HECM reverse mortgages the traditioal HECM Stadard loa, ad the HECM Saver loa. With a HECM Saver loa, borrowers pay lower upfrot costs, but do ot receive as much moey as they would with a HECM Stadard loa. 14

16 Proprietary reverse mortgages Some baks, credit uios, ad other fiacial compaies may offer reverse mortgages desiged for people with very high value homes. Depedig o the type of loa, borrowers may be able to receive paymets as a lump sum, lie of credit, fixed mothly paymet for a specific period or for as log as they live i their homes, or a combiatio of paymet optios. The moey you receive from a reverse mortgage is tax-free, ad ca be used for ay purpose. Reverse mortgages have uique features: All homeowers must first meet with a govermet-approved reverse mortgage couselor before their loa applicatio ca be processed (HECM program). Older borrowers may receive more moey, because leders iclude life expectacy i calculatig loa paymets. The atioal limit o the amout you ca borrow uder the HECM program may chage from year to year. You ca check the curret atioal limit at program_offices/housig/sfh/hecm/hecmabou. You ow may use a HECM reverse mortgage to buy a home. This ca make it easier for you to dowsize to a house that better suits your eeds, or to move closer to family caregivers. Loa closig costs for a reverse mortgage are the same as what you would pay for a traditioal forward mortgage. These iclude a origiatio fee, appraisal, ad other closig costs (such as title search ad isurace, surveys, ispectios, recordig fees). HECM borrowers also pay a mortgage isurace premium. Most of these upfrot costs are regulated, ad there are limits o the total fees that ca be charged for a reverse mortgage. The origiatio fee for a HECM loa is capped at 2% of the value of the property up to the first $200,000 ad 1% of the value greater tha $200,000. There is a overall cap o HECM origiatio fees of $6,000 ad a miimum fee of $2,500. You ca fiace these costs as part of the mortgage. 15

17 Advatages You (or your heirs) will ever owe more tha the value of the home if you sell the property to repay the loa, eve if the value of your home declies. If your heirs choose to keep the home, they will eed to pay off the loa at 95% of the fair market value of the home, as determied by a third-party appraiser. You cotiue to ow your house ad ca ever be forced to leave, as log as you maitai the home ad pay your property taxes ad isurace. Depedig o the type of loa, you may be able to get your loa fuds through a combiatio of paymet optios (such as lump sum ad lie of credit). You ca chage the paymet pla for a small fee. For HECM loas, the available balace o the lie of credit may icrease over time, depedig upo iterest rates. If there is i a existig mortgage o the property, the proceeds of the reverse mortgage are typically used to pay off the loa. This ca icrease the cash you have available each moth, because you o loger have to make paymets o your regular mortgage. Disadvatages Closig costs for a reverse mortgage (origiatio fee, mortgage isurace premium, appraisal ad other upfrot costs), ad the servicig fee ca vary a lot by the type of HECM loa, ad by leder. Closig costs ca be fiaced ito the loa. You may use up a large part of your home equity over time ad have less to leave as a iheritace to your family. If you are the oly homeower ad you stay i a assisted livig or ursig facility for more tha a year, you will be required to repay the balace of the loa. Reverse mortgage borrowers must keep their home i good repair, ad pay property taxes ad homeowers isurace. If you do ot have eough moey for these expeses, you could face foreclosure ad lose your house. 16

18 The loa amout ca vary by thousads of dollars amog differet reverse mortgages. So it will be importat for you to cosider your optios carefully whe selectig a loa. How Much Cash Ca I Get From My House? Several factors cotrol how much you ca borrow. These are the value of the home, the type of loa you select, ad the curret iterest rate. The age of the yougest homeower is also a factor for reverse mortgages. To fid out how much moey you may be able to get from a reverse mortgage, use the simple, olie calculator from IBIS ( The coditio of the home ad property values i your area may also determie how much cash you will have to pay for help at home. If you ve lived i your house for may years, it will have aged cosiderably. The house eeds to be i good repair to qualify for a reverse mortgage. Property values may icrease over time. A home that appreciates by 2% each year will icrease i value from $150,000 to over $165,000 i five years. If you ca cotiue to live at home safely, it ca be worthwhile to use some of your growig equity. 17

19 How log will the reverse mortgage last? Reverse mortgages make the most sese for you if wat to stay i your curret home for may years. If you have a ogoig health coditio, it is importat to uderstad how much moey the loa will give you to pay for help over time. Let s cosider the situatio of three families who take out a adjustable rate HECM reverse mortgage. They live i a house that is i good repair ad worth $200,000. They ow their homes free ad clear of ay debt. Sceario #1: Bill Smith (age 63) recetly retired ad struggles to pay his curret mortgage. At his age, Bill receives over $115,000 from his HECM Stadard reverse mortgage which he uses to pay off his existig mortgage. This frees up extra cash for mothly expeses. He eeds to be sure that he ca pay property taxes ad isurace each year. He also has to pla ahead, because iterest paymets add up over time, which ca leave him with little or o home equity. Sceario #2: Joe ad Liz Aderso (ages 75 ad 73) built their 2-story dream home after retirig. Recetly, Joe had a mild heart attack ad has difficulty climbig the stairs. They opt for a HECM Saver with its lower closig costs. Based o Liz s age, the Adersos receive about $105,000 from their reverse mortgage. They take $20,000 of the loa to istall a lift ad make other home modificatios. They keep the rest ($85,000) i a lie of credit for future eeds. Sceario #3: Melba Joes (age 80) has lived i the same tow all her life. She kows she ca rely o family ad frieds for help with her arthritis. Her big cocer is usig up all her retiremet fuds. She receives over $134,000 from the HECM Stadard loa ad selects a teure paymet pla. This gives her $925 per moth for as log as she stays i her house. This gives her peace of mid, kowig that she ca pay for extra expeses ad wo t be a burde to her childre. Iterest rates chage frequetly, so oly a mortgage leder ca tell you how much you may get from a reverse mortgage. 18

20 Am I Prepared to Tap Home Equity? Whether you are cosiderig a loa or decide to sell the house, chaces are that it will take time to get the equity i your home. Pla carefully to make sure that these fuds will be available whe you eed them. These problems could slow the process: Legal issues Make sure that you have a durable power of attorey that icludes real estate. This allows your family or trusted fried to make decisios if you caot do so. Title to the home Uderstad who ows the home. If you add childre or gradchildre to the title, you may ot be able to qualify for a reverse mortgage (sice all homeowers have to be at least age 62), or sell the house without their coset. Home repairs For major repairs, it ca take up to several moths to fid a cotractor, get the ecessary permits, ad complete the job. Fidig a ew place to live If you sell the house, you must fid somewhere else to stay. Your childre may eed time to prepare their home if you pla to live with them. Retiremet commuities ad seior housig apartmets ofte have log waitig lists. Trasactios ivolvig the home usually ivolve may, differet people. These may iclude your baker, a real estate aget, lawyer, appraiser, ispector, ad cotractors. To avoid delays, pla ahead as much as possible. 19

21 Govermet Programs Govermet programs provide a importat safety et. They help older Americas who have limited fiacial resources, ad who caot pay for help at home. Several public programs help older people cope with a ogoig health coditio. If you qualify for these programs, you may ot eed to use your home equity. Medicaid Medicaid is a joit Federal-state program. It pays for log-term care for older Americas with low icomes ad resources, ad those who have high health care expeses. Medicaid may cover case maagemet, homemaker services, home health aide, persoal care, adult day programs, respite care, ad ursig home care. These services ca vary by state. To qualify for Medicaid, you must meet the icome ad asset requiremets i your state. To get help at home, you also eed to have a serious physical or metal coditio. If you receive Medicaid services ad you pass away, the state must try to recover the moey it spet o your care from your estate. The rules for Medicaid eligibility ad treatmet of the house are complicated ad vary from state to state. Takig out a home loa may affect your eligibility for Medicaid or other meas-tested public programs. To lear more, talk to a seior couselor or kowledgeable fiacial advisor. 20

22 Departmet of Veteras Affairs (VA) The VA provides log-term care services primarily to veteras with a service-related disability, low-icome veteras, ad former prisoers of war. Veteras may be eligible for ursig home care, assisted livig, or help at home icludig respite care, homemaker services, home health care, or adult day care. If you are a vetera, you ad sometimes your spouse may receive low-cost care i state veteras homes. You may also be able to pay for home repairs ad modificatios by refiacig your house with a low-cost VA loa. Medicare Medicare, the atioal health isurace program for seiors, maily covers medical care (doctors ad hospitals). If you have Medicare, it will pay for a home heath aide, but oly while you get skilled ursig care or rehabilitatio therapies at home. Oce you o loger eed skilled care, Medicare will stop payig for home health care. This is true eve if you still eed help with everyday activities. 21

23 Other Resources to Help You Live at Home Your local Area Agecy o Agig offers a wide array of services. These ca iclude help with household chores, meals served i commuity locatios, adult day care programs, seior ceters, protective services, ad legal couselig. You may be able to get these programs free or at very low rates. May commuities also provide low-cost services so that seiors ca cotiue to live at home. These programs may iclude special trasportatio programs, friedly visits or telephoe checks to seiors who live aloe, light housekeepig, ad help with home modificatios or repairs. Faith-based orgaizatios ad charities ca also help. Your pharmacy or grocery store may offer free home delivery. 22

24 Where to Go for More Iformatio Home Equity Advisor is a free website where you ca fid iformatio, tools, ad cosumer advice o how to use ad protect the value i your home: BeefitsCheckUp is a quick, cofidetial, ad free web service that helps you fid federal, state, local, ad private beefit programs for which you may be eligible: Eldercare Locator ca help you fid services ad programs i your area: Call or check the web at The Fall Prevetio Ceter of Excellece offers tips o how to check if homes are safe for elders ad how to pay for home modificatios: The Family Care Navigator ca help to fid resources for families who are carig for a loved oe: cotet_ode.jsp?odeid=2083 The Cosumer Fiacial Protectio Bureau s Ask CFPB website provides aswers to may cosumer questios about reverse mortgages: exact:mortgages&selected_facets=tag_exact:reverse%20mortgage The Natioal Reverse Mortgage Leders Associatio has publicatios ad a reverse mortgage calculator. Visit 23

25 Tips for Older Homeowers Look at the big picture Your ability to live at home is likely to chage over time. It is importat to look at your fiacial situatio beyod what you eed right ow. Short-term solutios could be risky if you require ogoig fuds for several years. It helps to save some of your home equity so you have the optio of movig to a better livig situatio. Do t wait util the last miute Timig is critical whe makig decisios about the home. You or your family could ed up facig a serious cash cruch if you wait util a crisis to start thikig about how to tap home equity. To avoid stress, disappoitmet, ad costly delays, pla i advace. The loger you wait, the harder it ca be to fid a good solutio. Have ready cash for emergecies It helps to have a three-moth emergecy fud of cash you ca access easily, such as a moey market accout or short-term certificate of deposit. If this is ot possible, make plas ad prepare for how you would pay for a emergecy. If you ru short, use credit cards sesibly. Avoid salespeople who show up at your door with a quick fix to your fiacial problems. 24

26 Create a family budget A sudde chage i health ca disrupt the best laid fiacial plas. You will eed to moitor your fiaces each moth to keep family affairs ruig. The best way to uderstad your family s cash flow eeds is to create a budget. Talk to your family It ca be hard to discuss persoal fiacial matters. However, good commuicatio ca brig a family together ad reduce cofusio. Talk with family or other heirs before takig out a loa. They will eed to pay off the loa balace or repay Medicaid if they wat to keep the house. Do t rush ito ay decisio If you decide to take out a home loa, weigh all the optios to fid the best solutio for you. Shop aroud with differet leders to check that the iterest rate ad fees are competitive ad fair. Oly sig papers that you uderstad. Ask questios if you are cofused. Get help from a trusted family member or fried who uderstads fiacial matters. Agecies that offer reverse mortgage couselig ca give you idepedet advice. The oly time you eed to act fast is if you decide you do ot wat the loa. Federal law gives you three days to get out of a reverse mortgage or home equity loa cotract. You may cacel the loa for ay reaso, but you must do it i writig withi three days. 25

27 Notes 26

28 About NCOA The Natioal Coucil o Agig is a oprofit service ad advocacy orgaizatio headquartered i Washigto, DC. NCOA is a atioal voice for millios of older adults especially those who are vulerable ad disadvataged ad the commuity orgaizatios that serve them. It brigs together oprofit orgaizatios, busiesses, ad govermet to develop creative solutios that improve the lives of all older adults. NCOA works with thousads of orgaizatios across the coutry to help seiors fid jobs ad beefits, improve their health, live idepedetly, ad remai active i their commuities. For more iformatio, please visit:

29 1901 L Street, NW, 4th Floor Washigto, DC

30

31 1 Preparig for Your Couselig Sessio The decisio to get a reverse mortgage is a importat oe. The Departmet of Housig ad Urba Developmet (HUD) ad the Federal Housig Admiistratio (FHA) wat to esure you are able to make a iformed decisio ad that you are able to choose a course of actio that will meet your eeds. For this reaso, housig couselig for HUD s Home Equity Coversio Mortgage (HECM) is required. The purpose of this overview is to provide itroductory iformatio o couselig ad the HECM program, to help you prepare for your couselig sessio. After your couselig sessio, you will have a better uderstadig of the features of a reverse mortgage; the impact a reverse mortgage will have o your particular circumstaces; ad whether services or programs other tha a reverse mortgage might better meet your eeds. What You Ca Expect from Your Reverse Mortgage Couselor Uderstadig what to expect from reverse mortgage couselors is a importat first step i settig your expectatios for your couselig sessio. Remember, oly you ca decide if a reverse mortgage is right for your situatio. The couselor provides iformatio to assist you i makig that decisio. The couselor is resposible for helpig you uderstad reverse mortgages ad the appropriateess of a reverse mortgage to meet your particular eed as well as alteratives to a reverse mortgage. Reverse mortgage couselors will discuss your fiacial ad other eeds for remaiig i your home, the features of a reverse mortgage ad how it works, your resposibilities with a reverse mortgage, the impact of a reverse mortgage o you ad your heirs, ad the availability of other assistace you may eed. The job of the couselor is ot to steer or direct you towards a specific solutio, a specific product, or a specific leder. Couselors will help you uderstad your optios ad their impacts. Reverse mortgage couselors are required to follow specific practices, which are desiged to esure you receive quality couselig services ad are protected agaist fraud ad abuse. HUD requires that HECM couselors do the followig: Sed you required materials( i.e., this packet) prior to you couselig sessio, Follow established protocols whe coductig the couselig sessio, ad Follow-up with you after the sessio has cocluded. Departmet of Housig & Urba Developmet: Reverse Mortgage Couselig Protocol - Revisio 1 March 2009

32 2 What You Ca Expect from the Reverse Mortgage Couselig Process Step 1 - Schedule a appoitmet. The couselig process begis whe you schedule your appoitmet for a couselig sessio. You must schedule a appoitmet directly with the couselig agecy. Your leder caot iitiate or participate i the couselig sessio. This sessio is coducted i perso or over the telephoe; however, HUD advises that, if possible, you meet with your couselor face-to-face to gai greater beefit from your sessio. Step 2 Couselor will cotact you ad sed iformatio. Oce you have set up a appoitmet, the agecy seds you a packet of iformatio so that you ca prepare for your sessio. Before you begi, you should also kow that some agecies charge a fee for couselig; if you caot afford to pay this fee you should discuss your iability to pay with the agecy at the outset of your sessio to uderstad your optios. Step 3 The couselor will collect from you: Your ame, cotact ad other key iformatio, icludig your iterest i obtaiig a reverse mortgage, for the couselig sessio. Step 4 - Couselig sessio: The couselor will discuss with you your eeds ad circumstaces; provide iformatio about reverse mortgages ad other alterative types ad sources of assistace that might be available to you. Step 5 Certificate of Completio: Oce you complete your sessio ad you ad your couselor are comfortable that you uderstad the essetials of a reverse mortgage, the couselor will issue a certificate, which verifies for a leder that you have successfully completed couselig. Step 6 - Follow-up: Your couselors will follow-up with you to lear if you eed further assistace ad to uderstad the outcome of your couselig sessio. You may also call your couselor to seek further assistace after your sessio. How a Reverse Mortgage Works Before you begi your couselig sessio, it is helpful if you uderstad a few basics about a reverse mortgage. Reverse mortgages eable homeowers age 62 or older to covert their home s equity ito available cash a leder advaces you moey (the loa) based upo the equity i your home. The amout of moey you are eligible to receive geerally depeds upo the amout of equity i your home ad your age at the time you get the loa. With a reverse mortgage, you remai the ower of your home. As with ay home, you must cotiue to pay property taxes ad homeower s isurace. You are also resposible for maitaiig your home i good coditio. You will ot have to repay your loa balace for as log as you live i your home. You must repay a HECM loa i full whe the last survivig borrower dies or sells the home. You ca Departmet of Housig & Urba Developmet: Reverse Mortgage Couselig Protocol - Revisio 1 March 2009

33 3 choose to pay off the loa through the sale of the property or prepaymet of the loa at ay time without pealty. Your estate may retai owership of the property ad must pay off the loa i full or the property ca be sold to a urelated party for the lesser of the upaid mortgage balace or 95% of appraised value. Types of Reverse Mortgages There are three types of reverse mortgages show i the chart below. Sigle purpose reverse mortgage Proprietary reverse mortgage Home Equity Coversio Mortgage (HECM) Typically offered by state ad local govermet agecies to be used i oly oe specific way, for example, home repairs Ca be used for ay purpose ad may be suitable for borrowers with high cost homes Ca be used for ay purpose ad is isured by the Federal govermet. Paymet Pla Optios There are several types of HECM loa plas available, icludig mothly ad aually adjustig iterest rate loas as well as fixed iterest rate loas. Borrowers ca decide to take a lie of credit with flexible draw dow optios, a term loa with fixed mothly paymets for a specified umber of years, or a teure pla with guarateed paymets for life or a combiatio of these optios. Choosig a Reverse Mortgage to Meet your Needs HECM paymet plas are flexible. The best paymet pla for you will deped o your curret ad future fiacial eeds ad circumstaces. For example: If you have a small balace o your existig mortgage ad would like to pay it off with the reverse mortgage, a lie of credit pla would allow you to draw all the fuds at loa closig ad pay off the curret mortgage; If you eed a set amout of moey every moth to supplemet your icome to help meet mothly expeses, the a teure or term paymet pla might be a suitable optio for you. If you kow you will have some large health care expeses i the ear future ad wat to have the fuds available whe eeded, a lie of credit may also meet your eeds. Your reverse mortgage couselor will discuss your goals for a reverse mortgage with you ad will explai the differet optios available to help meet your eeds. Departmet of Housig & Urba Developmet: Reverse Mortgage Couselig Protocol - Revisio 1 March 2009

34 4 Costs to Obtai HECM Costs associated with HECMs are geerally higher tha those for forward mortgages used to purchase a home. Although, the cost categories are the same as you would see for a traditioal forward mortgage. These costs iclude leder fees to origiate the mortgage, servicig fees for ogoig admiistratio of the loa ad iterest o the moey you use from the loa. There are also closig costs, which iclude all the usual ad customary expeses associated with obtaiig a mortgage, for example, the appraisal, title searches ad isurace. HECMs also iclude a fee for FHA mortgage isurace. Impact o Tax/Social Service Beefits Reverse mortgage loa advaces are ot taxable ad do ot affect Social Security or Medicare beefits. However, you must be careful that ay loa proceeds you retai do ot exceed the mothly liquid resource limits for Supplemetal Security Icome (SSI) ad Medicaid, which may be impacted by your HECM paymets. Alteratives to a Reverse Mortgage Your HECM couselor will also help you cosider optios available to meet your eeds other tha a reverse mortgage. These optios iclude: sellig your home ad movig to a more suitable residece, retig as well as other fiacial optios, ad support services ad public beefits that may be available to you i your commuity. HUD ecourages you to lear as much as possible about your optios, before you decide o a reverse mortgage. Listed below are resources you ca access to lear more about reverse mortgages ad elder care. AARP s web site at provides more iformatio o reverse mortgages ad calculators that will provide geeral estimates of the amout of moey you might receive from a reverse mortgage. You may also cotact AARP at The Natioal Reverse Mortgage Leders Associatio provides cosumer iformatio at ad ca also be reached by callig Departmet of Housig & Urba Developmet: Reverse Mortgage Couselig Protocol - Revisio 1 March 2009

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development Use Your Home to The official reverse mortgage cosumer booklet approved by the U.S. Departmet of Housig & Urba Developmet The Natioal Coucil o Agig (NCOA) is committed to helpig older persos to maximize

More information

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development Use Your Home to The official reverse mortgage cosumer booklet approved by the U.S. Departmet of Housig & Urba Developmet The Natioal Coucil o Agig (NCOA) is committed to helpig older persos to maximize

More information

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development Use Your Home to The official reverse mortgage cosumer booklet approved by the U.S. Departmet of Housig & Urba Developmet The Natioal Coucil o Agig (NCOA) is committed to helpig older persos maximize all

More information

National Institute on Aging. What Is A Nursing Home?

National Institute on Aging. What Is A Nursing Home? Natioal Istitute o Agig AgePage Nursig Homes: Makig The Right Choice Lucille has lived i her home for 33 years. Eve after her husbad died 3 years ago, she was able to maage o her ow. Recetly, she broke

More information

How to use what you OWN to reduce what you OWE

How to use what you OWN to reduce what you OWE How to use what you OWN to reduce what you OWE Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other short-term assets ito chequig ad savigs accouts.

More information

Get advice now. Are you worried about your mortgage? New edition

Get advice now. Are you worried about your mortgage? New edition New editio Jauary 2009 Are you worried about your mortgage? Get advice ow If you are strugglig to pay your mortgage, or you thik it will be difficult to pay more whe your fixed-rate deal eds, act ow to

More information

For customers Key features of the Guaranteed Pension Annuity

For customers Key features of the Guaranteed Pension Annuity For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether

More information

Enhance Your Financial Legacy Variable Annuity Death Benefits from Pacific Life

Enhance Your Financial Legacy Variable Annuity Death Benefits from Pacific Life Ehace Your Fiacial Legacy Variable Auity Death Beefits from Pacific Life 7/15 20172-15B As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three death beefits that

More information

Enhance Your Financial Legacy Variable Annuities with Death Benefits from Pacific Life

Enhance Your Financial Legacy Variable Annuities with Death Benefits from Pacific Life Ehace Your Fiacial Legacy Variable Auities with Death Beefits from Pacific Life 9/15 20188-15C FOR CALIFORNIA As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three

More information

Two people, one policy. Affordable long-term care coverage for both.

Two people, one policy. Affordable long-term care coverage for both. Log-term care rider, available o Natiowide YourLife No-Lapse Guaratee SUL II Feature guide LIFE INSURANCE + LONG-ERM CARE wo people, oe policy. Affordable log-term care coverage for both. NAIONWIDE LIFE

More information

Information about Bankruptcy

Information about Bankruptcy Iformatio about Bakruptcy Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea What is the? The Isolvecy Service of Irelad () is a idepedet

More information

Preparing for Your Counseling Session

Preparing for Your Counseling Session Preparing for Your Counseling Session The decision to get a reverse mortgage is an important one. The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) want

More information

Handling. Collection Calls

Handling. Collection Calls Hadlig the Collectio Calls We do everythig we ca to stop collectio calls; however, i the early part of our represetatio, you ca expect some of these calls to cotiue. We uderstad that the first few moths

More information

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development

Use Your Home to Stay at Home. The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development Use Your Home to Stay at Home The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development he National Council on Aging (NCOA) is committed to helping older

More information

TIAA-CREF Wealth Management. Personalized, objective financial advice for every stage of life

TIAA-CREF Wealth Management. Personalized, objective financial advice for every stage of life TIAA-CREF Wealth Maagemet Persoalized, objective fiacial advice for every stage of life A persoalized team approach for a trusted lifelog relatioship No matter who you are, you ca t be a expert i all aspects

More information

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place.

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place. PENSION ANNUITY Policy Coditios Documet referece: PPAS1(7) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity.

More information

Health and dental coverage that begins when your group health benefits end

Health and dental coverage that begins when your group health benefits end Health ad detal coverage that begis whe your group health beefits ed Uderwritte by The Maufacturers Life Isurace Compay Page 1 of 5 FollowMeTM Health ca be your solutio. Life is full of chages. Some are

More information

New job at the Japanese company, would like to know about the health insurance. What's the process to apply for the insurance?

New job at the Japanese company, would like to know about the health insurance. What's the process to apply for the insurance? Cabiet ねん かせんぶ ねん しゅが かせんぶ じてん しゅうせい 8-4-2 (2008 年 下 線 部 &2009 年 朱 書 き 下 線 部 時 点 修 正 ) Level 3 Chapter Illess Sectio Public health isurace Cotets Health isurace 1 Possible questio ad backgroud. New job

More information

FM4 CREDIT AND BORROWING

FM4 CREDIT AND BORROWING FM4 CREDIT AND BORROWING Whe you purchase big ticket items such as cars, boats, televisios ad the like, retailers ad fiacial istitutios have various terms ad coditios that are implemeted for the cosumer

More information

Use Your Home to Stay at Home. A Guide for Homeowners Who Need Help Now

Use Your Home to Stay at Home. A Guide for Homeowners Who Need Help Now Use Your Home to Stay at Home A Guide for Homeowners Who Need Help Now The National Council on the Aging (NCOA) is committed to helping older persons to maximize all resources, public and private, so that

More information

Savings and Retirement Benefits

Savings and Retirement Benefits 60 Baltimore Couty Public Schools offers you several ways to begi savig moey through payroll deductios. Defied Beefit Pesio Pla Tax Sheltered Auities ad Custodial Accouts Defied Beefit Pesio Pla Did you

More information

Grow your business with savings and debt management solutions

Grow your business with savings and debt management solutions Grow your busiess with savigs ad debt maagemet solutios A few great reasos to provide bak ad trust products to your cliets You have the expertise to help your cliets get the best rates ad most competitive

More information

2014 Menu of Agency Support Services 10 TOP OF MIND TOUCH POINTS

2014 Menu of Agency Support Services 10 TOP OF MIND TOUCH POINTS 2014 Meu of Agecy Support Services 10 TOP OF MIND TOUCH POINTS Table of Cotets Turig a moolie customer ito a multi-lie customer icreases retetio by 7x! ORGANIC GROWTH Policy Reewal Appoitmet Calls.4 Life

More information

Pre-Suit Collection Strategies

Pre-Suit Collection Strategies Pre-Suit Collectio Strategies Writte by Charles PT Phoeix How to Decide Whether to Pursue Collectio Calculatig the Value of Collectio As with ay busiess litigatio, all factors associated with the process

More information

Choosing a Mortgage FIXED-RATE MORTGAGES. ADJUSTABLE-RATE MORTGAGES (ARMs)

Choosing a Mortgage FIXED-RATE MORTGAGES. ADJUSTABLE-RATE MORTGAGES (ARMs) Choosig A Mortgage Like homes, home mortgages come i all shapes ad sizes: short-term, log-term, fixed, adjustable, jumbo, balloo these are all terms that will soo be familiar to you, if they re ot already.

More information

Current Year Income Assessment Form

Current Year Income Assessment Form Curret Year Icome Assessmet Form Academic Year 2015/16 Persoal details Perso 1 Your Customer Referece Number Your Customer Referece Number Name Name Date of birth Address / / Date of birth / / Address

More information

Professional Networking

Professional Networking Professioal Networkig 1. Lear from people who ve bee where you are. Oe of your best resources for etworkig is alumi from your school. They ve take the classes you have take, they have bee o the job market

More information

FI A CIAL MATHEMATICS

FI A CIAL MATHEMATICS CHAPTER 7 FI A CIAL MATHEMATICS Page Cotets 7.1 Compoud Value 117 7.2 Compoud Value of a Auity 118 7.3 Sikig Fuds 119 7.4 Preset Value 122 7.5 Preset Value of a Auity 122 7.6 Term Loas ad Amortizatio 123

More information

CHAPTER 3 THE TIME VALUE OF MONEY

CHAPTER 3 THE TIME VALUE OF MONEY CHAPTER 3 THE TIME VALUE OF MONEY OVERVIEW A dollar i the had today is worth more tha a dollar to be received i the future because, if you had it ow, you could ivest that dollar ad ear iterest. Of all

More information

5.4 Amortization. Question 1: How do you find the present value of an annuity? Question 2: How is a loan amortized?

5.4 Amortization. Question 1: How do you find the present value of an annuity? Question 2: How is a loan amortized? 5.4 Amortizatio Questio 1: How do you fid the preset value of a auity? Questio 2: How is a loa amortized? Questio 3: How do you make a amortizatio table? Oe of the most commo fiacial istrumets a perso

More information

How To Find FINANCING For Your Business

How To Find FINANCING For Your Business How To Fid FINANCING For Your Busiess Oe of the most difficult tasks faced by the maagemet team of small busiesses today is fidig adequate fiacig for curret operatios i order to support ew ad ogoig cotracts.

More information

MainStay Funds IRA/SEP/Roth IRA Distribution Form

MainStay Funds IRA/SEP/Roth IRA Distribution Form MaiStay Fuds IRA/SEP/Roth IRA Distributio Form Do ot use for IRA Trasfers or SIMPLE IRA INSTRUCTIONS Before completig this form, please refer to the applicable Custodial Agreemet ad Disclosure Statemet

More information

Impact your future. Make plans with good advice from ACT. Get Set for College 1. THINK 2. CONSIDER 3. COMPARE 4. APPLY 5. PLAN 6.

Impact your future. Make plans with good advice from ACT. Get Set for College 1. THINK 2. CONSIDER 3. COMPARE 4. APPLY 5. PLAN 6. Impact your future Get Set for College 1. THINK 2. CONSIDER 3. COMPARE 4. APPLY 5. PLAN 6. DECIDE Make plas with good advice from ACT. 1. Thik Thik about yourself ad your college eeds Do you start thigs

More information

Create Income for Your Retirement. What You Can Expect. What to Consider. Page 1 of 7

Create Income for Your Retirement. What You Can Expect. What to Consider. Page 1 of 7 Page 1 of 7 RBC Retiremet Icome Plaig Process Create Icome for Your Retiremet At RBC Wealth Maagemet, we believe maagig your wealth to produce a icome durig retiremet is fudametally differet from maagig

More information

Flood Emergency Response Plan

Flood Emergency Response Plan Flood Emergecy Respose Pla This reprit is made available for iformatioal purposes oly i support of the isurace relatioship betwee FM Global ad its cliets. This iformatio does ot chage or supplemet policy

More information

auction a guide to buying at Residential

auction a guide to buying at Residential Residetial a guide to buyig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells approximately 1 billio of property at auctio i the UK Holds at least seve residetial

More information

Flexible Trust. (Settlor as trustee with optional survivorship clause) Your questions answered. What is a trust? What is a Flexible Trust?

Flexible Trust. (Settlor as trustee with optional survivorship clause) Your questions answered. What is a trust? What is a Flexible Trust? Flexible Trust (Settl as trustee with optioal survivship clause) Your questios aswered Uderstadig trusts ad their implicatios ca be pretty complicated. You should always get advice from your legal adviser

More information

Preparing for Your Counseling Session

Preparing for Your Counseling Session Preparing for Your Counseling Session The decision to get a reverse mortgage is an important one. The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) want

More information

A GUIDE TO BUILDING SMART BUSINESS CREDIT

A GUIDE TO BUILDING SMART BUSINESS CREDIT A GUIDE TO BUILDING SMART BUSINESS CREDIT Establishig busiess credit ca be the key to growig your compay DID YOU KNOW? Busiess Credit ca help grow your busiess Soud paymet practices are key to a solid

More information

France caters to innovative companies and offers the best research tax credit in Europe

France caters to innovative companies and offers the best research tax credit in Europe 1/5 The Frech Govermet has three objectives : > improve Frace s fiscal competitiveess > cosolidate R&D activities > make Frace a attractive coutry for iovatio Tax icetives have become a key elemet of public

More information

Amendments to employer debt Regulations

Amendments to employer debt Regulations March 2008 Pesios Legal Alert Amedmets to employer debt Regulatios The Govermet has at last issued Regulatios which will amed the law as to employer debts uder s75 Pesios Act 1995. The amedig Regulatios

More information

Preserving Your Financial Legacy with Life Insurance Premium Financing.

Preserving Your Financial Legacy with Life Insurance Premium Financing. Preservig Your Fiacial Legacy with Life Isurace Premium Fiacig. Prepared by: Keeth M. Fujita, Natioal Director, The Private Bak Specialty Fiace Group Life Isurace Premium Fiace. James Mosrie, Seior Wealth

More information

DC College Savings Plan Helping Children Reach a Higher Potential

DC College Savings Plan Helping Children Reach a Higher Potential 529 DC College Savigs Pla Helpig Childre Reach a Higher Potetial reach Sposored by Govermet of the District of Columbia Office of the Mayor Office of the Chief Fiacial Officer Office of Fiace ad Treasury

More information

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY?

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY? Ivestig i Stocks Ivestig i Stocks Busiesses sell shares of stock to ivestors as a way to raise moey to fiace expasio, pay off debt ad provide operatig capital. Ecoomic coditios: Employmet, iflatio, ivetory

More information

Trusteed IRAs. Integrate and simplify your retirement and estate plans

Trusteed IRAs. Integrate and simplify your retirement and estate plans Trusteed IRAs Itegrate ad simplify your retiremet ad estate plas Trusteed IRAs from Merrill Lych Trust Compay To create the legacy of your dreams, you may eed more tha a Idividual Retiremet Accout ad a

More information

Conservative treatment:

Conservative treatment: Coservative treatmet: Choosig ot to start dialysis T H E K I D N E Y F O U N D A T I O N O F C A N A D A 1 Coservative treatmet: Choosig ot to start dialysis You have the right to make your ow choices

More information

Best of security and convenience

Best of security and convenience Get More with Additioal Cardholders. Importat iformatio. Add a co-applicat or authorized user to your accout ad you ca take advatage of the followig beefits: RBC Royal Bak Visa Customer Service Cosolidate

More information

Settling Insurance Claims After a Disaster What you need to know about how to file a claim how the claim process works what s covered and what s not

Settling Insurance Claims After a Disaster What you need to know about how to file a claim how the claim process works what s covered and what s not Settlig Isurace Claims After a Disaster What you eed to kow about how to file a claim how the claim process works what s covered ad what s ot First Steps Cotact your aget or compay immediately. Fid out

More information

Time Value of Money. First some technical stuff. HP10B II users

Time Value of Money. First some technical stuff. HP10B II users Time Value of Moey Basis for the course Power of compoud iterest $3,600 each year ito a 401(k) pla yields $2,390,000 i 40 years First some techical stuff You will use your fiacial calculator i every sigle

More information

auction a guide to selling at Residential

auction a guide to selling at Residential Residetial a guide to sellig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells up to 700 millio of property at auctio Holds at least seve residetial ad six

More information

CHAPTER 11 Financial mathematics

CHAPTER 11 Financial mathematics CHAPTER 11 Fiacial mathematics I this chapter you will: Calculate iterest usig the simple iterest formula ( ) Use the simple iterest formula to calculate the pricipal (P) Use the simple iterest formula

More information

I. Why is there a time value to money (TVM)?

I. Why is there a time value to money (TVM)? Itroductio to the Time Value of Moey Lecture Outlie I. Why is there the cocept of time value? II. Sigle cash flows over multiple periods III. Groups of cash flows IV. Warigs o doig time value calculatios

More information

2014 Menu of Agency Support Services 17 TOP OF MIND TOUCH POINTS

2014 Menu of Agency Support Services 17 TOP OF MIND TOUCH POINTS 2014 Meu of Agecy Support Services 17 TOP OF MIND TOUCH POINTS Table of Cotets Turig a moolie customer ito a multi-lie customer icreases retetio by 7x! ORGANIC GROWTH Policy Reewal Appoitmet Calls.4 Life

More information

HSAs the American Fidelity Way:

HSAs the American Fidelity Way: Health Ser vices Admiistratio, LLC HSAs the America Fidelity Way: Kowledge, Experiece, Commitmet With over 30 years experiece i providig pre-tax services, America Fidelity is a pioeer i Sectio 125 flexible

More information

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

Cartrefi Hafod Lettings Agency

Cartrefi Hafod Lettings Agency Cartrefi Hafod Lettigs Agecy The ame you ca trust LANDLORD BOOKLET Cartrefi Hafod Lettigs Agecy Cartrefi Hafod Lettigs Agecy offer help to iexperieced ladlords to maage their homes. Hafod Housig Associatio

More information

_ìóáåö=vçìê=cáêëí= eçãé=áå=`~å~ç~ What Newcomers Need to Know

_ìóáåö=vçìê=cáêëí= eçãé=áå=`~å~ç~ What Newcomers Need to Know _ìóáåö=vçìê=cáêëí= eçãé=áå=`~å~ç~ What Newcomers Need to Kow ^=mi^`b=ql=`^ii=eljbk=^=mi^`b=lc=vlro=ltkk You ve made Caada your ew home ad ow you re lookig for a place of your ow. Buyig a house is a excitig

More information

LEASE-PURCHASE DECISION

LEASE-PURCHASE DECISION Public Procuremet Practice STANDARD The decisio to lease or purchase should be cosidered o a case-by case evaluatio of comparative costs ad other factors. 1 Procuremet should coduct a cost/ beefit aalysis

More information

summary of cover CONTRACT WORKS INSURANCE

summary of cover CONTRACT WORKS INSURANCE 1 SUMMARY OF COVER CONTRACT WORKS summary of cover CONTRACT WORKS INSURANCE This documet details the cover we ca provide for our commercial or church policyholders whe udertakig buildig or reovatio works.

More information

Comparing Credit Card Finance Charges

Comparing Credit Card Finance Charges Comparig Credit Card Fiace Charges Comparig Credit Card Fiace Charges Decidig if a particular credit card is right for you ivolves uderstadig what it costs ad what it offers you i retur. To determie how

More information

Ken blanchard college of business

Ken blanchard college of business Ke blachard College of BUSINESS a history of excellece Established i 1949, Grad Cayo Uiversity has more tha a 60-year track record of helpig studets achieve their academic goals. The Ke Blachard College

More information

Retirement is a term that means something different to everyone, with the definition

Retirement is a term that means something different to everyone, with the definition Fiacial Toolkit Retiremet is a term that meas somethig differet to everyoe, with the defiitio largely depedet o a perso s age, career status, bak accout, family makeup, ad other factors. While the meas

More information

Life Insurance: Your Blueprint for Wealth Transfer Planning. Producer Guide to Private Split Dollar Arrangements. Your future. Made easier.

Life Insurance: Your Blueprint for Wealth Transfer Planning. Producer Guide to Private Split Dollar Arrangements. Your future. Made easier. Life Isurace: Your Blueprit for Wealth Trasfer Plaig Producer Guide to Private Split Dollar Arragemets These materials are ot iteded to be used to avoid tax pealties ad were prepared to support the promotio

More information

Section 3: Renters and Rental Units

Section 3: Renters and Rental Units Sectio 3: Reters ad Retal Uits About two millio New York City households roughly two-thirds ret their homes. Over the past decade retal housig has become less affordable to may New Yorkers. Give the dowtur

More information

Reverse Mortgage Counseling

Reverse Mortgage Counseling Reverse Mortgage Counseling Pioneer Credit Counseling Copyright 2013 INTRODUCTION The objective of reverse mortgage counseling is to educate client s on: How reverse mortgages work and their implications

More information

Sole trader financial statements

Sole trader financial statements 3 Sole trader fiacial statemets this chapter covers... I this chapter we look at preparig the year ed fiacial statemets of sole traders (that is, oe perso ruig their ow busiess). We preset the fiacial

More information

For customers Income protection the facts

For customers Income protection the facts For customers Icome protectio the facts We ve desiged this documet to give you more iformatio about our icome protectio beefits. It does t form part of ay cotract betwee you ad/or us. This iformatio refers

More information

Making training work for your business

Making training work for your business Makig traiig work for your busiess Itegratig core skills of laguage, literacy ad umeracy ito geeral workplace traiig makes sese. The iformatio i this pamphlet will help you pla for ad build a successful

More information

GoVal Group Government Consulting and Valuation Advisory Group. real. Real expertise. Real choices. Real value.

GoVal Group Government Consulting and Valuation Advisory Group. real. Real expertise. Real choices. Real value. GoVal Group Govermet Cosultig ad Valuatio Advisory Group real. Real expertise. Real choices. Real value. Novogradac s GoVal Group Specialized cosultig services from a idustry leader. real choices. A uique

More information

Present Value Factor To bring one dollar in the future back to present, one uses the Present Value Factor (PVF): Concept 9: Present Value

Present Value Factor To bring one dollar in the future back to present, one uses the Present Value Factor (PVF): Concept 9: Present Value Cocept 9: Preset Value Is the value of a dollar received today the same as received a year from today? A dollar today is worth more tha a dollar tomorrow because of iflatio, opportuity cost, ad risk Brigig

More information

I apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

CDs Bought at a Bank verses CD s Bought from a Brokerage. Floyd Vest

CDs Bought at a Bank verses CD s Bought from a Brokerage. Floyd Vest CDs Bought at a Bak verses CD s Bought from a Brokerage Floyd Vest CDs bought at a bak. CD stads for Certificate of Deposit with the CD origiatig i a FDIC isured bak so that the CD is isured by the Uited

More information

Privacy Guide for Small Businesses: The Basics

Privacy Guide for Small Businesses: The Basics Office of the Privacy Commissioer of Caada PIPEDA Privacy Guide for Small Busiesses: The Basics Privacy is the best policy Hadlig privacy cocers correctly ca help improve your orgaizatio s reputatio. Whe

More information

Simple Annuities Present Value.

Simple Annuities Present Value. Simple Auities Preset Value. OBJECTIVES (i) To uderstad the uderlyig priciple of a preset value auity. (ii) To use a CASIO CFX-9850GB PLUS to efficietly compute values associated with preset value auities.

More information

Domain 1: Designing a SQL Server Instance and a Database Solution

Domain 1: Designing a SQL Server Instance and a Database Solution Maual SQL Server 2008 Desig, Optimize ad Maitai (70-450) 1-800-418-6789 Domai 1: Desigig a SQL Server Istace ad a Database Solutio Desigig for CPU, Memory ad Storage Capacity Requiremets Whe desigig a

More information

Tell us if you need help because of a disability Ask for a free interpreter

Tell us if you need help because of a disability Ask for a free interpreter Your rights uder Califoria Welfare Programs for people applyig for or receivig public aid i Califoria Tell us if you eed help because of a disability Ask for a free iterpreter 2 Your rights all people

More information

How deductible plans work

How deductible plans work Idividual ad Family Plas DEDUCTIBLE PLANS How deductible plas work Deductible plas geerally offer lower mothly premiums i exchage for payig more out of your ow pocket for services covered by your health

More information

WHERE CHANGE IS POSSIBLE

WHERE CHANGE IS POSSIBLE WHERE CHANGE IS POSSIBLE gree workspaces AT TIDES, WE HAVE BEEN WORKING WITH PEOPLE LIKE YOU FOR MORE THAN 30 YEARS TO MAKE THE WORLD A BETTER PLACE. Our missio is to parter with philathropists, foudatios,

More information

FIRE PROTECTION SYSTEM INSPECTION, TESTING AND MAINTENANCE PROGRAMS

FIRE PROTECTION SYSTEM INSPECTION, TESTING AND MAINTENANCE PROGRAMS STRATEGIC OUTCOMES PRACTICE TECHNICAL ADVISORY BULLETIN February 2011 FIRE PROTECTION SYSTEM INSPECTION, TESTING AND MAINTENANCE PROGRAMS www.willis.com Natioal Fire Protectio Associatio (NFPA) #25 a mai

More information

How to read A Mutual Fund shareholder report

How to read A Mutual Fund shareholder report Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports.

More information

Learning objectives. Duc K. Nguyen - Corporate Finance 21/10/2014

Learning objectives. Duc K. Nguyen - Corporate Finance 21/10/2014 1 Lecture 3 Time Value of Moey ad Project Valuatio The timelie Three rules of time travels NPV of a stream of cash flows Perpetuities, auities ad other special cases Learig objectives 2 Uderstad the time-value

More information

Credit Management. Unit CHAPTERS. 16 Credit in America. 17 Credit Records and Laws. 18 Responsibilities and Costs of Credit. 19 Problems with Credit

Credit Management. Unit CHAPTERS. 16 Credit in America. 17 Credit Records and Laws. 18 Responsibilities and Costs of Credit. 19 Problems with Credit Uit 4 Credit Maagemet CHAPTERS 16 Credit i America 17 Credit Records ad Laws 18 Resposibilities ad Costs of Credit 19 Problems with Credit CASE: Suze Orma PROJECT: Maagig Credit ad Debt 354 Copyright 2010

More information

College of Nursing and Health care Professions

College of Nursing and Health care Professions College of Nursig ad Health care Professios a history of excellece Grad Cayo Uiversity s College of Nursig ad Health Care Professios has bee providig a outstadig health care educatio for over 25 years.

More information

Wells Fargo Insurance Services Claim Consulting Capabilities

Wells Fargo Insurance Services Claim Consulting Capabilities Wells Fargo Isurace Services Claim Cosultig Capabilities Claim Cosultig Claims are a uwelcome part of America busiess. I a recet survey coducted by Fulbright & Jaworski L.L.P., large U.S. compaies face

More information

Agenda. Outsourcing and Globalization in Software Development. Outsourcing. Outsourcing here to stay. Outsourcing Alternatives

Agenda. Outsourcing and Globalization in Software Development. Outsourcing. Outsourcing here to stay. Outsourcing Alternatives Outsourcig ad Globalizatio i Software Developmet Jacques Crocker UW CSE Alumi 2003 jc@cs.washigto.edu Ageda Itroductio The Outsourcig Pheomeo Leadig Offshore Projects Maagig Customers Offshore Developmet

More information

A Podiatrists Guide to Earning More, Working Less and Enjoying What You Do Each Day. Tyson E. Franklin

A Podiatrists Guide to Earning More, Working Less and Enjoying What You Do Each Day. Tyson E. Franklin A Podiatrists Guide to Earig More, Workig Less ad Ejoyig What You Do Each Day Tyso E. Frakli MOVING OUT OF YOUR COMFORT ZONE 1Years ago, if someoe had told me I d be livig i Cairs oe day I would have laughed.

More information

About our services and costs

About our services and costs About our services ad costs Cotets Whose products do we offer 2 Ivestmet 2 Isurace 2 Mortgages 2 Which services will we provide you with? 3 Ivestmet 3 Isurace 3 Mortgages 3 What will you have to pay us

More information

*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature.

*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature. Itegrated Productio ad Ivetory Cotrol System MRP ad MRP II Framework of Maufacturig System Ivetory cotrol, productio schedulig, capacity plaig ad fiacial ad busiess decisios i a productio system are iterrelated.

More information

To c o m p e t e in t o d a y s r e t a i l e n v i r o n m e n t, y o u n e e d a s i n g l e,

To c o m p e t e in t o d a y s r e t a i l e n v i r o n m e n t, y o u n e e d a s i n g l e, Busiess Itelligece Software for Retail To c o m p e t e i t o d a y s r e t a i l e v i r o m e t, y o u e e d a s i g l e, comprehesive view of your busiess. You have to tur the decisio-makig of your

More information

Baan Service Master Data Management

Baan Service Master Data Management Baa Service Master Data Maagemet Module Procedure UP069A US Documetiformatio Documet Documet code : UP069A US Documet group : User Documetatio Documet title : Master Data Maagemet Applicatio/Package :

More information

AGC s SUPERVISORY TRAINING PROGRAM

AGC s SUPERVISORY TRAINING PROGRAM AGC s SUPERVISORY TRAINING PROGRAM Learig Today...Leadig Tomorrow The Kowledge ad Skills Every Costructio Supervisor Must Have to be Effective The Associated Geeral Cotractors of America s Supervisory

More information

Make the moves that matter. Put your plan for good health in motion

Make the moves that matter. Put your plan for good health in motion Make the moves that matter Put your pla for good health i motio Why Your Employees Health Matters While may factors go ito creatig a successful compay, o compay ca be competitive without healthy, productive

More information

Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs

Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs Persoal Retiremet Savigs Accouts (PRSAs) A cosumer ad employers guide to PRSAs www.pesiosauthority.ie The Pesios Authority Verschoyle House 28/30 Lower Mout Street Dubli 2 Tel: (01) 613 1900 Locall: 1890

More information

for producer use only Term Insurance M25260_0510

for producer use only Term Insurance M25260_0510 for producer use oly Term Isurace M25260_0510 May 2010, Mutual of Omaha Isurace Compay, publisher. All rights reserved. No part of this publicatio may be reproduced, stored i a retrieval system or trasmitted

More information

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth Questio 1: What is a ordiary auity? Let s look at a ordiary auity that is certai ad simple. By this, we mea a auity over a fixed term whose paymet period matches the iterest coversio period. Additioally,

More information

How to set up your GMC Online account

How to set up your GMC Online account How to set up your GMC Olie accout Mai title Itroductio GMC Olie is a secure part of our website that allows you to maage your registratio with us. Over 100,000 doctors already use GMC Olie. We wat every

More information

GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS

GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS I the sprig of 2008, Stadig Together agaist Domestic Violece carried out a piece of collaborative work o domestic violece

More information

Life & Disability Insurance. For COSE Employer Groups with 10+ Employees

Life & Disability Insurance. For COSE Employer Groups with 10+ Employees Life & Disability Isurace For COSE Employer Groups with 10+ Employees Life ad Disability Isurace Offerig a great beefit like life ad disability isurace is a excellet way to help attract ad retai taleted

More information

Online Banking. Internet of Things

Online Banking. Internet of Things Olie Bakig & The Iteret of Thigs Our icreasigly iteretcoected future will mea better bakig ad added security resposibilities for all of us. FROM DESKTOPS TO SMARTWATCHS Just a few years ago, Americas coducted

More information

RISK TRANSFER FOR DESIGN-BUILD TEAMS

RISK TRANSFER FOR DESIGN-BUILD TEAMS WILLIS CONSTRUCTION PRACTICE I-BEAM Jauary 2010 www.willis.com RISK TRANSFER FOR DESIGN-BUILD TEAMS Desig-builD work is icreasig each quarter. cosequetly, we are fieldig more iquiries from cliets regardig

More information