Monday, December 5, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 
holidayextravaganza2016.pdf

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

Found: Red Chihuahua, male, friendly but frightened, need to find his owner, in Floresville. 830-534-6413.

VideoFound: Dog, chocolate color, on old Pittman Rd., be prepared to prove it's your dog, looking for owner. Call or text Tammy at 830-391-6662.
Lost: Male Great Pyrenees, all white, double dew claws on back legs, sweet, shy, not aggressive, Nov. 10, C.R. 404/405, neighbors heard 2 shots, any information appreciated. 830-393-0801.
More Lost & Found ads ›

Help Wanted

>Dean & Peeler Meatworks Custom Butchery in Poth TX will be opening in early 2017 and is searching for a head butcher and qualified meat cutters. This will be a cattle only federally inspected facility focusing on full high quality fabrication for customers and private labels. Those individuals interested please contact us at (806) 789-6359 or dustin_dean@hotmail.com.
*Fair Housing notice. All help wanted advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise "any preference limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention, to make any such preference limitation or discrimination." This newspaper will not knowingly accept any advertising for help wanted ads, which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis.
More Help Wanted ads ›

Featured Videos





Video Vault ›

South Texas Living


Reverse mortgages are more affordable




E-Mail this Story to a Friend
Print this Story
Jim Miller
April 5, 2011 | 2,136 views | Post a comment

Dear Savvy Senior,

What can you tell me about reverse mortgages? I was considering one a few years ago but decided against it because it was too expensive. But now I hear they are much more affordable. What can you tell me?

Looking for Cash



Dear Looking,

One of the biggest drawbacks of reverse mortgages over the years has been the high upfront costs. But now, thanks to some new federal rules and reduced lender fees, reverse mortgages are much cheaper for cash-strapped retirees to get into. Here’s what you should know.



The Basics

Let’s start with a quick review. A reverse mortgage is a unique loan that lets older homeowners convert part of the equity in their home into cash that doesn’t have to be paid back as long as they live there. To be eligible you must be age 62 or older, own your home -- or owe only a small balance -- and currently be living there. There’s no income qualification. You can receive the cash either as a lump sum, a line of credit, regular monthly checks or a combination of these. And with a reverse mortgage, you, not the bank, own the house, so you’re still responsible for property taxes, insurance and repairs.

Repayment is due when you or the last borrower dies, sells the place or lives elsewhere for 12 months. Then you or your heirs will have to pay off the loan -- which includes the money you borrowed plus accrued interest and fees -- either with the proceeds from selling the place, or if you want to keep the house, with money from another source.

Cheaper Loans

Most reverse mortgages on the market today are known as Home Equity Conversion Mortgage (HECM), which are backed by the Federal Housing Administration (FHA). The big complaint about HECMs has always been the high upfront fees, which include a 2 percent loan origination fee, 2 percent mortgage insurance, along with appraisal fee, closing costs and other miscellaneous expenses. All told, the cost of getting a HECM can run around 5 percent of the value of your home.

But starting last fall, the FHA introduced a new HECM “Saver” loan that offers a smaller loan amount that’s about 40 percent cheaper than a traditional HECM has been -- which is now known as the HECM “Standard”. The new Saver loan virtually eliminated the 2 percent upfront insurance premium to create the savings.

But with the Saver, the amount you can borrow is about 10 to 20 percent less than what you could get with the HECM Standard. So, for example, a 70-year-old with a home worth $300,000 could get a lump sum of about $149,000 with a Saver, versus around $187,000 with a Standard loan. To calculate how much you may be able to borrow visit www.rmaarp.com.



Lender Fee Cuts

You also need to know that as a way to drum up business, many lenders today -- like Generation Mortgage, MetLife Bank, Bank of America, Wells Fargo and others -- are waiving loan-origination fees and other upfront charges on some loans, which could also save you thousands of dollars. Most lenders, however, are offering these deals only to fixed-rate HECMs that require borrowers to take out a lump sum. The cuts are generally not available to adjustable-rate loans that can be taken as a line of credit or in monthly payments.



Required Counseling

Because reverse mortgages are very complicated, you’re required by the government to first meet with an independent counselor to make sure you completely understand how they work. Counseling can be done in person or over the phone and many counseling agencies today provide it for free or at a minimal fee. Some locations charge around $125. For more information on reverse mortgages, or to locate counseling agencies in your area, visit hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm or call 800-569-4287.

Jim Miller is a contributor to the NBC “Today” show and author of The Savvy Senior book. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit http://SavvySenior.org.
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

South Texas Living Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. Ballet school plans Dec. 3 performance (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Celebrate the holidays at Christmas Along the Corridor (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Church plans Children’s Christmas Party (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Coca-Cola tray (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Counting our blessings for the wonderful care from the VA, part II (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Elmendorf to offer parade, festivities (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Experience O’ Bethlehem at St. Ann’s (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Happy 10th birthday, Mu Chi! (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. LV Lions Craft Show (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Make memories at River Bend Rejoice (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Recalling the community that once was Camp Ranch (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Rock ’n’ Roll Marathon (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Sheriff Santa Soup Kitchen is Dec. 4 (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Shop LVUMC annual Christmas Bazaar (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale FFA honors former students with tree dedication (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale Main Street Christmas Dec. 3 (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale Masonic Lodge plans Pancake Breakfast (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. There’s no excuse for going hungry (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Yulefest in Seguin Dec. 4 (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. ‘Enjoy Hometown Christmas Cheer’ in Floresville Dec. 9 (November 30, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Alone for the Holidays (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Apply for upcoming Master Gardener class (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Arrange a phone call from Santa (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Bishop honored for promotion of Polish heritage (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Christmas on the Svoboda farm in the 1920s (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Food Addicts in Recovery Anonymous offers free meetings (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Get to dancing at the Floresville Opry Christmas Spectacular! (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Heartwarming holiday recipes from Wilson County cooks (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Holiday Covered Dish Dinner (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letters from Wilson County, Part II (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Library’s grand reopening set (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Lutheran church plans Christmas Market (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Mesquite Traildrivers Craft Show, Cook-off is Nov. 26 (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Photo exhibit shows Opry in its prime (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Retired school group to meet in La Vernia (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. St. Ann’s invites women to day retreat (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Teen MOPS plans meetings (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Trinket box (November 23, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Army drafts Elvis, fans get ‘All Shook Up’ (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Chalkware dog (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Church Thanksgiving Service (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Community Thanksgiving Service is Nov. 20 (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Counting our blessings for the wonderful care from the VA, part I (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Donate to ‘Fill The Bed’ through Nov. 17 (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Don’t spend it all in one place (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Enjoy a free Thanksgiving Feast Nov. 24 (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Get your turkey dinner in St. Hedwig (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Hear ‘Sounds of the Season’ in Boerne cave (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Jubilarians honored for milestone anniversaries (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Lone Star Greys to honor members (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. San Antonio Stock Show & Rodeo releases 2017 entertainment (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Save the date for Roger Winkler Music Fest! (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tickets on sale for SS Museum Banquet (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TOPS to meet Nov. 17 (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Trot with Road Runners group (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Young ‘phenom,’ Freddy Amaro, is taking his best shot (November 16, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Barbecue benefit to honor veteran (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Battling heart disease in women (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Enjoy Farm Day at Mission San Juan (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. FHS class of ’53 reunites (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Flower garden ashtray (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia drum major keeps the beat (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Medicare Open Enrollment (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Pardon our dust! New mywcn.com under construction (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Participate in an Immersive Music Experience (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Pecan Jubilee packed with free fun (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Post 38 plans Spaghetti Dinner (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Poth pitcher pushes to new limits (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Register to Tee Off For Teachers (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Save your spot for Acoustic Music Camp (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. See Shakespeare in the Park (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Voices and laughter ring down through the years (November 9, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Alamodome to house Music for All’s Bands competition (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Art deco (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Black Hill turkey dinner is Nov. 6 (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Chili & Bean Cook-off is Nov. 12 (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Craft show, cook-off seeks vendors, grillers (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. En pointe – turning dreams into dancing (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Get crafty at LVISD Community Education classes (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Helping ancestors rest in peace (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Learn how to propagate native plants (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Oak Hills Church plans Fall Sale (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Recalling the times and people with polio (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Register for Pecan Jubilee bake-off (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Sculpture exhibit entries (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. See the Alamo Metro Chorus in ‘Music Con’ (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Seniors as roommates (November 2, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Walk to help end hunger Nov. 6 (November 2, 2016)
WCN Photo Contest HHF
WWII Clippings HHF
Coupon Q&A HHF-right
coupon home-rght
Friesenhahn Custom Welding