Sunday, December 4, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

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

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.
*Includes FREE photo online! mywcn.com/lostandfound
Found: Red Chihuahua, male, friendly but frightened, need to find his owner, in Floresville. 830-534-6413.
More Lost & Found ads ›

Help Wanted

Oilfield Crew Pusher - SEI Oilfield Services is currently seeking an experienced crew pusher at our Jourdanton location, Mon.-Fri. with weekends as necessary, weekly pay, full benefits package, matching 401k, and PTO, pay based on experience. If you have prior pusher experience email your resume and/or contact information to rmclain@seioilfield.com.
Seeking individual to work in a local child-care center, paid holidays, etc., must be high school grad or GED. Apply in person at Cubs Country Childcare, 212 FM 1346 in La Vernia.
More Help Wanted ads ›

Featured Videos





Video Vault ›

South Texas Living


About reverse mortgages




E-Mail this Story to a Friend
Print this Story
Jim Miller
August 8, 2012 | 1,875 views | 1 comment

Dear Savvy Senior,

Where can I get reliable, unbiased information on reverse mortgages? My wife and I are thinking about getting one but want to do some research first.

Need Money

Dear Need,

For seniors that are house rich but cash poor, a reverse mortgage is a viable option, but there’s a lot to know and consider to be sure it’s a good choice for you. Here are some tips and tools to help you research this complex financial product.

Let’s start with a quick review. A reverse mortgage is a 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.

•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.

•Currently, 99 percent of all reverse mortgages offered today are Home Equity Conversion Mortgages (HECM), which are backed by the Federal Housing Administration.

•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.



Educational Resources

To get a better handle on reverse mortgages and how they work, there are several excellent resources you can turn to for reliable information, but you’re going to need access to the Internet to utilize them.

To get started, the National Council on Aging recently created a free new website called the Home Equity Advisor that’s designed to help you think through the best way to leverage your home -- a reverse mortgage isn’t your only option.

Just go to homeequityadvisor.org and click on their “Quick Check” tool, which will ask you a series of questions about your personal and household situation to define exactly what you might need or want. Then, based on your answers, you’ll receive an individualized report offering information, tools, and consumer advice on a range of possible solutions that includes reverse mortgages and other alternatives.

If you find that you are a good candidate for a reverse mortgage, your next stop is at reversemortgage.org, a new consumer website created by the National Reverse Mortgage Lenders Association.

This site offers lots of educational information including “Your Road Map” which will help guide you through all the features of reverse mortgages and the process of obtaining one.

It also has a calculator to estimate how much you’d be eligible to receive from a reverse mortgage, and offers a comprehensive directory of licensed HUD-approved mortgage lenders, banks, and credit unions that offer reverse mortgage loans in your state.

Get Counseling

Another important resource to help you understand the pros and cons of a reverse mortgage and how it would work in your particular situation is through counseling.

In fact, because reverse mortgages are such complicated products, the federal government requires that all reverse mortgage borrowers receive counseling through a HUD-approved independent counseling agency before they take out a HECM loan.

Counseling can be done in person or over the phone and some agencies today provide it for free or at a minimal fee. Some locations charge around $125. To locate counseling agencies in your area, visit hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm or call 1-800-569-4287.

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 SavvySenior.org.
 

Your Opinions and Comments

 
TxArmadillo  
La Vernia  
August 15, 2012 1:54pm
 
This is a great option for many seniors. As indicated in this article, you are basically getting a new FHA mortgage. You should also understand that FHA will require a new home appraisal be completed (the home is the collateral... More ›

Share your comment or opinion 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