Senior Housing and Assisted Living

In an attempt to save the homeowners money on the fees of a reverse mortgage, FHA/HUD has introduced a new program that will eliminate the upfront mortgage insurance on a reverse mortgage. This new program is dubbed the HECM Saver.[I:http://senior.infonex.us/files/2010/10/DavidPrulhiere5.jpg]

Over the past several months, the fees on a reverse mortgage have been steadily decreasing. So if you were shopping and unhappy with how much it was going to cost, it is time to take another look. The new program called the HECM Saver has now all but eliminated the fees. Let’s compare the fees from what they were to what they can be now.

Mortgage insurance – FHA Loans have mortgage insurance (MI), and this does include reverse mortgages. While there are two kinds of MI on an FHA loan, upfront and monthly, we are going to address the upfront mortgage insurance. If your home appraised for $400,000, and the upfront mortgage insurance was 2% of the value, it would have cost you $8,000. Now this fee can be waived, saving you this upfront cost.

Origination -This fee is collected by the loan company to pay the loan officers. The maximum fee allowed is calculated with a formula, but it works out to no more than $6,000, assuming a value of properties worth $400,000 or more. Well, for several months, we have been able to waive the origination fee because the lenders are paying us directly, so you don’t have to.

Service Charges – Most reverse mortgages had a service fee of at least 30 dollars a month that was pre-collected and called a service set aside fee. This was about $4,000 to $5,000, depending on how old you are. Currently, most of the reverse loans do not have a service fee, so this allows you access to the set aside fee.

Adding it all up, what does it mean? A reverse mortgage on a home worth $400,000, used to cost as much as $20,000. But now you can see that most of that is saved, and that means it is money you could put in your pocket – not the lenders. So the name HECM Saver is appropriate, and it means the HECM Saver reverse mortgage is making reverse mortgages extremely affordable.

Is the the HECM Saver is the best program for you. While it may save you some money, will you get the best benefit, or is there a better reverse mortgage program out there for you?

Chat rooms are becoming more and more popular as people flock to them in search of an audience, friendship, and even love. You can even access chat rooms from your mobile phone making them easier than ever to locate and use. Most of these chat rooms are safe enough, being moderated, and more importantly, self-monitored by their members. However, the dangers of chat rooms for the over 50s crowd is growing.

Many older people who until recently could not operate a computer are learning and enjoying the benefits, especially in social networking. But while the younger sets are drawn towards the Face Books and My Spaces of the net, the seniors are taking their places in the chat rooms and are having a grand old time doing it.

Smart developers have latched on to the idea and have created chat rooms aimed specifically towards the 50′s and over crowd in search of companionship. It is a win-win situation where everyone gets what he or she wants. Chat rooms are booming and people are getting together and talking. For some, it seems to be the perfect solution.

Of course, anywhere you have a crowd of people who are not savvy to the ways of the internet; you will also have people who are savvy in the ways of taking advantage of them. This is why it is so important to be careful and also to watch out for your fellow chat roomers. Take the time to learn your way around the chat room that you use and learn its terms of service, and privacy policy. The more information you have, the better off you will be. Say hello and make yourself known to the moderator so that they know you are new and that you are concerned about the safety of yourself and others

It is important to bear in mind that no matter how nice the typist on the other side of the screen appears to be, you really never know whom you are dealing with. Never give out personal information about yourself, no matter what. The risk is simply not worth it.

When you think about the high occurrence of identity theft in the last fifteen years you begin to realize how little progress we have made against it. You need to be vigilant at all times

When you register in a chat room, do not use your real name for a handle, and be very careful all the time. You cannot let your guard down even for an instant. That is not to say that you cannot have fun and make friends. You just have to be careful what you reveal about yourself that could be used against you.

In casual conversation, someone could build a profile of you in just a matter of weeks that could do plenty of damage. On the other hand, there are plenty of people in chat rooms that just want to be friends and enjoy chatting with other people. It is a fine line to tread, but if you are going to play the game, those are the rules. The dangers of chat rooms for the over 50s is real so protect yourself at all times.

Struggling to find senior pen pals? Then you need to generate your senior chats user profile and start building authentic, world-wide friendships today.

If you are looking for the answer to how much money to retire… you are asking the wrong question.

Why not ask how much longer can I wait before retiring. For every year we work that is one less year for our retirement. Think about it.

Retirement planning that focuses solely on money…is not the smartest thing for you to do. Why? Because as we age we are less able to do the things we did when we were younger. Not shocking news I am sure.

I am not talking solely about sex either. As you age do you develop more or less aches, pains, ailments, etc? I thought so…as you age you are slowing down. Aging should be given more weight in retirement planning.

As an example let’s say you want to play a lot of golf when you retire. Great, sounds like a plan. Now ask yourself how much further do you hit the ball now, than 10 years ago…equipment improvements aside? See what I mean?

While you are waiting to accumulate that gob of money your financial planner tells you is necessary..you are enjoying golf less and less. who plays better as they age…very few, certainly not me.

How much money to retire? I heard this from friends as I prepared to retire 15 years ago when I retired at 49. The good friends that asked me that question are currently still working, some wealthy, but most in poor health.

The question how much to retire is different for everyone, there is no one correct answer. When we retired in 1994 we retired to a Jimmy Buffett lifestyle on a sailboat in the Caribbean. Boat work is a fact of life. But I am not so sure I would be as eager to go up the mast…52 feet off the deck…I am 64 now.

If you have seen your investment portfolio tank…mine sure has…it is not the end of the world. The key is to explore ways to retire that do not cost as much as you think you need. Then retire early while you can enjoy yourselves. Here is how we did it.

Here is how found the answer to how much money to retire? Here is information on the different frugal retirement living lifestyles we have enjoyed for 15 years. Do not quit on retirement, go to this site. Get a totally unique version of this article from our article submission service

A tax credit is available to those taxpayers who are either 65 years of age before December 31, 2009 or under the age of 65 but retired, and were permanently and totally disabled when they retired. Unfortunately this credit is not as substantial as some of the other tax credits that are available to taxpayers, however like any tax credit, it should not be overlooked since it could result in some unexpected cash in a taxpayers pocket.

How the Elderly Credit Works The credit is equal to 15% of an applicable “initial” amount based on an individual’s filing type i.e. $5,000 for a single individual, $7,500 for married taxpayers filing a joint return where both spouses are qualified. The initial credit is then reduced by certain nontaxable pensions and benefits such as pension ,disability benefits or annuities that are not included in adjusted gross income. The initial credit is then further reduced by one half of the excess of the individual ‘s adjusted gross income over certain predetermined levels, based on the individual ‘s filing status. The levels are single taxpayer is $7,500, married taxpayers is $10,000 and married taxpayers individually filing separately is $5, 000.The credit is calculated by multiplying the adjusted “initial” amount by 15%.

Nontaxable Pensions and Benefits Taxpayers should be careful when listing the nontaxable amounts they receive. These amounts are often verified by the IRS through information supplied by other governmental agencies. Some examples of nontaxable pensions and benefits are (a)nontaxable social security payments,(b)nontaxable railroad retirement pension payments treated as social security, (c) nontaxable pension or annuity payments or disability benefits that are paid under a law administered by the V.A. and (d) pension or annuity payments or disability benefits that are excluded from income under any provision of federal law other than the Internal Revenue Code.

Disability Credit Amount If you are permanently and totally disabled and under the age of 65, the applicable “initial” amount may not exceed the amount of the disability income you received during the tax year. Special rules apply to the initial amounts when one spouse is under 65 to determine and support the permanently and totally disability status being claimed.

Credit Limitations In order to determine if you are entitled to the credit, you must consider two income limits. The first income limit is the amount of the taxpayer’s adjusted gross income. The second income limit is the amount of non-taxable Social Security and other non-taxable pensions you received during the year. The amount of credit you can claim is generally limited to the amount of the tax. You may not take this credit if your adjusted gross income(AGI) is equal to and is greater than (a)if single, head of household or qualifying widow(er) with dependent child, the AGI is $17,500, (b)If married filing jointly and one spouse is eligible for the credit the amount the AGI is $20,000. If married filing jointly and both spouses are eligible for the credit the AGI is $25,000. If married filing separately or depending on your filing status the AGI is $12,500, you cannot take the credit if you received certain nontaxable benefits ranging from $3,750 to $7,500.

How Do I Claim the Credit The credit is not available for taxpayers that generally file Form 1040EZ. If you normally file the 1040EZ, it’s not a problem, just file Form 1040 or Form 1040A and attach Schedule R.

Tax laws are complex, change constantly and each situation is unique. This article is not intended to provide legal or accounting advice. The reader should perform his or her own due diligence and consult competent professionals in this area. Special rules exist to determine certain exclusions,amount of the credits and the proper filing status. Please refer to the Internal Revenue Service Publication 52 for more detailed information.

Learn more about how we can assist you determine if you are eligible for the Elderly or Disabled Tax Credit and other available income tax credits and about our competitively priced paperless and internet based method to tax preparation at affordable prices . Sandor(Sandy) E. Lenner,CPA-MBA has provided small business and accounting services for over 35 years and works part-time at his wife’s CPA firm

The population of the US is getting more mature but unlike previous generations, this generation has placed a much higher value on physical beauty. The Baby Boomer population is defined as the children born after WWII from the years 1946 to 1964. As the Baby Boomers age more they trying to retain their youthful looks more than ever. Older men and women are actually helping to increase the number of plastic surgeries performed every year.

Surprisingly, some studies have shown that better looking people actually make a larger salary than their less attractive co-workers. Many people are saying in the work place longer than they used to and those more mature people want to look as good as their more youthful office mates and co-workers. There are many of different factors behind the increase in the popularity of cosmetic surgery. Reality plastic surgeon television shows compete with dramatic programs featuring good-looking plastic surgeons helping all sorts of equally wealthy people. Plastic surgery is more accepted now.

This older generation is also the first group of people to grow up with a real emphasis on keeping healthy. They have a healthy eating regimen, they workout on a daily basis and they want to look as youthful as they still feel. Cosmetic surgery can make a person’s external body look as good as they may feel on the inside. While some young people turn to plastic surgery to attract a love interest many older people use plastic surgery to simply turn back the clock a few years and feel better about themselves.

Skin and surface procedures such as laser facial peels, Botox applications, and wrinkle filling gels are popular among older people cosmetic surgical procedures tried. Many of the more frequently performed procedures are designed to improve the skin, especially after decades of growing up without sun block. The most popular plastic surgery procedure by far is the application of Botox to smooth out wrinkles.

Most people think of plastic surgery as something that appeals more to women, but that is not always the situation. It is true that many older women are having so-called “mommy make-overs” which usually is comprised of breast enhancement, a breast lift and a tummy tuck. Men usually choose cosmetic procedures such as eyelid tucks, face tightening and other operations that make them look more healthy in the work environment. As you can see it is not only women who are visiting the local plastic surgeon.

Plastic surgery is not just for the young anymore – it is now a great way for Baby Boomers to feel good about themselves. As more and more older people continue to seek ways to look younger there will be more cosmetic surgeons there to serve them. The expanding Baby Boomer population is more youth oriented and more interested hanging on to their good looks for as long as possible.

Want to learn more about cosmetic surgery? You can visit our site to read about new techniques, new strategies and the top plastic surgeons in New York.