How does a reverse mortgage work When You Die?

Posted on

Oct 06, 2021

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Reverse mortgages are credit advances that allow the elderly to borrow against their home equity during their retirement years. Unlike traditional mortgages, borrowers dont have to make a monthly payment on their reverse mortgage. TheKevin A. Guttmanteam of mortgage professional are here to help you every step of the way.
In fact, a reverse mortgage is a particular type of loan that converts some of your home equity into cash. This loan allows borrowers to retain ownership of their home as long as their other obligations are kept, such as property taxes, maintenance, and home insurance. In a reverse mortgage, the lender makes cash instalments to the homeowner rather than the other way around.
Like any financial agreement, it must come to an end. A reverse mortgage matures when both homeowners die or relocate into a residence or new home. Even if your partner moves to a long-term facility, the reverse mortgage doesnt have to be paid until they move or die.
What happens when homeowner dies in a reverse mortgage
Essentially, a reverse mortgage inheritance kicks in after the death of the last borrower. At this stage, the loan provider will offer a settlement loan amount with accumulated interest. Depending on theequityleft on the property at the time of the loan maturity, children or non-spousal heirs have various options at their disposal.
Paying back the mortgage can be complicated, depending on how much equity is left in the house or whether you want the place to stay in the family. Many believe that the home reverts to the bank upon death, but that isnt necessarily the case.
After death reverse mortgage options
As a reverse mortgage heir, your responsibility entails deciding whether to sell the property and settle theloan agreement, retain the home or gain ownership and consider a sale in the future. Typically, upon loan maturity, the lender allows 30 days to plan your course of action and between 3 to 13 months for mortgage repayment. With an array of options, examine your possibilities carefully.
Sell the property to repay the loan
Usually, heirs choose to pay off the loan by selling the house. Any leftover equity after paying off the loan is yours, and you can invest the remaining proceeds in a home of your own or towards other financial obligations. Although rare, the home sale may fall short of the repayable loan amount. You arent liable to make the excess payment, and the provider cannot claim repayment through other assets.
Deed in lieu of foreclosure
Some reverse mortgage balances may be higher than the market value of the home. When you inherit an underwater house, the easiest option may be to provide the lender with a deed instead of going through the various time-consuming foreclosure costs. Turn over the keys and choose not to be a part of future dealings. Selecting this option will not hurt your credit score and let you move forward without the hassle.
Take out a new mortgage.
When you dont own another property or have sentimental value in the family home, you can keep the ownership by repaying the full amount with increasing interest and fees. You can arrange payment with your funds, refinance the mortgage or look into other financial options. If keeping the house is essential, consider paying off the debt with assets such as a life insurance policy or an investment account.
When you decide to settle the loan, you wont pay any taxes to transfer the title to your name. Remember, you can choose to repay the loan amount owed of 95% of the current market value, whichever is lower regardless of the loan balance.
Reverse mortgages are complicated loans. Borrowers and their hairs need to understand the repayment process when it comes due. Theheirs still have the responsibilityfor upkeep and taxes. Insurance and fees will continue to accrue while you try to figure things out.
From complementing retirement finances to financing home improvements, this versatile mortgage can help seniors in various ventures during their lifetimes. Ideally, a healthy property market will increase the value of your home and thus increase the homes equity.

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Golden Gratitude: Appreciating the Beauty of Life

As we journey through life, it's all too easy to get caught up in the hustle and bustle, missing the small moments that truly make life beautiful. With each new day, we have an opportunity to pause, reflect, and appreciate the richness around us. At A Call to Order Professional Organizer, we believe that cultivating gratitude can bring clarity and joy to our lives, allowing us to see the beauty in each moment. In this blog, well explore the empowering practice of gratitude as a tool for mindfulness and fulfillment, and share actionable tips to help you embrace a mindset of appreciation in the midst of a busy life.The Impact of Gratitude on Our LivesGratitude extends beyond just saying thank you. Its a profound practice that can transform our outlook on life by inviting positivity and enhancing our overall well-being. Here, we delve into how gratitude can influence your life:Emotional ResilienceShift in Perspective: Gratitude shifts our focus from what we lack to what we already possess. This simple shift in perspective can help alleviate feelings of dissatisfaction or envy, enabling us to find joy in lifes everyday moments.Enhances Mental Health: Numerous studies have shown that practicing gratitude can reduce symptoms of depression and anxiety. By focusing on positive aspects, we nurture a sense of emotional well-being that serves us intimately in difficult times.Strengthening ConnectionsBuilding Relationships: Expressing gratitude fosters connection with others. When we express appreciation for the people in our livesfamily, friends, coworkerswe reinforce our bonds and create a more supportive community.Promoting Kindness: Acts of gratitude can inspire a ripple effect, encouraging others to practice gratitude and kindness as well. This cycle enriches our lives as we contribute positively to the well-being of those around us.Tips for Cultivating an Attitude of GratitudeIncorporating gratitude into your daily routine doesnt have to be complicated. Here are some practical tips to help you nurture a mindset of appreciation and find beauty in everyday life:Step 1: Start a Gratitude JournalDaily Reflections: Dedicate a few minutes each day to write down three things you are grateful for. This practice encourages mindfulness and prompts you to recognize the positive moments, no matter how small.Be Specific: Instead of general statements, be specific in your gratitude. For instance, instead of simply writing Im grateful for my family, say Im grateful for the laughter shared over dinner with my family last night. This specificity fosters a deeper emotional connection.Step 2: Set Reminders to PauseMindful Moments: Choose specific times throughout your day to pause and reflect on what youre grateful for. Whether its during your morning coffee, a lunchtime walk, or before bed, allowing yourself these mindful moments can ground you in the present.Visual Cues: Place reminders in conspicuous placessticky notes on your bathroom mirror, in your workspace, or on your fridge. These visual cues can jog your memory to express gratitude as you go about your day.Step 3: Express Your GratitudeReach Out: Take time to express gratitude to those around you. Send a heartfelt message, write a thank-you note, or verbally express your appreciation to someone who has impacted your life positively. These interactions not only uplift the recipient but also create warmth in your heart.Create a Gratitude Jar: Set up a jar in your home where you and your loved ones can drop in notes of gratitude throughout the year. Encourage everyone to write down things they appreciate, then read them together during special occasions or at the end of the year. This practice can enhance your connections and foster a sense of community.Step 4: Embrace NatureConnect with Your Surroundings: Spend time outdoors and appreciate the beauty of nature. Whether its a walk in the park, a hike in the woods, or simply enjoying the view from your window, immersing yourself in nature can profoundly boost your grateful mindset.Mindful Observation: Practice mindfulness by observing your environment with curiosity. Take note of the colors, sounds, and textures around you. Allow nature to inspire feelings of awe and gratitude for the worlds beauty.Step 5: Reflect on ChallengesGratitude for Growth: Its essential to recognize that challenges also contribute to our growth. Reflect on the obstacles youve faced and identify the lessons learned or strengths cultivated as a result. This perspective allows us to find gratitude even in difficult circumstances.Conclusion: Embracing the Beauty of LifeAt A Call to Order Professional Organizer, we understand that life is a tapestry woven from experiences, memories, and emotions. By fostering an attitude of gratitude, we can appreciate the beauty in both the simple and profound moments of our lives. Embracing gratitude allows us to cultivate joy, strengthen relationships, and navigate life with a deeper sense of purpose.As you embark on this journey toward gratitude, remember that every day holds opportunities for appreciation. By implementing the tips shared, youll find a newfound clarity that brings richness to your experiences. We invite you to explore the beauty of life with us and discover how the practice of gratitude can transform your perspective. If you ever feel overwhelmed or need support in organizing your gratitude practices or your life, A Call to Order is here to help you create clarity and structure. Together, lets celebrate the beauty in life, one grateful moment at a time.

8 Symptoms to Look for After an Elderly Fall

If you have an older loved one in your life, it is important to know how to care for them. That includes making sure they are staying safe since they are more likely to fall and sustain severe injury than younger people.A fall could mean severe pain, soft tissue injuries, broken bones, spinal injuries, or even a traumatic brain injury. With that in mind, your loved one could need immediate medical attention. While there are plenty of cases where you can see that they need to seek medical treatment, there may be times when you are not sure about the severity of your loved ones injuries. Even minor injuries can become more severe if they are not treated, so a good assessment of their fall-related injuries matters. Research shows that approximately 20% of falls in the elderly lead to serious injuries. (source: CDC)8 Warning Signs to Look for After an Elderly FallHere are eight of the biggest symptoms to look for after a fall, so you can decide if your loved one should seek medical attention immediately or if they can rest and feel better without medical intervention.1. Lacerations & BruisingLacerations, cuts, and bruises are some of the most common slips and fall accident injuries, especially in older adults. These injuries can also occur from walking into furniture or the corner of a countertop, preparing food, or in countless other ways.Most small lacerations and small bruises can be easily treated at home unless your elderly loved one has a bleeding disorder or other condition that could mean cuts and bruises require them to seek medical attention promptly.Size and Placement MatterAfter a slip-and-fall accident, the size and placement of the cuts or bruises matter. If your loved one has a large abdominal bruise and stomach pain, for example, that can be much more of a concern than smaller bruises on their arm.Additionally, lacerations in areas that are difficult to heal can be problematic, especially if the cut is deep or does not want to stop bleeding. It is better to err on the side of caution by reaching out to a medical professional or going to the emergency room, just to make sure your loved one is safe.2. Behavioral ChangesBehavioral changes after a fall are a definite cause for concern. These changes can be caused by traumatic brain injuries and other types of head injuries or even internal bleeding. Medical assistance is a good idea anytime an older adult exhibits a notable change in behavior, especially after a fall.It is also possible that serious internal bleeding, a stroke, or other problems are causing the changes and may have also caused the fall itself. Medical attention is the key to discovering the severity of the problem.3. Neck & Head InjuryHead injury symptoms to look for after a fall include headaches, dizziness, and difficulty moving the neck, with or without neck pain. Light may be too bright, as well, and the persons pupils could be uneven or not reacting properly.If you notice symptoms like this with a fall injury, it is important to rule out a severe head injury. You will want to seek medical treatment immediately and get a professional medical evaluation to rule out other medical issues.4. Swelling, Tingling, & Restricted MobilityWhen elderly loved one has a slip and fall accident, they can easily end up with broken bones, a head injury, spinal cord injuries, or other serious injury symptoms. If you see that a joint or other area is swollen, they have tingling in their extremities, or they are dealing with restricted mobility, they need medical care.Avoiding Care Can Lead to Chronic PainWithout medical treatment, there can be ongoing pain along with a broken bone or other injury that does not heal right. Even if the senior is not interested in seeking medical attention or does not want to bother anyone, it is important to have the affected limb or other area examined and treated.5. Irregular HeartbeatHaving an irregular heartbeat can be the cause of a fall, but it can also happen after a fall, as well. A medical evaluation will help determine the cause of the irregularity, so it can be treated and reduce future risks.Sometimes, an irregular heartbeat can cause dizziness or even a temporary loss of consciousness. In those instances, a fall could be quite common. If your elderly loved one has fall injuries that are not easily explained, or they start falling often, a medical professional can help discover what caused the initial accident and work to prevent future fall accidents.6. Tenderness & PainAcute injuries such as hip fractures, back injuries, neck injuries, wrist injuries, and soft tissue damage can cause pain and tenderness in the area. Many fall-related injuries create discomfort and can even lead to nerve damage or serious pain that lingers for a long time.Anytime an elderly person falls and has clear injury symptoms such as sharp pain or tenderness, it is wise to take them to the emergency room, urgent care, or their main healthcare professional.Depending on how they fell and whether they struck anything on their way down, they could even have internal injuries that need treatment right away.7. Vomiting & IncontinenceStomach pain (with or without vomiting), incontinence, or both can also be signs of internal injuries, a brain injury, or other concerns. If your older loved one is experiencing either one or both issues after a slip and fall, they could have head injuries or significant health problems.You need to seek medical attention promptly for these kinds of symptoms since they could indicate severe injuries. Internal bleeding, for example, could cause sharp pain and vomiting. Additionally, a stroke or related health problem could cause a fall and vomiting or incontinence issues.8. Vision ProblemsVision problems are another symptom to look for after a fall. They can be signs of a stroke or head injury and should be taken seriously. Diminished vision is common in elderly people, but a traumatic brain injury from a fall can quickly transform low vision into almost no vision.Additionally, you want to seek medical treatment for any serious injury that causes vision problems. There are multiple ways that vision could be affected, and traumatic brain injuries are not the only serious problems that affect the eyes. If your loved one cannot see properly after a fall, get them immediate medical attention.Causes of Falls in the ElderlyThere are many types of fall injuries in the elderly. Slip and fall accidents are more common and frequently cause more serious injuries in older people.While it is not possible to prevent every fall, knowing the most common causes can help you look for ways to make your elderly loved ones living environment safer.Anything can cause someone to fall, but the most common causes of falls in older adults include:Age-related loss of muscle massBalance problemsLoss of vision, hearing, and reflexesMedical conditionsSome kinds of medicationsPain or other issues with the feetCognitive impairmentRushing, such as when experiencing incontinenceSafety hazards like clutter or uneven surfacesAddressing any medical conditions that could lead to a slip and fall accident is an important way to reduce the chances of head injuries, broken bones, and other problems for your aging loved one.A fall injury can lead to chronic pain, fear of living alone, or even a brain injury, so it is vital to make changes that keep the risk of falling as low as possible.How to Prevent FallsAlong with knowing the symptoms to look for after a fall and the leading causes of falls in the elderly, it is important to learn how to prevent falls from occurring and causing severe pain and other serious injuries.Prevention can make a significant difference in your elderly loved ones quality of life. Here are a few ways to reduce their chances of taking a fall.Get Moving to Lower Fall RiskOne great way to prevent falls is to stay active. If your aging family member or loved one is very sedentary, encouraging them to get moving can help. They may not want to exercise, but there are all kinds of enjoyable activities that do not require running or going to the gym.While it is true that staying physically active can reduce falls accidents, anyone who has not exercised in a while or has health concerns should still have a medical evaluation before they get started. That can help determine what level of exercise is safe.Building muscle strength is crucial for maintaining overall health and mobility, especially for older adults, and can be effectively achieved through activities like walking, swimming, strength training, and balance exercises, as well as climbing stairs, using resistance bands, practicing yoga, and engaging in sports such as golf or bowling, provided there are no significant balance issues. (source: STEADI resources)Test Eyes and HearingVision and hearing loss can both lead to a higher chance of falling, and the broken bones, medical expenses, and other issues that come along with it. Even if your loved one does not notice symptoms, seeking medical attention to determine their current level of health can provide valuable information to work with.Another reason to seek medical attention for eyes, hearing, and cognitive abilities is that finding a small problem can sometimes lead to diagnosing a larger issue. If that is the case, it could avoid serious injuries in the future and reduce the chances of a falling accident that could lead to neck pain, head injuries, and other problems.Take More Time to Complete ActivitiesThere is no reason to try to power walk through the days activities. It is okay to move slower and be more methodical when walking or doing other tasks. Especially if your loved one already has chronic pain or any mobility issues, encouraging them to take their time can help reduce fall injuries.They may also need an assistive device like a cane or walker, especially when the weather is bad, or they are in an unfamiliar place. If you notice symptoms that indicate your loved one may be struggling with balance or movement, getting them the right support from a medical professional can make a significant difference.Consider Alcohol and Medications CarefullyDrinking alcohol can cause slip and fall injuries, soft tissue damage, back injuries, and other harm due to unsteadiness. It is often best for your loved one to avoid alcohol, especially if it interacts with any of their medications. Also, slip and fall injuries can also come from some negative medication interactions.If you are concerned about slip and fall accidents because your loved one is taking medications that can impair them, it is important to help them work with their doctor to address those concerns. The goal is to make it easier for your loved one to avoid a fall accident so they do not need medical treatment for an injury.Services That Can HelpSeeking medical attention after a fall accident is extremely important, whether your elderly loved one has a broken bone, head injuries, stomach pain, referred pain, or other serious injuries. You may also find that a fall accident means it is time to start thinking about additional care for your family member.In-home care services, for example, may be able to help prevent a more serious injury in the future. Because a slip and fall accident can lead to so many different issues, and cause your loved one to seek medical attention, the goal is to keep them from falling.Having in-home services to watch over your aging family member can mean fewer slip-and-fall injuries and a lower chance of your loved one needing physical therapy or other treatments to get back to moving again. Treating their injuries carefully will help them heal faster, but the best choice is to avoid the injuries entirely.Even if they only suffered minor injuries from a fall, you do not want your loved one to keep falling in the future. Additional slip and fall accidents can mean more serious injuries, and not all broken bones heal well. That could leave your loved one with chronic pain and other discomfort that could reduce their quality of life.Senior Care & Independent Living OptionsSenior care is essential to helping older adults continue to live their best lives, and CarePatrol helps families find the right senior care and independent living options they need. Our local experts can help you navigate the transition for your family members, so they can settle into their new routine and feel safe and secure again. We will help you find the right care option, whether it be in-home care, a nursing home, or anything in between. Contact your CarePatrol Local Senior Care Advisor to get started. 

Golden Connections: Building Relationships that Last

In a world brimming with fleeting interactions and virtual communications, the value of building deep, enduring relationships often gets overshadowed. Yet, we all crave meaningful connections that enrich our livesboth personally and professionally. At A Call to Order Professional Organizer, we believe that nurturing strong relationships is the foundation of a fulfilling life. Whether with family, friends, or colleagues, these bonds create a network of support, companionship, and shared experiences that enhance our emotional well-being. In this blog, well explore how to cultivate and maintain golden connections that stand the test of time, offering you practical tips to foster those relationships.The Importance of Meaningful ConnectionsInvesting time in building relationships is not merely an act of kindness; it is crucial for social, emotional, and even physical health. Heres why nurturing connections is essential:Emotional BenefitsSupport System: Meaningful connections provide a vital support network during challenging times. Knowing that someone cares enough to listen can lift spirits and ease burdens. Friends and family can offer different perspectives, helping us navigate lifes ups and downs.Sense of Belonging: Engaging in nurturing relationships fosters a sense of belonging. As social beings, we thrive in communities. Having people who understand us gives us a sense of security and acceptance, bolstering our self-esteem.Physical Health BenefitsStress Reduction: Emotional connections can act as a buffer against stress. Laughter shared with friends, heartfelt conversations, or even a comforting hug can significantly lower anxiety levels. Longevity: Studies have shown that strong social ties can lead to improved health outcomes and even longer life expectancy. The love and support we receive from these relationships can motivate us to take better care of ourselves.Tips for Building and Nurturing Lasting RelationshipsNow that we understand the importance of connections, lets explore practical ways to cultivate and maintain these special bonds.Step 1: Be PresentActive Listening: Truly listening to what someone says builds trust and demonstrates care. Put aside distractionslike phones and televisionswhen engaging in conversations. Follow-up questions show genuine interest, deepening the connection.Quality Time: Make it a priority to spend quality time with loved ones. It could be a casual coffee catch-up, a walk in the park, or even a simple phone call. The goal is to deepen the understanding and connection between you and your loved one.Step 2: Express AppreciationSay Thank You: Expressing gratitude for small or big gestures reinforces how much others mean to you. A handwritten note, a text message, or verbal acknowledgment can go a long way in making someone feel valued.Celebrate Achievements: Be there for milestonesbirthdays, promotions, or personal victories. Celebrate together, whether its throwing a small party, a dinner, or just a heartfelt message. These shared moments will deepen your bond.Step 3: Foster Open CommunicationBe Honest and Authentic: Authentic relationships thrive on honesty. Share your thoughts, feelings, and vulnerabilities. Openness fosters trust and encourages others to share their truths as well.Check-In Regularly: Make it a habit to check in on friends and family. A simple message asking how they are can initiate a meaningful conversation and demonstrate that you care.Step 4: Embrace DifferencesAppreciate Diversity: Every individual brings unique experiences, perspectives, and qualities to a relationship. Embrace those differences rather than seeing them as barriers. They can enrich your connections and promote growth.Be Flexible: Life is dynamic, and relationships evolve. Be willing to adapt and grow together, understanding that changes in circumstances can affect how and when you connect. Whether its accommodating a busy schedule or being open to new activities, flexibility nurtures relationships.Step 5: Create Shared MemoriesEngage in New Experiences: Doing something new together can strengthen bonds and build a treasure trove of memories. This could be anything from taking a cooking class, going on a hike, or traveling to a new place.Start Traditions: Establish traditions with loved ones to create lasting memories. This could be as simple as a monthly game night or an annual holiday celebration. Traditions create touchpoints that people look forward to sharing.Conclusion: Nurturing the Bonds That Enrich Our LivesAt A Call to Order Professional Organizer, we believe that cultivating meaningful relationships is vital to a fulfilling, happy, and thriving life. By embracing the importance of emotional connections, we can transform our interactions from mere acquaintances to lifelong friendships.As you embark on the journey of building and nurturing your relationships, remember that it takes effort, time, and genuine intention. Focus on being present, expressing appreciation, and developing open communication to create bonds that will withstand the test of time.Lets celebrate the connections we have and actively work to strengthen and deepen them. After all, the most precious resources we possess are the people we surround ourselves with, and the memories we create together are the true treasures of life. If you need support in organizing gatherings or creating more intentional connection time, reach out to us at A Call to Order Professional Organizer. Together, we can help you build the enriching, lasting relationships that nurture your heart and soul.