Since my first day with Bellomo & Associates, our team has been a part of the Walk to End Alzheimers. Over the years, it has come to mean so much, not only to me, but also my family and even my neighbors! My daughter especially loves the walk. One year, she represented the symbol of hope; hope to find a cure for Alzheimers.During the pandemic, when everything was virtual, the Alzheimers Association produced the Walk Everywhere. This made it possible to still have this tradition remain in tact for my family. It was such a relief to have a sense of normalcy! Bellomo & Associates, we have several team members that work remotely, the Walk Everyone also allows them to participate!In all my years of participation, the most rewarding moment was when my family had just completed the walk in our neighborhood, using our app to track. We crossed the finish line holding our flags high when my neighbor was waiting to ask what we were doing. We explained that we were participating in our one of our favorite events, the Walk to End Alzheimers. He then told us that he had lost a parent to Alzheimers and he was touched that we were walking and raising awareness. After chatting for a bit, I decided to give him one of our flags. To this day, that neighbor has his Alzheimers Association flag proudly displayed in his front yard in honor of his lost loved one.

A lady is driving down a country road and sees a blossoming ornamental tree out the corner of her eye. Since she has extra time to get to her destination, she slows down and puts the car in Reverse. She wants to go back and enjoy the beauty of the tree.This is something that a lot of us want to do in life. If we have time, we want to go back and enjoy something. The problem is that we may not be able to afford to go back.In many ways borrowing money is the same thing. We want the money to enjoy something, but we cannot afford the payment that comes with borrowing. This is the reason that you want to go in Reverse.A REVERSE MORTGAGE gives you money, AND you are not required to make payments on the loan. How can this be? It is actually simple. A person that has an abundance of equity in their home can essentially use their equity as a pledge in place of making a payment on the loan.Here is one basic example. A person has a home that is worth $100,000, and they do not owe anything on the home. This is great, but what is the equity doing for the person? The answer is nothing. You cannot eat equity, you cannot do any renovations or additions with equity, you cannot take a trip with equity, and you cannot pay for a grandchilds education with equity. But what if you converted the equity to something useful called money? You can use the money to buy food, do renovations and additions, take a trip, and pay for college expenses. The problem with this is that to get the money, you will need to use your home as collateral for a loan, and then you will need to make payments every month. I dont know anyone that likes to make monthly payments, and some people cannot afford to make monthly payments.In 1989 FHA, a governmental agency, created a HECM. A HECM is a Home Equity Conversion Mortgage. This means that you can convert your equity to money, BUT you do NOT need to make a payment. This is akin to actually having your cake and being able to eat it too!Getting back to our example of the $100,000 home that has a zero balance.A person may be able to use a HECM to access $50,000. The person would then not be required to make ANY loan payments on the $50,000. The reason is that the remaining $50,000 of equity is used to cover any amount that would be paid.There are still requirements. You need to qualify for the loan. You need to maintain the home and pay your taxes, insurance, and other related housing expenses.There is not anything in our world that is perfect for everyone, but practically everything is perfect for someone. A REVERSE MORTGAGE may be the perfect fit for someone that you know.

Growing up Italian is something I am very proud of. I love my family with all of my heart. The last name Bellomo means the world to me. I can see my Grandpa Bellomo in my head like it was yesterday saying our last name Bellomo like it was worth a million dollars. That sense of pride has certainly continued down through my parents as well. My parents gave me this poem when I was just a kid. I cherished that plaque and still keep it in a safe place these many years later. I hope youll agree that this gift is among your most valuable.Your Family Name by Nelle A. WilliamsYou got it from your fatherIt was all he had to giveSo its yours to use and cherishFor as long as you may liveIf you lost the watch he gave youIt can always be replacedBut a black mark on your nameCan never be erasedIt was clean the day you took itAnd a worthy name to bearWhen he got it from his fatherThere was no dishonor thereSo make sure you guard it wiselyAfter all is said and doneYoull be glad the name is spotlessWhen you give it to your sonI cherish the plaque with this poem. Thank you, Mom and Dad, for sharing this with me. I am proud of the Bellomo name and what it means.

When engaging in estate planning for any parent whose child is not yet an adult, there is always one very important decision to make: who would be the guardian of their child(ren) if both parents pass away? Like many issues in estate planning, it is an almost unimaginable thought that such a tragedy could occur to a child. But if we did not plan for the worst when doing estate planning, it would not be providing your family the protection it deserves.If a child would ever lose both their parents before they are an adult, the state would have to appoint a person to be in charge of your childs best interest and who could legally act as the childs parent (for example to have authority to register the child for school or take the child to a doctor). This person is what is referred to as a guardian, and can only be appointed by a Judge after a very thorough vetting process and Court proceedings all centered on the standard of what is in the best interest of that child.A common misconception is that there is some automatic and informal process whereby, in the event of the death of both parents, the childs pre-determined relative x would automatically become the childs guardian. Again, this is simply incorrect as stated above, even if you list a preferred guardian in your Will. The only way that your child will have a guardian appointed is after they go through the guardianship process in Court. Nevertheless, it is not as though a Judge would ignore the wishes of the deceased parent. The wishes of the deceased parent would be overwhelmingly strong evidence to any Judge who was trying to decide what person would be best to care for this child going forward. For that reason, it is imperative for any parent to list their preferred choice of guardians in their Will in the event of their death.When I am working with estate planning clients and helping them consider who should be listed as their childs preferred guardian, things can get complicated quickly. It can be difficult for any couple to agree on who would be the appropriate guardian for their child, and it is something that most people try not to even imagine. Common examples of concern quickly become issues such as which set of grandparents should be listed first. Should we make both of our siblings act as co-guardians? Do we still feel comfortable with your father as guardian if your mother is no longer here, or vice versa?The best approach is to plan for the immediate. I always remind clients that they should only try to plan ahead for the next few years because they can always revise that choice in their Will as time goes by. Sometimes, there is an obvious choice of who would take care of toddlers; but maybe that same person would not be such a great choice with a teenager. Its also important to take into consideration a list of backup guardians. You can have as long of a succession line for your preferred guardian in your Will as you like to provide you with the most comfort possible. By taking these steps, and understanding that there is an entire judicial process set up to protect your children, you can enjoy peace of mind knowing you have done the most you can to protect your family.If we can be of any assistance or answer any questions while you make decisions about yourself and your family, please give us a call at 717-844-9639 or click the link here and we will contact you.