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FHA Reverse Mortgage Info

An FHA reverse mortgage is designed for homeowners age 62 and older. The loan can work one of two ways: (1) Either convert the equity in your home into regular income payouts, or (2) as a line of credit that you can simply tap as you need it. The loan does not have to be paid back during the homeowner's lifetime. It can be repaid once the homeowner has passed away or no longer lives in the home, perhaps due to moving into a senior facility or with family. At that point, the family can use other funds to pay back the loan and maintain the home, or the home can be sold to repay the payments. Any proceeds above the amount owed to the reverse mortgage lender will belong to the other spouse or the estate, so any remaining equity can be transferred to heirs. It's important to note that this debt cannot be passed along to the estate or heirs; it must be settled once the owner is no longer in the home.5 

If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can receive. The amount will be based on current interest rates, mortgage insurance premiums and the property's appraised value (up to $625,500).6 

To be eligible for an FHA reverse mortgage, you must be at least 62 years old, own your home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan. You also must show that you're able to pay ongoing property taxes and insurance, and you must live in the home. One additional requirement is that you will have to undergo counseling from a certified HECM counselor to discuss the financial implications - as well as potential alternatives - to obtaining a HECM before you can apply for the reverse mortgage. You can find a HECM counselor by calling (800) 569-4287.7 

Applicants may qualify for the FHA reverse mortgage program even if their original mortgage was not FHA insured. However, the home itself must either be a single family home or a two-to-four unit home in which you live in one of the units. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible. With a reverse mortgage, you are required to pay real estate taxes, utilities and any applicable hazard and flood insurance premiums.8 

You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 or downloading their free booklet, Use Your Home to Stay at Home. To learn more about the FHA's HECM program, visit the HECM home page at www.HUD.gov.


From Andrew Rafal's newsletter - arafal@strategyfinancialgroup.com.

Five hearing tech announcements that could benefit older adultsPosted: 12 Sep 2016 07:20 AM PDTHearing technology advances -- the hearing aid industry considers changing. It’s a positive when you see disruption of industries that have too tight a lock on the consumer, whether it is in categories of health insurancetelecom carriers or hearing aids.  You spend time with people everywhere you go – those with significant hearing loss but no hearing aids; they have hearing aids, but hate to wear them.  According to a recent NY Times article, two-thirds of adults over 70, but only 15-30% of those wear them – and at $5000 a pair, no wonder. In recent years, personal sound amplification products(PSAPs) that are not classified as hearing aids and thus do not require the audiologist role, though the FDA may change that. Just asking, if the device is called a 'Wearable,' does Silicon Valley find it more worthy of funding?  But anyway. In July, Consumer Reports published an explanatory guide that should be required reading for organizations that serve older adults. It would seem to be the wild west of innovation.  Here is a sampling of five recent product announcements:ReSound. The firm "introduced a new model to the award-winning ReSound LiNX2™ family: the world's only mini behind-the-ear (BTE) model to feature Made for iPhone. In addition, the mini BTE also features telecoil capabilities. ReSound LiNX2 is the world’s first internet-connected hearing aid, connecting to the internet to locate misplaced hearing aids. This new model enhances the award-winning ReSound Smart Hearing portfolio, giving users even more choices to meet individual preferences and hearing loss needs." Learn more at Resound.Oticon. 

"Technological limitations of current hearing aids have led to the use of tunnel directionality: Speech coming from the front is clear, whereas the rest of the sound environment is suppressed. This results in a limited, narrowed and artificial listening experience. With new, groundbreaking technology, Oticon Opn™ is fast and precise enough to analyse and follow the soundscape and differentiate between sounds. Even in complex listening environments, this allows Oticon Opn™ to constantly open up and balance individual sounds to deliver a rich and meaningful soundscape, empowering the brain to choose on which sounds to focus." Learn more at Oticon.
Eargo. 

Silicon Valley based startup that "offers an entry-level rechargeable hearing aid (FDA class I medical device) that it sells directly to consumers. Eargo is a near-invisible in-the-canal device offering four volume settings. Developed by a French ENT, it features patented silicone “flexi-fibers” that enable the device to sit comfortably deep in the ear canal while letting air and natural sound flow freely to the eardrum. At $1,980 per pair, the Eargo hearing aids are more expensive than many of the new off-the shelf “hearables” (classified as personal sound amplification products, or PSAPs, by the FDA), but less expensive than the higher end hearing aids fitted by audiologists." Learn more at HearingTracker.com.

Cochlear.
 "Cochlear Limited (ASX: COH), the global leader in implantable hearing solutions, announces today it has received U.S. Food and Drug Administration (FDA) approval for its newest innovative hearing loss solution, Kanso. The Kanso Sound Processor provides a distinct new way for cochlear implant users to hear. Unlike most hearing aids and current cochlear implant sound processors that are worn on the ear, Kanso is a small, off-the-ear hearing device  that provides a more discreet hearing solution and delivers the same hearing experience as a behind-the-ear sound processor." Learn more at Cochlear.

iHearMedical.
 "iHear® Medical announced today the launch of the world’s first online hearing solutions platform. The company begins taking orders today for its flagship invisible iHEARHD® hearing aid, and the iHearTest™, which recently received landmark FDA approval as the first and only home hearing screener. Delivery of iHear products starts July 15, 2016. The company also plans to launch the iHEARMAX™, a mini behind-the-ear hearing device, on August 15, 2016. iHear’s products are currently being offered in the U.S., with plans to introduce them in China and other markets in 2017." Learn more at iHearMedical.