Today's Read

Reverse Mortgage – Supercharge Your Retirement or Burn Your Assets

With a reverse mortgage the bank pays you for as long as you remain in your home. The loan never has to be paid back until the borrower moves or dies. Payback -- principal plus interest -- can never exceed the value of the home. But are Reverse Mortgages too good to be true? "For those age 62-plus, a reverse mortgage is a great way to augment retirement income. Affluent couples can use a reverse mortgage to pay for a vacation home and generate cash to accelerate gifting," says Paul J. Mauor, CLU, CHFC, founder and CEO of Legacy Financial Advisors, Inc., headquartered in Milford, MA.

(PRWEB via PRWeb) September 25, 2006 -- Reverse Mortgages are getting a lot of attention, but are they too good to be true? For couples that want to stop making mortgage payments and get cash for retirement, a reverse mortgage can be ideal. Both borrowers must be age 62 and there are no income requirements. The home must be their primary residence, property taxes have to be paid and homeowners’ insurance is required.


A reverse mortgage halts the $800-$900 monthly mortgage payments and generates additional monthly income to cover property taxes and utilities. If the home is in a prime area and well maintained, there’s a good chance its value will increase over the next 15 years. The couple may then want to sell the home, repay the reverse mortgage and buy a modest condo near children.






The proceeds, including interest, do not have to be paid back until the house is sold -- to move into a nursing home or condominium, or when both spouses die. Neither the couple nor heirs can ever be compelled to pay back the loan even if the principal and interest exceed the value of the home.



Reverse mortgage proceeds can be paid out as monthly installments or a lump sum or, the money can be left in an account that is similar to a line of credit except it earns interest. A combination of all three is possible too.



So, what’s the catch? "Like every financial tool or investment, a reverse mortgage must meet individual needs," says Paul J. Mauro, CLU, ChFC, founder and CEO of Legacy Financial Advisors, Inc. (www.lfsadvisors.com) of Milford, MA.




Mauro’s firm specializes in estate and financial planning. He adds, "The goal of a reverse mortgage is to get cash out of the equity in your home. A line of credit or home equity loan would incur monthly payments. Selling is an option. But if the couple has owned their home for decades, selling will incur a capital gains liability, plus brokers fees and moving costs. With a reverse mortgage, the couple stays put and, as with any loan, the proceeds are tax free."



A reverse mortgage contrasts sharply with selling to raise money. If the home and improvements total $100,000, and it is sold for $900,000, the increase in value over $500,000, or $300,000, would be taxed as capital gains. At 20%, that’s $60,000. Add real estate broker’s fees and moving costs and the bite can be over $100,000. The couple still has to find an affordable place to live.




Reverse Mortgages covered on AARP’s website (www.aarp.org/money/revmort/) include The Home Equity Conversion Mortgage (HECM) insured by the Federal Housing Administration and Homekeeper Mortgage, guaranteed by Fannie Mae. FHA and Fannie Mae backing mean that if the lender fails to meet its obligation, payments to the homeowner will continue.



Jumbo Reverse Mortgages

FHA and Fannie Mae Reverse Mortgages are limited, paying out no more than about $1,400 per month. In addition to these programs, jumbo reverse mortgages that can be a useful financial tool – especially for those living areas where housing is costly.



Explains Mauro, "Let’s say a couple owns a paid-up $700,000 house near Boston. They want to buy a $400,000 winter home in Florida. Take out a reverse mortgage and use the proceeds to buy that winter getaway for cash. The reverse mortgage proceeds may even be large enough to cover property taxes and utilities. The result -- a second home that may increase in value, with no monthly mortgage payments on either property."




Mauro adds, "Many couples wind up owning million-dollar-plus homes with small mortgages, say --$100,000 -- from borrowing for the children’s college tuition. The couple now wants to retire.



"A reverse mortgage halts the $800-$900 monthly mortgage payments and generates additional monthly income to cover property taxes and utilities. If the home is in a prime area and well maintained, there’s a good chance its value will increase over the next 15 years. The couple may then want to sell the home, repay the reverse mortgage and buy a modest condo near children."



Reverse mortgages help wealthy couples too. They can access large amounts of cash, tax-free, to accelerate estate gifting to children and grandchildren, or even buy second-to-die life insurance that will pay a death benefit when both parents die. "Heirs may use the death benefit to pay estate taxes or repay the loan, should they want to keep the house. A policy with a million dollar death benefit will cost a 62-year-old couple as little as $100,000 -- 10 cents on the dollar," notes Mauro.




Payback and Cautions

"Life is full of surprises," advises Mauro, "Plans to remain in one’s home can change. With a reverse mortgage, compound interest accumulates on the principal paid out. This can add up. Consider the amount owed after 10 years or so."



Fannie Mae estimates that if a couple takes monthly payments of $300 or $3,600 annually, at the end of 10 years, they would owe $69,702— $36,000 in monthly loan advances and $33,702 in interest. The home may appreciate in value to offset this cost. For details see Fannie Mae’s Money From Home at: (http://www.fanniemae.com/global/pdf/homebuyers/moneyfromhome.pdf)




Warns Mauro, "Do not get a reverse mortgage in these situations:



"If you plan to move within 10 years – origination costs, including insurance and fees, can reach $10,000 or more -- too high to make it worthwhile. Consider a line of credit instead.



"If your home is part of a legacy and the children definitely want to keep it in the family, repaying the proceeds from a reverse mortgage may be too burdensome for the heirs.


"If you have substantial net worth and don’t need additional income or cash.



"If you will enter a nursing home soon.


"If home prices in your area are modest -- $200,000 or less – and you have limited means, a reverse mortgage can deplete assets, leaving you without cash for emergencies. Tax abatements or other options, can help seniors remain in their homes."


Emphasizes Mauro: "Speak to a financial advisor who knows you and your financial situation before taking out a reverse mortgage. One size does not fit all."


Editorial Contact: Dick Pirozzolo 781-235-9911



Legacy Financial Advisors, Inc. (www.lfsadvisors.com) has over 30 years of experience helping families with retirement, aging issues and estate planning and was featured in the PBS special "And Thou Shalt Honor" broadcast by WGBH-TV. Its six Massachusetts offices are in Milford, Waltham, Yarmouth Port, Natick, Peabody, and Braintree. Other Legacy representatives are located in Rhode Island, Maine, New Jersey, New York, Pennsylvania, Florida and Texas. Securities are offered through Legacy Financial Services, member NASD/SIPC. Legacy Financial Advisors, Inc., 321 Fortune Blvd., Milford, MA 01757. Tel. 800-427-9781




###

Trackback URL : http://prweb.com/pingpr.php/U2luZy1TdW1tLUZhbHUtSG9yci1JbnNlLVplcm8=

mortgage home legacy financial seniors reverse reverse mortgage mauro hud fannie mae

This press release was posted by the following PR Firm
Pirozzolo Company Public Relations (View Listing in Directory of PR Firms)
 



Disclaimer: If you have any questions regarding information in these press releases please contact the company listed in the press release.

Please do not contact PRWeb®. We will be unable to assist you with your inquiry.

PRWeb® disclaims any content contained in these releases.

© Copyright 1997-2006, PRWeb®. PRWeb is a registered trademark of PRWeb International, Inc.



Terms of Service | Privacy Policy

Today's Read...

(PRWEB) September 27, 2006 -- There's one water source that many people are forgetting about when aiming to improve the water quality in their homes: the refrigerator.

But disciplined replacement at scheduled intervals will ensure clear, crisp, safe drinking water and extend the life of the refrigerator.


With scientists finding more and more contaminants in fresh water sources, it's no wonder people are going to great measures to filter their drinking water. But even though many refrigerators with water and ice dispensers already contain a water filter, upkeep is necessary for good water quality.

The life of refrigerator water filters is dependent upon the volume of contaminants in the water as well as the amount of use of the filter. Well water is more likely to contain contaminants not found in publicly treated water and may need more frequent filter changes. As a rule of thumb, the filter should be changed as specified by the manufacturer or at least every six months.

"To ensure clean drinking water and ice from the refrigerator's dispensing system, the filter must be changed every six months," said Ray Scardigno, president of FiltersFast.com, a leading retailer of water filters. "Refrigerator water filters are designed to purify a certain volume of water, and once they have dispensed that amount, they lose effectiveness."

Those who neglect changing their refrigerator's water filter may be in for a disturbing surprise. Poor filtration can allow chemical contaminants - from household cleaners, solvents, petroleum products and pesticides - to pass right through the refrigerator's water and ice system. Metal contaminants, such as lead and mercury, can pass through as well.

Furthermore, Environmental Protection Agency regulations currently don't require certain parasites to be removed from municipalities' water supplies.

Knowing this would make anyone with a refrigerator water and ice dispenser cringe. But what should you do if your refrigerator doesn't have a filtration system in the water and ice dispensing unit? Scardigno recommends purchasing an inline water filter that is easy to install and designed to fit most refrigerators.

"Most of us never think about our refrigerator water filters unless the water gets cloudy, starts tasting funny, someone gets sick or the refrigerator's lines or mechanical devices stop working properly," Scardigno said. "But disciplined replacement at scheduled intervals will ensure clear, crisp, safe drinking water and extend the life of the refrigerator."

For more information on refrigerator water filters, visit Filters Fast or call (866) 438-3458.







Fair Trade Autumn Harvest Blend

Tags: Autumn Harvest---Coffee tips---Green Mountain Coffee---Gourmet coffee---espresso---

Today's Read...

Frutarom Signs Agreement for Exclusive Global License to Produce and Market a Unique Plant Extract to Reduce and Stabilize Glucose Levels in Blood of Diabetes and Pre-Diabetes Patients



HAIFA, Israel, September 20, PRNewswire) Frutarom has signed an exclusive global licensing agreement with D-Herb, of the NGT technological incubator in Nazareth, Israel, to produce and globally market a unique herbal extract, for the reduction and stabilization of glucose levels in the blood of diabetes and pre-diabetes patients. Frutarom intends to market and sell this unique extract, whose activity is supported by clinical trials that yielded excellent results, to the nutraceuticals, pharmaceuticals, functional food and health food industries, as part of its unique natural product portfolio.

Type II Diabetes has reached epidemic proportions and will continue to escalate due to a rise in obesity and an ageing population.

The number of diabetics in the world is estimated at 190 million, of which 20 million are in the USA. Forty percent (40%) of American diabetics use nutraceutical products in addition to conventional drug treatment. The American Diabetes Association estimates that an additional 41 million Americans suffer from pre-diabetes and recommends the use of nutraceuticals and food additives to reduce glucose levels in order to help prevent or postpone the onset of the disease. The US market for anti- diabetes natural products is estimated at US$ 50 million and last year grew 30%. This unique extract is the only clinically proven, natural product that reduces HbA1c levels in diabetes Type 2 patients (the most reliable test when measuring diabetes).

Read more of this article here...

For more information, visit www.frutarom.com.

Today's Read.... Try Juicing!

Power Juicer - Kid Downs 4 Cups of Cubed Carrots in 60 Seconds and Thrives



(PRWEB) September 18, 2006 -- All over the world, from Singapore to Scotland to South-Africa, dusty power juicers are shyly emerging from their hibernation in cupboards to make themselves comfortable on kitchen counters. Vegetable-starved consumers are queuing to buy power juicers, ranging from the semi-commercial Breville Juicer, or the well-known Jack Lalanne Juicer, to the omnivorous Omega Juicer. All because juicing is dressed up in such a jazzy vibe by Rika Susan at her juicy new site.

Many parents are smiling broadly as finicky kids now eagerly gulp down glass after glass of nutrient-rich juice, containing everything from antioxidant-rich berries, to previously detested broccoli. In these homes bulk-bought fresh vegetable and fruit baskets are emptying at a gratifying rate with the competent action of a power juicer (If they knew about it, this would cause the folks at the World Health Organization to nod approvingly, while they count more than the 5-9 portions of fresh goodies recommended per day!).

Whether you are a novice as far as the health benefit of juicing vegetables is concerned, or an old-hand raw food fundi or organic produce devotee, you will find fun, juiceful articles and book reviews at www.Best-Juicing.com. This juicing community has one goal in mind, and that is to demystify the power juicer, so that juicing becomes enjoyable and accessible to everyone.

Enjoy a juicy insider look at the benefit of juicing, and tons of free helpful juicing tips and techniques. With a power juicer in the kitchen, munching through piles of greens and cups of cubed carrots, get ready to effortlessly throw glasses of richly flavored juice down receptive gullets.

By juicing produce, you are able to give your precious family direct access to every vitamin, enzyme, and mineral their bodies need. This can almost be equaled to nature's intravenous feeding - and best of all, a power juicer's punch comes without a needle stick!

According to Best-Juicing.com, when fresh fruit and vegetables disappear down the feed chute of a juice extractor during its daily feeding frenzy, it becomes pre-digested food in a manner of speaking, releasing all the vital micro-nutrients from their hiding places in the fibrous cells of the produce.

When you drink fresh juice, your body can assimilate these vital nutrients with virtually no effort. What is more, while only a fraction of the nutrients in raw food can be accessed by the body during the normal eating process, juicing with a power juicer makes a far higher percentage of these micro elements available to your body. In some cases the uptake of nutrients can be up to and astonishing 90% higher!

As the informative articles at Best-Juicing.com explain, juicing and healthy, natural weight loss also make excellent partners. Vegetable juice is a fat-free, low-calorie snack, with appetite-suppressant and blood sugar stabilizing properties.

Juicing with a juice machine also plays a role in the management of many ailments, from arthritis to high blood pressure. If heart health and a healthy cholesterol level is on your agenda, make sure you have access to a power juicer, and join the buzz at Best-Juicing.com. You'll be shown step-by-step how to incorporate your power juicer into a new family healthstyle.

About Rika Susan and Best-Juicing.com: Rika Susan is a freelance writer, focusing mainly on health and nutrition articles. She is also the author of the free Fuel For Fit Fat-Burning Families Secrets Series, available to subscribers at Best-Juicing.com.

******************************************

For Heavenly Gourmet Mixes visit the Three Angels Gourmet Co.

Today's Read...Just What is Organic Food?

Organic Food: What Is It
by Jakob Culver

J. I. Rodale is a pioneer in the field of “organic food”, he first gave information about this topic in a magazine called Organic Gardening, in 1942. In that magazine he explained the importance of maintaining soil fertility and stability by putting organic matter -- animal manure or compost -- back into the soil rather than relying on the "inorganic," or synthetic, fertilizers that were then widely seen as the modern way to go.

He changed the whole concept by changing the fertilizers, and from them, the farming methods, rather than the food, that were organic, and the concern was primarily with the soil, not with issues like biodiversity or animal welfare.

As time passed the meaning of "organic farming" soon parted company from Rodale's original narrow distinction between fertilizers. Varying definitions spun out of control as different associations of "organic farmers" tried to set standards in accordance with their own values. Some wanted to stick with a narrow definition in terms of what you could and could not put on the soil, the crops, or the animals. Others wanted to include an entire way of life, including healthy living, an equitable form of distribution, concern for wildlife, and so on.

So when there was so much of difference in the perception of organic food then the organizations of organic farmers around the world organized the International Federation of Organic Agriculture Movements which settled on this definition:

Organic agriculture is an agricultural system that promotes environmentally, socially, and economically sound production of food, fiber, timber, etc. In this system, soil fertility is seen as the key to successful production. Working with the natural properties of plants, animals, and the landscape, organic farmers aim to optimize quality in all aspects of agriculture and the environment.

As there were no specific standards defined so it created all the more confusion among the consumers as they were often unsure what the various "organic" labels used by different associations and producers really meant

Because of this much of confusion the U.S. Congress in 1990 decided to clear up the confusion by authorizing the Department of Agriculture to establish legally enforceable "USDA Organic" standards and a certification scheme so that the consumers would e ensured that their food really had been produced in accordance with the standards.

That led, in 2002, to a set of standards that most people in organic farming considered a reasonable compromise among the various views of what organic farming is all about.

So it was then formally announced that the crops must be grown without the use of synthetic fertilizers, and most synthetic pesticides and all herbicides are also banned, although biological and botanical methods of control can be used.

For maintaining the soil fertility, animal and plant waste (but not sewage sludge, which can contain toxic heavy metals) has to be used, crop rotation, and growing "cover crops" like clover between other crops. (Cover crops are plowed into the soil to restore nitrogen and organic matter.)

Animals intended for usage as meats, eggs, or milk must eat organic grains or other organic food and must not be given growth hormones or antibiotics. (Sick or injured animals may be treated with antibiotics, but then their meat, milk, or eggs cannot be sold as organic.)

Moe importantly the organically raised animals must have access to the outdoors, including access to pasture for ruminants. Neither plants nor animals can be the product of genetic engineering, and organic food cannot be irradiated.

So now using the label "organic" to distinguish one tomato from another doesn’t ask for much of the efforts.

Find more information about food and nutrition by visiting our resource portal about healthy eating and nutrition.

Article Source: Ezinearticles.com


*********************************************

For Heavenly Gourmet Mixes visit the Three Angels Gourmet Co.

Today's Read... Good News for Vanilla Buyers!

Arizona Vanilla Company Now Offers Organic Pure Ground Vanilla

Mesa, AZ (PRWEB) September 13, 2006 -- Patty Elsberry, the owner of Arizona Vanilla Company, LLC, a minority/women owned, dynamic online retailer and distributor of high-end specialty seasonings, announces that Arizona Vanilla is finally able to offer an organic pure ground vanilla.

Vanilla Beans

“Pure ground vanilla is not vanilla powder,” explains Patty Elsberry, Managing Director of Arizona Vanilla Company. “Pure ground vanilla is 100 percent vanilla beans that have been ground into a fine powder, with NO additives of any kind. This leaves the natural flavor and aroma of the vanilla bean intact, but in a form that is easier to use.” Pure ground vanilla is a great substitute for vanilla beans in many dishes. It goes great in vinaigrettes, marinades, drinks, crème brulee, or anything else that uses vanilla beans. Ms. Elsberry explains that she likes to use ground vanilla in conjunction with vanilla extract to heighten the already great vanilla flavor of vanilla extract.

“Having our ground vanilla organic will open a lot of doors for Arizona Vanilla,” Ms. Elsberry goes on to explain. “We are constantly trying to improve and upgrade our product offers to allow our customers the best selection of our great products. We look forward to great new things for our customers in the future, and having our ground vanilla organic is one small step in that direction.”

****************************
Arizona Vanilla Company is a rapidly growing online distributor of bulk and processed vanilla products including the Madagascar, Mexican, Tahitian and Bourbon vanilla varieties. Arizona Vanilla Company works directly with vanilla growers to ensure the highest quality and freshest products are delivered to their wholesale and retail customers. The company also offers a select variety of specialty seasonings and products. For more information on the Arizona Vanilla Company and their products, visit them online.

***********************************************************

Single Cup Brewer




For Heavenly Gourmet Mixes visit the Three Angels Gourmet Co.

Today's Read... Don't Eat Your Spinach!

Vegetables: Health Food or Killers
by Susanne Myers



With the recent outbreak of e-coli traced back to bagged spinach of all things, the FDA now suggests consumers thoroughly wash all bagged produce (including salad) before consuming it to avoid the extreme diarrhea e-coli bacterial can cause.

The e-coli bacteria can be found in any raw or undercooked foods. Most often outbreaks are linked to undercooked meat, or unsafe handling of raw meat, particularly ground beef. What was up until now less well known is that e-coli can also be found on fresh produce like fruits and vegetables.

E-coli bacteria cause severe diarrhea often with bloody stool and can cause kidney failure and possible death. The old and the young are particularly prone to extreme cases of the infection. If you suspect you have been infected with e-coli, contact your physician right away.

E-coli naturally occurs in the intestines of animals like cows and chickens. As these animals are slaughtered and processed, traces of the bacteria can come into contact with the meat. Ground beef seems to be especially prone to getting contaminated. To kill any e-coli (or other bacteria for that matter) that may have “snuck in”, cook all meat to an internal temperature of at least 160 F.

So, how does this same bacteria get into our salad, veggies and fruit? Manure is often used as a natural fertilizer and gets’ stuck on the outside of the vegetables and fruits as they grow and are harvested. Produce is cleaned off before it’s bagged and shipped to you, but that doesn’t necessarily mean all the bacteria are gone.

In particular vegetables including salad that are bagged provide a perfect growing environment for the e-coli bacteria. The bag ensures that there is always some moisture around the produce that allows the e-coli to multiply.

The recent outbreak of e-coli in bagged spinach along with previous outbreaks in bagged salad mixes and even containers of strawberries makes you wonder if we should just avoid all prepackaged and bagged produce. Fortunately we don’t have to go that far, but we should get in the habit of properly preparing those foods.

Salad and vegetables mixes in bags are often pre-washed and sold as “ready to serve”. Take a few minutes and rinse them with warm water, followed by a splash of cold water to avoid cooking the spinach or salad. Use plenty of warm water on hardier vegetables such as tomatoes or carrots and don’t forget to wash fruit with plenty of water as well, especially strawberries. Strawberries grow very low to the ground and are often fertilized with manure or are grown on soil that was previously fertilized that way. Since the berries grow practically directly on top of the soil, it is easy for the e-coli to catch a ride on the fruit directly into your home.

Washing raw fruit and vegetables with plenty of warm water should get rid of most of the bacteria, making it safe to eat. Make it a habit to wash your produce whether the packaging indicates it’s pre-washed or not. It will only take a few minutes and could prevent you from getting sick in the long run.

*************************

Susanne Myers is the co-publisher of the Healthy Menu Mailer, a weekly recipe and menu mailer that’s all about eating healthy. Join her for a free 7-day sneak peak here.

Article Source: ezinearticles.com

*************************

Paul Newman's Blend Coffee



For Heavenly Gourmet Mixes, visit the Three Angels Gourmet Co.