Old age need not be a time of physical and mental decline, loneliness and depression.
"The School Sisters of Notre Dame have shown me," Snowden concludes, "that old age … can be a time of promise and renewal, of watching with a knowing eye, of accepting the lessons that life has taught and, if possible, passing them on to future generations."
For more information, visit ww.mc.uky.edu/nunnet/. Or you can read Snowden's delightful book, Aging With Grace.
SENIOR MEDICAL BREAKTHROUGHS
Beam Me Up, Scotty!
What You Should Know About Heart Scans
The words Electron Bean Tomography (EBT) may evoke images of Star Trek, but EBT heart scans are widely advertised and available. FDA-approved in 1999, scans are painless, fast and relatively inexpensive - from $400 to $600. You don't even have to take off your clothes. The payoff is either exquisite relief when your scan is negative or superb motivation to make lifestyle changes if it's positive. But should you have a heart scan?
EBT technology detects calcium deposits in the coronary arteries. The fatty plaque that leads to heart attacks contains calcium. So, if you have a family history of heart disease, you are obese, a smoker or have high blood pressure, diabetes or high cholesterol, you may want to consider having a heart scan.
However, medical professionals disagree about the use of EBT scans. Some believe it's diagnostic overkill that can lead to unnecessary and sometimes invasive procedures. Others, like Dr. Harvey Hecht of New Jersey's Heart and Vascular Institute, use EBT scans to help identify high-risk patients. Hecht studied 304 women who had both cholesterol and EBT screening. Nearly half of the women over 55 who "passed" their cholesterol tests "failed" the heart scan. For women under 55, cholesterol screening failed about 40 percent of the time.
But don't let advertisements influence your decision. Talk with a doctor about your symptoms and risk factors. If you decide to have the scan, your doctor can refer you to a good imaging center. You'll also need a doctor's referral if you want your insurance to pay for the procedure.
GRANDPARENT CENTRAL
10 Tips for Grand-Camping
For adults, camping is all about nature, solitude and a pioneering spirit. Kids want to have fun. These tips can help both you and your grandkids have a successful adventure.
1. First-time campers should stay close to home so you can dash for it if bad weather or homesickness sets in.
2. Choose campsites near swimming holes, hiking trails, stocked fishing ponds and wildlife reserves. Go where the action is!
3. Bring games and snacks for the drive time. Ask teens for help in reading maps and road signs.
4. Involve kids in setting up the campsite and daily chores. Whether it's gathering sticks for a campfire, cleaning a fish, tying a knot or cooking, show rather than tell them.
5. Provide each child with a journal to record experiences. Young children can draw pictures and glue leaves and other memorabilia in the journal.
6. Be sure to get an individual "success" photo of each child that captures a unique camping experience. Frame these as mementos of the trip.
7. Focus on nature. Bring jars with holes in the lids so kids can collect bugs. Go on hikes. Observe wildlife. Discovery trips can also prevent boredom.
8. Take along sports equipment - balls, bats, Frisbees and beach balls - for pick-up games.
9. If you're going to a national park, visit www.nps.gov before you go. (see Web Links on page 6) Specific park listings highlight available kids' activities.
10. Don't overplan. Expect attention spans to be short. By including the equipment and activities listed here and by adopting a flexible attitude, you'll have a great time and build lasting memories together.
FINANCIAL STRATEGIES FOR SENIORS
Selling the House to Pay for Retirement?
Consider a Reverse Mortgage
By W.L. Pulsipher, CSA
Retired seniors often find themselves unable to live their retirement dreams and pay the bills. House rich and cash poor, they often believe that selling the house is the only solution.
What about a reverse mortgage? That's when homeowners at least 62 years old can access a portion of their home equity and defer loan repayment until the house is sold, they move out of the house or the surviving borrower dies. At that point, the heirs can opt to pay off the loan and keep the house. Or, they can sell the house, pay the lender and keep the difference. It's important to note that the loan payment can never exceed the home's selling price.
The most popular reverse mortgage loan product is the FHA-insured Home Equity Conversation Mortgage (HECM). Other options include the FannieMae Home Keeper and the Financial Freedom Cash Account. All three offer an upfront lump sum or a line of credit; the HECM and FannieMae also offer a monthly payment for life.
The size of the loan depends on the homeowner's age, the type of reverse mortgage, the value of the home, current interest rates and the location of the home. (See chart for one of many possible scenarios.) As with conventional mortgage loans, closing costs apply and can be financed as part of the mortgage.
Before you proceed, consult with a legal or financial advisor. Discuss your options with your heirs. And consider how long you plan to live in your home. A reverse mortgage doesn't make sense if you plan to move in a few years.
For more information, call the National Reverse Mortgage Lenders Association (NRMLA) at 866-264-4466; ask for the pamphlet, "15 Questions For Consumers to Ask About Reverse Mortgages." To find a reverse mortgage lender in your state, visit www.reversemortgage.org.
Sample Reverse Mortgage Rates
Here's what a typical reverse mortgage would pay on a $100,000 home in one Florida location. Figures are net estimates, after all closing costs and other associated fees. Figures are based on a 3.75 percent initial interest rate and FHA conversion factors. For specifics related to your location, home value, current interest rates and other reverse mortgage products, consult with your lender.
Borrower's Age Lump Sum or Credit Line Monthly Payment
62 $40,551 $249.29
72 $51,335 $342.53
82 $63,397 $509.28
92 $75,507 $1,018.74
WHAT CAN YOU DO WITH THE MONEY?
Let's discard the misconception that reverse mortgage loads are only for financial emergencies. They can fund dreams as well. You can use the money to pay bills or for travel, prescription drugs, in-home healthcare, home repairs or remodeling, long-term care or insurance premiums, gifts to family members and more. Here are a few examples to fire your imagination.
A couple in their 70s needed to add a downstairs bedroom to their home. They were looking for a financial option that would allow them to pay for the new bedroom without adding to their monthly expenses. This couple's solution was a reverse mortgage to pay off their first and second mortgages so that they could move forward with their building plan.
Divorced and 70 years old, a Georgia woman was recovering from back and lung surgery. With first and second mortgages on her house, she needed financial help. The proceeds of her reverse mortgage loan paid off her outstanding mortgages and helped with her medical bills. "There's still a mortgage there, but now I don't have to pay it," she says.
Finally, a California couple demonstrates the joys of active retirement. Also in their 70s, they love to travel and are lifelong motorcycle enthusiasts. Their FHA reverse mortgage loan supplements their income so they can continue their free-wheeling lifestyle.
Do you have a project or a dream that you need to finance? Find out if a reverse mortgage is the best solution for you. For advice, call HUD's Housing counseling Clearinghouse at 800-217-6970. For helpful consumer information about reverse mortgages, visit the National Center for Home Equity Conversion at www.reverse.org.
FAST FACTS ABOUT REVERSE MORTGAGES
What can you do with the money?
Let's discard the misconception that reverse mortgage loans are only for financial emergencies. They can fund dreams as well. You can use the money to pay bills or for travel, prescription drugs, in-home healthcare, home repairs or remodeling, long-term care or insurance premiums, gifts to family members and more. Here are a few examples to fire your imagination.
A couple in their 70s needed to add a downstairs bedroom to their home. They were looking for a financial option that would allow them to pay for the new bedroom without adding to their monthly expenses. This couple's solution was a reverse mortgage to pay off their first and second mortgages so that they could move forward with their building plan.
Divorced and 70 years old, a Georgia woman was recovering from back and lung surgery. With first and second mortgages on her house, she needed financial help. The proceeds of her reverse mortgage loan paid off her outstanding mortgages and helped with her medical bills. "There's still a mortgage there, but now I don't have to pay it," she says.
Finally, a California couple demonstrates the joys of active retirement. Also in their 70s, they love to travel and are life-long motorcycle enthusiasts. Their FHA reverse mortgage loan supplements their income so they can continue their free-wheeling lifestyle.
Do you have a project or a dream that you need to finance? Find out if a reverse mortgage is the best solution for you. For advice, call HUD's Housing Counseling Clearinghouse at 800-217-6970. For helpful consumer information about reverse mortgages, visit the National Center for Home Equity Conversion at www.reverse.org.
FAST FACTS ABOUT REVERSE MORTGAGES
PRACTICAL TALK ON RETIREMENT ISSUES
Working Past 65? You Still Need to Enroll in Medicare
By Crispin Sargent, CSA
With more people working past the age of 65, it's more important than ever to understand your entry points to Medicare benefits. Here are your options.
The initial enrollment period begins three months prior to the month of your 65th birthday and continues for three months after. If you work for a company with fewer than 20 employees, you should enroll during this period because Medicare becomes your primary carrier. Your employer's plan then picks up eligible costs not covered by Medicare.
If you miss initial enrollment, you must wait for the next general enrollment period - January to March each year with coverage delayed until the following July 1. And you will pay a permanent premium penalty of 10 percent for every year you should have enrolled but did not.
If you work for a company larger than 20 employees and work past age 65, you can enroll during the special enrollment period (SEP) when you actually retire. Your Medicare effective date then coincides with the loss of your group plan. But if you retire and extend your employer's group coverage (COBRA) for 18 months, you lose SEP eligibility, which means you will have to wait until the next general enrollment period (January through March). Therefore, your Medicare coverage won't become effective until the following July, you are subject to the premium penalty and you risk no coverage during the interim.
Don't miss your enrollment opportunity. Consult with your CSA or visit your local Social Security office.
CENTENARIAN SALUTE
Earl Brush
By Lynn Peters Adler, JD
Born July17, 1893, near Marshalltown, Iowa, Earl Brush spent his boyhood years on the family farm. In the early 1900s, homestead land became available to settlers, and Earl's parents moved the family to Reading, Minn., to claim their land. Eva Baker's family also migrated from Iowa for the land. Earl and Eva met and married when Earl was 20. They spent the next 68 years together and raised three children.
Earl trained as an electrician and a tractor and automobile mechanic at a Minneapolis trade school. Even during the Great Depression, he was able to find work. However, finding work required the family to move back to Marshalltown, where Earl managed Montgomery Ward's electrical department. ]
When World War II began, Earl was nearing 50. Since electricians were in demand, Earl moved his family to Oakland, Calif., where he installed elevators in aircraft carriers. Oakland was home now, and he stayed after the war to work as an electrical inspector for Southern Pacific Railroad until he retired at age 70.
In retirement, Earl collected antiques - particularly antique hand tools - and he maintained an extensive rock collection. Throughout his life, Earl loved cars. His first car was a 1913 Maxwell; he drove his last car in 1993 at age 100.
"I feel fine," says Earl at 108. "The only problem is my hearing." He recently moved to an assisted-living facility, where he enjoys the activities and frequent family visits. Memories of his long, full life enrich his d ays. "It's one of the blessings of old age," says this centenarian. "he can also tell great stories based on these memories," adds his son, George.
