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Health Care & Environment

01.18 Learning From Cuba’s ‘Medicare for All’

01.17 As Planet Heats Further, Even Davos Elite Warns Humanity Is 'Sleepwalking Into Catastrophe' [Intelligent government is desperately needed]

01.17 Could a Green New Deal Save Civilization? [Intelligent government is desperately needed]

01.17 New plant-focused diet would ‘transform’ planet’s future, say scientists

01.17 Studies Show Ice Melting and Ocean Warming Both Happening Much Faster Than Previously Thought

01.16 Immediate fossil fuel phaseout could arrest climate change – study [Intelligent government is desperately needed]

01.16 Our oceans broke heat records in 2018 and the consequences are catastrophic [charts]

01.15 Solar Farms Shine a Ray of Hope on Bees and Butterflies [Wonderful!]

01.15 Australia could hit 100% renewables sooner than most people think

01.15 Ion age: why the future will be battery powered

01.15 Barclays on wrong side of history with climate policy, says Greenpeace

01.15 'One fish at a time': Indonesia lands remarkable victory

01.15 Insect collapse: ‘We are destroying our life support systems’

01.14 V.A. Seeks to Redirect Billions of Dollars Into Private Care [The most public and efficient healthcare in America has been demonized and will be destroyed rather than improved, raising total  per-capita costs]

01.14 Saudi Arabia Increases Solar Targets To 20 Gigawatts By 2023 & 40 Gigawatts By 2030

01.14 Solar + Storage Half The Cost Of Gas Peaker Plants — 8MinuteEnergy

01.14 Why thousands of Los Angeles teachers are going on strike [Well at least we got a big tax-cut for the super-rich, that was the most important thing.]

01.14 Air pollution 'as bad as smoking in increasing risk of miscarriage'

01.09 Dutch eco initiative halves energy bills in first UK homes

01.09 'It's a nightmare': Americans' health at risk as shutdown slashes EPA

01.08 Monarch butterfly numbers plummet 86 percent in California [0:58 video; Do You Care?]

01.08 Carbon emissions up as Trump agenda rolls back climate change work [Making America Less  Great Again]

News Media Matters

01.19 How conservative media became a “safe space”

Daily: FAIR Blog
The Daily Howler

US Politics, Policy & 'Culture'

01.19 The Biden Band-Aid: Will Democrats Contain the Insurgency?

01.19 Donald Trump Has Never Cared About Workers, and Never Will

01.19 Republicans’ lack of alarm over the shutdown reveals a disturbing truth [Sociopaths have little or no conscience, empathy or morality...]

01.19 Arizona: Four women convicted after leaving food and water in desert for migrants [morality is against the law]

01.19 Mueller breaks silence to dispute parts of bombshell report on Michael Cohen

01.18 “Are We Really Where We Are?”: Trump, Putin, and Washington’s Unbelievable New Normal

01.18 With Mattis Gone, Trump Is Already Sowing More Global Chaos [Trump plays General—what could go wrong...]

01.18 The Right’s Case Against Soaking the Rich Is Dirt Poor

01.18 Trump Worsens the Border Crisis

01.18 Impeach Donald Trump

01.18 President Trump Directed His Attorney Michael Cohen To Lie To Congress About The Moscow Tower Project [An impeachable offense]

01.18 10 Things We All Lose If Bernie Chooses Not to Run in 2020 [Intelligent government is desperately needed]

01.17 These 2020 hopefuls are courting Wall Street. Don't be fooled by their progressive veneer

01.17 Alexandria Ocasio-Cortez lambasts US government shutdown in first House speech [3:27 video; Intelligent government is desperately needed]

Justice Matters

01.15 The US apparently kept no detailed notes of Trump-Putin meetings for the past 2 years

01.15 California’s largest utility just declared bankruptcy. Hello, climate change.

12.28 Mueller closes in: what will the Trump-Russia inquiry deliver in 2019?

High Crimes?
Economics, Crony Capitalism

01.17 Trump's economy is great for billionaires, not for working people [chock-full of pesky facts that government and media ignore and distort]

International & Futurism

01.19 The Ebola outbreak in Eastern Congo is moving toward a major city. That’s not good.

01.19 Ahead of Third Annual Women's March, Group Releases Far-Reaching 'Intersectional Feminist Policy Platform'

01.17 +++ Brexit crisis: Germany and Europe react — live updates +++

01.17 White people assume niceness is the answer to racial inequality. It's not [More equality requires us to fix ignored and distorted problems]

01.16 Global tensions holding back climate change fight, says WEF [Consistently stupid and harmful policies... Seeing a pattern?]

01.16 How Governments React to Climate Change: An Interview with the Political Theorists Joel Wainwright and Geoff Mann

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  Reverse Mortgage Reality Check

COMMENTARY:

Reverse Mortgage Reality Check

by James Ridgeway
First published in his blog Unsilent Generation yesterday, 14 June 2010
I’m seeing more and more ads where smiling oldsters talk about how their reverse mortgage took a load off their minds. This, of course, makes me highly suspicious; it all sounds too much like yet another con.

As Congress debates its tepid “reforms” of the financial industry, Wall Street has invaded Capitol Hill in what CNN described as a “lobbyists swarm.” What I know about the legislation gives me absolutely no confidence that it will make the market a safe place to put my retirement savings–or what’s left of them, after the recession. Seniors have already suffered most from the 401K long con, and the thought of getting anywhere near Wall Street makes me sick to my stomach.

Given how much money many elders have lost, I suspect those of us lucky enough to own homes that aren’t already mortgaged to the hilt are thinking about a “reverse mortgage” as a means toward future security. I know I’m seeing more and more ads where smiling oldsters talk about how their reverse mortgage took a load off their minds. This, of course, makes me highly suspicious; it all sounds too much like yet another con, replete with hidden fees and rip-offs, just like everything else the banking industry has come up with.

Fortunately, Saul Friedman recently wrote a comprehensive report on reverse mortgages. A former reporter for the Detroit Free Press, Friedman writes the ”Gray Matters” column that used to run in Newsday and now appears on the excellent blog about aging called Time Goes By. Friedman, whose judgement I trust completely, has a reverse mortgage himself; he has investigated the hidden pitfalls of this type of financing, and also knows that it matters what kind of reverse mortgage you get.

For anyone even considering this move in their financial futures, Friedman’s article on reverse mortgages is most definitely worth reading.

So here’s some welcome news for older Americans who own their homes and can use some extra income and cash. The up-front costs for many FHA-guaranteed reverse mortgages have gone down, which means the possible proceeds will go up by as much as $10,000.

I’m referring to the most popular and safest reverse mortgage, the Home Equity Conversion Mortgage, fondly known as the HECM. It is the safest for the lender as well as the homeowner-borrower because it is backed, insured by the Federal Housing Administration which has never defaulted on a mortgage that it has guaranteed.

Indeed, of all the mortgages that have fallen on hard times, or have been the subject of scandalous behavior by bankers and investors, the HECM has been largely untouched by these troubles. Last year, the Department of Housing and Urban Development raised to $625,000 the value of a home that could qualify for a HECM.

There’s much, much more to Friedman’s piece, which needs to be read in full. But here’s his summing up:

All in all, then, HECMs are a good deal if you intend to remain in your home for at least five years; otherwise you’ll be saddled with the closing costs that will eat up the proceeds you get.

To sum up HUD’s guide to HECMs:

  • You must occupy your home (condo, or co-op) as your principal residence
  • There are no income, credit or health requirements
  • Social Security and Medicare benefits are not affected
  • You keep title and may sell it at any time
  • You may use HECM proceeds to buy a second, vacation home as long as the loan on the first home is paid
  • And of course, no repayments as long as you occupy the home.

Still it would be wise to shop for a provider who may be able to arrange the loan and lead you through the process. HUD requires that each borrower undergo counseling by an approved agency (cost is $125). The counseling of the National Council on Aging, is even better and free. Call 800-510-0301.


Born in 1936, James Ridgeway has been reporting on politics for more than 45 years. He is currently Senior Washington Correspondent for Mother Jones, and recently wrote a blog on the 2008 presidential election for the Guardian online. He previously served as Washington Correspondent for the Village Voice; wrote for Ramparts and The New Republic; and founded and edited two independent newsletters, Hard Times and The Elements.

Ridgeway is the author of 16 books, including The Five Unanswered Questions About 9/11, It’s All for Sale: The Control of Global Resources, and Blood in the Face: The Ku Klux Klan, Aryan Nations, Nazi Skinheads, and the Rise of a New White Culture. He co-directed a companion film to Blood in the Face and a second documentary film, Feed, and has co-produced web videos for GuardianFilms.

Additional information and samples of James Ridgeway’s work can be found at JamesRidgeway.net and at his newest web site, Solitary Watch.

This article is republished in the Baltimore Chronicle with permission of the author.



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This story was published on June 15, 2010.
 

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