THERE IS A "CATCH" IN REVERSE MORTGAGES
Several years back, my debilitated mother had nearly run out of her savings. Dad had died long ago. At that time, she was taking some very expensive drugs. She was 86 years old and had spent most of her savings. She absolutely did not want to sell her house and move in with me, so she agreed to make a "reverse mortgage."
A lady from Wells Fargo came to the house and explained what it involved in taking out a reverse mortgage on my mom's house. A reverse mortgage is just like a regular mortgage in that you have to listen and evaluate the details very carefully to see if it is right for you.
The amount of money a person receives depends on how much equity is in a house. If there is a mortgage, it can work, but it makes it a little more complicated to work out the deal.
My mother's house was paid for, mortgage free, so it eliminated some of the aforementioned complications. I sat with my mother as she was explained about how a reverse mortgage works, and I remember that everything seemed okay up until it came to how the money would be disbursed. With only superfical thought, I can imagine many people making the wrong decision. This decision should be made according to a person's personal circumstances.
The money can be disbursed as follows:
1) Placed in a line of credit with the money w/d at a person's discretion
2) A set monthly income
3) All at one time, in a lump sum, to be deposited in a personal checking account
Using the choices set forth in 1 & 2, the money STOPS being disbursed the minute the owners of the house vacates the house for an extended period of time, such as permanently entering a nursing home, or if they should die. THE MONEY STILL LEFT IN THE ACCOUNT WILL NO LONGER BE DISBURSED, and at that point, the mortgage holder will give approximately one year for an administrator of the estate to sell the house. If the administrator wants to pay/buy the mortgage (the amount already withdrawn), this will be acceptable, but if not and the house does not sell within the year allowed, THE MORTGAGE HOLDER FORECLOSES ON THE HOUSE.
I told my mother to take he full amount from the beginning. This worked fine, as I will explain further down this article.
Example: Say the house has $300,000 worth of equity, and the owner decides on either 1 or 2 options. For whatever reason, he/she/they has to move out within a year and has only drawn out $15,000 dollars. If the beneficiary of the estate does not want to buy it, it will be put up for sale. If no one buys it within a year, the mortgage holder will foreclose on it, sell it for much more than what is owed on it, and make a ton of money on the deal. THAT IS THE CATCH!
I lucked out! My mother's reverse mortgage was processed before this latest housing crash occured, so she got a "good appraisal" which determined the amount of equity she had in the house. But by the time she died, the appraisal had dropped over $20,000. I didn't want her house since I already had a house and could not afford to own two houses. I tried to sell it for the amount that was owed on it without success. Due to it being upside down, unless I put money with it so the buyer could get a clear title, I let Wells Fargo foreclose on it. Since she had taken the full amount from the beginning, my mother already had the full amount of equity sitting in her checking account. The foreclosure did not affect me in any way.
Bad deal: With the appraisals being so low now, the equity in anyone's house will not be as good as it might have been a few years ago, so this should be given a lot of thought. Questions to consider: What might happen in the future to the owners of the house...if they will be able to stay in the house for a long time...and what will happen to the house when the mortgage company takes it over.
Good deal: If a person gets a good appraisal, with a generous amount of equity available, and ALL the equity money is selected from the beginning and placed into a personal checking or savings account, then it won't matter as much what happens in the future. The mortgage holders do not come back on the beneficiary of the house to request a refund.
As in all dealings: Listen to the person offering the reverse mortgage, carefully analyze the facts, and do not let emotions get in the way. Ask..."What if so and so happens in the future!" Consider every possible scenario that might be involved in the deal.
This is a very brief overview of what can happen when a person makes a reverse mortgage.
Wednesday, November 13, 2013
Tuesday, November 12, 2013
MICHELLE FRIENDS WITH EXECUTIVE OF COMPANY WHO BUILT OBC WEBSITE
This was c&p from an email that I received. I do not know who the author of this is, and I copied it word for word. I do not take credit for writing or validating the following words.
First Lady Michelle Obama’s Princeton classmate is a top executive at the company that earned the no-bid contract to build the failed Obamacare website.
1.) No American companies considered
2.) A Canadian company hired
3.) No Bid contract for 93 million dollars ...
4.) Top executive at Website building firm went to school with Michelle Obama
5.) Previous experience building gun registry for canadian government
6.) Fired by Canadian Government for overruns that cost Canada 100 millions dollars
4.) Overruns for Obamacare enrollment website now costing U.S. $678,000,000.00 = $678 Million dollars
This was c&p from an email that I received. I do not know who the author of this is, and I copied it word for word. I do not take credit for writing or validating the following words.
- Toni Townes-Whitley, Princeton class of ’85, is senior vice president at CGI Federal, which earned the no-bid contract to build the $678 million Obamacare enrollment website atHealthcare.gov. CGI Federal is the U.S. arm of a Canadian company.
- Townes-Whitley and her Princeton classmate Michelle Obama are both members of the Association of Black Princeton Alumni.
- Toni Townes ’85 is a onetime policy analyst with the General Accounting Office and previously served in the Peace Corps in Gabon, West Africa. Her decision to return to work, as an African-American woman, after six years of raising kids was applauded by a Princeton alumni publication in 1998
- George Schindler, the president for U.S. and Canada of the Canadian-based CGI Group, CGI Federal’s parent company, became an Obama 2012 campaign donor after his company gained the Obamacare website contract.
- On the government end, construction of the disastrousHealthcare.gov website was overseen by the Centers for Medicare and Medicaid Services (CMS), a division of longtime failed website-builder Kathleen Sebelius’ Department of Health and Human Services.
- CGI Federal did not immediately return a request for comment.
_______________________________________________
Soooooo...........Lets see if we can connect the dots here ...
Soooooo...........Lets see if we can connect the dots here ...
2.) A Canadian company hired
3.) No Bid contract for 93 million dollars ...
4.) Top executive at Website building firm went to school with Michelle Obama
5.) Previous experience building gun registry for canadian government
6.) Fired by Canadian Government for overruns that cost Canada 100 millions dollars
4.) Overruns for Obamacare enrollment website now costing U.S. $678,000,000.00 = $678 Million dollars
- Does this bother anybody else besides me?
OUR STUPIDITY REGARDING POLITICIANS vs VETERANS
Some of my emails are better than I can come up with, so here is another email, a poem that says it all, that I have c&p for this blog:
Some of my emails are better than I can come up with, so here is another email, a poem that says it all, that I have c&p for this blog:
He was getting old and paunchy
And his hair was falling fast,
And he sat around the Legion,
Telling stories of the past.
Of a war that he once fought in
And the deeds that he had done,
In his exploits with his buddies;
They were heroes, every one.
And 'tho sometimes to his neighbors
His tales became a joke,
All his buddies listened quietly
For they knew where of he spoke.
But we'll hear his tales no longer,
For ol' Joe has passed away,
And the world's a little poorer
For a Veteran died today.
He won't be mourned by many,
Just his children and his wife.
For he lived an ordinary,
Very quiet sort of life.
He held a job and raised a family,
Going quietly on his way;
And the world won't note his passing,
'Tho a Veteran died today.
When politicians leave this earth,
Their bodies lie in state,
While thousands note their passing,
And proclaim that they were great.
Papers tell of their life stories
From the time that they were young,
But the passing of a Veteran
Goes unnoticed, and unsung.
Is the greatest contribution
To the welfare of our land,
Some jerk who breaks his promise
And cons his fellow man?
Or the ordinary fellow
Who in times of war and strife,
Goes off to serve his country
And offers up his life?
The politician's stipend
And the style in which he lives,
Are often disproportionate,
To the service that he gives.
While the ordinary Veteran,
Who offered up his all,
Is paid off with a medal
And perhaps a pension, small.
It is not the politicians
With their compromise and ploys,
Who won for us the freedom
That our country now enjoys.
Should you find yourself in danger,
With your enemies at hand,
Would you really want some cop-out,
With his ever-waffling stand?
Or would you want a Veteran
His home, his country, his kin,
Just a common Veteran,
Who would fight until the end.
He was just a common Veteran,
And his ranks are growing thin,
But his presence should remind us
We may need his likes again.
For when countries are in conflict,
We find the Veteran's part,
Is to clean up all the troubles
That the politicians start.
If we cannot do him honor
While he's here to hear the praise,
Then at least let's give him homage
At the ending of his days.
Perhaps just a simple headline
In the paper that might say:
"OUR COUNTRY IS IN MOURNING,
A VETERAN DIED TODAY."
PLEASE pass On The Patriotism! YOU can make a difference.
If you are proud of our Vets, then send this to them. You'll be glad you did.
Then send it to ALL your friends.
And his hair was falling fast,
And he sat around the Legion,
Telling stories of the past.
Of a war that he once fought in
And the deeds that he had done,
In his exploits with his buddies;
They were heroes, every one.
And 'tho sometimes to his neighbors
His tales became a joke,
All his buddies listened quietly
For they knew where of he spoke.
But we'll hear his tales no longer,
For ol' Joe has passed away,
And the world's a little poorer
For a Veteran died today.
He won't be mourned by many,
Just his children and his wife.
For he lived an ordinary,
Very quiet sort of life.
He held a job and raised a family,
Going quietly on his way;
And the world won't note his passing,
'Tho a Veteran died today.
When politicians leave this earth,
Their bodies lie in state,
While thousands note their passing,
And proclaim that they were great.
Papers tell of their life stories
From the time that they were young,
But the passing of a Veteran
Goes unnoticed, and unsung.
Is the greatest contribution
To the welfare of our land,
Some jerk who breaks his promise
And cons his fellow man?
Or the ordinary fellow
Who in times of war and strife,
Goes off to serve his country
And offers up his life?
The politician's stipend
And the style in which he lives,
Are often disproportionate,
To the service that he gives.
While the ordinary Veteran,
Who offered up his all,
Is paid off with a medal
And perhaps a pension, small.
It is not the politicians
With their compromise and ploys,
Who won for us the freedom
That our country now enjoys.
Should you find yourself in danger,
With your enemies at hand,
Would you really want some cop-out,
With his ever-waffling stand?
Or would you want a Veteran
His home, his country, his kin,
Just a common Veteran,
Who would fight until the end.
He was just a common Veteran,
And his ranks are growing thin,
But his presence should remind us
We may need his likes again.
For when countries are in conflict,
We find the Veteran's part,
Is to clean up all the troubles
That the politicians start.
If we cannot do him honor
While he's here to hear the praise,
Then at least let's give him homage
At the ending of his days.
Perhaps just a simple headline
In the paper that might say:
"OUR COUNTRY IS IN MOURNING,
A VETERAN DIED TODAY."
PLEASE pass On The Patriotism! YOU can make a difference.
If you are proud of our Vets, then send this to them. You'll be glad you did.
Then send it to ALL your friends.
May God bless our many veterans and the service they have given
our country.
Monday, November 11, 2013
QUESTIONS MANY PEOPLE WOULD LIKE TO ASK OBAMA
I have copied the following email that I received and am posting the questions on today's blog:
If only some interviewer would ask Obama the following questions: "Why do you want our wonderful country to become a socialist nation?" "Why do you want to destroy our country?" "What is behind your dictatorial message?" "Why do you hate America so much that you are destroying it?" "Why do you not want a middle class society and only want poor people looking to you for a handout?" "Why do you hate the middle class so much?" "How can you sleep at night knowing you are destroying peoples lives?" "If your health care plan is so good why don't you use it yourself?" "Why don't you want to wait for 6 months to see a doctor or have surgery like the rest of us will have to?" "Why do you tell lies to us daily?" "Is politics so important in your life that you would do anything to get votes?"
I have copied the following email that I received and am posting the questions on today's blog:
If only some interviewer would ask Obama the following questions: "Why do you want our wonderful country to become a socialist nation?" "Why do you want to destroy our country?" "What is behind your dictatorial message?" "Why do you hate America so much that you are destroying it?" "Why do you not want a middle class society and only want poor people looking to you for a handout?" "Why do you hate the middle class so much?" "How can you sleep at night knowing you are destroying peoples lives?" "If your health care plan is so good why don't you use it yourself?" "Why don't you want to wait for 6 months to see a doctor or have surgery like the rest of us will have to?" "Why do you tell lies to us daily?" "Is politics so important in your life that you would do anything to get votes?"
These are questions that everyone wants to know but nobody will ask. He gets away with everything again. What's wrong with this picture??????
Sunday, November 10, 2013
WHAT IS KICK-BACK MONEY?
Kick-back money has been around since the beginning of time. It is money that impacts many business deals, and it is prevalent in many governments.
When a company or a government undertakes a project and agrees to a contract for a contractor to take on the project, without a restrictive bidding process in place, this gives the person(s) who is in power the ability to receive kick-back money.
The person in power may get several bids, even if it is not a requirement, and they make a deal with the bidder who agrees to give them the most kick-back money. Example: A project may be awarded for six billion dollars, but the person in power receives two billion dollars back, leaving the contractor to do the project for four billion, and the person(s) in power deposits the two billion in their personal account, or in some off-shore account.
When is it apparent that kick-back money has played a part in any given project?
Kick-back money has been around since the beginning of time. It is money that impacts many business deals, and it is prevalent in many governments.
When a company or a government undertakes a project and agrees to a contract for a contractor to take on the project, without a restrictive bidding process in place, this gives the person(s) who is in power the ability to receive kick-back money.
The person in power may get several bids, even if it is not a requirement, and they make a deal with the bidder who agrees to give them the most kick-back money. Example: A project may be awarded for six billion dollars, but the person in power receives two billion dollars back, leaving the contractor to do the project for four billion, and the person(s) in power deposits the two billion in their personal account, or in some off-shore account.
When is it apparent that kick-back money has played a part in any given project?
- When a project is awarded to a contractor at a far greater price than the work can be obtained from another contractor.
- When the project is poorly constructed, does not work right, is unstable, and does not meet even minimum standards of competency.
Saturday, November 9, 2013
IF NFL MARTIN THINKS INCOGNITO IS BAD...HE SHOULD TRY SUBSTITUTE TEACHING
What is the definition of abuse or harassment? When you constantly and deliberately do something to someone that makes them very unhappy...that is a form of abuse and harassment.
With Incognito's background, I am certain that he is a "bad dude" and capable of abuse and harassment. However, some of his team mates take up for him by saying he is just a super joker. He is a bully.
Martin does not know what harassment is until he trys to teach a bunch of middle and high school kids. I am certain that Incognito perfected his behavior as he worked his way through school. His bad behavior was reinforced by the laughter he received when he "acted out" in the classroom.
The classrooms of today are filled with both boys and girls with personalities like Incognito. They live for the moment, and the attention they get from bad behavior spurs them onward. Sometimes, they carry this behavior into adulthood.
I substitute teach sometimes to get away from this computer in order to see what is really going on in the world. What better way than to observe what is going on in the schools. "Bubble dwellers, " have no idea where our culture is headed.
While Martin has only had to contend with one guy named Incognito, a substitute teacher has to deal with dozens of them almost every time they take an assignment. Some of the regular teachers have to deal with it every day.
I constantly run into students who harass me. I am what is considered to be a "tough cookie," and I put them out in the hall, have administration move them out of the room, and use whatever discipline works for the students. I have been told by many students, "We don't care if we get suspended. We don't want to go to school anyway." However, no matter how hard I come down on them, I am constantly told, "You are my favorite sub-teacher," or they tell me "You are a super cool sub." I start most classes off with, "I am a nice teacher, if you are nice students; however, if you are not nice students, I am not a nice teacher. It is your choice."
It is a shame that teachers spend at least four years getting a degree in education, graduate and are ready to "save the world," but after being employed, they find themselves having to spend at least 50% of their time trying to keep order in the room. Some teachers do better at this than others, but the sweet, naive, easily intimidated ones are sometimes "tormented" by their disruptive students.
To add insult to injury, the national media blames everything on the teachers. While there are some incompetent teachers, there are thousands of students who do not want to learn, will not listen, and will actually "abuse" their teacher.
Back to Martin vs Incognito. I would NEVER let someone who is about my size intimidate, abuse, and harass me. I may not be able to control my students all the time, but I never let them see the "whites of my eyes."
What is the definition of abuse or harassment? When you constantly and deliberately do something to someone that makes them very unhappy...that is a form of abuse and harassment.
With Incognito's background, I am certain that he is a "bad dude" and capable of abuse and harassment. However, some of his team mates take up for him by saying he is just a super joker. He is a bully.
Martin does not know what harassment is until he trys to teach a bunch of middle and high school kids. I am certain that Incognito perfected his behavior as he worked his way through school. His bad behavior was reinforced by the laughter he received when he "acted out" in the classroom.
The classrooms of today are filled with both boys and girls with personalities like Incognito. They live for the moment, and the attention they get from bad behavior spurs them onward. Sometimes, they carry this behavior into adulthood.
I substitute teach sometimes to get away from this computer in order to see what is really going on in the world. What better way than to observe what is going on in the schools. "Bubble dwellers, " have no idea where our culture is headed.
While Martin has only had to contend with one guy named Incognito, a substitute teacher has to deal with dozens of them almost every time they take an assignment. Some of the regular teachers have to deal with it every day.
I constantly run into students who harass me. I am what is considered to be a "tough cookie," and I put them out in the hall, have administration move them out of the room, and use whatever discipline works for the students. I have been told by many students, "We don't care if we get suspended. We don't want to go to school anyway." However, no matter how hard I come down on them, I am constantly told, "You are my favorite sub-teacher," or they tell me "You are a super cool sub." I start most classes off with, "I am a nice teacher, if you are nice students; however, if you are not nice students, I am not a nice teacher. It is your choice."
It is a shame that teachers spend at least four years getting a degree in education, graduate and are ready to "save the world," but after being employed, they find themselves having to spend at least 50% of their time trying to keep order in the room. Some teachers do better at this than others, but the sweet, naive, easily intimidated ones are sometimes "tormented" by their disruptive students.
To add insult to injury, the national media blames everything on the teachers. While there are some incompetent teachers, there are thousands of students who do not want to learn, will not listen, and will actually "abuse" their teacher.
Back to Martin vs Incognito. I would NEVER let someone who is about my size intimidate, abuse, and harass me. I may not be able to control my students all the time, but I never let them see the "whites of my eyes."
Saturday, November 2, 2013
US HEALTH CARE BEFORE OBAMACARE - Statistical data comparing US with England and Canada
The following is a copied and pasted article...
A recent "Investor's Business Daily" article provided very interesting statistics from a survey by the United Nations International Health Organization.
Percentage of men and women who survived a cancer five years after diagnosis:
U.S. 65%
England 46%
Canada 42%
Percentage of patients diagnosed with diabetes who received treatment within six months:
U.S. 93%
England 15%
Canada 43%
Percentage of seniors needing hip replacement who received it within six months:
U.S. 90%
England 15%
Canada 43%
Percentage referred to a medical specialist who see one within one month:
U.S. 77%
England 40%
Canada 43%
Number of MRI scanners (a prime diagnostic tool) per million people:
U.S. 71
England 14
Canada 18
Percentage of seniors (65+), with low income, who say they are in "excellent health":
U.S. 12%
England 2%
Canada 6%
And now for the last statistic:
National Health Insurance?
U.S. NO
England YES
Canada YES
And check this last set of statistics:
The percentage of each past president's cabinet who had worked in the private business sector prior to their appointment to the cabinet..... You know what the private business sector is. A real-life business, not a Government job. Here are the percentages:
T. Roosevelt................... 38%
Taft.................................40%
Wilson .......................... 52%
Harding.......................... 49%
Coolidge........................ 48%
Hoover ..........................42%
F. Roosevelt................... 50%
Truman...........................50%
Eisenhower.................... 57%
Kennedy......................... 30%
Johnson..........................47%
Nixon..............................53%
Ford................................42%
Carter.............................32%
Reagan...........................56%
GH Bush.........................51%
Clinton .........................39%
GW Bush........................55%
Obama............................. 8%
This helps to explain the incompetence of this administration: only 8% of them have ever worked in private business! That's right! Only eight percent -- the least, by far, of the last 19 presidents! And these people are trying to tell our big Corporations how to run their business?
How can the president of a major nation and society, the one with the most successful economic system in world history, stand and talk about business when he's never worked for one? Or about jobs when he has never really had one? And when it's the same for 92% of his senior staff and closest advisers?
They've spent most of their time in academia, Government and/or non-profit jobs or as "community organizers." They should have been in an employment line.
The following is a copied and pasted article...
A recent "Investor's Business Daily" article provided very interesting statistics from a survey by the United Nations International Health Organization.
Percentage of men and women who survived a cancer five years after diagnosis:
U.S. 65%
England 46%
Canada 42%
Percentage of patients diagnosed with diabetes who received treatment within six months:
U.S. 93%
England 15%
Canada 43%
Percentage of seniors needing hip replacement who received it within six months:
U.S. 90%
England 15%
Canada 43%
Percentage referred to a medical specialist who see one within one month:
U.S. 77%
England 40%
Canada 43%
Number of MRI scanners (a prime diagnostic tool) per million people:
U.S. 71
England 14
Canada 18
Percentage of seniors (65+), with low income, who say they are in "excellent health":
U.S. 12%
England 2%
Canada 6%
And now for the last statistic:
National Health Insurance?
U.S. NO
England YES
Canada YES
And check this last set of statistics:
The percentage of each past president's cabinet who had worked in the private business sector prior to their appointment to the cabinet..... You know what the private business sector is. A real-life business, not a Government job. Here are the percentages:
T. Roosevelt................... 38%
Taft.................................40%
Wilson .......................... 52%
Harding.......................... 49%
Coolidge........................ 48%
Hoover ..........................42%
F. Roosevelt................... 50%
Truman...........................50%
Eisenhower.................... 57%
Kennedy......................... 30%
Johnson..........................47%
Nixon..............................53%
Ford................................42%
Carter.............................32%
Reagan...........................56%
GH Bush.........................51%
Clinton .........................39%
GW Bush........................55%
Obama............................. 8%
This helps to explain the incompetence of this administration: only 8% of them have ever worked in private business! That's right! Only eight percent -- the least, by far, of the last 19 presidents! And these people are trying to tell our big Corporations how to run their business?
How can the president of a major nation and society, the one with the most successful economic system in world history, stand and talk about business when he's never worked for one? Or about jobs when he has never really had one? And when it's the same for 92% of his senior staff and closest advisers?
They've spent most of their time in academia, Government and/or non-profit jobs or as "community organizers." They should have been in an employment line.
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