OPTIONS FOR SENIOR FAMILY MEMBERS TO STAY IN THEIR HOMES
Do you have a handicapped or aging loved one who wants to stay in their home but needs assistance? Did you know of the new regulations making Reverse Mortgages more advantageous to both the borrower and the non-borrowing spouse? Find out in this podcast how you can use timing strategically to save thousands of dollars on your long-term care plan?
Here are the 3 basic content topics we covered in the podcast today.(1) Financing options for seniors who want to live comfortably in their homes. (2) Cost-effective options for modifying your home for a handicapped or aging family member and (3) Getting your family member non-medical assistance so they can stay in their home.
If you do not get the answers to your questions in this blog post or podcast, please call me at 901 482-0354 or email me at jo@192.232.195.219 . Let’s get for you the answers you need. Thanks for connecting with me!
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Good morning, Memphis! Good morning to our friends across the 50 states. You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, mortgage loan officer. Connect with me at www.JoGarner.com. If you have a real estate or home loan situation or conundrum you want to discuss, call us today while we are live January 2nd, 2016 at 901 535-9732 or outside the Memphis area 800 474-9732. If you’re following us on twitter, connect with me while we’re live using #JoGarner. Our general topic today is OPTIONS FOR SENIOR FAMILY MEMBERS TO STAY IN THEIR HOMES . Today we will be covering 3 particular areas of this topic. (1) Financing options for seniors who want to live comfortably in their homes. (2) Cost-effective options for modifying your home for a handicapped or aging family member and (3) Getting your family member non-medical assistance so they can stay in their home.
Our guests today are Greg and Kelly Inman of Next Day Access company and Mary Lou Nowak of Home Helpers. Greg and Kelly are the local franchise managers for Next Day Access, where they offer wheelchair ramps, stair lifts, bathroom safety products and other accessibility products for people with disabilities or accessibility challenges. Greg and Kelly, I’m so glad you could join us for coffee and some interesting conversation this morning on Real Estate Mortgage Shoppe. Tell our listeners a little bit about yourselves and the services you offer at Next Day Access. < Greg and Kelly introduce themselves and their company>
Also sitting around the table this morning we have Mary Lou Nowak, a professional who began client care at a 500 bed community hospital in 2001 and since, while working with seniors and their families as owner of Home Helpers became an expert in expediting long term care insurance policies saving families thousands. Glad to have you back on Real Estate Mortgage Shoppe, Mary Lou. Tell us a little bit about yourself and what you do for your clients at Home Helpers.
(Jo) As the our population ages, we are seeing more and more options come available to help our aging loved ones remain comfortably in their homes. As a mortgage loan officer, I have seen so many happy solutions on the financing side. Reverse mortgages have seen lots of positive changes since the new regulations of 2013 such as options for allowing the borrower to keep the house even after an extended time living in a different location and other changes like big reductions in the COST of the reverse mortgage. There is a virtual smorgasbord of reverse mortgage products from taking one lump sum to enjoying a steady income stream or going the popular credit line version. Nowadays you can even look at plans that allow the non-borrowing spouse to stay in the home. A lot of the run away scary parts of the old reverse mortgage have gotten softer and more user friendly—an option you may want to look into that can allow you to pay for improvements on your home, unexpected medical expenses or for medical and non-medical assistance in the home. Other financing options we can talk about later in the show.
(Jo) We have some great information to share today and invite our listeners to call in with your comments and questions. Before we jump in, let’s cover some market news for the week December 28th through December 31st 2015. Conventional 30 yr fixed rates with no points came in around 4.125-4.25% FHA/VA – 3.75% 15 YEAR FIXED – 3.25-3.375%. Many factors play into determining a specific rate. Pricing on mortgage rates ended the year at about a 5-month high, but still very low historically speaking. At the first 2015 rates dropped precipitously to long-term lows due to Europe’s bond buying program. Later in the year we saw mortgage rates moved higher and lower as expectations ebbed and flowed regarding the Fed’s plan to raise their rates. Since the mortgage market had already adjusted in anticipation of the Fed’s rate hike, when the Fed actually pulled the trigger on December 16th, the mortgage market quit holding its breath and actually dropped down a little. Over the last few days we have seen prices on mortgage rates inch upward a little more. Rates should continue to rise until the economy shows signs of stagnating, which could be several months. Whether you are trying to plan for retirement or from the millennial generation, getting out of college and embarking on your life’s adventures, securing for yourself a long-term fixed rate on a home loan could set you up to start your wealth building platform. Call me and let’s make your plan, work your plan. If the deal works for you today, do it today.
(Jo) As an active mortgage loan officer, I get to talk with several families who are trying to find the best mortgage term arrangement for their specific needs. This is one of my favorite things to do is to brainstorm with my clients. When you talk with me, I’m going to ask you questions about where you are financially and what you want to accomplish from a home purchase or refinance. With me, you’re NOT talking to someone on a 1-800 line who is just slamming your information into a computer. I am using my 25 years of experience to truly put thought into the right loan product or a combination of multiple loan products to help you get the best of the financing tools. If you want to talk while we are live January 2nd, 2016 call us in the studio at 901 535-9732 or call me off the air directly at 901 482-0354. But call me PERSONALLY. If you are not talking to me personally, you are not working with me. I WANT to work with you. Call me at 901 482-0354 or connect with me at www.JoGarner.com
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2nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com . our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget –even if you have a BIG, BIG project. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Garner # 66 01/02/16
The Blues Foundation
Question: I was “founded” in 1980 right here in Memphis, Tennessee and I have been saving the legacy of the “soul” of the Delta ever since. Who am I?
Hint: I opened the front doors to my newest digs in Downtown Memphis on May 8, 2015.
Hint: I host an international awards show every May in Memphis.
Hint: I have over 400 inductees in my “place”.
Final Hint: I will host over 700 musicians from 224 acts from 39 states, 12 countries and 5 continents, giving over 400 performances in 20 venues on Beale Street in 4 says in January!
Answer: The Blues Foundation. The Blues Foundation is Memphis-based, but world-renowned as THE organization whose mission is to preserve blues heritage, celebrate blues recording and performance, expand worldwide awareness of the blues, and ensure the future of this uniquely American art form. Founded in 1980, The Blues Foundation has approximately 4,000 individual members and 200 affiliated local blues societies representing another 50,000 fans and professionals around the world. Its signature honors and events–the Blues Music Awards, Blues Hall of Fame, International Blues Challenge and Keeping the Blues Alive Awards–make it the international center of blues music. Its HART Fund provides the blues community with medical assistance. Blues in the Schools programs and Generation Blues scholarships expose new generations to blues music. Throughout the year, the Foundation staff serves the worldwide Blues community with answers, contact information and news. Go to blues.org.
Last Week: : Center For Southern Folklore. The Center for Southern Folklore is located on South Main Street in Downtown Memphis in the Peabody Place development. The Center is a private non-profit organization dedicated to documenting and celebrating the people, music and traditions of the region. When one comes to the Center, you’re entering the home for what we love and treasure about the South. One can shop and peruse The Folklore Store to find unique gifts and works of art that speak to and about the South. One can even have a cuppa coffee and Miss Ella’s peach cobbler then come back at night to have a beer and hear a band. Judy Peiser is the Executive Director of the Center!
One can explore The Heritage Hall & Galleries and sit in our “media lounge” to view some of our documentaries about the South. Come back later and you just might catch a band or host your own unforgettable event in our unique spaces. Every year during the Labor Day weekend we present our signature event: The Memphis Music & Heritage Festival. It’s a family friendly, free festival that includes five stages of music, dance, storytelling, food and more – it’s the hootenanny that showcases the culture and traditions of the Delta region that we are pledged to “preserve and protect”.
Throughout the year the Center brings many of these performers (and a few more!) to you at its stages in The Folklore Store and in Folklore Hall for shows including blues, jazz, soul, gospel, rockabilly, country, folk, bluegrass, poetry, dance and the occasional surprise – check our calendar often! Or, better yet like out Facebook Page to stay up to date. One can also catch many of these performers and crafts people during one of our “Cultural Excursions” – field trips and tours – for a more in depth and intimate experience of this corner of the world. Create your own cultural event by hosting a meeting or party in our unique setting.
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Spring and Autumn of each year, with the next tour being a brand new Fairgrounds Walking Tour at 2pm on Sunday, January 17 (assemble at the Coliseum). The D’Army Bailey County Courthouse Tour (indoors): Third Thursday each month at 12:00 noon – the next being Thursday, January 21.
Go to jimmyogle.com for the 2016 Spring Season
QUESTIONS ANSWERED BY MARY LOU NOWAK:
Intro thoughts and title:
During the holidays we spend time with our extended families and sometimes we discover a family member is struggling more with activities of daily life than we thought. Being around our parents, grandparents, aunts or uncles we realize they need more help than before.
We’ve invited two professional who are great resources for addressing these issues you may be witnessing.
Title: Help! I think I just became a family caregiver: It’s challenges, rewards and some available resources
Q1
Who are the family caregivers?
A1
Q2
What are the signs your role of son, daughter, spouse or relative has changed to add caregiver?
A2
Q3
Describe a typical caregiving situation?
A3
Q4
What are the signs a family caregiver needs help too?
A4
Q5
What can a family caregiver do to relieve stress?
A5
Q6
Other than providing caregivers when family’s need a break or can’t be there what else do you offer as help family caregivers?
A6
Access to videos that demonstrate techniques on how to provide physical care, dementia care and safety tips. Access to professionals who can answer questions and provide insight from experience. New this year we have designated the third Wednesday of each month between 11:30 and 12:30 for people to attend or call into a question and answer session. If you would like to attend or call in on January 20th between 11:30 and 12:30, call me directly at (901)457-1255 or send me an email 58656@homehelpershomecare.com.
Q7
We included mention of the rewards of caregiving at the start of our program and so far we discussed the challenges and some resources. Can you explain the rewards of being a family caregiver?
A7
Q8
Mary Lou, we had some much great feedback from the last time you were on the show when you talked about saving thousands when beginning to use long term care insurance policies. Can you just briefly mention how you do that.
MARY LOU’S NOTES from last show just in case she needs them:
Topic 1: Apple vs. Oranges – how Home Helpers is different, there are over 100 agencies in the Memphis area…see attached video and information below
Topic 2: Long Term Care Expedited Program – Show families that already have Long Term Care policies what they need to do to save 10 to 14k. See attached rough draft of letter
Topic #1 In-home non-medical care has a lot of competition so to point out how we are different I have used the phrase “It’s like comparing apples and oranges”
Home helpers is different because…
the caregivers are mature, engaging, anticipate needs and do this work because they have a genuine calling to help people
VS
A distracted individual who’s there for a paycheck until they can find a better opportunity
We have over a dozen steps involved with our hiring process including national fingerprint check for criminal activity, a personality assessment to make sure they have the caring spirit to remain with a client we match up with them.
VS
Only local background checks that would overlook any issues in surrounding states.
We do not pay minimum wage and a minimum of two managers must interview before an employment offer is made. Anyone worth hiring is worth hiring well! What caregiver would accept close to minimum wage?
VS
Masses of caregivers are hired with many at minimum wage letting circumstances and issues with clients determine who they keep. You get what your agency pays for.
We compile the billing and care records that Long Term Care insurance companies require and sent it over to the LTC company so clients do not have too.
VS
Invoices and care records are just mailed to clients and the clients are left to submit paperwork and follow up on their own.
Home Helpers has been operating in this area since 2009 with a great reputation and references.
New in-home care agencies are opening often due to companies targeting Aging Baby Boomers.
Expedited program to get through the LTC elimination period saving 10 to 14k
VS
Leave you to determine how to navigate the LTC policy while charging for many hours during the elimination period.
Seniors with Long Term Care Policies – How Mary Lou can Save you you thousands when you’re about to start a claim
However, it is so important to understand that each policy has an “Elimination Period” (like a deductible). The Elimination Period can cost you as much as $19,000 out-of-pocket before you can gain access to any funds from the policy. In addition to the costs, the process is tedious and can take six months or more to gain approval then even longer to see payments.
It’s heartbreaking to see a person who so obviously needs help struggling, have care delayed and unexpectedly pay large sums out of pocket to gain access to what they have been paying for all these years. Some seniors just give up, stop the policy or decide to just quit trying to activate it.
My instinct was to try to help solve this problem, to figure out a way for seniors to get the help they need and have it cost the least out of pocket as possible. The situation required becoming an expert in the LTC policy activation and filing process. Knowing and understanding how to do this has resulted is saving families $14,000 or more.
5 Questions Answered by Next Day Access
1. What products and services are offered by your company?
2.
3. Who would benefit from your products and services?
4. Does insurance pay for your products and services?
5. Do your clients need to purchase your products or can they rent them?
6. Why choose Next Day Access over moving to a nursing home, assisted living, etc?
7. Give an example of how your company has helped others.
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QUESTIONS ANSWERED BY JO GARNER-
1. What are some common loan structures used when your clients refinance their mortgage due to changing situations in life?
A. Getting a longer term fixed rate mortgage to lower the monthly note. (some people have done this to get a large medical debt paid back or other type emergency handled and then turned around and made extra principal payments on the mortgage and STILL gotten it paid off early) Example of older lady who wanted to LIVE LIFE with a lower house note and let the kids worry about selling the house after she was gone)
B. Getting a longer term fixed rate mortgage to combine a higher interest first mortgage and paying off a variable rate 2nd mortgage or other high interest rate debt to bring down significantly the overall debt payments each month
C. Refinancing to lower the interest rate AND shorten the term to get rid of a mortgage before retiring. (couple that wanted to travel and did not want a house note when they retired. By not having a house note, they would also have the option of using a reverse mortgage as an emergency source of funds where they would not have to make payments later in life if they needed it.)
D. Reverse mortgage –getting lump sum to pay off the existing mortgage or to make needed repairs and improvements to the home without having to make a monthly payment.
E. Reverse mortgage to create an income stream
F. Reverse mortgage as a credit line to use only as needed.
2. What are some unique financing scenarios you have seen bring success to your clients?
A. Judicial use of an adjustable rate mortgage with very tight safety caps. Give example of my parents who knew the old house would sell so they could later use the big cash amount to pay down the mortgage on the new house.
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REAL ESTATE TIP OF THE WEEK: (Mary Lou and the Inmans to share a practical, money-saving or time-saving tip to homeowners or homebuyers-sellers)
Announcements: This Wednesday January 6, 2016, 9A-10A CT will present Phil Kruger, Business Consultant will be speaking on onto help us get on track for success in 2016 Wednesday January 6th, 2016. Talk Shoppe offers networking and education to anyone interested in real estate or business every Wednesday 9A-10A at University of Phoenix in Memphis 65 Germantown Court 1st floor across from Germantown Parkway from the Ag Center. Talk Shoppe events are free for the next two months thanks to our sponsors and advertisers –me, Jo Garner, Mortgage Loan Officer 192.232.195.219, Troy and Lynn McDonald of Erin McDonald Allstate Insurance Agency, Gwen Christensen, owner of Builders Floor and Interiors, Pat Goldstein, Realtor with Crye-Leike, Tim and Katie Gilliland of BackupRX, and Mary Lou Nowak of Home Helpers. For more about Talk Shoppe, go to www.TalkShoppe.com
Transitional Music: “Down Home” by Alabama; “Home” by Roger Miller; “This Is Home” by Switchfoot; “Memphis” by Johnny Rivers
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FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
Call me and let’s MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
QUOTE CORNER: “Don’t let aging get you down…Its too hard to get back up.”
“You know you are getting old when everything hurts and what doesn’t hurt doesn’t work.”
ABOUT GREG AND KELLY INMAN:
Greg Inman is the local franchise manager for Next Day Access, where he oversees sales, marketing, service management and hiring. Next Day Access offers wheelchair ramps, stair lifts, bathroom safety products and other accessibility products for people with disabilities or accessibility challenges.
Greg’s hometown is Memphis, TN where he has been an entrepreneur and business owner most of his professional career. He was co-owner of Inman-Murphy Termite and Pest Control for more than 12 years, as well as founder and owner of GospelGigs.com, which he still owns and manages.
Greg has been married to his lovely wife, Kelly, for 26 years. They have four boys: Alex, 25; Parker, 22; Dawson, 20; and Harrison, 18. Alex and his wife, Rachel, have given them their first grandson (Micah) and Parker and his wife, Aubri, gave them their first granddaughter (Sophia).
ABOUT MARY LOU NOWAK –HOME HELPERS
Mary Lou Nowak is a professional who began client care at a 500 bed community hospital in 2001 and since, while working with seniors and their families as owner of Home Helpers became an expert in expediting long term care insurance policies saving families thousands.
Home Helpers – (901) 414-9696
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo describes her job description:
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they want to buy or refinance. Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com