Celebrating 10 years as a Medicare Specialist, October 2018
Medicare Made Simple, LLC
Theresa Cangemi CSA, CLTC
Office: 315-676-4933 
Fax: 866-476-1211

Life is unpredictable. In this newsletter, I share some info about considering a Reverse Mortgage and utilizing home equity as a possible retirement solution.

In the Health Corner, we discuss some of the more common symptoms of estrogen dominance.

Keep reading!

Theresa Cangemi CSA, CLTC
"The Medicare Lady™" 
Life gets busy!

When we are young we try to build our own lives, then we are busy raising a family, sometimes we may unexpectantly have to take care of our parents, then as life goes by we forget about who will take care of us.
Life is unpredictable. 

We never think of ourselves as getting older or needing care. So, what happens when we do need care? How will you pay for it? One option, in my series, is considering a Reverse Mortgage. But what exactly is a reverse mortgage and how does it work? Keep reading:

A Reverse Mortgage is a home equity conversion mortgage (“HECM”) available to seniors 62 and older, which can be taken against a primary residence.

This allows seniors to convert a portion of the equity in their homes into loan proceeds that can be used to live more comfortably in their retirement years. The amount that is available is based upon the age of the youngest homeowner, the appraised value of the home, and the interest rates available at the time of application. You retain ownership of your home. There are no restrictions on how the proceeds can be used.

Common uses include:
  • healthcare/medical payments
  • to eliminate existing mortgage payments
  • long-term care
  • estate planning
  • debt consolidation
  • home improvements or modifications
  • or simply to create a supplement to a fixed retirement income.

You can even use a HECM Reverse Mortgage to purchase a new primary residence.  (Taken from:  https://www.commonfundmtg.com/loan-options/reverse-mortgages/ ).
A reverse mortgage converts equity in your home into cash.

  • You can receive a large sum all at once
  • You can establish a line of credit to draw on as you please
  • You can get paid in monthly installments

If you wish you can pay it back the same as you would any loan. And if you have chosen monthly disbursements, you could continue to collect those for the rest of your life (as long as you're in your home).

If you have an outstanding mortgage on the house, it should be a smaller amount relative to the home's value (less than 50%). You will still be required to pay property tax & insurance.

You also need to know that the loan balance increases over time as interest on the loan and fees accumulate (because you don’t need to make loan payments). As home equity is used, fewer assets are available to leave to your heirs. You can still leave the home to your heirs, but they will have to repay the loan balance. HECM reverse mortgages are non-recourse loans. If you walk away from a reverse mortgage, the only recourse is the lender has to sell the property and will keep the proceeds. No matter how large the deficiency balance, it is the lender that is on the hook for any drop in the property's value, if the borrower walks away from the reverse mortgage.

If you need a better plan or option as a retirement solution …… 
I have found that Lynn Connors from Common Fund Mortgage is a great resource to learn more about your options and how exactly this program could work for your overall retirement solution. 
Lynn’s email: ConnorsL@CommonfundMtg.com
Estrogen dominant is a hormonal imbalance.  Some of the more common symptoms of estrogen dominance:

  • PMS and/or depression
  • Heavy bleeding or postmenopausal bleeding
  • Spider or varicose veins
  • Cellulite
  • Heavy periods
  • Breast cysts or ovarian fibroids
  • Irritability, mood swings, or anxiety
  • Headaches or migraines, particularly before your period
  • Fat around your hips
  • Thyroid nodules
  • History of thyroid cancer
  • History of lung cancer
  • History of ER+ breast cancer
  • Bloating, puffiness, or water retention
  • Lumpy or fibrocystic breasts
  • Endometriosis
  • Fibroids
  • Gallbladder problems, or your gallbladder has been removed
  • Brown facial discoloration (melasma)
  • Water retention in hands and legs
  • Allergies and hives
Estrogen dominance symptoms due to low progesterone:

  • Insomnia
  • Mid-night waking
  • Infertility
  • Miscarriages
  • Mid-cycle spotting
  • Anxiety, restlessness
  • Mood swings
  • Hot flashes

If estrogen dominance is not managed, it can lead to many serious health conditions such as estrogenic cancers. Estrogen dominance is manageable and reversible condition. See your doctor for a blood test if you are not feeling well and think you are experiencing some or all of these conditions.
* This article is for information purposes only. I don’t recommend, support, or diagnose any featured writer or article. I am not a doctor. 

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