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Podcast: The AfterNote
House Majority Leader Says Violence Underscores Progress But Refuses to Address GOP Congressman's Retreat Call
Social Security Administration - Irving: Social Security reform was missed chance to build wealth
Irving: Social Security reform was missed chance to build wealthCambridge Chronicle - R IrvingThursday, November 17, 005Reforming Social Security seems to be off the Beltway's accounts by themselves weren't going to solve Social Security's looming financial woes Social security institute to spend leva 1 mln on warning letters to [...]
N.Y. Top Court Rules Against Gay Marriage
New York's Top Court Rules Gay Marriage Not Allowed Under State Law
Profile: Secretary of the Treasury John Snow
President Seeks Strong Salesman of Social Security, Tax Overhauls
Social Security provides wide safety net (Peoria Journal Star)
Q: With so much discussion about Social Security and taxes, I have what some may think is a silly question. But I would really like to know exactly what does Social Security pay for?
Pay back Social Security money (Selma Times-Journal)
To fix Social Security, one must strike at the cause of the problem!! From where I sit ... that is our political leadership borrowing from the fund to balance the budget, wars or any other place they wish to throw money.
Profile: Secretary of Health and Human Services Mike Leavitt
EPA Chief and Former Utah Governor Picked to Head HHS
Profile: Secretary of Labor Elaine Chao
With Much to Accomplish in Bush's Second Term, Chao Agrees to Stay
Editorialist comes out of retirement to write about Social Security Reform
In the 1950’s, the New York Times used to publish editorials written by “McCandlish Phillips”. After so many years, Mr. Phillips (Now John M. Phillips), has submitted an Editorial to the National Review. In it, the author, an admittedly unlikely Bush supporter, says that Personal Accounts are absolutely the right way to go. Mr. President, I know in my heart, my gut, and my mutual-fund balance that you are dead-on right about those private retirement accounts for Social Security. You...
Lieberman Losing Ground in Senate Race
Democratic Sen. Joe Lieberman Losing Ground in Conn. Primary Race, Poll Shows
Harry 'Head in the Sand' Reid
Here’s Senator Harry Reid’s statement following the release of the Social Security annual report: WASHINGTON, May 1 /U.S. Newswire/ — Senate Democratic Leader Harry Reid released the following statement on today’s release of Social Security and Medicare Trustees Reports: “Today’s report confirms that, despite White House scare tactics, Social Security remains sound for decades to come. The real threat to Social Security comes from Republicans, most of whom support and voted for privatizing Social Security. Instead of working to dismantle Social...
Sen. Obama to Headline Iowa Party Event
Democratic Sen. Barack Obama Will Headline Iowa Democratic Party Event
We Need More Boudreauxs and Less Krugmans
From the Market Correction blog: 15 August 2005 Editor, The New York Times 229 W. 43rd St. New York, NY 10036-3959 To the Editor: Paul Krugman says that the Bush administration “politicized the Social Security Administration” (“Social Security Lessons,” Aug. 15). Earth to Paul: the Social Security Administration was created by politicians, is funded by taxpayers, and is run by bureaucrats. So it is, always has been, and will inescapably remain politicized. If political manipulation of Social Security truly disgusts Prof...
AARP Hypocrisy
Neil Cavuto thinks that AARP is being a hypocrite for calling the stock market a “risky parlor game” last year but now deciding to offer mutual funds to its members. Is AARP being hypocritical? Probably. Are they being disingenuous to their members by spreading fear and doubt about the stock market and then having a sudden change of heart? Definitely. Head on over to Students for Saving Social Security for more info and for a link to the video.
Podcast: The AfterNote
House Majority Leader Says Violence Underscores Progress But Refuses to Address GOP Congressman's Retreat Call
Republicans Say Bush's Veto Is Risky
President Bush Uses First Veto Against Stem Cell Research Bill Most Americans Support
DeMint Statement on Trustees Report on Social Security and Medicare
Washington, D.C. – Today, Senator Jim DeMint (R-S.C.) made the following statement: “This report is another wakeup call that Medicare and Social Security are in critical condition,” said DeMint. “Democrats who stick their heads in the sand and applaud their own obstruction are putting the retirement security of millions of Americans in jeopardy. We cannot allow cynics with no solutions to deter us from real reform. We are driving Social Security and Medicare over the cliff of financial instability, and...
Dow poised to break record, and an opportunity missed
Splashed across the front page of Drudge today is the news that the Dow Jones Industrial Average is poised to break its all-time record. That’s certainly good news, but just imagine if we had converted Social Security over to a system of personal accounts in the early ’80s reform and allowed people to invest them in index funds. Say, like the DJIA:
Social Security information - FDIC: Community Reinvestment Act Exam Schedule (Fourth Quarter
FDIC: Community Reinvestment Act Exam Schedule (Fourth Quarter FDIC EXAMINATIONS SCHEDULED FOR FOURTH QUARTER 2002 - CHICAGO REGION 9679, CHI, LEX, Peoples Security Bank, ROUTE 23 AND TOWN BRANCH ROAD, LOUISA Office of the Chicago Regional Administrator Office of the Chicago Regional Administrator functional statement. 7500 Security [...]
SOCIAL SECURITY: THE PROBLEMS WITH LIVING-IN
“Living-in” is very common nowadays. So many children are raised in a family set up wherein the parents are not married. The problem with this arrangement arises when its time to claim for benefits. Take for example, a Social Security member who is an unmarried father dies and has left a spouse and a kid. The big question now is whether the remaining spouse and the kid are entitled to benefits even though the deceased member and his spouse are...
Representative Payee
Not every Social Security member has a spouse or parents to take care of their children. Some only have relatives or nannies assuming parental responsibilities for them. In cases such as this, if ever there comes a time when the Social Security member dies or becomes disabled the Social Security Law permits the intervention of a representative payee to manage or handle all social security related matters of the beneficiary. The benefits for the incompetent member or benefits due to...
Poll: Weak Ratings for Bush Ahead of Speech
War Fatigue, Ethics Concerns Impact Approval Rating
Profile: Secretary of Defense Donald Rumsfeld
Embattled Defense Secretary Will Remain in Cabinet
President Bush Keeps Fighting for Reform
From the Washington Times: The seemingly dead issue of Social Security reform came to life again in recent weeks, with President Bush saying it should be high on the agenda and Democrats warning that Republicans are resurrecting their plan to privatize the system. Mr. Bush, in a June 27 speech extolling the line-item veto, vowed to keep fighting to fix the impending financial crises in both Social Security and Medicare. “If we can’t get it done this year, I’m going to...
Poll: Greenspan Leaves 'Em Wanting More
Federal Reserve Chairman Retires After 18 Years
Profile: Secretary of Education Margaret Spellings
Longtime Adviser Named to Cabinet
Thune Says He'd Distance Himself From Bush
Sen. John Thune of S.D. Says He'd Distance Himself From Bush if He Were Running This Year
Social Security information - Woman sentenced for killing husband with insulin injections
Woman sentenced for killing husband with insulin injectionsWLS Chicago - she could continue to gamble with his Social Security checks. Sixty-three-year-old Barbara Garcia continue collecting his pension and Social Security checks. The body was found Bush Social Security plan laid to restVictoria Advocate - Tuesday for [...]
Non-partisan panel forwards a Social Security reform plan
Yesterday, the American Enterprise Institute held a panel discussion on a non partisan Social Security reform proposal created by a team of three experts: A former Clinton White House advisor, a member of President Bush’s reform commission, and an advisor to Senator John McCain. What did they come up with? Head on over to Students for Saving Social Security for the full proposal, summaries, and video of the discussion.
RELY on a Social Security Lawyer
They say that things happen for a reason. However, there are some things that happen for no reason at all. Take for example accident, what could be the possible reason why you have to meet an accident? You’ll probably answer to teach the person a lesson about driving but what if the person involved in the accident is not even driving a car. What if the victim was just merely walking on his way home? Again some of you may...
Profile: Transportation Secretary Norman Mineta
Only Democrat in Bush's Cabinet Asked to Stay On
Social Security Commissioner recognizes pair for service (Dover Post)
Social Security Commissioner Jo Anne Barnhart stopped at the Milford Senior Center July 14 to present the agency’s Public Service Award to Ruth Anne Beideman, community outreach coordinator for the Milford Senior Center, and April B. Willey, volunteer service coordinator for the Retired & Senior Volunteer Program.
Profile: Secretary of Housing and Urban Development Alphonso Jackson
HUD Secretary Has Years of Public Housing Experience
Profile: Secretary of Homeland Security Michael Chertoff
Aggressive Prosecutor Named to Be 'Key Leader in War on Terror'
Supreme Court Won't Review Tobacco Award
Supreme Court Refuses Consider Tossing Out a $50 Million Damage Award to the Family of Smoker Who Died
Lieberman Losing Ground in Senate Race
Democratic Sen. Joe Lieberman Losing Ground in Conn. Primary Race, Poll Shows
Bush Addresses NAACP Convention
President Bush Makes His First Appearance at NAACP Convention
FACTS ON SOCIAL SECURITY DISABILITY SERVICES
There are different types of Social Security Disability Benefits and as members we have to be abreast with all legal components concerning Social Security. One type of disability benefit is the Disability Insurance Benefit. This type applies to disabled individuals who have worked in recent years with the general rule 5 out of 10 years. And also included in type of disability benefit are those disabled widows and widowers who are at least 50 years old and whose disability has...
SUPPLEMENTAL SECURITY INCOME IN CALIFORNIA
Different states have various laws governing Social Security that is why it is not right to assume that the social security you applied for say in California will be the same as those found in Ohio and so fort. One of the noblest benefits offered by the Social Security is the Supplemental Security Income also termed as State Supplementary Payment Program in California. The Social Security Program is a federally funded program that offers income support for members who are aged...
Spy for Israel Loses Supreme Court Appeal
Supreme Court Denies Jonathan Pollard, Convicted of Spying for Israel, Access to Records
Showdown 2008: Clinton vs. McCain
ABC News Poll Shows Clinton Has Strong Support From Base, McCain's Support Broader
Should you take Social Security at 62 or 65? (The Buffalo News)
NEW YORK - Deciding when to retire has never been so complicated, what with the dwindling of company pension plans, high cost of living and longer life spans. Another factor to consider is the package of benefits you'll get from a lifetime of paying into Social Security.
Social Security info - Homeless Shelter to Occupy Social Security Building (WTRF)
Homeless Shelter to Occupy Social Security Building (WTRF)Northwood Health Systems has announced that it will place a homeless shelter in the former Social Security buiding. Bush Social Security Plan Laid to Rest (AP via Yahoo! News)The Senate staged sparsely attended burial services Tuesday for President Bush's long-dead plan to remake Social Security through creation of personal [...]
Congress votes to give Social Security benefits to Illegal Immigrants
In a 50-49 vote (1 abstaining) late last week, the United States Senate voted to table (kill) an amendment (SA 3985 Voting Records) by Senator Ensign (R-NV) that would prevent illegal aliens from collecting Social Security benefits on past illegal employment. Students for Saving Social Security has more on their site including links to the bill, voting records, and commentary.
GSA to seek smart card for Social Security (Government Computer News)
The General Services Administration will issue solicitations seeking smart-card services and devices next month on behalf of the Social Security Administration.
Profile: Secretary of Energy Samuel Bodman
Deputy Treasury Secretary Picked to Advance Bush Administration's Second-Term Energy Agenda
Sen. Obama to Headline Iowa Party Event
Democratic Sen. Barack Obama Will Headline Iowa Democratic Party Event
Profile: Secretary of Veterans Affairs Jim Nicholson
From Humble Beginnings to Decorated War Vet, Businessman, Politician, Diplomat and the Cabinet
Social Security Number Protection (WPMI 15)
(MOBILE, Ala.) July 19 -- Mobile County Fraud Investigator Sgt. James Lackey says your social security number is the key to your identity: "Only one person has your social security number and that's you!" It's understandably a prime target for identity thieves.
End of Campaign for "Paris Hilton Tax Break"
Senate Rejects Highly Contested Estate Tax Law
A Chance of Winning a Case
So many individuals who filed for a case would want to know their chance of winning their case. However, there are some factors that need to be considered when filing for a case. Take for example cases concerning Social Security Benefits. It is not easy proving that you have the right to claim since there are legalities involved starting from the time you sign up to become a member of the Social Security up to the time that you are...
Bush Works to Break Immigration Deadlock
Bush Works Behind Scenes to Explore Proposals to Break Gridlock on Immigration Legislation
Profile: Secretary of Agriculture Mike Johanns
Nebraska Governor Has Wealth of Experience Promoting Agribusiness
Amid Iraq Debate, a Document Mystery
Political Talking Points, From Pentagon Office, May Have Been Illegal
Getting it right on Social Security (Selma Times-Journal)
Jerome Yelder, Ph.D, Psy.D, M.S. of Selma could not be more wrong about Social Security. His recent letter was alarmist in nature and echoes the propaganda of the Heritage Foundation and the Cato Institute.
Changes Ahead for Social Security (Newhouse News Service)
BY ELIZABETH AUSTER c. 2006 Newhouse News S ervice WASHINGTON -- Americans have had plenty of notice that they shouldn't pin too much hope for a comfortable retirement on Social Security.
Social Security news - Bernanke affirms policies
Bernanke affirms policiesPioneer Planet - CPI-U is the gauge that government benefits such as Social Security are adjusted by each year, and it also affects the More Middle Class& Elderly in Need of FoodWLNS - Helen Salisbury:'A ll I have is my income from my Social Security to [...]
Your Thoughts: Liberty vs. Security
Reactions to NSA Phone Record Surveillance Tactics
Social Security reports - Spousal benefit another key to Social Security decision (Market Watch)
Spousal benefit another key to Social Security decision (Market Watch)SAN FRANCISCO (MarketWatch) — There's nothing simple about deciding when to take your Social Security benefit, and the figuring gets more complex if you're a married couple trying to sort out which spouse should take benefits when. Statement by Secretary John Snow on DeMint-Santorum Social Security Legislation [...]
Bush Touts Voting Rights Act Renewal
President Bush Tells NAACP He Wants to Change Republican Party's Relationship With Blacks
B Vitamin Case Reaches Supreme Court
B Vitamin Supreme Court Case Could Prove Tough Medicine for Patent Lawyers
McCain, Feinstein Debate Terrorist Trials
Supreme Court rebukes Bush, Senators Debate Fallout on 'This Week'
Poll: Majorities Disapprove of Bush on Ethics
Three-Quarters Favor Release of Abramoff Meeting Records
Profile: Attorney General Alberto Gonzales
From Humble Beginnings to Harvard to the White House
As if that's a bad thing
Dems Still Using Social Security Reform Against Republicans - The Dems’ anti-choice propaganda continues, to nobody’s surprise.
Profile: Secretary of State Condoleezza Rice
National Security Adviser and Close Personal Friend Joins Cabinet
Social Security updates - SOCIAL SECURITY REFORM
SOCIAL SECURITY REFORM National Center for Policy Analysis, France - Nov 16, 2005 that many workers will lose money if they open personal retirement accounts (PRAs), which are a key component of the president's Social Security reform approach Social Security and You: Consider utilizing online application San Antonio Express (subscription), TX - Nov 13, 2005 [...]
Profile: Secretary of Interior Gale Norton
Norton Asked to Remain in Post After Uneventful First Term
SOCIAL SECURITY BENEFITS TO DIE FOR
Social Security benefits are supposed to provide living benefits however there some cases that the opposite happens. Take for example a case of a disabled person who files for a disability claim. He was still alive when he filed for the claim however the processing was so long that the disabled member died without having a glimpse of his disability claim. His family has filed for another claim and that is the Survivor’s Benefit or the Death Benefit. The only...
Poll: Americans Favor Iran Sanctions
Seven in 10 Back Iran Sanctions; Four in 10, U.S. Military Strikes
Poll: Rudeness in America, 2006
It's the #@%! Cell Phones
Krugman's Fraudulent Assault on Lieberman
Written by Students for Saving Social Security Education Director, Nicola Moore: Paul Krugman’s latest New York Times op-ed, “Talk-Show Joe,” critiqued Senator Joe Lieberman for (among other things) the Senator’s stance on Social Security. Krugman claims: Mr. Lieberman repeatedly supported the administration’s scare tactics. “Every year we wait to come up with a solution to the Social Security problem,” he declared in March 2005, “costs our children and grandchildren and great-grandchildren $600 billion more.” This claim echoed a Bush administration talking point,...
Dying Wish – 'Save Social Security, Support Veterans, Fix Health Care' (Senior Journal)
July 18, 2006 – "In lieu of flowers: SAVE SOCIAL SECURITY, SUPPORT VETERANS' BENEFITS, FIX OUR BROKEN HEALTH CARE SYSTEM!" That is what Romulo A. (Chacho) Munguia asked to be placed in his obituary that was published today in the San Antonio Express-News.
THE PROBLEM WITH PEOPLE LIVING LONGER LIVES
In a speech by President Bush in one of his state visits in Florida he mentioned that one problem faced by the Social Security is the fact that people are living longer lives. This poses a problem for the Social Security since they had base their programs to life expectancy of people aging only up to 60 years old and people right now are living more than 60-thanks to food supplements and advance health technology. This means many people are...
Profile: Secretary of Commerce Carlos Gutierrez
From Frosted Flakes to Bush Cabinet, He's Come a Long Way
Social Security honors Apprise officials (Times Leader)
The Social Security Administration presented a public service award to Anne Rappaport, Apprise RSVP director, and Joe Giebus, Apprise coordinator, of the Luzerne County Apprise Program. The award was in recognition of their efforts in educating the public about the extra help available to pay for Medicare’s new prescription drug program. Nick Krutz, district manager, Wilkes-Barre Social Security
Social Security update - Supplemental Security Income
Supplemental Security Income Home · Questions? How to Contact Us · Search This is a link to Chapter 21 of the Social Security Handbook which contains material about SSI organized in Free Legal Advice in 100+ Law Topics - Law Attorney click a section topic below and find the [...]
YOU’RE NOT ALONE…LET SOCIAL SECURITY ATTORNEYS HELP YOU
In legal matters, it is always better to have a responsive, smart, decisive and knowledgeable lawyer at your side especially in cases pertaining to Social Security benefits. Full attention coupled with great dedication is provided by a Social Security Disability Attorney on your case to ensure quality of his service. Likewise, clients are treated with utmost consideration. Depending on the severity of the subject of the case the initial interview conducted will somewhat provide you with an overview of the outcome...
Annual Report on Social Security
Trustees for the Social Security Trust Fund issued their annual report today. From the AP: The trust fund for Social Security will be depleted in 2040, and Medicare will exhaust its trust fund reserves just 12 years from now, trustees for the programs said Monday. Their annual report showed deterioration in the financial condition of both of the government’s two largest benefit programs. A year ago, the depletion of the Social Security trust fund had been projected to occur in...
Students for Saving Social Security take on AARP
S4 recently unveiled a new section of their website (http://www.secureourfuture.org/seniors) dedicated to informing the public about the hypocrisy and misjudgments of AARP when it comes to Social Security reform. So what’s the problem? Among other things (more on the site), AARP: Likens investing in the stock market to gambling, while pushing their own investments in stocks to their membership Supports investing some of the Social Security Trust Fund (nevermind that it’s full of IOU’s) in Stocks and...
Democratic Congressional Candidate to announce Social Security reform plan
According to the Palm Beach Post Democratic Congressional candidate Joe Klein will “soon offer a Social Security plan of his own”. Students for Saving Social Security has the details.
Americans Doubt That the U.S. Effort in Iraq Is Improving
Public Concerned Civil War in Iraq a Real Possibility
IGNORANCE OF THE LAW EXCUSES NO ONE...SO THUS IGNORANCE OF SOCIAL SECURITY
It is quite disappointing to know that very few Social Security members are actually aware of the benefits they are paying for. In fact, some members only know that they are entitled to receive certain benefits only in times when they are about to file for their claims. Ironic isn’t it but this is reality. And the saddest part is some of the people there in the Social Security Administration really takes advantage of this situation. The miniscule knowledge of Social...
Brilliant Idea of the Week?
Now here’s a great idea. A man is trying to sell his future Social Security benefits on eBay. The starting bid is $200,000. My cousin, who’s an actuary, estimates that, given the seller’s loose assumptions, the present value of the future benefits is $421,305.20 $170,409.06 (The original $421k number was the present value at age 62. Discounted to the present day brings it to $170k, which suggests that the starting bid should be lowered, but is still a nice...
Social Security information - Job Corps Atlanta Region
Job Corps Atlanta Region Boston Region of Job Corps Chicago Region of Job Corps (coming soon) Dallas Region of Job Corps Educational Systems, Inc. (DESI) Employment Security Commission of North Carolina Florida's Online Chicago Region Stables Directory Equine Facility Information Formerly known as the Online Chicago Region Stables [...]


Who Could Benefit From A Reverse Mortgage?

Helen March

What is a "Reverse Mortgage?"

Also known as a Home Equity Conversion Mortgage (HECM)a reverse mortgage,is a popular way older homeowners (62+) can convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payments.





Before explaining a reverse mortgage, let's review the features of a Standard Mortgage:



With a standard loan or mortgage, your income stream is used to 'qualify' for the mortgage or loan. The lender will want to see that you have enough cash flow from your job and other sources of income in order to make the payments.

By securing this loan or mortgage against your house, the bank has extra security. After all, if you stop paying, they can take away your house.

As the years go by and you continue to make the payments, you will build up 'equity', which is the difference between what your house is worth, and how much you owe on the loan or mortgage What you owe will be continually reducing as you pay off the principal.

A Reverse Mortgage ... Reverses The Process:

A reverse mortgage, in contrast, requires no proof of income, no credit checks etc.. You simply have to own the home you are borrowing against.



The reason for this is that interest payments are 'rolled up' on the reverse mortgage - i.e they are added to the loan, and not repaid monthly.



Over time, of course, this starts to eat up your equity, because as each interest payment is added to the loan, interest starts being charged on the previous interest too!


Who Would Benefit From A Reverse Mortgage?

Older homeowners (62+), who struggle on limited pensions are usually living in properties that have soared in value in recent years. With reverse mortgages they can unlock some of the value in their homes and remain in the property at the same time, thus enhancing their retirement years.

These reverse mortgages are becoming more popular with seniors.




Paying Back The Loan



There are NO monthly payments due on a reverse mortgage while it is outstanding. The mortgage/loan is repaid when the homeowners cease to occupy the home as a principal residence, whether the homeowner (the last remaining spouse, in cases of couples) passes away, sells the home, or permanently moves out.



Depending on the size of the loan and the current real estate market conditions, there may actually be no equity left when the loan is finally repaid. If the debt comes to exceed the value of the property, the FHA or the lender takes the loss.



As well, loans under these programs are without recourse. This means that lenders can not attach other assets of borrowers or their heirs in the event that the reverse mortgage debt exceeds the property value.



On a another note, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.



There will always be some concern with homeowners who would like to leave an inheritance for their children and the home is to be that cash inheritance.



Note:


As with all loans, be careful not to default on regular or common
charges, such as property tax, insurance, utilities etc, as these
could all lead to the loan/mortgage being reclaimed early (foreclosed).



Typically, the lender will have an option built in to the contract to increase your debt by paying these charges on your behalf, should you default, and this is not an option you want them to exercise, as you will then start paying interest on those charges too!



Reverse mortgages can be very useful, but treat carefully as they can also
have a sting in their tail.



Keep an eye on the outstanding balance every month, versus the value of your home for peace of mind.



And as with most major decisions, speak to an expert who knows your situation and long term plans before applying for a reverse mortgage. As a matter of fact, in the U.S., mandatory counselling is required prior to applying for a reverse mortgage. An approved counsellor will educate you about reverse mortgages and determine whether this is your best option. Then, given your particular situation assist you in determining which reverse mortgage product best suits your needs. The U.S. Department of Housing and Urban Development has a list of approved counselling agencies posted online at Home Equity Conversion Mortgages Resources.

AARP has also entered the picture as a major information source for reverse mortgages. (www.aarp.org/revmort) They have a guide (including a nifty calculator) that can help you figure out if a reverse mortgage is right for you.



For Canadians: - Shop Carefully!


Although home equity conversion products (reverse mortgages) are widely available in the US, Canadian homeowners have a more limited selection. You can check out the Canadian Home Income Plan.Canadian Home Income Plan.

 

Offering simple House And Home Sense solutions for buying or selling real estate as well as informative Articles for home improvement and lifestyle alternatives. Visit House And Home Sense.com



 

 

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