Special guests

• Lori Trawinski, Director of Banking and Finance at the AARP Public Policy Institute
• Peter Bell, CEO of the National Reverse Lender Association

Pam and Richard remember the days when reverse mortgages were hawked like Ab Crunchers on late-night infomercials. But tighter regulations have now made them a legitimate source of supplemental tax-free income for seniors who wish to remain in their homes until their deaths. In fact, Terry helped her father get a reverse mortgage in that enabled him to live in his retirement condominium until he passed away at age 96. But it’s not a decision to be taken lightly, and the federal government has established safeguards to ensure that potential applicants and their families fully understand both the benefits and risks of this often misunderstood option.

Resources

• Reverse mortgage resources at the AARP Public Policy Institute: Link
• National Reverse Mortgage Association guides and tools: Link
• Home Equity Conversion Mortgage information at the Consumer Financial Protection Bureau: Link

NextAvenue articles on Reverse Mortgages

• Should You Get One of the New Reverse Mortgages? Link
• Using Your Home Equity for Aging in Place: Link

Resources

• Hazel Heckers, Colorado Bureau of Investigation: Link
• AARP Foundation ElderWatch (to help recognize, prevent and report elder fraud): Link Phone: 800-222-4444, option 2

Next Avenue articles on Elder Fraud and Imposter Scams:

• “What to Do If Your Parent Gets Scammed”: Link
• “Danger: Don’t Fall for the Phony ‘AppleCare’ Scam”: Link
• “How I Fell for a Computer Virus Scam”: Link
• “Curbing Elder Abuse: What’s Been Helping, What’s Needed”: Link
• “Elder Financial Abuse: Why Banks and Advisers Are Stepping Up”: Link
• “Flood of Romance Scams Defrauds Older Victims”: Link

Meet one feisty 75-year old woman who is redefining retirement. Her empowering message may change people’s lives and how they think about retirement. Pam interviewed retirement research expert, Warren Cormier explains the different phases of retirement. Working past 70 is now the ‘new normal’.

Richard raised the issue of age discrimination at work for older people looking for jobs.

Resources

Resources: Warren Cormier study: Link

Age discrimination in the workforce: Link

Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services, whether it’s in-home care or in an assisted living facility or nursing home. Guest Phyllis Shelton, President of Got LTCi, reveals that home health care can cost as much as $5,000 a month, and average nursing home care costs are $7,500 a month.

Richard warns that if you’re thinking about buying long-term care insurance you should do it while you’re still healthy. Many insurers won’t underwrite policies for people with diabetes and other pre-existing conditions such as diabetes, Multiple Sclerosis, Parkinson’s Disease, and dementia.

Pam warns that when shopping for policies it’s important to research the financial stability of the insurance companies, since many companies that used to provide long-term care insurance either left the business or refused to pay benefits because they underestimated the health care costs and longevity of policyholders. People should work with unbiased, fiduciary experts who do not sell insurance in order to evaluate the need.

Resources

• Got LTCi : Link
• LongTermCare.gov: Information from the U.S. Department of Health and Human Services Link
• The American Association for Long-Term Care Insurance Link

Special Guest Expert:

Cindy Hounsell, president of WISER (Women’s Institute for a Secure Retirement)
WISER website: https://www.wiserwomen.org

Resources:

• Nextavenue.org site (for articles about retirement planning, saving and investing) Link
• WISER’s Your Future Paycheck Calculator Link
• Choosetosave.org site’s Ballpark E$timate Calculator Link
• Livingto100.com site (to estimate how long you will live) Link
• y Savage’s new book: The Savage Truth on MoneyLink