Lois Williams
MnSF president

Summer months are so filled with activities and seem to go by so quickly. I hope the Fourth of July was a happy celebration for all. My home was alive with my children and grandchildren. It was great fun to have my home so full of life. The weather continues to be warm with even our gardens in the North Star Region producing early berries and vegetables.

This month I will try to address the subject of reverse mortgage. I am not an expert but will share with you a simple explanation.

The reverse mortgage is an often-misunderstood loan that allows seniors aged 62 and older who are homeowners to use a portion of their equity as tax-free income. In order to achieve this, you, as a homeowner, do not need to sell your home, give up title, or acquire new or additional expenses. Instead, qualified homeowners will receive monthly payments from their lender. Funds can be used in whatever manner best fits the needs of the homeowner. Many use it to pay medical expenses, home repairs, real estate taxes, or utilities.

More than 150,000 Americans have already benefited from reverse mortgages. Reverse mortgages are government protected and many safeguards are in place to protect seniors from unethical lending practices. You keep title to your home and have no risk of losing your home to the lender. No matter what happens to the housing market you can never owe more that the value of your home. It is not necessary to re-pay this loan while it is outstanding. Instead, the loan will be paid when you cease to own the property either through death or the sale of the home. The amount owed will never exceed the value of your home and any additional monies from the sale of the home, after the reverse mortgage is satisfied, will go to you or your estate.

It is important to discuss reverse mortgages with your family. Securing a mortgage requires you to meet with a qualified counselor beforehand. A list of counselors can be obtained through the Department of Housing and Urban Development or your local Area Agency on Aging. The MN Senior Federation provides free reverse mortgage counseling - just call 952/933-9639 ext. 202.

The Oct. 11 Minnesota Senior Federation state convention in Maple Grove is only four months away! As of our June 27 meeting in St. Cloud, no one has stepped forward as a candidate for: vice president of membership, vice president of issues, secretary and one trustee. Remember, the Minnesota Senior Federation is your organization. Members of the Executive Board work on new programs and issues to make the Minnesota Senior Federation stronger and better for all seniors. Our organization is made stronger by participation and the representation of all regions on the Executive Board. Join us!