Aware-ables



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Clothes & Accessories that Help Elders Stay Healthy

Clothes may make the man, but even Shakespeare didn’t foresee how clothing could make us smarter and healthier. The Bard might be bemused to discover how elder wearables are poised to make seniors more aware of their well being. Given that we’re becoming bionic, clothing our AI bodies in smart garb seems a natural next step.

Your reverse mortgage clients and prospects may soon be meeting you wearing devices that ensure they’ll be able to enjoy aging in place for many years to come. Some of the brilliant health aware-ables on the design frontier include:lumo-lift

  • The iTBra for breast health. While women’s undergarments have evolved to keep pace with the times, Cyrcadia Health goes a step beyond, with a bra that monitors temperature changes in breast tissue, thus functioning as early detection technology for breast cancer. While the iTBra awaits funding and FDA approval, women everywhere can look forward to a non-invasive, potentially more advanced breast health monitoring system than mammograms.
  • Back to health. Back pain is endemic to modern society. According to the American Academy of Pain Medicine, more than 26 million Americans between the ages of 20-64 experience frequent back pain. We can only imagine how this number skyrockets with age, though those 65 and over are least likely to report. Enter Lumo Lift, a senior’s posture coach. The small sensor cube clips onto someone’s shirt, below the collarbone, and gently reminds the wearer to sit up straight and stand tall when they’re slouching. Bonus: standing straighter also helps a senior look and feel younger, and boosts confidence.
  • Eyewear that tracks diabetes. Millions of diabetics will be safer when a glucose-sensing contact lens — patented by Google — is available for those who wear corrective lenses and have diabetes. It’s possible that eyeglasses, jewelry (e.g., earrings, necklaces), or clothing (scarf, hat, headband) could function as the “reader” to display this data for the wearer.
  • Diamonds for brain tumors. The hardest substance on earth is more than just a girl’s best friend. Scientists have created a new form of carbon that’s harder than diamonds, glows, has the ability to conduct electricity — and is being tested in the treatment of brain tumors (as well as producing brighter screens for smartphones and TV). OK, it’s not strictly an awareable, but at some point, you just know it will become diagnostic bling.

The ultimate wearable may be Superflex’s robosuit: “power assist” mobility for aching older joints. The sensor-equipped, computer-controlled clothing tracks posture and movement, and rapidly processes data to send a motor “assist” when the wearer is leaning forward in a chair, getting ready to stand up, or even starting to raise their arms above their head. Originally developed at SRI International to help reduce injuries in soldiers carrying heavy loads, the power suit’s team is comprised of robotics experts as well as textile and fashion designers.

Superflex’s Robo Suits won’t be available until at least 2018 — but eager elders can always start with the Lumo Lift while awaiting the full body aware-able.

A Surprise HECM Foreclosure?

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Possible Remedies to Prevent HECM Defaults

reverse mortgage newsThe reverse mortgage industry could lament it’s treatment in the media, in the words of Rodney Dangerfield, “that’s the story of my life…no respect”.

NBC4’s consumer reporter dramatically recounts the tale of a HECM borrower who narrowly avoided foreclosure. The borrower’s power of attorney also serves as her live-in caregiver. The caregiver claims she was surprised by a foreclosure notice received in the mail and attempted to pay the insurance premium but the payment was returned because the auction was already scheduled. *UPDATE* I repeatedly pressed an employee with NBC4’s Consumer Union if the homeowner’s insurance company had in fact sent billing notices to the homeowner. His reply was “They acknowledged that they sent bills not in line with an arranged payment plan which is why the error occurred.”

Reverse mortgage borrowers must pay their property taxes and homeowner’s insurance or risk foreclosure. The same requirement applies to traditional mortgage borrowers.For several years reverse mortgage documents have included a clear statement informing borrowers of these obligations and the risks of non-payment. While the media jumps to expose the plight of seniors being. Here are some other points to consider for HECM borrower’s facing foreclosure for non-payment of property charges.

One advantage traditional mortgage borrowers have is the automatic payment of property taxes and insurance from their escrow account. While such an arrangement is practical for those making monthly principal and interest payments it is highly problematic for HECM borrowers facing a sizable reduction in available funds if a lump sum Lifetime Expectancy Set Aside (LESA) is required. Perhaps a better solution for reverse mortgage borrowers would be the implementation of monthly auto-drafts for insurance and an auto-draft into a HECM escrow account to fund property tax payments every six months. If feasible, such an arrangement could avoid the onerous lump sums required for a LESA.

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10 Hacks to Get More Done


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A practical approach to getting things done

What’s a lifehack? It’s the term used to describe a strategy or method to increase one’s efficiency. Something each of us can benefit from as mortgage professionals. Is your schedule hectic? Is your anxiety building up?reverse mortgage news Then try these 10 tips.

Lifehack is one of my favorite go-to sites for inspiration, motivation and productivity strategies. Something I find valuable when the paralysis of being overwhelmed sets in.

A recent post from Carles Sabarich gives us 10 practical ways to get more ‘stuff’ done every day.

1. Set your priorities. Figure out what’s most important. One strategy I use is the ABC method prioritizing task in the order of their importance, A- most important, B- should do, and C- would be nice to complete.

2. Take charge. Take control by time-blocking tasks that require more than 5 minutes to complete. If it takes less than a few minutes don’t write it down, just do it!

3. Ditch procrastination. One way to overcome procrastination is to ‘eat the frog first‘

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Medication or Meditation?



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How Mental (St)illness Saves Senior Brains

Mild cognitive impairment (MCI) can affect up to 20 percent of the population at any one time — and half of these people will progress to full-on dementia, according to an article in Prevention magazine. That’s a scary statistic. But while medication can do little to slow the progression, there’s a way to positively impact mental health with no dangerous side effects: meditation.

Yogis and proponents of complementary medicine have long espoused the benefits of meditation for quieting the mind, and in the West, more people have begun meditating in recent decades. Meditation teachers often focus on busy professionals, who barely pause in their frenetic climb up the ladder long enough to enjoy a leisurely meal, let alone meditate.

Using the mind to heal the mind

reverse mortgage newsBut in China, people of all ages — especially elders — start their day with flowing movement meditations known as tai chi and qigong, often in the local park. Chinese residents by the millions practice these ancient healing arts for stilling the mind and strengthening the body.

It might behoove seniors stateside, as well as their loved ones, caregivers, and others who work with them, such as reverse mortgage professionals, to take a deeper look at meditation. According to new research, this mental stillness practice may help slow, or even prevent, dementia.

One study took forty adults ranging in age from 55 to 85, taught half the group mindfulness meditation (a type of Buddhist meditation that promotes jettisoning worry and being in the present moment) and kept the other half as a control group (i.e., non-meditating). The meditators attended weekly two-hour meetings in which they learned mindfulness techniques such as proper awareness and breathing for deep relaxation. They also practiced mindfulness meditation for half an hour at home daily, and attended one daylong retreat.

Those practicing mindfulness meditation reported feeling less lonely. Loneliness has been linked to an increased risk of heart disease, depression and Alzheimer’s disease. Meditation also reduced the seniors’ levels of inflammatory proteins.

In a similar study, researchers had a group of adults aged 55 to 90, all with mild cognitive impairment, do a guided meditation for fifteen to thirty minutes a day for eight weeks, as well attend weekly mindfulness check-ins. Eight weeks later, MRIs revealed slowed shrinkage of the hippocampus (the part of the brain responsible for memory that usually shrinks with dementia). Participants also showed overall improvement in cognition and well being.

Caring for the Caregivers

In a complementary study aimed at caregivers, researchers recruited 45 men and women who were caring for a family member with dementia and divided the participants into two groups. One group learned a 12-minute yoga practice called Kirtan Kriya that includes an ancient chanting meditation, which they performed every day at the same time for eight weeks. The other group was asked to relax in a quiet place with their eyes closed while listening to music on a relaxation CD, also for 12 minutes daily for eight weeks.

After eight weeks of daily chanting, the meditation group showed clear reductions in levels of various proteins linked to inflammation. This is important, as “Caregivers often don’t have the time, energy or contacts that could bring them a little relief from the stress of taking care of a loved one with dementia, so practicing a brief form of yogic meditation, which is easy to learn, is a useful tool,” notes Dr. Helen Lavretsky, senior author of the study and a professor of psychiatry at UCLA.

Now that Alzheimer’s Disease can be detected early via the cerebrospinal fluid, it makes more sense than ever for seniors whose brains indicate an inflammatory process to take steps to slow or reverse the decline. Meditation, not medication, is a health boost on every level. Sometimes a subtle shift makes all the difference.

Executive Orders: The Impact on Our Industry

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A Pause for HECM Changes?

pres-penExecutive orders. This practice of exercising executive authority has become increasingly frequent and controversial in recent presidential administrations. In 2013 HUD was granted the authority to in effect, issue ‘executive orders’ under FHA’s expanded powers. President Trump has promised to cut federal regulations dramatically. Will the administration’s executive orders curb the rule-making authority of FHA?

The HECM Stabilization Act of 2013 granted FHA the Congressional authority to enact reforms to the Home Equity Conversion Mortgage program as needed to ensure the program’s longevity.

The Trump administration’s recent executive order mandates that all agencies to keep additional regulatory costs at zero, unless required by law. Under a regulation-cutting administration HUD may find itself hamstrung in enacting their recent set of HECM rules which were due to be enacted on September 19th this year. These additional rules included the authority to reduce first year distributions from 50%, a 95% property acquisition threshold, and an 11% cap on closing costs for purchase transactions.

Reverse mortgage lenders may soon get a…

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Are You at Capacity?


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A Better Approach to Task Management

reverse mortgage newsIs your workload unmanageable? Does your to-do list far exceed your available time? You could be getting a reality check. In our ‘do-more’ society being busy has been mistaken as the hallmark of success.

While I have personally touted the benefits of time management in past episodes, perhaps we are missing a more important consideration, our capacity. If you’ve ever hired a contractor for a home improvement project or hired a website developer you’ve most likely run into the issue of cost overruns. In such situations, the contractor fails to account accurately the time, materials, and money required to complete the task leading to frustration, anger, and unmet expectations. However, if we’re honest, we often do the same to ourselves.

To avoid this common pitfall we must accomplish two things…

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What to Do About Property Issues

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Address Problems Early…

This week John Luddy discusses the importance of communicating issues you see on the property before you…
About John Luddy: John has trained reverse mortgage professionals how to be successful when sitting face-to-face at the kitchen table with prospective HECM borrowers. Norcom is looking for qualified loan officer candidates. To learn more call 1-860-507-2582 or email John Luddy here

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The Trump Administration & Reverse Mortgages

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How will the Trump administration approach reverse mortgages?

reverse mortgage newsDoes one of the first decisions made by the Trump administration foreshadow the future of the reverse mortgage program? The administration’s decision to rescind a recent FHA mortgage insurance premium reduction was swift- within one hour after President Donald Trump took the oath of office. How will a business-minded administration approach the Home Equity Conversion Mortgage program?

Mortgage lenders should brace themselves for change. The Trump administration team made it clear they intend to dismantle the Dodd-Frank Act, a complex set of banking and lending regulations that have been criticized for their complexity and hurdles for middle class borrowers in obtaining credit. In addition the Consumer Financial Protection Bureau faces a substantial makeover. While both parties agree that consumer protections are needed, they disagree as to how that goal should be achieved.

Does this mean the Trump administration will be anti-reverse mortgage? By no means. However the ambition to reduce spending and waste should deliberate on the unintended consequences inherent in policy changes, specifically for today’s aging homeowners. With most retirees having less than $50,000 in savings the need to finance one’s longevity using their home has never been greater. Housing has become the lynchpin upon which the majority of American’s wealth is built.

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Listen to the Music!


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How music can improve your productivity & work day

1Perhaps one of the crowning achievements of civilization is music. It impacts our emotional state of mind, energy and focus within seconds. “People’s minds tend to wander, “and we know that a wandering mind is unhappy,” Dr. Soodsaid. “Most of that time, we are focusing on the imperfections of life. Music can bring us back to the present moment” said Dr. Amit Sood, who practices integrative medicine at the Mayo Clinic. Do you need some melodic relief?

Here are a few insights on listening to music at work.

1. Keep in mind that while your mood may be improved others nearby may not share your joy. Be mindful of your work environment.

2. If you are working on tasks that require intense concentration, try to avoid songs with lyrics. Listening to songs you may be unfamiliar with that have lyrics requires your brain’s language centers to process the lyrics while you are writing, much like trying to talk while another person is blabbering in your ear.

3. Create playlists based on your context or setting.

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NEW HECM Rules Announced

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HUD Announced New Finalized HECM Rules for 2017

reverse mortgage newsHUD announced their finalized rules enacting several policy changes to the Home Equity Conversion Mortgage (HECM) program which will go into effect later this year. What do these changes hold in store for interest rate caps, disclosure requirements, and new loan assignment guidelines and how will the final rules change the face of reverse mortgage originations? Welcome. This, is the Industry Leader Update. I’m Shannon Hicks.. This episode is brought to you by ePath Digital, providing real-time leads for today’s reverse mortgage professional.

After much anticipation and speculation, HUD announced their finalized rule changes for the Home Equity Conversion Mortgage. The rule changes were first proposed and opened to public comment last May. The rules could be seen as a continuation of the agency’s mission to solidify the reverse mortgage program under the Reverse Mortgage Stabilization Act of 2013 which gave HUD expanded authority to quickly enact additional rule changes as they saw fit. The new rules will go into effect September 19, 2017.

When it comes to reverse mortgage originations, loan officers and lenders will be required to…

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