WELCOME TO MY SITE AND HAVE A GOOD DAY

Welcome to Las Vegas, Nevada- the Gambling Capital of US and the City that never sleeps! So, what has this city have to do with this site. The answer is none. I just love the photo, I took during our vacation to this city a couple of years ago. In this site, you will find articles from my autobiography, global warming, senior citizens issues, tourism, politics in PI, music appreciation and articles about our current experiences as retirees enjoying the "snow bird" lifestyle between US and the Philippines. Your comments will be highly appreciated. Some of the photos and videos on this site, I do not own. However, I have no intention on infringement of your copyrights. Cheers!

Friday, August 31, 2012

Is Reverse Mortgage for You?


For the last six months I have been thinking about reverse mortgages to supplement my income as a retiree. We purchased our home about 10 years ago and have 5 more years to go (15-year conventional loan). However, since the investment market(our source of income plus SS payments) has been flat the last two years, reverse mortgages is very tempting to supplement our income. The following article was published by the Federal Trade Commission and updated on March, 2011. I found the article very informative.

"If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for health care expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to understand how reverse mortgages work, the types of reverse mortgages available, and how to get the best deal.

In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.

Types of Reverse Mortgages
There are three types of reverse mortgages:

1. Single-purpose reverse mortgages, offered by some state and local government agencies and nonprofit organizations
2. Federally-insured reverse mortgages, known as Home Equity Conversion Mortgages (HECMs) and backed by the U. S. Department of Housing and Urban Development (HUD)
3. Proprietary reverse mortgages, private loans that are backed by the companies that develop them

Single-purpose reverse mortgages are the least expensive option. They are not available everywhere and can be used for only one purpose, which is specified by the government or nonprofit lender. For example, the lender might say the loan may be used only to pay for home repairs, improvements, or property taxes. Most homeowners with low or moderate income can qualify for these loans.

HECMs and proprietary reverse mortgages may be more expensive than traditional home loans, and the upfront costs can be high. That’s important to consider, especially if you plan to stay in your home for just a short time or borrow a small amount. HECM loans are widely available, have no income or medical requirements, and can be used for any purpose.

Before applying for a HECM, you must meet with a counselor from an independent government-approved housing counseling agency. Some lenders offering proprietary reverse mortgages also require counseling. The counselor is required to explain the loan’s costs and financial implications, and possible alternatives to a HECM, like government and nonprofit programs or a single-purpose or proprietary reverse mortgage. The counselor also should be able to help you compare the costs of different types of reverse mortgages and tell you how different payment options, fees, and other costs affect the total cost of the loan over time. To find a counselor, visit www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm or call 1-800-569-4287. Most counseling agencies charge around $125 for their services. The fee can be paid from the loan proceeds, but you cannot be turned away if you can’t afford the fee.

How much you can borrow with a HECM or proprietary reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the appraised value of your home, and current interest rates. In general, the older you are, the more equity you have in your home, and the less you owe on it, the more money you can get.

The HECM lets you choose among several payment options. You can select:

a “term” option – fixed monthly cash advances for a specific time.
a “tenure” option – fixed monthly cash advances for as long as you live in your home.
a line of credit that lets you draw down the loan proceeds at any time in amounts you choose until you have used up the line of credit.
a combination of monthly payments and a line of credit.
You can change your payment option any time for about $20.

HECMs generally provide bigger loan advances at a lower total cost compared with proprietary loans. But if you own a higher-valued home, you may get a bigger loan advance from a proprietary reverse mortgage. So if your home has a higher appraised value and you have a small mortgage, you may qualify for more funds.

Loan Features
Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence.

In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 consecutive months before the loan must be repaid.

If you’re considering a reverse mortgage, be aware that:
Lenders generally charge an origination fee, a mortgage insurance premium (for federally-insured HECMs), and other closing costs for a reverse mortgage. Lenders also may charge servicing fees during the term of the mortgage. The lender sometimes sets these fees and costs, although origination fees for HECM reverse mortgages currently are dictated by law. Your upfront costs can be lowered if you borrow a smaller amount through a reverse mortgage product called a "HECM Saver."
The amount you owe on a reverse mortgage grows over time. Interest is charged on the outstanding balance and added to the amount you owe each month. That means your total debt increases as the loan funds are advanced to you and interest on the loan accrues.
Although some reverse mortgages have fixed rates, most have variable rates that are tied to a financial index: they are likely to change with market conditions.
Reverse mortgages can use up all or some of the equity in your home, and leave fewer assets for you and your heirs. Most reverse mortgages have a “nonrecourse” clause, which prevents you or your estate from owing more than the value of your home when the loan becomes due and the home is sold. However, if you or your heirs want to retain ownership of the home, you usually must repay the loan in full – even if the loan balance is greater than the value of the home.
Because you retain title to your home, you are responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses. If you don’t pay property taxes, carry homeowner’s insurance, or maintain the condition of your home, your loan may become due and payable.
Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.


Getting a Good Deal

If you’re considering a reverse mortgage, shop around. Compare your options and the terms various lenders offer. Learn as much as you can about reverse mortgages before you talk to a counselor or lender. That can help inform the questions you ask that could lead to a better deal.

If you want to make a home repair or improvement – or you need help paying your property taxes – find out if you qualify for any low-cost single-purpose loans in your area. Area Agencies on Aging (AAAs) generally know about these programs. To find the nearest agency, visit www.eldercare.gov or call 1-800-677-1116. Ask about “loan or grant programs for home repairs or improvements,” or “property tax deferral” or “property tax postponement” programs, and how to apply.
All HECM lenders must follow HUD rules. And while the mortgage insurance premium is the same from lender to lender, most loan costs, including the origination fee, interest rate, closing costs, and servicing fees vary among lenders.
If you live in a higher-valued home, you may be able to borrow more with a proprietary reverse mortgage, but the more you borrow, the higher your costs. The best way to see key differences between a HECM and a proprietary loan is to do a side-by-side comparison of costs and benefits. Many HECM counselors and lenders can give you this important information.
No matter what type of reverse mortgage you’re considering, understand all the conditions that could make the loan due and payable. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates: they show the projected annual average cost of a reverse mortgage, including all the itemized costs.
Be Wary of Sales Pitches
Some sellers may offer you goods or services, like home improvement services, and then suggest that a reverse mortgage would be an easy way to pay for them. If you decide you need what’s being offered, shop around before deciding on any particular seller. Keep in mind that the total cost of the product or service is the price the seller quotes plus the costs – and fees – tied to getting the reverse mortgage.

Some who offer reverse mortgages may pressure you to buy other financial products, like an annuity or long term care insurance. Resist that pressure. You don’t have to buy any products or services to get a reverse mortgage (except to maintain the adequate homeowners or hazard insurance that HUD and other lenders require). In fact, in some situations, it’s illegal to require you to buy other products to get a reverse mortgage.

The bottom line: If you don’t understand the cost or features of a reverse mortgage or any other product offered to you – or if there is pressure or urgency to complete the deal – walk away and take your business elsewhere. Consider seeking the advice of a family member, friend, or someone else you trust.

Your Right to Cancel
With most reverse mortgages, you have at least three business days after closing to cancel the deal for any reason, without penalty. To cancel, you must notify the lender in writing. Send your letter by certified mail, and ask for a return receipt. That will allow you to document what the lender received and when. Keep copies of your correspondence and any enclosures. After you cancel, the lender has 20 days to return any money you’ve paid up to then for the financing.

Reporting Possible Fraud
If you suspect that someone involved in the transaction may be violating the law, let the counselor, lender, or loan servicer know. Then, file a complaint with:

the Federal Trade Commission (FTC). You can do that online at www.ftccomplaintassistant.gov or by phone at 1-877-FTC-HELP (1-877-382-4357).
your state Attorney General’s office or state banking regulatory agency.
Whether a reverse mortgage is right for you is a big question. Consider all your options. You may qualify for less costly alternatives. The following organizations have more information:

Reverse Mortgage Education Project
AARP Foundation
601 E Street, NW
Washington, DC 20049
www.aarp.org/revmort
1-800-209-8085

U. S. Department of Housing and Urban Development (HUD)
451 7th Street, SW
Washington, DC 20410
www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
1-800-CALL-FHA (1-800-225-5342)

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
www.ftc.gov/bcp/menus/consumer/credit.shtm — Click on “Mortgages & Your Home”
1-877-FTC-HELP (?1-877-382-4357)

The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. Watch a video, How to File a Complaint, at ftc.gov/video to learn more. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad".

I hope you find the above article informative. Any comments?

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ABOUT ME

I am a retired (Chemistry Team Leader from USFDA) Filipino-American who loves writing, gardening and photography. My wife ( of 59 years) and I enjoy the snowbird lifestyle between the US and the Philippines. We have a small but very private beach resort in the beautiful island of Marinduque, Philippines. I have several blog sites (ten), a personal blog, blogs about Marinduque and about our beach resort and conference center-CHATEAU DU MER. I have also a writing account for Hubpages.com. I will appreciate very much any comments on my postings.



Chateau Du Mer Beach Resort

Chateau Du Mer Beach Resort
Beach House, Boac, Marinduque, Philippines

Genealogy of the Balleza and Katague Surnames

Several years ago, I started a genealogy of my mother's last name- “Balleza”. I was able to trace it back to the 15th century. The name originated from Bilbao, Spain. I then traced it to Mexico, then to US in Texas and then to the Philippines. I was able to locate a town in Mexico named Balleza, in the state of Chihuahua. The town was founded in 1640 and named after Fr. Mariano Balleza ,a Spanish friar.. I was able also to communicate with a radio announcer in Houston, Texas whose family name is also Balleza. I also found several Balleza families in Googles and recently in Face Book. Note that the name is similar to another name in the Philippines “ Belleza”, a Spanish word which means beautiful. But “Balleza” and “Belleza” are two different names in the Philippines. I am happy and satisfied with the origin of my mother's last name. When my mother was still alive, she told me that her grandfather was a Spanish soldier that participated in the Spanish colonization of the Philippines (1565 -1898). Today, I am curious on the genealogy of my father's last name. When my father was still alive, his last named was spelled with a “C” instead of the “K”. He changed it with the “K” when he was in high school. My father has two brothers who also changed it to start with a “ K”. But all of my father other relatives as far as I know has not change it. So there are a lot of “Catague's” in the Philippines, that are my relatives. The famous Catague is a painter named Fernando. His paintings are exhibited in the museum of Iloilo and Manila. My father has informed me that Fernando is a relative and originally was from Antique. . In the Philippines, I know there are Katagues in Iloilo, Negros Occidental, Bohol, Antique, Cavite and in Mindanao. I also found there is a Katague in Brazil from Googles. I just recently meet a niece in Face Book from Vancouver, B.C. She is the daughter of my first cousin from Bacolod, Negros Occidental. There are several Katagues in Face Book, and one in Twitter, but I do not know if we are related. Incidentally, there is a town in Bohol, named “Catague”. I am curious, how the town got its name, but I do not have the time to do research on it. If you know, please let me know. It will be highly appreciated. There are several variations of the Katague name. These are: Catague, Catage, Catagi, Katagi, Katage, Kataque and Kata Gue ( from Indonesia). I know of a Japanese chemist with surname of Katagi. It may be true that Katague originated from Japan from the surname Katagi as my father once mentioned. So if your last name is any of the above or if you are married to someone with any of the names above, we may be related. I will appreciate if you contact me in Face Book or in this site. I will be delighted to meet you on line or in person.

Front Yard of Retirement House

Front Yard of Retirement House
Orchid and Bougainvillas, Chateau Du Mer, Marinduque

Genealogy of the Nieva Clan-Macrine's Maternal Side of the Family

It is summer time and time for family reunions. The Nievas of the World will probably be have a reunion in the Philppines or here in US sometime this year or next year. Hopefully, Macrine and I could attend this time. Macrine Nieva Jambalos and husband, David Balleza Katague of Marinduque and Northern California toasting champagne during their Golden Wedding Anniversary, Boac, Marinduque, Philippines,2007 In 2003, there was a reunion of the Nieva clan in the Philippines organized by Rene Elizalde Nieva, Macrine's first cousin. We were invited but not able to attend. Rene wrote in his invitation that he is in the process of writing a book about the Nieva clan. He said the book will be privately published with limited printing which will include a general history starting on the possible roots of the Nieva family as well as the achievements of various members of the clan and their contribution to the betterment of Marinduque and of the Philippines. As of this writing date, I have not heard on the status of Rene's book. In his invitation he invited all the direct and indirect descendants of the children and spouses of Calixto Nieva and Epifania Morente. Note that Rene is the great-grandson of Calixto Nieva and Macrine is also the great-granddaughter of Calixto Nieva , thus Rene and Macrine are first cousins. I just can not believe that my six grand children are now the great-great-great grand children of Calixto Nieva and Epifania Morente. Calixto and Epifania Morente had six children, four boys and two girls as follows (from oldest to youngest) along with their spouses. 1.Juan Nieva had two wives. The first wife was Isabel Decena. When Isabel died Juan remarried Elvira Sarmiento. Juan Nieva is both Macrine's and Rene's grandfather. He was the first governor of Marinduque and also the grandfather of the outgoing Governor. Rene and Macrine are first cousin of Jose Antonio (Bong) Nieva Carrion, the outgoing Governor of Marinduque. 2.Victoria Nieva married Doroteo Mercader 3.Dionisio Nieva married Salud de la Santa 4.Gregorio Nieva married Maria Arevalo 5.Jose Nieva married Trinidad Carmona 6.Rosita Nieva married Dr Angel Mayuga Rene's invitation also included the descendants of the brothers of Calixto, namely Pedro and Francisco Nieva. It also included the brothers and sisters of Epifania Morente, which included not just the Morentes but also the Roceses, Abadas, Trinidads and the Kasilags. Incidentally, the Reyeses are second cousins of Macrine and the other Nievas of Marinduque. This article will concentrate on the descendants of Juan Nieva and his two wives, Isabel Decena from Santa Cruz and Elvira Sarmiento from Buenavista.. Children of Juan Nieva and Isabel Decena ( from Oldest to Youngest) 1.Calixto Nieva married Juanita Jambalos 2.Blanca Nieva- single was killed by the Japanese during World War II 3.Elena Nieva married Bernardo Jambalos, Jr ( brother of Juanita) Children of Juan Nieva and Elvira Sarmiento(from Oldest to Youngest) 1.Guillermo ( Willie) Nieva married Dr Celina Elizalde 2.Rosario Nieva married Ramon Carrion 3.Ester Nieva married Rafael Seno 4.Monica Nieva married Conrado Luarca 5.Elizabeth Nieva married Romulo Santo Domingo 6.Asuncion Nieva married Dr. Rafael Ocampo 7.Fr Constantino Nieva- single For the purpose of this article, I will discuss only the descendants of Elena Nieva and Bernardo Jambalos, Jr. They have seven children as follows: ( From Oldest to Youngest) 1.Macrine Nieva Jambalos- married David B Katague from Iloilo ( that's me) 2.Sister Guia Jambalos- Order of the Cenacle-single 3.Bernardo Jambalos III married Loreta Mercader 4.Fe Jambalos married Edgardo Lazarte 5.Edgar Jambalos ( deceased) married Asuncion Pagalunan 6.Jean Jambalos married Mitch Maeda 7.Rosario Jambalos married Michael Levin Note that Rene Nieva is the oldest son of Guillermo Nieva and Dr. Celina Elizalde. The younger brother of Rene, Yong is my partner in our literary project, I left my Heart in Marinduque ( not San Francisco). http://marinduqueonmymind.blogspot.com Macrine's telephone buddy and first cousin from Vancouver, BC, Canada Olga Luarca Quiazon is the oldest daughter of Monica and Conrado Luarca The outgoing governor of Marinduque is the second son of Rosario Nieva and Ramon Carrion This posting continues with the offspring of Macrine Jambalos and David B. Katague. They have 4 children and six grandchildren as follows: 1.Dodie( Diosdado) Katague married Ruth Carver- They have 3 children, Philip Winchester, Alexandra and Marina Katague 2.Dinah E Katague married David E King- They have 2 children, Ian and Elaine King 3.David E III-single 4.Ditas Macrine Katague married Nick Thompson- They have one child, Carenna Nicole Thompson Fe Jambalos has two daughters, Lanie and Ella Jean Jambalos has two daughters, Yuri and Yuka Rosario has two children, Carlos and Zehara Asuncion and Edgar( deceased) Jambalos has three sons, Edmund, Nonoy and Jhun-Jhun and a daughter, Marilyn Bernardo Jambalos III has five children and three grandchildren as of this writing date. Accomplishments of the children of David B and Macrine J. Katague are discussed in detail at http://theintellectualmigrant.blogspot.com Some Interesting Vignettes: The marriage of Calixto and Juanita Jambalos was not approved by their father Don Juan Nieva. Juanita was the daughter of a barrio businessman from Laylay. During those time, if you are from the barrios, you are not welcome or accepted to the social group of the main town of Boac. The Jambalos family although well off were considered TAGABUKID ( from the bonies). Don Juan Nieva wanted his lawyer son to marry Enriqueta Nepomuceno, one of the popular socialites in Boac. When Juanita died, Calixto did not marry again. Soon Calixto also died and every one in town claimed he died with a broken heart. Enriqueta in the meantime was waiting for Calixto. Enriqueta never married and died as a spinster. Blanca Nieva graduated from Nursing School at Philippine General Hospital and was earning well. When their father died, she helped in sending her half-sister Rosario to College. She supported her sister and spoiled her by dressing her up to maintain her place in the high society of Boac at that time. Elena, is the third child of Isabel Decena from Santa Cruz. Isabel died giving birth to Elena. Elena was therefore nursed by the sister of Isabel, Regina Decena Reforma. Elena and Policarpio Reforma ( son of Regina) shared the same breast milk of Tia Regina. When Elena was five years old, she and sister Blanca as well as brother Calixto, were brought to Boac where their father Juan Nieva remarried Elvira Sarmiento from Buenavista. Elena grew up under the care of Lola Victoria ( sister of Juan Nieva). They lived in the old Nieva Building at the foot of the hill leading to Mataas Na Bayan. Elena later went to college at the University of the Philippines and finished her Bachelor Degree in Education. When Juanita Jambalos-Nieva( wife of Calixto) died during childbirth, Elena and Bernardo Jambalos II ( brother of Juanita) were made in-charged of bringing the corpse from Manila back to Marinduque. During the trip, people mistook them as husband and wife. Their romance started then and later were married at the Boac Catholic Church. Today, if I had to guess, there should be more than seven hundred members of the Nieva clan, just based on the six children of Calixto Nieva and Epifania Morente all over the world. If you include the descendants of Pedro and Francisco Nieva, the two brothers of Calixto, it could reached to more than a thousand Nievas all over the universe. If you are a member of this clan, please let me know. Someday, I may be able to trace the Nieva genealogy all the way to Spain, as I did with my mothers name "Balleza", several years ago. My e-mail is in this site and I am also in Face Book.

Citizenship Party, Modesto, California,1972

Chateau Du Mer Beach Resort and Conference Center

Chateau Du Mer Beach Resort and Conference Center
Beach House, Boac, Marinduque

Chateau Du Mer Beach Resort and Conference Center

Chateau Du Mer Beach Resort and Conference Center
Conference and Multi-Purpose Hall

Chateau Du Mer Beach Resort and Conference Center

Chateau Du Mer Beach Resort and Conference Center
Beach House Balcony at Night

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Dave and Macrine Katague

Dave and Macrine Katague
Golden Wedding Anniversary, May 8, 2007

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