PIA-Primary Insurance Amount – Reverse Mortgage Glossary

According to the Social Security Administration:

The PIA is the sum of three separate percentages of portions of average indexed monthly earnings (AIME). The portions depend on the year in which a worker attains age 62, becomes disabled before age 62, or dies before attaining age 62.The PIA is the sum of three separate percentages of portions of the average indexed monthly earnings. The “bend points” of the PIA formula are the dollar amounts that govern the portions of the average indexed monthly earnings. The bend points in the year 2006 PIA formula, $656 and $3,955, apply for workers becoming eligible in 2006.

A Change: State Employees Credit Union’s Reverse Mortgage

Credit Union
Credit Union

There has been a close of 50 Reverse Mortgage Loans (over $5 million) in the Credit Union since August 2008. This is all due to the impact of the SECU’s reverse mortgage, which has turned out to be the needed solution for some of the SECU members.

As to qualify for a mortgage loan, a person needs to be of minimum 62 years, should be able to receive consumer education regarding the loan from North Carolina certified reverse mortgage counselor and should utilize the home as their primary residence.  Borrowers may not have a chance to get this loan facility rather need to look into alternative options.  You must live in your home or consider unoccupied mortgage insurance.

SECU offers the loan in an entirely different setup from the Credit Union. SECU believes on reverse mortgage market to be the next subprime debacle and need to work on providing a different cost-effective method.

The Credit Union has consulted with many institutions for their expertise on reverse mortgages.

“I think that the SECU Reverse Mortgage is a really great product. It’s great to know the Credit Union has a loan that can help senior members. I would recommend the Credit Union’s Reverse Mortgage. I’m really glad I got the loan.” says SECU member Oma McKee

“The Credit Union developed a product far superior to the industry standard, resulting in more funds being made available to our members for their day-to-day living expenses.” comments Phil Greer, The Senior Vice President of SECU’s Loan Administration department.

SECU is a non-profit financial cooperative owned by its members, which has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Full Story…

Fixed Interest Rates a Must: Reverse Mortgages

Reverse Mortgage Fixed Interest
Reverse Mortgage Fixed Interest

Stimulus Package Drives Demand For Reverse Mortgages
“I am happy on seeing the inclusion of reverse mortgages in the stimulus package.” says Susan Cosgrove. He further comments on saying the reverse mortgage have a major setback, which is the fact that there is no fixed interest rate.  The rates being on a historic low, this is an unseemly burden to seniors and their heirs.

L.A. Film, TV Shoots in a Slump
“It is incredible to see the slipping of a huge TV and film production from a city that has global reputation for culture and entertainment. The leaders are letting other states to steal the industry in spite of having a great source of entertainment talent, skill and resource.” remarks Phil Cooke.

When Charity Ends at Home
“The story should have condemned the wealthy actors for having donated money to politicians rather than helping the actors’ home and hospital.” feels Eleanor Cias

Death Tax’ Con Refuses to Die
Mr. Hiltzik has fewer hopes regarding the financial success in America and expresses delight if the government could receive good amount of tax rather than his heirs benefiting from his labors.

“I desire to support my children, who in the present economy are likely to be moving back home in their late 40s.” says Thomas E. Kolanoski

Stephen Colley says, “The key anti-estate tax point is that it’s unfair double taxation. Hiltzik dismisses this issue in six lines, claiming, “It’s not unusual for income in the U.S. to be taxed multiple times — don’t we all pay income and sales taxes on some of the same dollars?””

John Paladin says that he agrees that the estate tax should be upheld. He further comments saying, “It should be thought of as an estate tax rather than as a death tax, which sounds like an incorrect description.”

Tossing out Junk Mail’s Defense
Steve Smith comments over the above topic describing himself as a junk mail writer. He speaks of a dirty secret associated with junk mail which most of the consumers do not disclose.

Bennett Cane says that the junk mail advertising that he receives two or three times a week is usually more useful than the ads that are published in The Times that cost me $252 a year.

Universal Coverage Touted but Details Lacking at L.A. Forum
“A change for our nation’s healthcare system is long overdue, and pleas for improved access to affordable health insurance can be heard throughout California and across the country. Therefore, there need to be increased attention on preventive care to help keep Americans healthy and, in the long run, keep healthcare costs down.” says Joseph M. Heyman, M.D. Full Story…