TW-Mature3-21-13

Reverse mortgages can off er signifi cant opportunity for seniorsBY EMILY HEDGES

CONTRIBUTING WRITER

When Sean Mooney told a friend he was going to start selling reverse mortgag-es, the reaction was, “Keep away from my Mom!”

The Eagan-based reverse mort-gage specialist con-tinues to fi ght this negative perception of what he consid-ers an important opportunity for many seniors to utilize the equity in their homes.

“Until three years ago, reverse mortgages were the loans of last resort,” Mooney said. “This was fair because the fees were so high. It was diffi cult for anyone to recommend them.”

In October 2010 the Federal Housing Administration launched a reverse mort-gage program insured by the FHA called the Home Equity Conversion Mortgage (HECM) Saver. The Saver charges drastical-ly lower upfront fees; however, the tradeoff is that the amount you can borrow against your equity is between 10 percent and 18 percent less, depending on your age, than the FHA’s standard reverse mortgage.

Available to homeowners 62 and over, a reverse mortgage enables seniors to convert part of the equity of their home into cash. This type of mortgage was developed to help those near retirement and with limited income to use the money they have put into their home to pay off debts (including tradi-tional mortgages), cover living expenses or pay for health care. There are no restrictions on what the borrower can do with reverse mortgage proceeds.

The loan is called a reverse mortgage because the traditional mortgage pay-back stream is reversed. Instead of making monthly payments to a lender, the lender

makes payments to the borrower. The bor-rowers are not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home, they are not required to make any monthly payments towards the loan balance, but must remain current on tax and insurance payments.

Mooney says that most of his custom-ers are those who originally sought refi nanc-ing, but fi gured out that a lower payment wasn’t enough to afford their home.

“It works out that a reverse mortgage is the way to go because they have no pay-ment,” he said.

Surprisingly, a large proportion of reverse mortgage borrowers (9.4 percent as of February 2012) are at risk of fore-closure due to nonpayment of taxes and insurance, according to a 2012 report to Congress from the Consumer Financial Protection Bureau.

Mooney believes assessing the bor-rowers fi nancial situation to make sure they can afford the taxes and insurance is one of the most important functions that he performs. In the past, this sort of re-search was not part of the guidelines, and the results have given reverse mortgages a black eye.

Jack Benke of Mendota Heights -based Home Mortgage of Minnesota points out that reverse mortgages aren’t just for the fi nancially-strapped hom-eowner. They are frequently used by those needing a replacement home, and as a fi -nancial planning tool for people of all in-come levels.

“HECM for Purchase Loans can be used replace an existing home for any number of reasons,” he said. “The style of home or the neighborhood may no longer be safe, or they want to move closer to children or needed services, or they simply want a warmer climate.”

Benke explains to clients that they have several possible revenue sources to consider. They can apply for a reverse mortgage and pay closing costs of approx-imately 4-6 percent, and have access to tax free funds. They could also tap the taxable retirement account and get hit with in-come tax at their marginal tax rate, which could run anywhere from 20-35 percent (state and federal).

If they access the retirement account, they also lose the earning potential for those funds as well.

Mooney and Benke agree that one of the biggest misconceptions that people have is that it is possible to get “upside down” in your reverse mortgage.

“You can never owe more than a home is valued,” said Mooney. He points out that if the reverse happens, and the value of a home rises, the borrower ben-efi ts from that situation.

“Any equity above and beyond the loan balance is theirs to keep,” he said. “There is so much misinformation. If they don’t understand it, they say no. I want to make sure they understand it fi rst, and then decide yes or no. An informed deci-sion is the important thing.”

To contact Sean Mooney, call 651- 285-9667. To contact Jack Benke, call 651-405-9105.

To submit story ideas, contact Emily at [email protected].

Sean Mooney

Page 2 Mature Lifestyles • Friday, March 22, 2013 sunthisweek.com

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sunthisweek.com Mature Lifestyles • Friday, March 22, 2013 Page 3

BY EMILY HEDGESCONTRIBUTING WRITER

Dave Regel of Spring Lake Park be-lieves that everyone should feel comfort-able in their home, no matter what their physical challenge. This is why the ex-U.S. Navy corpsman decided to make construc-tion of accessible housing his life’s work.

Regel prefers the term “accessible housing” for the concept that goes by many names, including universal home design, barrier-free housing, building for a lifetime and disabled housing. He points out that buildings and outdoor spaces are designed for people who have full use of all limbs and all fi ve senses, but more than 43 million Americans do not fall into this category.

“I worked on many people who came back from Vietnam. So many were re-turning home disabled,” said Regel, who served from 1967-1973. “I saw how many people couldn’t get up a step in the only place they had to live. I fi gured there had to be a better way. I just believed they could live a better life, even if they came back disabled.”

Regel planned to become a podiatrist after returning home. He studied pre-med at the University of Minnesota. However, his experiences volunteering with the Co-lumbia Heights Jaycees inspired him to change career paths and try to help alle-viate some of the problems he fi rst recog-nized in returning veterans.

Drawing on his experience working construction as a young man, he decided to take on the challenge of constructing and retrofi tting homes to make life easi-er for residents with physical challenges, something he has continued to do for al-most 20 years.

“So many things could be done to help these people. Nobody wanted to do it, so I decided to do it,” he said. “When you see people who can’t go up stairs, and there’s no one there to help them, you want to do something about it.”

“Universal home design” is an impor-tant initiative for the Metropolitan Area Agency on Aging (MAAA) serving the seven-county metropolitan area.

“The Metropolitan Area Agency on Aging is committed to changing aging in our communities,” said Dawn Simonson, executive director of the Metropolitan Area Agency on Aging. “This includes paying attention to the built environment and encouraging the incorporation of uni-versal home design elements when build-ing or remodeling homes. Universal design

is the idea of making things comfortable and convenient for many different people at many stages of life or ability. Universal design is attractive, simplifi es housekeep-ing tasks, and eliminates common causes of home accidents. Universal design sup-ports older adults to age comfortably and safely in their homes and communities.”

Steve Earl of Homecare, Incorporat-ed in Bloomington, also spends much of his time working on universal home design projects.

“(With) baby boomers and (the) se-nior population getting older, they want to stay in their own house,” Earl said. “The need to make it as comfortable and easy to use and safe as possible for all of those people.”

Regel agrees.“With the number of boomers com-

ing, you’re going to see this becoming a very big part of the market,” he said. “Your home doesn’t have to look disabled. It looks like a regular home, but the fea-tures allow you to live a fuller life.”

This goes for younger people as well. Regel points out to his clients that access-able housing can benefi t a person well be-fore retirement years.

“In all of our lives, something will happen to make us disabled for a time,” he said. “You could bend over to tie your

shoes and hurt your back, or break your leg sliding into home base.”

Earl says that building codes are adapting to many of the safety trends that are part of universal design homes.

“All of these things are better than they were 25 years ago,” said Earl. “With the costs that go into assisted living, more people will want to adapt their home so they can stay their longer.”

AARP lists these essential univer-sal design features: no-step entry; single-fl oor living; wide doorways and hallways; reachable controls and switches; and easy-to-use handles and switches. Other recom-mended features include: front-loading washer and dryer; easy-access kitchen storage; no-threshold showers with built-in seats; non-slip fl oors; easy to open win-dows; task lighting; and D-shaped cabinet pulls.

For more information on MAAA, go to www.tcaging.org; for Dave Regel, go to www.drcinc.com; for Homecare, Incorpo-rated, go to www.homemcareincremodel-ing.com.

To submit story ideas, contact Emily at [email protected].

Building for a lifetime - Special home construction for accessible living

In order to make a multi-level home work for residents in wheelchairs, Regel might install a stair lift like the one pictured here. Photo credit: Sue Calistro of Regel Accessible Products, Inc.

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Page 4 Mature Lifestyles • Friday, March 22, 2013 sunthisweek.com

BY EMILY HEDGESCONTRIBUTING WRITER

Wellness is the word that seems to defi ne 21st century senior housing com-munities.

From the planning stages of new developments to additions and improve-ments to existing facilities, fi nding new ways to help residents achieve good physi-cal and mental health is the key to grow-ing robust communities.

The Waters of Edina and The Waters of Plymouth, each scheduled to open in 2013, are breaking new ground in build-ing design and functionality for holistic wellness.

“We see seniors and their families wanting access to more educational pro-grams, fi tness, wellness, spirituality and alternative health therapies,” said Char-lotte Lozier, director of marketing and communications for The Waters Senior Living.

The new communities will each offer amenities like a well-being center with ar-eas for activities like yoga and relaxation classes; a day-spa and salon; creative arts studio; spiritual center; and trees, plants and waterfalls that bring nature indoors.

“Wellness is woven not only through our daily programming, but into the

bricks, sticks and mortar of the building,” said Lozier.

When looking at how to foster well-ness, Lozier said that thought and atten-tion were given to the smallest details, right down to the acoustics and lighting of the rooms and common areas.

“We’re partnering with experts in the fi eld that provide us insights on how to enhance the way we operate our buildings - including the University of Minnesota’s Center for Spirituality and Healing,” Lozi-er said. “When designing our buildings, we focus on design elements that enrich our resident’s daily living activities. Our common areas are designed to facilitate socialization and wellness. We aren’t just building pretty buildings - we create com-munities that encourage seniors to thrive.”

Helping seniors thrive is the passion of Heidi Johnston, director of wellness for Parkshore Senior Community in St. Louis Park. She believes innovation is one way to do it. Although the complex is celebrat-ing a quarter-century of operation, its new fi tness and wellness center is addressing the needs of a new generation.

The Park Club opened one year ago to offer the latest fi tness technology de-signed to reduce pain, increase energy and impact overall health and wellness. It is open to community members 55 and old-

er, and more than 200 seniors have already joined. Monthly fees apply, which include a full assessment and orientation with ac-cess to the fi tness center, swimming pool and a variety of classes.

“Statistics show it is common to be-come more sedentary as we age,” Johnston said. “Park Club helps keep residents as active and mobile as they’d like to be.”

One of the center’s most advanced of-ferings is the Technogym key system that takes the guesswork out of exercise. Each member has a key that may be loaded with custom exercise programs.

On-screen brain games give the mind a workout along with the body while the resident exercises.

“The Technogym key system keeps track of what they do,” Johnston said. “I can tell them, ‘You’re fi ve miles into the New York City Marathon.’”

Johnston believes the Park Club is more than a place to work out. The social opportunities it provides are also impor-tant in promoting holistic wellness.

“We focus on helping our residents stay strong and avoid falls, and an added bonus is the social aspect of coming to the Park Club and connecting with friends new and old,” said Johnston. “I love see-ing the conversations that take place in the pool. It is such a social place for residents

to share and connect. This place isn’t just about pumping iron - it’s all about making a social and emotional connection with others.”

For more information about The Wa-ters of Plymouth, call 763-447-4037; for The Waters of Edina, call 952-314-6633 or visit www.thewatersseniorliving.com. For more information on Parkshore Se-nior Community and The Park Club, go to www.parkshoreseniorcampus.com.

Park Club anniversary

Here is some more information on the Park Club, which recently celebrated its one-year anniversary:

• Warm Water Pool - Our zero-entry pool with a wheelchair accessible ramp is set at 91 degrees. The warm water makes for easier movement and alleviates both joint and arthritis pain. Residents can use the pool independently or join one of our many offered classes. The pool is between 3-5 feet deep

• Technogym Key System - This is a special key that acts like a personal trainer guiding each senior from one exercise ma-chine to the next while counting reps and marking goals.

Finding wellness in spaces designed for health

An architectural rendering of The Waters of Edina. The new senior living community, located off of Highway 62, will open in October 2013. Photo submitted by The Waters Senior Living.

WATERS - TO PAGE 6

sunthisweek.com Mature Lifestyles • Friday, March 22, 2013 Page 5

Leaving home: Housing transition needs planning, compassionBY EMILY HEDGES

CONTRIBUTING WRITER

Cindy Amberger has loved to organize since she was a little girl.

She has an early memory of standing on her mother’s countertop, her head not tall enough to touch the ceiling, and re-ar-ranging the cupboard.

“I’ve always dabbled in organizing,” she said. “This is what I was put on Earth to do.”

Although organizing was always a part of her life, she didn’t make it her primary ca-reer until seven years ago, when she began Organic Organizing, a business that works one-on-one with a wide spectrum of clients in the metro area, from hoarders to families with loved ones that have passed away.

“Some families need someone trust-worthy to clean out a loved one’s home and fi nd valuables in the process,” she said. “I love doing that. It’s like a treasure hunt. I love fi nding things the family didn’t know existed.”

She also works with clients who are not facing a move address the volume of posses-sions they have.

“This burden would fall to their chil-dren after they are gone, so doing this in ad-

vance is a great gift,” she said. “I tell them to think of me as the physical body and they are the head. They make the decisions and I do the physical work. We’re a team.”

In addition to her work with Organ-ic Organizing, Amberger assists seniors through diffi cult moves working as a part-time move manager for Gentle Transitions, a local relocation and move management company.

Gentle Transitions sends a move man-ager to meet with the client and help them decide what will go with them to their new home. On moving day, a team arrives at the home and packs everything in fi ve hours or less, leaving out only what the client needs to spend the night.

The next morning, a moving crew ar-rives and takes everything to the new home where they are met by the same Gentle Tran-sitions team ready to unpack.

The move manager then handles clear-ing out the old home of items that will be given away, donated, sold or discarded. For donated items, it’s important for Amberger to explain to the client where the items are going and who they will benefi t.

“I’m working with people who have lived in their home 40, 50, even 70 years,” said Amberger. “They remember moving in

as a young couple, raising a family and now they are at the other end of the life continu-um. It’s sad and beautiful at the same time.”

Most of her clients with Gentle Transi-tions have had a signifi cant change in life cir-cumstances, such as health issues or loss of a spouse. She tries to remember this when it comes to helping them decide what to keep and what to get rid of.

“There’s not one person out there who isn’t scared,” she said. “Imagine a person who has just lost the person they spent their life with, their health is changing, and they are feeling lonely. Now their kids are on them about throwing things away. Who wouldn’t be terrifi ed?” said Amberger.

When she encounters adult children frustrated because of their parents inability to throw things away, she suggests they focus instead on picking out their favorite things.

“I might say, ‘Talk to me about this,’ or ‘Tell me about this vase.’ Make everything else invisible,” she said. “Once most people go to their new place they won’t think as much about their old home. Focus on the positive side of things. So what if a closet is too full? As long as they can navigate their home safely, that’s the important thing.”

When Amberger moves a client with memory issues, she takes photos of the way

things were originally arranged and rep-licates it as closely as possible in the new home.

“If the coffee table is jumbled up with stuff, we take pictures of what it looked like. In their new apartment, the table will look the same. Memory patients need that,” she said. “The less change the better.”

Amberger fi nds that most clients feel a huge sense of relief once they have made the transition into smaller, more manageable housing. The key is to make the transition as gentle and kind as possible.

“It’s a fascinating world. These peo-ple have lived vibrant lives, and they de-serve respect and compassion,” she said. “You can’t say, ‘Buck up, we’re moving.’”

For more information about Gentle Transitions, call 952-944-1028 or go to www.gentletransitions.net. For more information on Organic Organizing, contact Amberger at [email protected], or fi nd her through Generations Plus, a collection of local professionals who have come to-gether to provide information, services and education to the 55-plus community. Go to www.generationsplus.org.

To submit story ideas, contact Emily at [email protected].

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Page 6 Mature Lifestyles • Friday, March 22, 2013 sunthisweek.com

The key system keeps track of a person’s workout on each piece of equipment, recording the daily exer-cises, counting the pounds of weight a person lifts and the distance they walk. The data is tallied to show the grand to-tal they have walked or biked in com-parison to the New York Marathon or the Tour de France. The staff creates a program for each resident/community member that helps people reach their fi tness goals

• Cognitive Stimulation –The car-diovascular equipment (treadmills and bikes) offer “brain games,” using Inter-net and television to help keep seniors stimulated for the entire workout.

• Staff: 2 full-time, 1 part-time• 200 residents use the pool, equip-

ment or attend exercise classes.

• 15 community members have joined (community members who are over 55 are able to purchase monthly memberships to Park Club)

• 22 staff members maintain the Park Club equipment

• Insurance reimbursement for resi-dents/community members with specifi c insurance programs

• Aquatic classes offered each week: Arthritis, Splash n’ Shape, Aer-obics, Circuit class

• Land-based classes: Movement Matters, Actively Seated, Rhythm Movement, Walking group, Line Danc-ing, Yoga

• Programs we offered throughout the year: Olympics Challenge, Wellness Week, Fall Prevention seminar and as-sessments, Winter Carnival

• Additional services: massage ther-apist on site

To submit story ideas, contact Emily at [email protected].

The WatersFROM PAGE 4

Parkshore’s Park Club is open to community members 55 and older. Monthly fees apply, which include a full assessment and orientation, and access to the fi tness center, swimming pool, and variety of classes.

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sunthisweek.com Mature Lifestyles • Friday, March 22, 2013 Page 7

New homes make room for multigenerational familiesBY EMILY HEDGES

CONTRIBUTING WRITER

Plymouth resident Hatem Madkour has always known his parents would live with him someday.

That’s why his new home under construction will have an in-law suite on the basement level, complete with a full kitchen, laundry room and separate walkout.

For a growing number of Ameri-cans, moving in with a loved one will be their best long-term housing option.

“Since I was young, my parents were opposed and fearful of assisted living,” he said. “There are no nursing homes in Egypt. It is culturally engrained that parents live with children. When we had the opportunity to build a new home, we had this in mind.”

A United States Census Report on multigenerational households (defi ned as a household consisting of three or more generations) issued in 2012 shows that 3.7 percent of households in the United States were multigenerational in 2000. By 2010, multigenerational house-holds had increased to 4.0 percent. Of all multigenerational households, 33.7 percent are like the Madkours – a house-holder living with parents and children.

A fact sheet released by AARP Public Policy Institute has a broader defi nition of multigenerational housing, which also includes a householder liv-ing with either a parent or a grandchild. According to their numbers, growth of multigenerational households has accel-erated during the economic downturn. There were 6.2 million multigenerational households resided in the United States in 2008 (5.3 percent of all households.) That number jumped to 7.1 million households by 2010 (6.1 percent of all households.) The increase in these two years represents a faster rate of growth than the previous eight years combined.

In a January 2010 survey of its real estate professionals by Coldwell Banker,

fi nancial drivers were cited as the num-ber one reason why home buyers or sell-ers are moving into a house with other generations of their family (39 percent). Twenty-nine percent said that health care issues are the primary reason, and 6 percent listed a strong family bond as the main factor.

Gregg Larsen of Coldwell Banker Burnet Wayzata agrees that demand will probably grow in the future, but so far he’s been surprised at how often proper-ties come up for sale and don’t move.

“When we’ve had them for sale, I haven’t had the interest I thought I should have. But when you’re looking for that feature in a house, it can be a challenge,” said Larsen.

Larsen says that due to zoning re-strictions in most communities, in-law suites are attached, most often above a garage.

“Some communities have adopted ‘granny fl ats,’ which are basically guest houses on property for multi-genera-tional housing,” said Larsen. “Changing restrictions to allow them seems to be a trend that communities are looking at.”

In Larsen’s experience, having a separate entrance is the most important feature.

“They want to feel like they are in their own home, not in a bedroom at the end of the hall,” he said. “It’s a big adjustment having family live with you. No one wants to feel underfoot. While the principle of the house wants them there, they are also raising their own family.”

The experience of having his chil-dren under the same roof as his parents is more than a cultural expectation for Madkour. “My grandmother died when I was young, and my grandfather died a short time later,” he said. “I didn’t know them, and I want my children to know their grandparents.”

To submit story ideas, contact Emily at [email protected].

Pictured is an example of an in-law suite living arrangement from a Coldwell Banker Burnet listing by the Barry Berg Group. The property is located at 2104 Kenwood Parkway in Minneapolis. Photo credit: Coldwell Banker Burnet/Landmark.

In our May issue, Mature Lifestyles will focus on veterans and their families. Do you have a compelling story to tell, or know someone who does? Are there people or businesses offering important service to vet-erans? Let us know by emailing Emily Hedges at [email protected].

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Page 8 Mature Lifestyles • Friday, March 22, 2013 sunthisweek.com

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