SENIORS LEGAL AND SUPPORT SERVICE
REVERSE MORTGAGE OR 'EQUITY RELEASE' LOAN PRODUCTS
Example ... The story of George and Anna
George and Anna have owned their home outright since 1985. Since then, house prices have risen dramatically. George and Anna decide to borrow against their property to supplement their pension.
Their bank advised them to get an equity release loan for seniors that they do not pay back until they leave the house or die. They borrowed $100,000. Five years after taking out the loan, Anna's needs change and she moves into an aged care facility. George wants to move into his daughter's home. George is shocked to realize that he must now sell his house and repay the bank. The repayment is also much more than he expected, $154,000 after only five years.
Legal Considerations
Older people are often tempted by special products which allow them to 'unlock' the equity in their homes. These 'reverse mortgages' allow a person over a certain age to borrow a percentage of the value of their home. Usually there is no requirement to make regular repayments until the home is sold or no longer occupied by the borrower.
Each year the borrowing costs such as fees and interest are added to the loan balance. Usually the loans have 'compounding interest' so, after time, interest is charged on the interest already added. Balances rise very rapidly.
When the home is sold, the loan and interest is repaid. In many cases this is done after the homeowner dies. If like Anna and George, circumstances change for a borrower, the terms of the loan will impact on their life choices. George cannot move out of the property without selling and repaying the bank. If he sells the property his pension may be affected.
Gifts of time and love are the basic ingredients of a truly merry Christmas.
From COTA Q News Release
COTA Queensland supports the national Fair Go for Pensioners Campaign in their call to:
- Increase the Age Pension to 35% of Male Average Total Weekly Earnings and index its real value
- Set the single pension at two thirds the couples rate
- Backdate the pension review increases to July 2008
- Negotiate consistent concessions for pensions nationally.
"A fair rate of pension recognizes the substantial contribution of older Australians to this country and will ensure that the older generation can continue to contribute in civic, cultural, volunteering and caring roles."
Senior Citizens Concert
Senior Citizens' Centre, 333 Alice Street, Maryborough
November 18th at 1.30pm
Come and enjoy the Christmas Entertainment
and delicious afternoon tea for $3.00
Last Concert for the year
Congratulations Ian Wharton
Ian is one of the MAD COTA readers of the ORACLE, the talking newspaper for the reading impaired. Ian was presented with the Desley Maitland Perpetual Shield at the recent Fraser Coast Disability Awards. He has devoted his time helping other people since retiring from his job as an architect in 1996. Well done, Ian.
'FOOD IS YOUR BEST MEDICINE'
.... eating can be fun if you choose foods that are both healthy and enjoyable to you. Also, eating with friends can provide a social benefit as well as support for eating well, as you age.
Meals on Wheels Fraser Coast can offer you
3 Individual Hot Meals a week for as little as $15.00
Telephone 4121 4297 and ask for Vicki
Purple People Feeders still have some dates available for Christmas functions. Telephone Glenys on 4121 4636 to claim your date or discuss tempting tasty menus for your gathering. Funds raised go to support Meals on Wheels Fraser Coast.
Minister's Awards for Excellence in Aged Care
The Australian Government has announced the Minister's Awards for Excellence in Aged Care. Awards are open to individuals and organisations across aged and community care including Commonwealth-subsided nursing homes and hostels, Community Aged Care Package Providers and Extended Aged Care at Home Providers as well as Home and Community Care. If you would like to nominate someone or some organisation for an award phone 3239 3075 for more information.
This is the message of Christmas - we are never alone.
Remember, if Christmas isn't found in your heart, you won't find it under a tree.
I will honour Christmas in my heart and try to keep it all the year.
PRESCARE are seeking volunteers to help with cooking, crafts, gardening and lots of other activities. See Ivy McAuley at Groundwater Lodge if you can help.
FOLLOWING DOCTOR ORDERS
Morris, an 82 year old man, went to his doctor for a pre-Christmas medical check-up. A few days later the doctor saw Morris walking down the street with a gorgeous young woman on his arm.
A couple of days later the doctor spoke to Morris and said: "You're really doing great, aren't you? Should be a happy Christmas!"
"Just doing what you said, Doc – get a hot mamma and be cheerful," Morris replied.
To which the doctor said: "I didn't say that, Morris. I said: 'You've got a heart murmur, be careful."
DECK THE HALLS
The practice of decorating our homes with evergreens throughout the festive season arises from customs which stretch right back to pre-history and pagan times.
Throughout northern Europe, branches of holly and other evergreens were gathered and displayed during important ceremonies to mark the winter solstice.
As they still bore their leaves, berries, and sometimes even flowers, when all other vegetation was dead, evergreens were seen as a symbol of eternal life. Holly, ivy and mistletoe were thought to be especially potent, as they were evergreens which carried their fruits in mid-winter.
The Celtic priests, the Druids, wore sprigs of holy in their hair throughout their rituals. The pointed holly leaves were thought to provide magical protective powers against evil spirits. They were also believed to have medicinal properties.
When St. Augustine converted the Anglo-Saxons to Christianity in 598 AD, many of the old rituals were superimposed on to the new religion. Gradually, the pagan origins were forgotten and overlaid with Christian meanings.
The holly, for instance, was said to represent Christ's crown of thorns, and the red berries were His drops of blood.
MILLIONAIRES SHORTBREAD
Ingredients
- 200 g (7oz) shortbread biscuits, crushed
- 25 g (1 oz) butter, melted
For the fillings
- 150g (5 ½ oz) butter
- 150 g (5 ½ oz) dark brown soft sugar
- 1 x 397 g can Carnation Condensed Milk
For the Topping
- 200 g (7 oz) milk chocolate, melted
- 55 g (2 oz) white chocolate, melted
Method
- Line a square 20 cm (8 in) baking tin with baking parchment. Mix the biscuits with the butter and then lightly press mixture into the tin to make an even layer. Chill for 20 minutes.
- To make the filling, place the butter and sugar into a non-stick pan and stir over a medium heat until the butter melts and the sugar dissolves. To make a golden caramel, add the condensed milk, stirring continuously, until the first bubbles appear on the surface. Remove from the heat as soon as it comes to the boil.
- Spread the caramel evenly over the crumb base and then cool and chill for about half an hour.
- Pour the melted milk chocolate over the caramel, smoothing to the edges. Place small spoonfuls of the white chocolate on top and gently swirl together to create the marbling effect. When the chocolate has hardened a little, cut into squares.
Makes 9-12 pieces
DID YOU KNOW? In 2004 the German Post Office gave away 20 million scented stickers to make Christmas Cards smell like a fir Christmas tree, cinnamon, gingerbread or a honey wax candle.
ACTIVITY CLOSING DATES
The ORACLE (Tapes for the Print Impaired) The final news tape will be compiled and distributed on 10th December. The Christmas tape will e distributed the following Wednesday, the 17th.
This year OUR PLACE will be open for the convenience of our patrons to do their Christmas shopping – Last day – Thursday 18th December.
COMPUTER Access will cease on December 12th and reopen 2nd February 2009.
SENIOR CITIZENS' CLUB will close on the 12th December and reopen for activities on the 5th January 2009.
U3A Maryborough Christmas Partywill be held on Friday December 5th with final activities for 2008 on Friday 12th December.
The MaD COTA Annual Volunteers' Thank you Christmas Party will be held on Tuesday 16th December at the Senior Citizens' Centre 10am.
EQUAL OPPORTUNITY
A little old lady, contemplating yet another Christmas on her own, was sitting on a
park bench in an adult community. A man walks over and sits down on the other end of the
bench. After a few moments, the woman asks: "Are you a stranger here?"
He replies: "I lived here years ago."
"So, where were you all these years?"
"In prison," he says.
"Why did they put you in prison?"
"He looks at her and very quietly says: "I killed my wife."
"Oh!" says the woman, "so you're single....."
The Maryborough & District Committee on the Ageing Inc.
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