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September 21, 2016     Sentinel Tribune
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September 21, 2016
 

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SENTINEL TRIBUNE Wednesday, September 21, 2016 Page 10 From the Office of MN based on several factors. The there are other options that Attorney General, kori tess you owe on your current may be better for you. Swanson mortgage, the more you can Review Costs and Fees. For many seniors citizens, borrow through a reverse Reverse mortgages may be their home is the most valu- mortgage. Depending on costly. Lenders sometimes able asset they own. Some your financial assessment, a charge up front origination companies market the lender may require you to set fees and closing costs, so be "reverse mortgage" as a way aside funds from the pro- sure to shop around for the for seniors to convert this ceeds of the loan to pay for best price. equity into cash to pay their expenses associated with Beware of sales gimmicks. bills or supplement their your home. Beware of anyone who tries income. The amount you owe on ato sell you something and A reverse mortgage is a reverse mortgage grows the suggests you pay for it with a loan that allows qualifying longer you live in your home reverse mortgage. Lenders, homeowners to borrow Interest charges are added to brokers, or originators can't against the equity in their the amount of the loan each require you to buy an annui- home, which may be paid out day that you hold it, so the ty, investment, life insurance, in cash installments or one total amount you owe may or a long-term care insurance lump sum. The loan is gener- substantially grow over time. product as a condition of ally repaid when the borrow- When you take out a feder- obtaining a reverse mortgage er moves or passes away. ally insured reverse mort- loan. To qualify for a federally gage, you or your estate will Beware of fear tactics. Be insured reverse mortgage, not owe more than your skeptical of agents who use you must be at least 62 years- home is worth when the loan fear of going into a nursing old and live in your home. is repaid. The reverse mort- home or running out of Before approving you for a gage may grow to equal the money to sell you a reverse loan, lenders are required to value of your home. Because mortgage. Beware of lenders conduct a "fmancial assess- you still own your home, you or agents who falsely tell you ment" to determine your are responsible to pay the that the government has ability and willingness to pay property taxes, insurance, somehow endorsed the sale the costs associated with and costs of upkeep to your of reverse mortgages. your home (e.g. property home. Some people who take Get legitimate help. The law taxes and home insurance), out a reverse mortgage can requires you to undergo This is typically done by lose their home if they can't counseling before you are reviewing your credit report afford the taxes, upkeep, and sold a reverse mortgage. and comparing your income insurance. Some counseling is just over and expenses. If you are considering a the telephone and may be by The amount of money you reverse mortgage, consider someone who is paid by the may borrow through a whether it is suitable given lender. Because a reverse reverse mortgage varies your circumstances or if mortgage is a complicated product and can have serious seven day "cooling off' peri- reverse mortgage within financial consequences, you od once a borrower has three business days by noti- should consult an indepen- accepted, in writing, the fying the lender in writing. dent attorney or trusted advi- lender's offer, during which The lender has 20 days after sor before you enter into the the loan cannot close and the you cancel to return your transaction, borrower can still walk away. money you paid for fmanc- You have a right to cancel. Under federal law, borrowers ing. Under State law, there is a then have a right to cancel a Storden Class of 1946 A 70th class reunion was held for the Storden class of 1946 recent- ly at the Shady Drive Inn, Storden. There were 18 members of the class with 8 surviving members. Pictured from left: Zola (Lohre) Wood, Eunice (Polk) Noding, Gladys (Hedman, Mathiason) Warner, Dean Olson, Bernella (Christenson) Schimbeno, (Janet Roemer) Mischke. Members not able to attend were Kenneth Sykora and Althea (Byers) Hechsel. Submitted photo APlacehlthe *Weddings *Ftmemls *Flowers & Balloons for every occasion *Cratts of all kinds Phone 507-274-6600 L. Oslan Westbr k, MN 4 miles W. of Westbrook on Hwy. 30,11/2 miles S. ..... '1 [LOCKWOOD MOTORS, INCI glndy M. Jensen | [~i:.-' ....CertifiedPublicAccountant l // MARSHALL. MINNESOTA 5625811310 E. COLLEGEDR ! l P,0ne: 507)831-022, ! / SOS: (50r) 537-1526 1-800-658-2455i [ Fax number: (507)831-5740 1 I [ . moto .eom ] I PO BOX 71 .WESTBROOK, MN 56183 I I KATHY ZENS 507.763.3225 (HOME) 507.828.4350 (CELL) Muske, Muske & Suhrhoff Law Office Call Maryellen Suhrhoff 507-274-5980 611 First Ave. Westbrook, MN Wednesday afternoons or by appointment or call the Windom office 507-831-5575 188428 BIRKHOLZ LAW LLC ATFORNEY AT LAW Daniel A. Birkholz Family Law Criminal Defense Real Estate Wills, Trusts and Probate:, Estate planning Wes rook 507-274-6501 St. James * 507-375-3374 251945 Ron's Electric, Inc. Serving the area for over 35 years! 507-274-5650 I Westbrook @(~ BlueCross BlueShield See us for all your electdcal and appliance needsl i ~uthorlzed Dish Network Dealer. (t~rl~,/~l~) Waln.t Grove, MN d~Rh 59 ,.,. ,..,,u,. I~ 507-8 -2114 '-" FISHER PRIMARY EYE CARE CLINIC Hours: Dr. M.R. Fisher 507-831-3478 Mon. thru Fri. 9 a.m. to 5 p.m. 230 Tenth St., Windom, MN 56101 * V'~ual analysis, diagnosis & therapy * Age-reiated macular degeneration - * Cataracts - pre-op & Ix)stop care diagnosis & treathlent * Glaucoma - diagnosis & ITeatment * Foreign body removal * Eyelid Problems - diagnosis & referral * Treatment of ocular pathology * Refractive laser surgery - referral & * Contact lenses & glasses available, if post-op care needed steffenelectric.com Serving Windom & surrounding communities for 43 years! Financing Now Available Ted Enstad- Owner Walnut Grove, MN 507-626-4346 email: ted@tandchvac.com web: tandchvac.com 241557 PAT LOWTHER LAW TAKE CARE OF YOUR FUTURE atl.o - pat@lawmanpal, om www.p edaw.com 630 First Avenue Westbrook, MN 507'794-5291 WESTER'S LOCKER Bacon- Ham- Sausage Retail Meats: fresh & frozen Custom Slaughtering- Sides & Quarters Deer Processing Available 536 1st Ave., Westbrook Tim Wester, owner 507-274-5900 164917 I 251923