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Much has been made of the fact that immigrants, and unauthorized ones in particular, are draining money and services from the American people. Conservative politicians, right wing voices and Fox News hosts have banged this drum in particular for some time. However studies don’t bare this out.
According to a recent article in the Los Angeles Times, a study has shown that "3.1 million undocumented immigrants were working and paying Social Security taxes. Those contributions, estimated at $13 billion in 2010, mostly went into the administrative void. The workers who paid them had virtually no chance of ever collecting benefits either. In 2010, only $1 billion in benefits were paid based on unauthorized work". So what does this mean for older adults who are receiving or who will soon receive Social Security benefits? It means that undocumented workers are helping to guarantee that you won’t loose your benefits and are even fattening up the entire system and making it more sustainable. The conclusion is that for a country that is aging like the United States, immigration is an economic necessity to guarantee economically sustainable policies. It also means "the biggest threat to your Grandpa’s Social Security is coming from anti-immigrant and anti-worker ideologues like Sean Hannity and Mike Huckabee." So get the facts before you vote or criticize immigration policies. Also, the next time you see an immigrant working to make ends meet and to send money home for their family, stop for a moment and thank them in your heart for helping to guarantee your retirement benefits.
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The Department of Housing and Urban Development’s Office of the Inspector General will expand its oversight of the HECM program, ensuring it does not pose undue risk to the Mutual Mortgage Insurance (MMI) Fund, according to a statement made this week in President Trump’s proposed Fiscal Year 2020 budget request.
No further details were provided in the OIG citation that appeared on page 27 of HUD’s Budget In Brief. NRMLA will continue to monitor the situation and provide updates to members as needed. The president’s budget request provides a blueprint for funding the administration’s policy priorities, however, Congress ultimately decides what the final funding levels will be for HUD and other federal agencies. The president's budget request reduces HUD’s funding levels by $8.7 billion to $44.1 billion, mostly through cuts to grant programs, such as the Community Development Block Grant and HOME, that finance affordable housing and other local community revitalization activities. However, the budget also cuts funding for housing counseling, including HECM counseling, from $55 million to $45 million. Thanks to NRMLA for this information HAVE YOU CONSIDERED OTHER STRATEGIES TO SUPPLEMENT YOUR RETIREMENT INCOME?
Do you qualify for public or private benefits available to low-income people with Medicare? During reverse mortgage counseling, borrowers will find out if they might be eligible for grant money or other financial assistance by utilizing Benefits Checkup, a tool for identifying services, such as housing assistance, tax deferral programs, home repair grants or loans, food stamps, fuel assistance, social services or healthcare. Did you know there are other ways to tap your home equity? There are several ways homeowners aged 62 and older can tap into their home’s value during retirement, including by: renting out a room in the house or home sharing, refinancing an existing mortgage, taking out a home equity loan or home equity line of credit, selling the home, selling the home privately and leasing back the property for an extended period of time, and others. Each of these options has its own benefits and drawbacks that should be carefully considered before making a decision. YOUR NEXT STEPS / COUNSELING This checklist was created to help you consider whether a reverse mortgage is right for you. Your HUD-approved reverse mortgage counselor can help you to answer additional questions you may have about the loan. |
Mathius Marc Gertz MBA, AFC®
Marc has 36 years in financial services and 6 years in teaching.
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Mathius Marc Gertz MBA, AFC® | BRE #001999021 | NMLS #1125159 | West-Cal Mortgage & Investments Inc. NMLS #1033965 DBA WestCal Mortgage, Reverse
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