Umbrella Wins National Award
Handyman Bill Gosier, 75, left, checks out the dishwasher of client Leonard Tucker, 90, in Tucker’s Albany, New York, home.
At ceremony held at the National Press Club today in Washington DC, Civic Ventures and MetLife Foundation have awarded an Encore Opportunity Award to Umbrella of the Capital District, Inc.. The agency is one of eight organizations throughout the United States being honored for making it easier for experienced workers to transition into encore careers – paid jobs that offer meaning and the chance to make a social impact. Umbrella received the most votes of any organization in the nation. A total of nearly 100 organizations were considered.
Founded in 1995, Umbrella is a Schenectady based nonprofit organization devoted to helping senior citizens and people with disabilities throughout the Capital District to maintain their homes and to live independently. The organization intentionally recruits 50-plus workers with the appropriate technical skills including carpentry, painting, miscellaneous repairs and lawn care. In addition, Umbrella’s workers also help the elderly and disabled with grocery shopping, transportation and house cleaning.
The individuals who serve as Umbrella handypersons come from all walks of life. Many are retired police officers and firemen; others are homemakers, or retirees from business and industry who enjoy and are talented at repairing and sprucing up houses.
“This year’s Encore Opportunity Award winners are innovative, adaptable and smart – and clearly recognize the need to take advantage of the windfall of talented older Americans,” said Dennis White, CEO and president of MetLife Foundation. “These trailblazing employers can serve as a model for others to follow.”
While layoffs and hiring freezes remain the norm in most industries, experts still project talent shortages in some health care, education, nonprofit and government jobs. Meanwhile, surveys show that millions of boomers want to find encore careers where they can give back and have an impact. But finding the right fit is not always easy.
“For those in midlife and beyond, looking for a job these days is often a do-it-yourself project made all the worse by exhaustion, isolation, and high unemployment,” said Phyllis N. Segal, vice president of Civic Ventures, a think tank on boomers, work and social purpose. “But some nonprofit and public sector organizations are hiring and retaining people over 50 to meet community needs – and doing so in an exemplary fashion.”
Finding skilled staff for Umbrella is an ongoing challenge according to Elaine Santore, one of Umbrella’s co-founders. “We are always looking for talented and caring people to assist our members in maintaining their homes and independence, Santore said. “These kinds of jobs are especially well-suited for retirees, who may seek reduced hours and the ability to mix work with family, travel or other activities during retirement.” “The program is very flexible; the handypeople get to choose when they work, where they work and what they want to do.” “In the long run, this kind of program can contribute to improved overall health for everyone involved. This goal is achieved through high quality home maintenance, the emphasis on prevention and the sense of connection that is inspired when seniors have an opportunity to reach out and help others in their communities,” she added.
Umbrella, which serves four upstate New York counties, maintains a pool of roughly 140 workers, called “handypeople,” available for minor home repair and housekeeping. As of fall 2009, 94 percent of Umbrella’s handypeople were 50 or older.
“The fact that the workers are older is a big part of why clients enroll in Umbrella,” Santore says. They’re served by “peers who are trustworthy, respectful, and capable – someone they can relate to.”
Clients pay a yearly sliding scale membership fee ranging from $145 to $315. When they need work done, they call Umbrella, which arranges a service call. The client pays the handyperson directly – $12 per hour.
Bill Gosier, 75, signed up as a handyperson five years ago. He had been a food services manager for 30 years and had dabbled with home repair as a side business. In his mid-60s, Gosier had taken a maintenance job at a department store chain and retired at 70. He had heard about Umbrella at the local library and joined its roster a few months after retiring.
Gosier says he enjoys the work and being able to help people. He knows he could make more if he went into business for himself, but he appreciates Umbrella’s flexibility. And besides, he says, “If I was a contractor, I’d need to hire someone to schedule my jobs for me.”
Umbrella’s model is spreading, expanding encore opportunities. Recently, the organization helped a senior services provider in nearby Colonie, New York, create its own program.
Rick Iannello, executive director of the Albany Guardian Society, a nonprofit that seeks to improve seniors’ quality of life, says he respects Umbrella’s founders for creating a necessary, innovative, sustainable service. The benefits to the clients, he says, are obvious. The benefits to the workers may be more subtle, but are just as meaningful.
“The fact that they are paid for their work is highly important,” Ianello says. “It recognizes that you as an individual have a life of skill and effort. And now we’re asking you to put that to work for older people.”
In 2007, MetLife Foundation and Civic Ventures first honored nonprofit and public sector employers with what was then called the BreakThrough Awards. The inaugural winners similarly exhibited successful strategies for finding, hiring and maximizing workers over 50.
About Civic Ventures (www.encore.org)
Civic Ventures is a national think tank on boomers, work and social purpose.
About MetLife Foundation
MetLife Foundation was established in 1976 by MetLife to carry on its long-standing tradition of corporate contributions and community involvement. The Foundation has been involved in a variety of aging-related initiatives addressing issues of caregiving, intergenerational activities, mental fitness, health and wellness programs and civic involvement. More information about the Foundation is available at www.metlife.org.
Attention GE Employees, Retirees and Spouses
The GE Foundation Matching Gift Program supports GE employees and retirees in their personal philanthropy and fundraising efforts by matching individual contributions of $25 or more made to Umbrella of the Capital District by current GE employees, retirees or spouses.
To register your gift to Umbrella with the GE Foundation, CLICK HERE or cut and paste the following URL into your browser’s address bar:
www.ge.com/foundation/employee_programs/matching_gifts.jsp
Gifts may also be registered by phone using a valid GE SSO ID by calling the matching gifts Customer Support Center at (800) 305-0669. Questions may be directed to the Customer Support Center at the same number or by email to gesupport@cybergrants.com
Changes in Reverse Mortgages
The financial markets continue to fluctuate affecting most Americans retirement accounts. With all the negativity swirling about the economy, the most positive story to come out of the battered financial industry last year was the renewed interest in reverse mortgages. These loans are helping to ease concerns about outliving retirement savings and maintaining a satisfactory lifestyle during these turbulent times.
Reverse mortgages allow borrowers to continue owning their home, AND provide additional income to supplement retirement funds and payoff current mortgages. Plus, a reverse mortgage can also be complimented with a line of credit that earns interest for the homeowner to meet future needs.
There have been some major changes with the passage of the Housing and Economic Recovery Act of 2008. The federally insured HECM reverse mortgage now has a cap on the loan origination fees effectively lowering closing costs. The maximum lending limits have also been increased to $417,000.00 in New York State allowing access to a larger percentage of a home’s equity. This increase will bring the cost associated with reverse mortgages more in line with the loan benefits.
Another new wrinkle that was included in the Housing and Economic Recovery Act is you can use a reverse mortgage now to purchase a primary residence. The HECM reverse mortgage purchase adds a great, interesting option for anyone over the age of 62 who is looking to relocate or downsize.
The proceeds from the sale of their current home or using other assets can be combined with the funds from a reverse mortgage to purchase a new home. This will allow an individual to purchase without the burden of making a monthly mortgage payment.
For example, let’s say you’re 63 years old and you want to purchase a new property. The new property you selected costs $250,000. You sell your current residence and clear $200,000 from the sale. If you chose to buy the property with a reverse mortgage, you would be eligible for a $141,000 loan that you never have to pay back. You can put $109,000 down on the new house and bank the remaining $91,000.
With a conventional mortgage you would be required to income and credit qualify. You would also have to make a mortgage payment every month with less or no money in the bank. There are no income qualifications with a reverse mortgage, nor is there any monthly payment to the lender.
Because proceeds from a reverse mortgage are age specific (the older you are the more you get), based on the example above, if you were 75 years old you would be eligible for a $166,500 reverse mortgage, allowing you to bank $116,500.
A reverse mortgage is not for everyone. Other options should be weighed and financial experts consulted before entering into this type of loan. You should however, become familiar with the benefits of a reverse mortgage to consider whether this financial tool would enable you or someone you love to enjoy a more comfortable and rewarding retirement. In addition, especially in today’s turbulent market environment, it is advisable that borrowers work with local mortgage bankers rather than out-of-state brokers through phone calls only.
For more information about reverse mortgages or to receive additional free information tailored to your specific needs and circumstances, please contact Larry Pentak at First Niagara Mortgage at 518-464-1100 Ext.366 or email at l_pentak@firstniagaramortgage.com.
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