Save the Date
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
Jazz Great, Umbrella Member, Lee Shaw Coming To The Egg
Lee Shaw Trio
LEE SHAW performs a special concert featuring her trio - bassist Rich Syracuse and drummer Jeff Siegel - and special guest JOHN MEDESKI on SUNDAY, APRIL 5, at 7:30 PM at “The Egg“ Center for the Performing Arts in Albany, NY. Tickets $24. Box office (518) 473-1845.
MEDESKI, of Medeski, Martin & Wood fame, studied with Shaw for a few years starting at age 13 and calls her one of his most beloved piano teachers. “She’s a fantastic pianist and an incredible musical mind.”
SHAW, a youthful octogenarian who studied with Oscar Peterson and worked with countless jazz luminaries including Dexter Gordon, Thad Jones, Chico Hamilton, Pepper Adams, Zoot Sims, Al Cohn, Richard Davis, Slam Stewart, Major Holly, and Eddie Jones, recently released a “LIVE IN GRAZ” which has earned wide acclaim:
“At age 82, pianist Lee Shaw is one of the unsung elders of jazz… Her harmonic language is expansive, her time impeccable, her touch divine.” - Bill Milkowski, JazzTimes
“…rich, expressive palette. A modest, irresistible person of immodest, irrepressible talent, she comes across both in the interview and at the keyboard as an artist who had a virtually religious calling for jazz, come what may.” - Owen McNally, The Hartford Courant
“She does not sound like any of her predecessors… relaxed tempos…gentle but not lacking inner fire.” - Scott Yanow, Jazziz
“Shaw’s own playing style has the same elegant, lyrical approach shared by pianists [Billy] Taylor, Errol Garner, and Ahmad Jamal. Shaw - like Taylor — doesn’t play the notes so much as she coaxes them out of the piano, using a deft touch most safecrackers would envy. … and makes beautiful, evocative music to this day.” - J. Hunter, All About Jazz
NYSOFA Announces Prescription Saver Program
Director Micheal Burgess, of the New York State Office for the Aging announced the new “The New York Prescription Saver Program. ” Effective April 1, the New York Prescription Saver Program provides enrolled individuals a pharmacy discount card sponsored by New York State. The program offers discounts on prescription drugs to New York residents who have limited incomes, and are disabled or between the ages of 50 and 64.
New York State residents are eligible if they are not already receiving Medicaid and are:
- Either age 50 up to 65, or persons with a disability who have been determined disabled by the Social Security Administration; AND
-Have annual household income less than $35,000 (single) or $50,000 (married).
Savings will vary depending on the quantity, type and brand of the drug purchased. In general, individuals eligible for the program can expect savings of about 30-40% off the price of generic drugs, and at least 25% off the full retail price of brands.
Individuals , pharmacies and organizations can now learn more about the Prescription Saver Program on the web and individuals can also submit their enrollment application on the website or download an application to submit through the mail.
The New York Prescription Saver Program information and enrollment information is available at:
http://nyprescriptionsaver.fhsc.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.
Additional Information
Umbrella Awarded Funding for Emergency Repairs
Umbrella of the Capital District has been awarded $125,000 by the state’s Division of Housing and Community Renewal (DHCR) to help elderly residents of Albany and Schenectady County who need but cannot afford to make emergency repairs to their homes. The funding is part of a statewide allocation of $3 million in grants from the Residential Emergency Service to Offer Repairs to the Elderly (RESTORE) program.
DHCR Commissioner Deborah VanAmerongen said “We have unfortunately seen instances in which low-income seniors cannot make immediate repairs to hazardous conditions in their home. The RESTORE program helps to eliminate those threats to health and safety and allow effected senior citizens to live independently and safely in their own homes.”
RESTORE grants are used to address a wide variety of problems, including frozen or broken water pipes, failed septic systems, leaking roofs, inoperable furnaces, leaking gas lines and flooding. RESTORE funds may be used to pay for the cost of emergency repairs to eliminate hazardous conditions in homes owned by the elderly when the homeowners cannot afford to make the repairs in a timely fashion.
To be eligible for assistance, homeowners must be 60 years of age or older and have a household income that does not exceed 80 percent of the area median income. It is NOT required that you be a member of Umbrella to apply for RESTORE funding.
Capital District RESTORE Agencies
South End Improvement Corp. Albany Co. $75,000
Housing Resources of Columbia County, Inc. Columbia Co. $75,000
Rivercrest Development Corporation Montgomery Co. $125,000
Shelters of Saratoga, Inc. Saratoga Co. $108,000
Umbrella of the Capital District, Inc. Schenectady Co. $125,000
Funds must be used for low-income elderly owner households living in one- to four-unit owner-occupied dwellings.
Umbrella of the Capital District Inc. is a 501c3 corporation, registered with the Charities Bureau in the State of New York. The organization is a member in good standing of the Better Business Bureau and The New York State Council of Community Services. Currently, Umbrella serves approximately 600 households in Albany, Schenectady, Rensselaer and Saratoga counties. Umbrella was established in 1995.