TODAY IS:

1. National Hot Dog Day…Sept. 10
   1. How to celebrate one of our favorite good eats? How should you spend the day?  Eating hot dogs, of course!
   2. Maybe today you can try a style of hot dog you’ve never tried. They have become a prominent part of American culture like baseball games, Nathan’s Hot Dog Eating Contest, and, of course, the Oscar Meyer Weiner-mobile.  There are even hot dog Halloween costumes for real dogs!!
   3. Nathan’s Hot Dog Eating Contest is an annual event held on July 4^th on Coney Island. The 2021 event was moved to a nearby Little League stadium (due to Covid restrictions) and at that event Joey “Jaws” Chestnut beat his own record, eating 76 hot dogs in 10 minutes.
   4. It is estimated that Americans eat 20 billion hot dogs a year, (about 70 per person each year)
   5. Hot Dog Jokes
      1. *What was the hot dog’s name?
         1. “Frank”
      2. *I won my 17^th straight Halloween costume contest as a hotdog…I’m on a roll!

• *Did you hear about the hot dog stand on the moon? Their hot dogs are out of this world!

1. *A hamburger and a hot dog walked into a bar. The bartender sees them both and said “We don’t serve food here!”

2. National TV Dinner Day…Sept. 10
   1. In 1953 Swanson and Sons changed the prepackaged meal business forever by introducing the TV Dinner and modernizing the evening meal.
   2. The first Swanson TV Dinner consisted of a Thanksgiving meal of turkey, cornbread dressing, peas and sweet potatoes and to be heated in the oven for about 25 minutes. It was designed to serve a single human being’s appetite. Originally Swanson’s made the tray of aluminum and separated each food item into individual compartments.
   3. When Swanson’s first sold TV dinners they priced them at 98 cents. In the first year, production estimates reached 5,000 dinners, to their surprise Swanson far exceeded that amount, in the first year they sold more than 10 million of them.
   4. In 1960 dessert was added. The little compartment of cobbler or brownie that scorched the roofs of countless mouths made their debut. In 1962 Swanson dropped the word “Dinner” from the packaging as they felt it discouraged customers from eating the meals at various time of the day.  Seven years later their “Breakfasts” hit the market.

1986. The Smithsonian Institute inducted the original Swanson TV Dinner tray into the Museum of American History in 1986. So next to Benjamin Franklin’s cane, Indiana Jones’ hat and Dorothy’s ruby slippers lies an aluminum tray that once held a Salisbury steak.

1. We believe in challenging the status quo.
2. Families and people need to be active, not re-active!

Famous People’s Birthdays:

1. Robert Wise..Sept.10, 1914-2005
   1. Robert Earl Wise was an American film director, producer and editor. Wise was born in Winchester, Indiana.  His Father was a meat packer, owned a meat market and grocery store.
   2. At 10 years old he would work on Saturdays for his Dad and during the summer he would work all week.
   3. As a youth his favorite pastime was going to the movies. In high school he wrote humor and sports columns for the school’s newspaper and sought a career in journalism following graduation.  Due to the family’s poor financial situation during the Great Depression he was unable to return to college and moved to Hollywood to begin a career in the film industry.  His older brother had gone to Hollywood earlier and worked at RKO pictures and found Robert a job in the shipping dept. and eventually he became an editor.
   4. He gained experience and became more interested in editing film content rather than sounds. After working on several films he worked with Orson Welles, both were 25 years old.  It was Orson’s film Citizen Kane when Wise was nominated for the Academy Award for Film Editing.  During the filming of ‘Kane’ he became familiar with the optical printer and deep focus techniques later using those skills on future films he wound up directing.
   5. Robert Wise directed over 40 feature films and edited many. He won two Best Director Academy Awards (West Side Story and The Sound of Music).  He also received the Irving G. Thalberg Memorial Award, the  W. Griffith Award as well as the National Medal of Arts Award.
   6. Short list of Robert Wise films
      1. Citizen Kane..1941, directed by Orson Welles, edited by Robert Wise, film nominated for nine Oscars and won one for Original Screenplay by “Mank” Herman J. Mankiewicz and Welles, starred Orson Welles, Joseph Cotton, Ruth Warrick, Agnes Moorehead, Everett Sloane, for many critics this film is considered the greatest movie ever made.
      2. The Magnificent Ambersons..1942, directed by Orson Welles, edited by Robert Wise, Wise was long been smeared with the reputation of the ‘one who destroyed’ The Magnificent Ambersons, starring Agnes Moorehead, Joseph Cotton, Anne Baxter, Ray Collins, film nominated for four Oscars including Best Picture

• The Curse of the Cat People…1944, starring Simone Simon, Kent Smith, Tom Conway

1. The Body Snatcher…1945, starring Boris Karloff, Bela Lugosi, Robert Clark (from “The Man From Planet X”)
2. The Set-Up…1949, starring Robert Ryan, George Tobias, a noir boxing drama
3. The Day the Earth Stood Still…1951, starring Michael Rennie, Patricia Neal, Hugh Marlowe, best quote..“Klaatu Barada Nikto”

• West Side Story…1961, starring Natalie Wood, George Chakiris, Russ Tamblyn, film nominated for 11 Oscars and won ten including Best Picture and Best Director
• The Haunting…1963, starring Julie Harris, Russ Tamblyn, Claire Bloom

1. The Sound of Music…1965, starring Julie Andrews, Christopher Plummer, film nominated for ten AA awards and won five including Best Picture and Best Director
2. The Andromeda Strain…1971, starred Arthur Hill and Kate Reid, film nominated for two Oscars, A US research satellite carrying a deadly extraterrestrial microbe crashes into a small town.
3. Star Trek: The Motion Picture…1979, film nominated for three Oscars, the first Star Trek feature film, five additional movies followed all included the tv cast regulars, William Shatner, Leonard Nimoy, DeForest Kelley, James Doohan, Walter Koenig, George Takei, and Nicholle Nichols

3:26:00               Break (Floating)

Second Segment

                            Spot #1___                         :30

                                                                                                     Spot #2___                         :30

                                                                                                     Applebee’s                        :30

                                                                                                     Lithopass Printing             :30

3:43:00               program                   PROG 4      29:00 minutes est.  time   

Welcome back to The Educated Retirement here on KMET 1490 AM

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2. Misty Copeland…Sept.10,1982
   1. Misty Danielle Copeland is an American ballet dancer for American Ballet Theatre (one of the three leading classical ballet companies in the United States) and became the first African American woman to be promoted to principal dancer in the 75 year history of that ballet theatre.
   2. Misty was born in Kansas City, Missouri and raised in San Pedro, CA. She did not start training in ballet until the age of 13. She was living in a motel room struggling with her five siblings for a place to sleep on the floor. Two years later her ballet teachers were serving as her custodial guardians and fought a custody battle over her with her Mother.  At that time she was already an award winning dancer.  Once both sides dropped legal proceedings she moved home with her family to begin studying under a new teacher and at Lauridsen Ballet Centre in Torrance.  She was accepted with a full scholarship into the intensive summer program at the San Francisco Ballet. 

1. In 1997 she won the Los Angeles Music Center Spotlight Award as the best ballet dancer in Southern California. Copeland has become a public speaker, and celebrity spokesperson, written two autobiographical books and narrated a documentary about her career challenges and was named one of the 100 most influential people in the world by Time Magazine appearing on its cover.
2. A ballerina’s career ends between ages 30 and 40. Misty’s story continues to inspire young girls who wish to be like her and create their own stories.  Other memorable dancers are Mikhail Baryshnikov, Rudolf Nureyev and Anna Pavlova.
3. Misty and her attorney husband now reside in Manhattan’s Upper West Side. She works with many charitable organizations, enjoys cooking and prefers to avoid crowded places.

3. Peter Sellers…Sept.8, 1925-1980

Richard Henry Sellers was an English film actor, comedian and singer.  Sellers was born in Southsea, England.  Both parents were variety entertainers.  He was two weeks old when he was carried on stage by the headline act at the Kings Theatre and the crowd sang “For He’s a Jolly Good Fellow” which cause the infant to cry.  The family constantly toured, causing much unheaval and unhappiness in the young Sellers’ life.

Growing up he studied stagecraft and received conflicting encouragement from his parents.  His father doubted Peter’s abilities in the entertainment field that his only talents were enough to become a roadsweeper.

While attending college he began to develop his improvisational skills and listened to a lot of radio comedy shows, he had a gift for improvising dialogue.

Peter got his first job as a caretaker at the Victoria Palace Theatre, promoted to box office clerk, assistant stage manager and lighting operator and was offered some small acting parts, leading to launching his first stage act consisting of playing ukuleles , singing and telling jokes. 

He later joined a entertainment troupe which toured Britain and the Far East.  He went on to became a regular on various BBC radio shows and started his film career in the 1950’s.

Sellers starred in over 40 films and was nominated for 3 AA awards.

He claimed that he struggled with depression and insecurities and had no identity outside the roles that he played, he was often compulsive and frequently clashed with his directors and co-stars.  Later in the mid 70’s he dealt with alcohol and drug problems and over the years he married four times, but is described by English filmmakers as the greatest comic genius their country has produced since Charlie Chaplin.

1. Short list of Peter Sellers films
   1. The Ladykillers…1955, director by Alexander Mackendrick for Ealing Studios, first major role for Peter Sellers, starring Alec Guinness, Katie Johnson (who played the old lady)..quirky performances of even quirkier characters. Film nominated for one Oscar
   2. Lolita…1962, director Stanley Kubrick, starring Sue Lyon, James Mason, Shelley Winters, film nominated for one AA award
   3. The Pink Panther…1963, director Blake Edwards, starring David Niven, Capucine, Robert Wagner, film nominated for one AA award for Best Original Score
   4. Strangelove…1964, director Stanley Kubrick, starring George C. Scott, Slim Pickens, Sterling Hayden, Keenan Wynn, film nominated for four Oscars including Best Picture
   5. Casino Royale..1967, directors John Huston, Val Guest and others, starring David Niven, Ursula Andress, Orson Welles, Deborah Kerr, film nominated for one Oscar for Best Original Score
   6. The Party…1968, director Blake Edwards, starring Claudine Longet, Gavin MacLeod, Steve Franken

CALL ME or EMAIL ME at bestloantoday@gmail.com

The government-sponsored loan that’s ignored, hiding in plain sight.

Reverse mortgages: Readers share their experiences

More Matters: Elderly couple over their heads in bills should cut spending before deciding on a reverse mortgage

However, with a conventional mortgage, the homeowner will have to make monthly mortgage payments of principal and interest to the lender for the term of the loan. A reverse mortgage only requires homeowners to pay their real estate property taxes. So, if cash flow is everything, a traditional mortgage may be difficult.

For many older homeowners, their home is their single largest part of their net worth. Leaving an inheritance is an important goal, and often their home is the only asset they can leave to their children. Getting a reverse mortgage will eat up a substantial portion of home equity, perhaps even all of it depending on how long the owners live after taking out the reverse mortgage.* (NO, NO, NO that is an ignorant if not stupid thing to say.)

As our second reader mentioned, he’d end up with $85,000 in cash up front and never have to repay it. But, if he lives long enough, it’s likely that his family would get nothing as the loan would eat up the equity in the home, and the reverse mortgage company would sell the home to pay off the debt owed to them. * (What on Earth are they talking about)

These are incredibly difficult, expensive decisions to make. While reverse mortgage commercials are fronted by actors who are familiar, friendly and perhaps even reassuring, take your time to fully think through the issues associated with a reverse mortgage before you sign on the dotted line.

Ilyce Glink is the author of “100 Questions Every First-Time Home Buyer Should Ask” (4th Edition). She is also the CEO of Best Money Moves, an app that employers provide to employees to measure and dial down financial stress. Samuel J. Tamkin is a Chicago-based real estate attorney. Contact them through her website, bestmoneymoves.com.

4:05:00               Break (Floating)

Third and Fourth Segment

4:05:00               program                   PROG 4      55:00 minutes est.  time   

Reminder you are listening to the educated retirement radio here on your home planet:  1490 KMET, AM radio.  The Mighty MET!

www.drHECM.com

Call me @ 866-955-2233

Classical  Composer’s  birthday

(as part of Classical Music Month)

Antonin  Dvorak..Sept. 8,1841-1904

Dvorak was one of the first Czech composers to achieve worldwide recognition as he used aspects of the folk music of his native Bohemia.

Antonin was born near Prague.  His father worked as an innkeeper and a professional player of the zither and a butcher.

He showed an early musical talent and skill and played in a village band in church. 

He was sent at a young age to live with his uncle in order to learn the German language as well as organ, piano, violin lessons and music theory.  At 16 his father  allowed him to become a musician on the condition that the boy should work toward a career as an organist.

During the years he won several awards and prizes for his compositions and made successful performances of his work in the United Kingdom, Russia and the United States. He moved to the US in 1892 and became the director of the National Conservatory of Music of America in NYC.  And remained so for 3 years.

He broadened his experiences through studying the music of the Native Americans and African Americans many of whom became his students and friends.  He incorporated his new ideas and blended with his Bohemian roots and worked on a symphony (No.9 in E minor “From The New World”) and making a premiere in Carnegie Hall in 1893.

He was doing very well in New York financially but he remained homesick and left America for his Czech Motherland where he made a home with his wife and nine children.  He became the Director of the Prague Conservatory in 1901 and kept the position until his death.

This composer was a trainspotter!

When he wasn’t at his piano Dvorak was often obsessing over trains.  While growing up he watched workers, soldiers and celebrities fly by on trains, pulled by newly constructed steam locomotives from across the street from the train station. He became obsessed with the arrivals and departures of the trains, memorizing their extensive schedules and becoming quite the railway enthusiast.  He once said “I would give all my symphonies for inventing the locomotive”.  At one point the composer was waiting for a festival train at the Prague station when he came up with the theme for the opening movement of his Seventh symphony.  He was so fascinated that he would rearrange trips to see them and begged acquaintances to describe their rail journeys to him.  Regarding trains he said ”It consists of many parts created by many different components, everything has a purpose and role and the result is amazing”.

Honorable Mentions:

1. Chris Columbus..director..Sept.10,1958

1. “Harry Potter” fillms
2. Sid Cesear..comic..Sept.8,1922-2014
3. Patsy Cline..singer..Sept.8, 1932-1963
4. Martin Freeman..actor..Sept.8,1971
   1. “The Hitchhiker’s Guide to the Galaxy”
5. Brian De Palma..director..Sept.11,1940
   1. “Blow Out”, “Dressed to Kill”, “Snake Eyes”

Reminder you are listening to the educated retirement radio here on your home planet:  1490 KMET, AM radio.  The Mighty MET!

    This Day in History:

1. NASA
2. The Haunting released on Sept.13, 1963.
   1. Director Robert Wise, starred Julie Harris, Russ Tamblyn, Claire Bloom, Lois Maxwell (007’s Miss Moneypenny)
      1. The film is based on the novel “The Haunting of Hill House”. A small group is invited to take part in a supernatural study in “Hill House” which is rumored to be haunted.
   2. Special report

...The scoop on Dorothy Kilgallen!!

1. Dorothy Kilgallen was an American journalist and a panelist on the television game show “What’s My Line” until her death.
2. Kilgallen was publicly skeptical of the conclusions of the Warren Commission’s report about the assassination of JFK and Jack Ruby’s shooting of Lee Oswald. She wrote several newspaper articles on the subject including about a conversation she had with Jack Ruby during a recess in his murder trial.
3. It is said that Kilgallen was killed because she was on the verge of exposing a Mafia link to the assassination of President JFK.. It is alleged that FBI Director J. Edgar Hoover was covering up the plot.
4. Here is a timeline refresher… The actress (who allegedly had a connection with Kennedy) Marilyn Monroe died on August 2, 1962 of a barbiturate overdose. It is said she had learned of JFK’s UFO secrets.. one of them being about crashed UFO’s and strange dead bodies held at military bases. It is claimed that the death of the screen legend was an intentional act that masked her as a drug addict.  President Kennedy was killed as his motorcade drove through Dallas on Nov. 22, 1963.  Kilgallen published her Jack Ruby articles in August 1964.  Dorothy Kilgallen died on Nov. 8, 1965 of a combination of alcohol and barbiturates.
5. In a memoir a colleague of hers wrote that her work as a crime reporter was often overlooked during her lifetime and was forgotten after her death.

Fact-Checking                   Dave Ramsey's Reverse Mortgage Claims

CONTRIBUTOR

Harlan Accola

PUBLISHED

AUG 30, 2021 3:08PM EDT

The federally insured reverse mortgage product known as a Home Equity Conversion Mortgage (HECM) has been around for over 30 years. During many of those years the most vocal critic of the product has been author and radio personality, Dave Ramsey. Why is this important to nasdaq readers? Because Ramsey is one of the most listened to financial gurus on the planet.

Many Ramsey listeners who would be ideal candidates for the product are aggressively steered away, as he repeatedly calls it a scam. This “scam” has been enjoyed by homeowners who overwhelmingly rate they are “satisfied” or “highly-satisfied” with the results. Nevertheless, many older Americans are being hurt by Dave Ramsey’s continued misinformation and lack of knowledge about the product.

FOR EXAMPLE

Ramsey and his writers at Ramsey Solutions have repeatedly scared older homeowners with the claim, “You’ll Likely Owe More Than Your Home Is Worth.” 1 Ramsey Solutions also claims, “Not only are reverse mortgages a black hole of fees, but your older loved ones could also end up owing more on their home than it’s worth, or worse, losing their home altogether.”2

Both statements conflict with federal law regarding reverse mortgages.3 One of the first lessons a reverse mortgage prospect learns from their reverse mortgage specialist is that FHA guarantees this cannot happen. In fact, every reverse mortgage applicant is required to complete a HUD-approved counseling session where the non-recourse clause is covered. Let’s be clear, EVERY reverse mortgage in America is “non-recourse,” meaning neither the borrower nor their estate will owe more than the home is worth at the time the mortgage is due.

UNDERSTANDING LEVERAGE

The fundamental conflict between the reverse mortgage and Dave Ramsey is his overzealous hatred of debt. I get it, and for the most part, I agree. Many people in this country are over leveraged with credit card debt and we know that is dangerous. Mr. Ramsey recently claimed on social media ““THERE’S NO SUCH THING AS GOOD DEBT.” 4

I believe the CFO of every Fortune 500 company would respectfully disagree, because their understand leverage. This is no different in the mortgage world. Ironically, Dave Ramsey is a paid lead provider for Churchill Mortgage, a well-respected mortgage firm. However, 100% of their business uses debt to achieve the dream of home ownership. Apparently there is “good debt” that can be properly used. In my book, Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement, Chapter 6 is entitled, Sex, Drugs and Reverse Mortgages. Most of us would completely agree—many things can be good or evil— depending on how they are used

Consider a retired homeowner with a home valued at $450,000 with no existing mortgage balance. She decides to use some of her equity to pay off $50,000 in medical debt and high-interest rate consumer debt caused by unforeseen circumstances. Keep in mind, the resulting HECM balance is financed at 2% to 3% and has no required monthly principal and interest repayment obligation. It also does not disrupt the homeowner’s traditional retirement plan. In our view, that is a proper use of home equity in retirement.

Sadly, some Ramsey followers are so afraid of using the most powerful lever they own (home equity) that they may never be able to eliminate debt and withstand financial shocks on a fixed income.

Wealthier retirees will never discover the value of using reverse mortgage acquisition indebtedness to decrease their tax liability, avoid sequence returns risk, or creating better Roth Conversions if they listen to Ramsey's rants. When home equity is used as a substitute for withdrawals from retirement accounts, several financial planning researchers have proved that though equity may decrease, overall net worth INCREASES which creates greater wealth while alive and is instrumental in leaving a larger legacy for the next generation.

FACT-CHECKING RAMSEY CLAIMS

Let’s fact-check some of Dave Ramsey’s most harmful claims about reverse mortgages.

Claim #1: “Over 100,000 reverse mortgages have failed, resulting in foreclosures and evictions”1

FALSE.

In this statement, Dave is parroting information from a national publication. Yes, in the aftermath of the housing meltdown 12 years ago there were about 100,000 foreclosures that involved homeowners that had reverse mortgages. However, those foreclosures were not failures of the reverse mortgage.

Almost all those foreclosures occurred from 2008-2012, and almost all of them were what we would describe as “beneficial” or “neutral” foreclosures from the borrower’s perspective.

By “beneficial” I mean that more money was borrowed than a home sale could satisfy after the death of the last borrower. This occurred in the years following the housing crash. The heirs naturally walked away from the “underwater” property. The lender (or HUD) foreclosed on the vacant property to sell the home at a loss.

By “neutral” I mean that the foreclosure was the result of property tax default, and not because the borrower had a reverse mortgage. As every homeowner should know, if you don’t pay your property taxes, you WILL lose your home whether you have a traditional mortgage, as reverse mortgage, or no mortgage at all.

Think about it – a reverse mortgage eliminates the required mortgage payment and gives the borrower cash. This does not make them more likely to default on their tax bill.

Claim #2: “If you die before you’ve sold your home, those you leave behind are stuck with two options. They can either pay off the full reverse mortgage and all the interest that’s piled up over the years, or surrender your house to the bank.”1

FALSE.

This statement is designed to create fear that the reverse mortgage will stick the heirs with a bill or cause them to lose the home.

The US Department of Housing and Urban Development (HUD - the regulator of the HECM product) and The Federal Housing Administration (FHA, the insurer of the HECM product) allow heirs 6 months to sell the home and up to two 90-day extensions (up to 12 months) to sell the home. This sale is a form of inheritance for the heirs and Dave ignores this common, and favorable, option for the heirs.

Keep in mind, most heirs are content to sell the home and receive the remaining equity. When no equity remains, the heirs often fail to recognize that without the reverse mortgage paying for the costs of aging, the heirs would’ve been left with the bills the HECM paid.

And if the heirs sell the home— even if it is underwater— they have the potential for a tax deduction— but that is the discussion in a separate column!

Claim #3: “…you won’t qualify for a reverse mortgage if your home is worth more than a certain amount.”1

FALSE.

This is nonsensical, and underscores how little Dave knows about the HECM product. No lender has ever disqualified a borrower for a HECM because their appraisal came in higher than expected. Yes, HUD does establish HECM limits each year. 6 However, when a home appraisal exceeds the HECM limit, this does not hurt the borrower’s chances of qualifying for a HECM in any way.

For example, the HECM product in 2021 provides insurance to the lender of the home’s value up to $822,375. This limit simply restricts the home value to $822,375 when calculating the proceeds.

For example, a borrower with a $1mm home who qualifies for proceeds of 60% will not qualify for $600,000 in principal. Rather they will qualify for 60% of $822,375, or $493,425. In essence, a borrower with a home value that exceeds $822,375 has simply maximized their initial principal limit for this product.

OTHER FALSE CLAIMS

While we won’t have time to cover each false claim in detail, here are some notable past statements from Dave Ramsey and Ramsey Solutions that unfairly disparage the HECM product:

“…you’ll pay a hefty mortgage insurance premium that protects the lender (not you) against any losses.”

FALSE. The primary purpose of the Mortgage Insurance Premium (MIP) is to pay for losses resulting from the non-recourse nature of the product. This is primarily for the benefit of the borrower and their heirs as well as the investor who owns the paper. That lender would likely not have made that same loan—for the benefit of the borrower without the guarantee from the FHA mortgage insurance.

“You are also required to take a loan for the maximum amount you qualify for.”

FALSE. Not only is false, but the Federal Government PROHIBITS borrowers from taking all the proceeds up front unless needed to pay off large mortgage balances at closing. This has been HUD’s policy since 2013 called “initial disbursement limits.”

“The interest rates that they’re calculated at are horrendously bad.”

FALSE. For most of years since beginning in 1988 HECM rates have been at, or below, conforming interest rates.

“Servicing fees. These are another monthly expense coming your way with a reverse mortgage.”

FALSE. While HUD permits the use of Servicing Fees, we haven’t been seen a HECM servicing fee in over 10 years.

The federally insured reverse mortgage product is continually improving with new consumer protections and long-term advantages for those who wish to age-in-place. Do your own research and don’t let radio personalities with little knowledge about a product impact your retirement cash flow decisions.