Page 18 THE MALDEN ADVOCATE–Friday, March 14, 2025 OBITUARIES Dennis John Marcucci Of Malden. Died on March 9th, 2025 at the age of 78, after a lengthy battle with cancer. He was born in Boston to Armando and Mary (Leone) Marcucci. Dennis was married to Maureen (McCall) Marcucci for 52 years. They settled in Woburn where they raised their 3 sons. He was most proud of his children and grandchildren; David Marcucci and his wife Jillian, their sons Collin and Andrew of Tyngsborough; Daniel Marcucci of Malden and Michael Marcucci Savvy Senior by Jim Miller Is a Reverse Mortgage a Good Idea? Dear Savvy Senior, What can you tell me about reverse mortgages? When my husband passed away last year my income dropped almost in half, and I’ve been struggling to keep up with my monthly living expenses. Senior Homeowner Dear Senior, For retirees who own their home and want to stay living there, but could use some extra cash, a reverse mortgage is a viable financial tool, but there’s a lot to know and consider to be sure it’s a good option for you. Let’s start with the basics. A reverse mortgage is a unique type of loan that allows older homeowners to borrow money against the equity in their house (or condo) that doesn’t have to be repaid until the homeowner dies, sells the house or moves out for at least 12 months. At that point, you or your heirs will have to pay back the loan plus accrued interest and fees (usually by selling the home), but you will never owe more than the value of your home. It’s also important to understand that with a reverse mortgage, you, not the bank, own the house, so you’re still required to pay your property taxes, homeowners’ insurance and upkeep. Not paying them can result in foreclosure. To be eligible, you must be 62 years of age or older, have at least 50 percent equity in your home, and currently be living there. You will also need to undergo a financial assessment to determine whether you can afford to continue paying your property taxes and insurance. Depending on your financial situation, you may be required to put part of your loan into an escrow account to pay future bills. If the financial assessment finds that you cannot pay your insurance and taxes and have enough cash left to live on, you’ll be denied. Loan Details More than 90 percent of all reverse mortgages offered are Home Equity Conversion Mortgages (HECM), which are FHA insured and offered through private mortgage lenders and banks. HECM’s have home value limits that vary by county but cannot exceed $1,209,750 in 2025. How much you can actually get through a reverse mortgage depends on your age (the older you are the more you can get), your home’s value and the prevailing interest rates. Generally, most people can borrow somewhere between 40 and 60 percent of the home’s value. To estimate how much you can borrow, use the reverse mortgage calculator at ReverseMortgage.org. To receive your money, you can opt for a lump sum, a line of credit, regular monthly checks or a combination of these. But be aware the reverse mortgages aren’t cheap. You’ll have to pay an origination fee, which is the greater of $2,500 or 2 percent of the first $200,000 of your home’s value plus 1 percent of the amount over $200,000. HECM origination fees are capped at $6,000. You’ll also be charged an initial mortgage insurance premium, which is 2 percent of the loan amount, along with closing costs that will likely run several thousand dollars. Any amount you borrow, including these fees and insurance, accrues interest, which means your debt grows over time. To learn more, see the National Council on Aging’s online booklet “Use Your Home to Stay at Home” at NCOA.org/article/use-your-hometo-stay-at-home. Also be aware that because reverse mortgages are complex loans, all borrowers are required to get counseling through a HUD approved independent counseling agency before taking one out. Most agencies charge between $125 and $200. To locate one near you, visit Go.usa. gov/v2H, or call 800-569-4287. Other Options If a reverse mortgage doesn’t suit you, you could also tap your home equity by getting a regular home equity loan or line of credit. This type of borrowing requires youto make payments, and lenders can freeze or lower limits on lines of credit, but the borrowing costs are much lower. Or you could also sell your home and move somewhere cheaper. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior. org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. and his wife Alicia and their daughter Sophie of Malden. He had a special affinity for his “grandpups” Cooper, Callie and Gizmo. He also leaves behind his much-loved aunts, uncles, cousins, nieces and nephews. Dennis is a graduate of Malden Catholic High School and the Massachusetts College of Pharmacy. He earned a degree as a registered pharmacist. After a brief time in retail, Dennis began his career as a registered pharmacist. In 1972, he began his lengthy career at the Lawrence Memorial Hospital in Medford and the surrounding Hallmark Health Hospitals, serving for over 40 years. He was dedicated to his chosen profession and maintained his formal pharmacy license until his death. He also served as Treasurer/Director of the Pine Trail Condominium Association of Lake Winnipesaukee, NH for over 30 years. Dennis was a man of great love, integrity and faith. We ask God to bring him home and care for him until we see him again. Relatives & friends are invited to attend visitation at the Breslin Funeral Home, 610 Pleasant St., Malden on Tuesday March 18th from 8:30 AM to 9:30 AM followed by his Funeral Mass celebrated at Immaculate Conception Church, 600 Pleasant St., Malden at 10 AM. Services will conclude with interment in Wildwood Cemetery in Winchester. In lieu of flowers, please make a donation in Dennis’ memory to the charity of your choice. Paul V. Arnone Jr. A long-time resident of Malden, died peacefully on Saturday, March 8, 2025, at Tufts Medical Center in Boston. He was 85 years old. Paul was born on August 6, 1939, in Boston, to the late Paul V. Arnone, Sr. and Catherine (Deering) Arnone. He was one of eight children and grew up in East Boston and Malden. Paul graduated from Malden High School in 1957 and proudly served in the United States Air Force for four years, during which he was recognized with a Good Conduct medal and became a Dental Lab Specialist, a testament to his commitment to duty and country. Paul met and later married the love of his life, his beloved Carmen Pierrehumbert, and they settled in Malden to raise their daughter, Lisa-Marie. He was deeply devoted to family. He treasured each of them as though they were precious jewels, and nothing brought him greater pleasure than to be surrounded by them and his grand-pups. Of all the many things in life that Paul enjoyed, his family brought more joy to his heart and soul than anything. Paul was known for his outgoing personality, genuine warmth and kindness, exceptional patience and deep caring nature. He was truly a big teddy bear with a twinkle in his eye and a warm smile whose presence brought comfort to those around him as he surrounded them with a love like no other. Paul dedicated his career to the OBITS | SEE PAGE 19 - LEGAL NOTICE - City of Malden Massachusetts Board of Appeal 215 Pleasant Street Malden, Massachusetts 02148 Telephone 781-397-7000 x2104 MALDEN BOARD OF APPEAL PUBLIC HEARING The Malden Board of Appeal will hold a public hearing on Wednesday, March 19, 2025 at 6:30 p.m. Eastern Time (US and Canada) at Malden City Hall, 215 Pleasant St., Room #106 Herbert L. Jackson Council Chambers, Malden, MA RE: Petition 25-001 by Peter Leyden seeking a variance under Code of the City of Malden as amended-Title 12.16.060 Table of Intensity Regulations: Specifically: Violation of Front yard setback as per Plans Res-069350-2025 at the property known as and numbered 19 George St., Malden, MA and also known by City Assessor’s Parcel ID #143-668-803 Additional information, Petition & plans available for public review in the Office of Inspectional Services, 215 Pleasant St., 3rd floor, Malden, MA or online at www.cityofmalden.org or https://maldenma-energovweb.tylerhost.net/apps/SelfService#/home Nathaniel Cramer, Chair March 7, 14, 2025
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