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THE REVERE ADVOCATE – FRIDAY, MARCH 14, 2025 Page 19 in the health of our communities and our future.” “Adding more trees to our neighborhoods goes beyond just making our streets look nicer — it’s about ensuring our communities are cooler and more comfortable for everyone,” said Lt. Gov. Kim Driscoll. “By focusing on tree planting along our walking routes, we’re taking meaningful steps to reduce heat and create welcoming spaces for families to come together.” REAL ID — The Registry of Motor Vehicles reminds Bay State residents that beginning on May 7, 2025, people traveling by plane domestically or entering certain federal facilities will need a Registry-issued REAL ID-compliant driver’s license or ID, or a valid passport. The Registry strongly encourages everyone seeking a REAL ID-compliant license or ID card to go online at Mass. Gov/REALID to learn what documents are needed for a required in-person appointment. Appointments to upgrade to REAL ID are available now, and several RMV service centers offer Saturday appointments. Customers who already have a compliant credential may renew online as long as they have not had a name change. “May 7th is almost here, and we remind everyone to check your wallets and make sure you and your family members have the credentials that you need, depending on your travel plans,” said Registrar of Motor Vehicles Colleen Ogilvie. “We want to make sure everyone is cleared for takeoff . “ $5.8 MILLION TO EXPAND MOBILITY — The Healey Administration announced the awarding of $5.8 million in funding to 44 organizations for 56 projects that expand and enhance mobility for older adults, people with disabilities and low-income individuals across the state. The awards will allow Regional Transit Authorities, municipalities and nonprofits to provide rides for people who would otherwise be unable to get to their destinations, and to hire staff to help people learn about and learn to use transportation options. “As a former mayor I have seen fi rst-hand how money going to public transportation can make a diff erence in people’s everyday lives, especially when it helps to advance projects that help everyone get around,” said Lt. Gov. Kim Driscoll. “We are proud to support our local and regional partners who are putting forward innovative initiatives to connect people to important destinations and increase access to locations and connections.” “We are pleased to see such a variety of initiatives aimed at improving transit services, including travel training for individuals in need of assistance, services for older riders and the expansion of existing offerings,” said Transportation Secretary Monica TibbitsNutt. “Eff orts like these greatly contribute to making our transportation network more accessible and equitable.” DON’T MISS THIS “ENERGETIC” EVENT — Join Massachusetts energy leaders in government, industry and advocacy at the MCLE in Boston on March 26 for an important discussion about the state’s energy policy and its goals for a net-zero future, hosted by the State House News Service. With the return of a new Trump administration and policies hindering wind power development, the state’s plan to expand its off shore wind portfolio faces uncertainty. While solar power offers potential, its scalability is limited by grid capacity issues and requires substantial investment. Other promising technologies like fusion and lowcarbon hydrogen have yet to be implemented in the commonwealth. Tickets/more info: https://www.eventbrite.com/e/power-interruption-tickets-1219762716119? aff =oddtdtcreator QUOTABLE QUOTES “These numbers are absolutely staggering and prove what [we] have warned from the start—Massachusetts has created the perfect environment for illegal smuggling. Our members are losing customers to the illicit market every day, and the state is bleeding tax revenue because criminals are fi lling the void created by excessive taxes and product bans.” ---Peter Brennan, executive director of The New England Convenience Store and EnIs 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 fi nancial 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 aff ord to continue paying your property taxes and insurance. Depending on your fi nancial situation, you may be required to put part of your loan into an escrow account to pay future bills. If the fi nancial assessment fi nds 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 off ered 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 800569-4287. Other Options If a reverse mor tgage 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 you to 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. ergy Marketers Association, arguing that increased tobacco taxes and more fl avor bans are fueling a booming illegal tobacco market, costing the state hundreds of millions in lost tax revenue while devastating law-abiding local retailers and fl ooding the state with uninspected and potentially harmful nicotine products. “Massachusetts is home to the fi rst public school in the United States, and we have the #1 schools in the country. Donald Trump, Elon Musk and Linda McMahon’s plan to dismantle the Department of Education means students and schools would lose out on $2 billion in federal funding for BEACON | SEE Page 20

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