Wallace honored
graduate of Coughlin High School,
nurses aide. In December,
John Muth, Personnel Director,
housekeeper, looks on.
Thomas Thorne, executive
If you are among the more than 10 million older
Americans who own their homes free and clear,
without any outstanding mortgage, the the ‘‘equity’’
you have accumulated probably represents your single
largest asset - your major lifetime investment. In all,
the home equity held by senior citizens in this country
totals more than $700 billion.
But for too many seniors, home equity is like having
money in a safe without a combination. These house-
rich and cash-poor seniors are unable to ‘unlock’ the
dollars they have in their home and convert it into
income or cash in hand.
Several national studies have shown that low and
middle-income elderly homeowners could raise their
monthly incomes by drawing upon the equity in their
homes. For some families, the money is needed just to
meet primary monthly expenses, such as food and
utility costs. Others could draw upon home equity to
make much-needed repairs on their homes or to
customize their homes in such a way - adding ramps,
handrails, or bathrooms - as to allow them to continue
_ to live self-sufficiently. Still others desperately need
+ cash to meet health care expenses.
~~ If you are sitting on a gold mine in equity, and
»would like to tap into it to help meet expenses now,
. there are several programs available designed to do
“just that. The three most commonly used equity
- conversion tools are describe bélow.’
: — Reverse Annuity Mortgages (RAM): With a
RAM, you borrow against equity in your home, with
«the loan paid in monthly installments over a set period
of time (as 10 years). If you have $120,000 in equity,
‘and you arrange for a 10-year term with a fixed 14
_percent interest, plus some fees and other charges,
‘you would receive $463 a month income. After 10
.years, you would have to repay or renogitiate the loan.
None of the reverse mortgage plans available now
‘offers a guaranteed income for the remainder of the
‘borrower’s life. But the income from equity in even a
wR re wr
rE
modest house - say $40,000 - can generate an extra $50
or more per month for 10 or more years. It might be
just the cash you need for those extra medical bills or
home repairs!
— Sale-Leaseback: This is one of the oldest methods
of equity conversion. In the standard sale-leaseback,
an investor purchases your home (often at a discount
price) and you retain the righ to rent it from him for
either the remainder of your life or a more limited
tenancy. You may receive payment for the house in a
variety of ways: A lump sump in equal monthly
payments based upon an annuity purchased by the
investor; or in monthly mortgate paymetns from
which the agreed-upon monthly rent is deducted.
To illustrate how this plan works, assume your
house is appraised at $80,000 and you sell it to an
investor for $63,000 (a 21 percent discount.) You
receive a downpayment of $6,300 and a 12-year note at
10 percent per year for the remaining $56,700. You’ll
receive $679 from the investor each month, and pay
him back $279 in rent, leaving you $400 a month net
income.
— Deferred Payment Loan: These loans permit you
to borrow money against your equity and defer
payment of all principal: and interest either for a
specified term or until the house is sold. A DPL can be
helpful if you plan to sell your house and need cash for
repairs or ifeyou need money to weatherize your home,
for example.
Home equity conversion might not be the most
appropriate way for you to generate additional
income. Be sure to consult with your lawyer and or an
investment counselor before deciding on a plan.
For more information, contact the American Bap
Association, Commission on Legal Problems of the
Elderly; 1800 M Street, N.-W., Washington, D.C. 20036
(202) 331-2297. Or, contact: National Center for Home
Equity Conversion, 110 East main St., Room 1010,
Madison, Wis. 53703 (608) 256-2111, attention Ken
Scholen.
J
What to do? Whom do you call?
What can be salvaged? All of these
questions and more face people who
had home fires says Mrs. Josephine
Kotch, Extension Home Economist
from Luzerne County.
There are some do-it-yourself
methods and restoration methods
that should be done by profession-
als.
The National Institute of Fire
Restoration and the International
Fabricare Institute recommend con-
tacting a company who specializes
in cleaning fire and smoked dam-
aged homes and their contents. This
is because the lay public has diffi-
culty recognizing the differences in
smoke and soot residues which often
requires different cleaning methods.
They also find most attempts at
cleaning by non-professional not
only unsatisfactory, but in some
cases the restoration of walls, ceil-
ings and home furnishings in the
future can be made more difficult.
Such as: SMOKE versus SOOT.
Smoke is a type of residue resulting
from materials not being fully con-
sumed by combustion. The type of
residue that is left will vary widely
depending upon the material that
was burned and how quickly it was
burned. Experts in the field can
distinguish between odors from a
quick, hot fire and one that slowly
smoldered. Soot, the visible compo-
nent of smoke, is made up of the
unburned carbon particles.
ODORS: Smoke odor will depend
upon the type of fire, not the
amount of soot deposits. It is
detected through the inhaling of
molecules from the burned sub-
stance. These molecules may be
suspended in the air at the actual
source of the fire, or may be from
smoke residue left on items some
distance from the fire. Treatments
to eliminate smoke odors from
homes will depend upon the type of
fire and the type of materials dam-
aged.
DEODORIZATION: A quick-relief
measure is wide-area spray deodori-
zation followed by a thorough clean-
ing and restoration processes. It is
aimed at halting an objectionable
odor by absorbing the odor-produc-
ing molecules and neutralizing
them. It may also consist of elimi-
nating from the premises odor-
retaining materials such as wall
insulation, or sealing charred fram-
ing members in a home.
REODORIZATION: Aerosol
sprays, aromatic powders or wick
bottles of perfume are other tempo-
rary methods used to mask smoke
odors and are only effective while
the aromatic material is actually
present. They cannot treat the
source, only the odor in its “vapor
phase” as it is suspended in the air.
THE DO-IT-YOURSELF METH-
ODS ARE:
General odors: Place small dishes
of PURE vanill extract, wine vine-
gar or activated charocal around
the house to absorb odors (Note:
Imitation vanilla will not be effec-
tive.)
=
office nearby:
Main Office, Wilkes-Barre
_ © Public Square, Wilkes-Barre
e Plymouth
e Shavertown
e Edwardsville
e [Cxeter
WARS
OF WILKES-BARRE
Member FDIC
’
Tunkhannock
Shickshinny
Factoryville
Kingston
Dallas
Township
Appliances-chrome fixtures-tub
fittings-towel bars: Clean thor-
oughly and protect with a light
coating of vaseline or oil.
Clothing-upholstery-drapes-car-
pets: Blow off or brush-vacuum
loose soot particles.
If articles are washable, and NOT
RAYON, submerge items in an
enamel sink or tub filled with a
solution of one cup of automatic
dishwasher detergent per one gallon
“of water. (Note: The wearing of
protective plastic gloves is recom-
mended.) Let the items soak over-
night and launder as usual.
If items are not washable, and
NOT WOOL or SILK, a thorough
scrubbing with a diluted solution of
liquid chlorine bleach is often effec-
tive. (Follow the instructions on the
container for the correct propor-
tions.) Be- sure to get into all
corners and crevices. Dry com-
pletely before using.
Houseplants: Wash both sides of
that has a small amount of water
softener added.
Legislation to create a state-wide
volunteer telephone network to mon-
itor daily the health and safety of
participating senior citizens and the
handicapped who live alone has
been cosponsored by Rep. Frank
Coslett.
The Luzerne County lawmaker
said the so-called Senior Citizens
Reassurance Program would be
based on a similar undertaking
which was established in a Mont-
gomery County township.
The measure would require coun-
ties and Area Agencies on Aging to
develop and implement a telephone
monitoring system staffed by volun-
teer operators whenever possible.
Participating seniors and perma-
nently disabled individuals would be
directed to call the operators each
morning to report that no difficul-
ties are being experienced.
The proposed program would be
overseen by the state Department of
Aging. The Commonwealth would
provide matching grants to counties
to fund the project. The matching
from the state lottery fund, which is
designed specifically to benefit
Pennsylvania’s elderly.
The Trucksville Vol.
pany’s new tanker was put into
service on Jan. 16, 1985. The water
capacity of this tanker is 3500 gal-
lons.
Special thanks to the Ladies Aux-
iliary of the Trucksville Vol. Fire
Co. for their donation of $1,000.
The Fire Co. meeting is held the
first Friday of every month at 8:00
at the fire hall in the Municipal
Building. Work night is every Tues-
FLORENCE M. GORSKI
Mrs. Florence M. Gorski, 70, of
Old Lake Road, Shawanese, Har-
veys Lake, died at home February
14.
Surviving are her husband, Albert
J.; son, Edward A., Plymouth
Township; daughters, Mrs. Bertha
E. Brodowicz, Nanticoke; Mrs.
Carol A. Spencer, Lightstreet; Mrs.
Florence J. Harris, Noxen; broth-
ers, Joseph David, Minneapolis,
Minn.; Robert Davis, Pequot Lake,
Minn.; Harold Davis, Clearwater,
Fla.; sisters, Mrs. Margaret Squire,
Endicott, N.Y.; Mrs. June Thomas,
Niagara Falls, N.Y.; Mrs. Pearl
Golumb, Nanticoke; Miss*Mabel
Davi§;: St. Petersburg, Fla.; 12
grandchildren; three great-grand-
children.
Funeral was held February 16
from the Richard H. Disque Funeral
Home, Dallas, with Rev. Jerry Tal-
lent, pastor of Independent Bible
Church, ‘Noxen, officiating. Inter-
ment, Memorial Shrine Cemetery,
Carverton.
MILDRED THOMAS
Mrs. Mildred D. Thomas, 75, of
Newberry Estates, Dallas, died
February 11 in Wilkes-Barre Gen-
day at 7 p.m.
The Fire Co. will hold an Open
House this Spring.
The new membership drive will
start in March. It will also be open
to Junior Firemen.
The Trucksville Vol. Fire Co.
Fund Drive will be the first week of
March. Donations will be used for
operating expenses and updating
and purchasing of equipment.
eral Hospital following an illness.
Surviving are her husband Noel
A.; daughter, Mrs. Robert Vinso,
West Chester; son, ‘Noel A. Jr,
Buffalo, N.Y.; grandchildren, Linda
Michelle and Sandra Beth Vinso and
Jason Miers Thomas.
Funeral services was held in the
Forty Fort United Methodist Church
with The Rev. Dr. James A. Baker
officiating. Interment, Forty Fort
Cemetery.
CHRISTINE PROTZELLER
Mrs. Christine I. Protzeller, 90, of
the Meadows Nursing Center,
Dallas, died February 15 in Wilkes-
Barre General Hospital.
Surviving are her daughters, Mrs.
Ruth Porter, Virginia Beach, Va.;
Mrs. Thelm a Brubaker, Ford City:
Mrs. Carole Pyle, Dallas; sisters,
town; Mrs. Helen Reid, New York,
N.Y.; 10 grandchildren; eight great-
grandchildren.
Funeral services will be held
today at 1 p.m. from the Long
Funeral Home Inc., 822 Philadel-
phia Ave., Barnesboro, with the
Rev. Ruth Baker officiating. Inter-
ment will be in Ebensburg Ceme-
tery, Ebensburg.
An adaquate supply of ‘D’”’
stamps ard other nondenominated
items is available at all Post Offices
to help customers make a smooth
transition after the Feb. 17 postal
rate change. .
Mary Brown Sectional Center
Manager, Lehigh Valley, Pa. said
that the nondenominated
stamps in sheets, coil and booklet
formats represent the new 22-cent
first class rate. There arealso non-
denominated postal cards and
plenty of two-cent stamps that,
when added to 20-cent stamps,
make up the new first-class letter
rate.
Commemorative stamps, begin-
ning with the Jerome Kern stamp,
and other 22-cent® stamps are
expected to replace the “D” stamps
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