A new study indicates that grandparents and grandchildren have real, measurable effects on each other’s psychological well-being long into grandchildren’s adulthood.

“We found that an emotionally close grandparent-adult grandchild relationship was associated with fewer symptoms of depression for both generations,” said Sara M. Moorman, an assistant professor in the Department of Sociology and the Institute on Aging at Boston College.

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Moorman will present the study at the 108th Annual Meeting of the American Sociological Association. “The greater emotional support grandparents and adult grandchildren received from one another, the better their psychological health.”

Furthermore, the study revealed that giving tangible support to or receiving it from their grandchildren affected the psychological well-being of grandparents but not grandchildren. Also called functional solidarity or instrumental support, tangible support includes everything from a ride to the doctor to a helping hand with household chores and advice. In comparison, the researchers discovered that grandparents who both gave and received tangible support experienced the fewest symptoms of depression over time.

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“Therefore, encouraging more grandparents and adult grandchildren to engage in this type of exchange may be a fruitful way to reduce depression in older adults,” said Moorman. Also indicated in the study was that helping older adults remain functionally independent could aid their psychological well-being, says Moorman.

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 “Most of us have been raised to believe that the way to show respect to older family members is to be solicitous and to take care of their every need,” Moorman said. “But all people benefit from feeling needed, worthwhile, and independent. In other words, let granddad write you a check on your birthday, even if he’s on Social Security and you’ve held a real job for years now.”

Source: EurekAlert

Christopher J. Berry is an elder law attorney Dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.theeldercarefirm.com/ or call 248.481.4000

Financing retirement years can be extremely difficult; many baby boomers will need to consider how the value of their homes can help.

Reverse mortgages could play an integral role of many retirees’ financial plans, especially for those who wish to remain in their homes, but need cash. Currently, most anyone can qualify for a reverse mortgage — no underwriting or credit scores necessary. But it may not always stay that way.

(Related: Ohio judge validates a will written and signed on a tablet computer)

A large portion of reverse mortgages, which allow homeowners 62 and older to utilize their home equity, are made through the Department of Housing and Urban Development, whose Federal Housing Administration (FHA) arm insures the loans. However, due to declining home prices after the housing crisis took a major toll on the federal program. Also contributing to the decline was the FHA’s elimination of the type of mortgage that allowed homeowners to withdraw the maximum amount of money available in a big lump sum.

(Related: Long-Term-Care Insurance Dilemma)

And in an effort to strengthen the program, the agency has raised its fees and reduced the amounts people could borrow over the last few years. Most recently, the FHA claims it will have to take even more drastic steps by the beginning of its new fiscal year in October. As a result of the turmoil in the housing market and a number of borrowers inability to pay their property taxes and homeowners insurance over the long term, the FHA wants to require borrowers to undergo a financial assessment. Borrower’s credit scores may also be factored in, for the first time.

Christopher J. Berry is a Michigan elder law attorney Dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.michiganelderlawattorney.com/ or call 248.481.4000

Financing retirement years can be extremely difficult; many baby boomers will need to consider how the value of their homes can help.

Reverse mortgages could play an integral role of many retirees’ financial plans, especially for those who wish to remain in their homes, but need cash. Currently, most anyone can qualify for a reverse mortgage — no underwriting or credit scores necessary. But it may not always stay that way.

(Related: Ohio judge validates a will written and signed on a tablet computer)

A large portion of reverse mortgages, which allow homeowners 62 and older to utilize their home equity, are made through the Department of Housing and Urban Development, whose Federal Housing Administration (FHA) arm insures the loans. However, due to declining home prices after the housing crisis took a major toll on the federal program. Also contributing to the decline was the FHA’s elimination of the type of mortgage that allowed homeowners to withdraw the maximum amount of money available in a big lump sum.

(Related: Long-Term-Care Insurance Dilemma)

And in an effort to strengthen the program, the agency has raised its fees and reduced the amounts people could borrow over the last few years. Most recently, the FHA claims it will have to take even more drastic steps by the beginning of its new fiscal year in October. As a result of the turmoil in the housing market and a number of borrowers inability to pay their property taxes and homeowners insurance over the long term, the FHA wants to require borrowers to undergo a financial assessment. Borrower’s credit scores may also be factored in, for the first time.

Christopher J. Berry is a Michigan elder law attorney Dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.theeldercarefirm.com/ or call 248.481.4000