The holidays in 2020 will be unlike any other. The effects of isolation may make symptoms of depression or Seasonal Affective Disorder (SAD) even more pronounced. Being separated from loved ones and tradition may make “the most wonderful time of the year,” seem like the worst.

If you or a loved one are feeling down this holiday season, you are not alone. Feelings of depression and loneliness are quite common this time of year, across all age groups. The Centers for Disease Control has estimated that nearly 20% of people over the age of 55 experience some type of mental health concern, including depression, anxiety and bipolar disorder.

While feeling a certain amount of sadness is normal, especially if you are grieving the loss of a loved one who recently passed. The more severe signs of depression include:

• Feelings of worthlessness or helplessness
• Overwhelming sadness
• Anxiety
• Loss of interest in daily activities and socializing
• Weight loss
• Loss of appetite
• Difficulty concentrating
• Fatigue
• Lack of attention to personal hygiene
• Thoughts of death or suicide

If you or a loved one are struggling with any of these issues, it is recommended you seek professional help as soon as possible. You can start by talking to your regular physician, who may provide you with a referral for a psychiatrist, who can listen to your troubles and also prescribe medication that can help to ease your mind.
 
Holidays can be particularly difficult for seniors and there are several factors that can lead to holiday depression in the elderly:
Mourning Happy Memories and Tradition. Reminiscing about happier times, thinking about loved ones who are no longer with us, and thinking about what used to be can add to feelings of depression.

Limited Mobility. Losing the ability to move as freely as you had in the past can have a profound effect on the mind. Loss of mobility due to arthritis, injury, or quarantine can prevent you from participating in holiday celebrations the way you once could and diminishes the entire experience.

Loneliness. This is particularly difficult seniors who live alone which adds to feelings of isolation. Loneliness can be compounded when denied time traditionally spent with friends and family during the holidays, leading to the holiday blues.

Financial Stress. With the cost of living and health care on the rise many seniors are concerned about financial matters. While this can be a year-round problem, the feelings of anxiety can grow during the holidays due to added spending on gifts.

The best way to battle holiday depression in the elderly is by being connected. While this is harder than ever given the restrictions surrounding the pandemic being mindful is important. A little extra effort can go a long way. Here are a few ideas that can help connect you to your loved ones during the holidays even if visiting in person may not be possible.

Send Gifts. Sending cards or gifts is an easy way to let loved ones know that you’re thinking of them. Traditional home-baked goodies are always a hit. Have you picked up any hobbies or crafts during quarantine? Share some of your home made handy work with those you can’t visit in person. Of course if you are thinking about something store bought Amazon will deliver gifts directly to a loved one for you. It couldn’t get much easier than that.

Make Videos. Do you play an instrument? Record a song, record the kids or the grandkids singing jingle bells even if the “kids” are adults now. Share a video of yourself opening a gift sent by a loved one. Show off a new skill or hobby you picked up this year.
 
Share a Meal Remotely. Many holidays involve sitting around a table full of food. With zoom it is easy to share a meal and good conversation remotely with friends and family. You can compare your favorites and swap recipes.
 
Play Games. If you have a tradition of playing games, you can still do many of these activities remotely. Pictionary, Scattergories and many other games can be played over zoom. You can find a few ideas of games to play here.
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Take a Walk. Due to the physical demands and psychological impacts of the COVID-19 pandemic, it’s been difficult for many of us to stay physically active. Go on a virtual group walk through your neighborhood to work off the food and look at the lights.
When we are connected and sharing, we are able unburden our minds and relieve stress. It’s easy to get distracted and disconnect during the holidays, especially from our senior loved ones, but it is more important now than ever to reconnect in order to help ensure that no one we love struggles unnecessarily.

For most homeowners their house is a major part of their overall financial picture. Unfortunately, for retired homeowners who may have limited sources of income, the equity in their house may seem to be one of their only potential sources of additional money for everyday living expenses and healthcare. It can be tempting to borrow from the home in order to access that equity.
 
A reverse mortgage or HEMC (Home Equity Conversion Mortgage) is a way for seniors age 62 or older to borrow against a portion of the value of their home. However instead of making monthly payments to a lender, the borrower receives monthly payments or one lump-sum payment. While the money borrowed will eventually have to be repaid, with interest, repayment will not come out of the homeowners’ pocket as long as they live in the house and keep up with other obligations such as paying property taxes and insurance as well as maintaining the home. The loan, with interest, will need to be repaid when the borrower or his or her heirs sell the house.
 
One criticism of the standard HECM is the upfront cost related to the loan. One major requirement of  HECMs is that potential borrower must first talk to a HUD-approved counselor. The counselor will review the implications of receiving a reverse mortgage including repayment options and alternatives to an HECM loan. There are several alternatives to a reverse mortgage that should be reviewed before moving forward. One alternative is a second mortgage, which is a loan for a fixed amount of money, for a fixed amount of time, and at a fixed rate of interest. Another option may be a home equity line of credit, which offers a revolving line of credit from which the homeowner can borrow money, repay it over time, and then borrow again.
 
No matter what kind of loan you consider, experts generally recommend talking to a financial advisor and qualified housing counselor. The pros and cons of borrowing against a home in retirement depend on several factors, including a person’s income, savings and short- or long-term housing goals. For example, if you need to move into a retirement community, you will be required to either pay back the loan balance from savings or sell your home to repay the loan. Also, interest charged on a reverse mortgage adds to the total loan balance, which means your loan balance will go up over time which may wipe out the equity in your home when it is sold, leaving little or no proceeds from the sale. Experts generally say that homeowners who don’t plan to stay in a home more than five years should explore alternatives to reverse mortgage loans.
 
Reverse Mortgage Borrower Requirements
You must:

• Be 62 years of age or older
• Own the property outright or paid-down a considerable amount
• Occupy the property as your principal residence
• Not be delinquent on any federal debt
• Have the financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
• Participate in a consumer information session given by a HUD- approved HECM counselor

Property Requirements
The following eligible property types must meet all FHA property standards and flood requirements:

• Single family home or 2-4 unit home with one unit occupied by the borrower
• HUD-approved condominium project
• Individual Condominium Units that meet FHA Single Unit Approved requirements
• Manufactured home that meets FHA requirements

Financial Requirements

• Income, assets, monthly living expenses, and credit history will be verified.
• Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

HECM Costs

• Mortgage Insurance Premium
  You will incur a cost for FHA mortgage insurance. The mortgage insurance guarantees that you will receive expected loan advances. You can finance the mortgage insurance premium (MIP) as part of your loan.
• Third Party Charges
  Closing costs from third parties can include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks and other fees.
• Origination Fee
  You will pay an origination fee to compensate the lender for processing your HECM loan. A lender can charge the greater of $2,500 or 2% of the first $200,000 of your home's value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.
• Servicing Fee
  Lenders or their agents provide servicing throughout the life of the HECM. Servicing includes sending you account statements, disbursing loan proceeds and making certain that you keep up with loan requirements such as paying real estate taxes and hazard insurance premium. Lenders may charge a monthly servicing fee of no more than $30 if the loan has an annually adjusting interest rate or has a fixed interest rate. The lender may charge a monthly servicing fee of no more than $35 if the interest rate adjusts monthly. At loan closing, the lender sets aside the servicing fee and deducts the fee from your available funds. Each month the monthly servicing fee is added to your loan balance. Lenders may also choose to include the servicing fee in the mortgage interest rate.

For additional information on reverse mortgages visit: https://www.consumer.ftc.gov/articles/0192-reverse-mortgages