Issue link: https://www.ifoldsflip.com/i/674878
16 LIVE IT UP! FRIDAY, APRIL 29, 2016 SANTA CRUZ SENTINEL 1535 Seabright Avenue, Santa Cruz SantaCruzHomeFinance.com NMLS # 237693 | CalBRE # 01316139 Reverse Mortgage Myths: Myth: The lender owns the home. You will retain the title and ownership during the life of the loan, and you can sell your home at any time. Myth: Borrowers pay taxes on loan proceeds. Reverse mortgage proceeds are tax-free as it is not considered income. However, it is recom- mended that you consult your financial advi- sor and appropriate government agencies for any effect on taxes or government benefits. Myth: The borrower is restricted on how to use the loan proceeds. Once any existing mortgage or lien has been paid off, the net loan proceeds from your reverse mortgage can be used for any reason. Many borrowers use it to supplement their retirement income, defer receiving Social Security benefits, payoff debt, pay for medical expenses, remodel their home, or help their adult children. Myth: The home must be free and clear of any existing mortgages. Actually, many borrowers use the reverse mortgage loan to pay off an existing mortgage and eliminate monthly mortgage payments. Borrowers must continue to pay required property taxes and homeowners insurance. 866.425.1250 or 831.425.1250 Santa Cruz Home Finance is your local source for reverse mortgages! 3 cups flour (plus some for dusting the pan) 1 1/2 cups vegetable oil 2 cups sugar 3 eggs 1 tsp each of: salt, cinnamon, baking soda & vanilla 3 cups peeled, cored and thickly sliced apples 1 cup chopped walnuts (only if you prefer) 1 cup raisins butter (for greasing the pan) Preheat oven to 350 ° F. Butter and flour a 9-inch tube pan. Beat the oil and sugar together. After about 5 minutes of mixing, add the eggs and beat until the mixture is creamy. Sift together the flour, salt, cinnamon and baking soda. Stir into the batter. Add everything else and stir until combined. Pour the mixture into the pan. Bake for 75 minutes, or until a toothpick inserted in the center comes out clean. Remove from oven, cool in the pan, and then turn it out of the pan. Serve at room temp with whipped cream or vanilla ice cream or even plain. Even plain, this is a great cake. Apple Cake (adapted from NYTimes Cooking) Jim Wilson/The New York Times