Creedmoor To Request Loan

THURSDAY
August 2, 2012
THE BUTNER-CREEDMOOR NEWS
COMMUNITY NEWS
B
SECTION
REDDING MEMORIAL
SCHOLARSHIP
AWARDS
Ten Granville County
tudents will receive
edding Memorial
cholarships to help them
ttend area colleges and
niversities this fall.
Since 1979, the Redding
emorial Scholarship
und has awarded
293,700 to 200 Granville
ounty students. Former
ranville County resident
r. Marshall E. Redding,
ho is a prominent cardilogist
and cardiovascuar-thoracic
surgeon in
ong Beach, California,
stablished the highly
ompetitive scholarships
n 1977. The scholarship
und honors the memories
f Dr. Redding’s late
arents, Mr. J. R. Redding,
ho served as a county
gricultural Extension
gent for 28 years and
rs. Bessie B. Redding, a
ighly respected
lementary school teacher.
The selection process is
highly competitive and is
based on academic performance,
financial need and
a well-rounded
investment in school and
community activities.
Applicants are among the
brightest and most
talented students in
Granville County. The following
10 students will
each be awarded $1,000
for the 2012-2013
academic year.
From the Class of
2010, receiving the award
for a third year: Taylor
Gray Abernethy, a
graduate of South
Granville School of Health
and Life Sciences, is
majoring in Biology with
a concentration in
Environmental Sciences
at East Carolina
University (ECU) in
Greenville. She serves as
an ECU Honors
Ambassador, volunteers
as a tutor and was
recently inducted into the
Phi Kappa Phi Honor
Society. She is the
aughter of Mr. Scott
bernethy of Butner and
rs. Joan Bunders of
reedmoor.
Sharessa Cherwayne
oyster, a graduate of J.F.
ebb School of Health and
ife Sciences, attends
niversity of North
arolina at Chapel Hill
UNC-CH) and majors in
sychology and minors in
ntrepreneurship, Social
Economic Justice. She is
Resident Advisor for the
ampus housing departent
and the on campus
oordinator for the
inority Student
ecruitment Committee.
he is the daughter of Mr.
nd Mrs. Wayne Royster
f Oxford.
GeorQuesha Ti’Mes
trong, a graduate of J. F.
ebb High, attends ECU
o study Mathematics and
athematics Education.
he daughter of Mr. and
rs. David Thorpe of
xford and Mr. and
rs. George Strong,
eorQuesha is a North
arolina Teaching Fellow
nd a member of the
ational Society of
ollegiate Scholars, a
ociety of freshmen and
ophomores from the top
0 percent in their class.
hile pursuing her degree
he volunteers for Habitat
or Humanity and the Pitt
ounty Building Hope
ommunity Center.
From the Class of
011, receiving the award
or a second year:
avannah Jane Bower, a
raduate of South
ranville High School of
ntegrated Technology
nd Leadership, studies
usiness and Marketing
ducation at Appalachian
tate University in Boone.
his past year Savannah
has been active in the
Student Government
Association on campus
using her skills to keep
the student body
informed on important
events. She is the
daughter of Mr. and Mrs.
Scott Bower of Wake
Forest.
Claudia McCullough
Willett, a graduate of J.F.
Webb High School of
Health and Life Sciences,
studies Biology at
Meredith College in
Raleigh. In her first year
of studies she undertook
the beginnings of the
Honors Program at
Meredith, joined several
clubs and chaired the
committee for the
Freshman Class Dinner.
She is the daughter of
Ms. Martha Hilton-
Willett of Oxford.
Receiving the award
for the first time:
Michelle Lynn Beckum, a
2012 graduate of South
Granville High School of
Integrated Technology
and Leadership, will
attend North Carolina
State University (NCSU)
and study Architecture.
Michelle is a Student of
Merit and while
preparing for college she
served as her school’s
Junior Marshall and
participated in the youth
group and choir at her
church. She is the
daughter of Mr. and Mrs.
Jerry Beckum of
Franklinton.
Kalee Gray Edwards,
a 2012 graduate of South
Granville School of
Health and Life Sciences,
intends to become a
nurse practitioner. She
will study nursing at
UNC-CH. While
preparing to enter
college, Kalee
participated in student
government, Leadership
Granville and National
Honor Society. She is the
daughter of Mr. and Mrs.
Steve Edwards of
Creedmoor.
Abigail Bounds
Gruchacz is the daughter
of Mr. & Mrs. Mark
Gruchacz of Oxford. She
is a 2012 graduate of
North Carolina School of
Science
and
Mathematics (NCSSM)
and enrolled at the
University of North
Carolina at Asheville
where she will study the
Humanities. She is frequently
cast for live stage
performances at the
Granville Little Theatre
and NCSSM Theatre
Department, has written
three novels and wrote
and directed her own
film.
Havannah Edelle
Keeton, valedictorian of
J.F. Webb School of
Health and Life Sciences
Class of 2011 and rising
sophomore at UNC-CH,
is majoring in
Environmental Studies.
After receiving her
degree she wants to
return to Granville
County and begin a
sustainable farming
operation. When she is
not studying, Havannah
performs and composes
music and volunteers at
the campus community
garden. She is the
daughter of Mr. and Mrs.
Edward Keeton of
Bullock.
Jalen Terrell Walton,
a graduate of South
Granville High School of
Integrated Technology
and Leadership and a
former student of
Christian Faith Center
Academy, is enrolled at
NCSU and will major in
Computer Engineering
or Computer Science.
While preparing for
college academics, Jalen
was involved in National
Honor Society, Beta Club
and volunteered
regularly at his church
and in the community.
He is the son of Ms.
Bobbie Walton of Butner
and Mr. John Walton of
Garner, NC.
Dr. Redding deeply
appreciates the time and
attention of the selection
committee: Dr. Thomas
J. Williams, chairman,
retired Granville County
Schools superintendent;
Dr. Kay D. Phillips-
Redding, retired director,
N.C. Scholastic Media
Association, UNC-CH
School of Journalism and
Mass Communication;
Dr. Tim Farley,
superintendent,
Granville County
Schools; Mr. Paul W.
Westfall, Granville
County Extension
Director; and Ms. Jamie
V. Haddix, School Social
Worker at C. G. Credle
Elementary.
For more information
on future applications for
this award, please
contact NC Cooperative
Extension – Granville
County Center at 919-
603-1350.
Tax & Business
INFORMATION PROVIDED BY
Cozart & Edwards, PA
Certified Public Accountants
SUPREME COURT UPHOLDS HEALTH CARE LAW
In a landmark decision, the U.S. Supreme Court
generally upheld the constitutionality of the
controversial 2010 health care law. In addition to
preserving mandates for health insurance coverage,
certain tax provisions will take effect as scheduled in
2013, barring any subsequent legislation. Here’s a
summary of the main tax changes for 2013.
Medicare surtaxes: The health care law includes
the following two Medicare surtaxes that could affect
individual taxpayers:
A 3.8% surtax on the lesser of annual net
investment income or the amount by which modified
adjusted gross income (MAGI) exceeds $200,000
($250,000 for married couples). “Net investment
income” includes interest, dividends, royalties, rents,
gains from dispositions of property and income from
passive activities, but not tax-free interest or
distributions from qualified retirement plans and
IRAs.
A 0.9% surtax on earned income (e.g., wages)
exceeding $200,000 ($250,000 for married couples).
Flexible spending accounts: Currently, there’s
a $5,000 limit on pre-tax contributions to a flexible
spending account (FSA) used for dependent care
expenses, but there’s no such limit on health care
FSAs. The law caps health care FSA contributions at
$2,500 starting in 2013.
Medical deductions: For 2012, you may deduct
unreimbursed medical expenses in excess of 7.5% of
your adjusted gross income (AGI). The law raises this
AGI floor in 2013 to 10% for taxpayers under age 65.
Other tax-related provisions in the law were also
upheld by the Supreme Court. For instance, an
individual will generally have to obtain “minimum
essential health insurance coverage” or pay a
nondeductible penalty, beginning in 2014. Another
provision, which took effect in 2010, allows a qualified
small business to claim a tax credit for part or all of
the cost of providing health insurance.
This remains a complex area of the tax law. Contact
us regarding your personal circumstances and the
effect the Supreme Court ruling could have on your
taxes.
Senior Center
Activities Schedule
PO Box 766, Hwy 56E. & Main Street
Creedmoor, NC 27522
Week of Mon. August 6 - Friday, August 12, 2012
Daily: 8:30 - 11:30 a.m. Walking in the Gym
9:00 - 10:00 Coffee Hour
12:00 - Lunch
For More Information - Call 528-0848
www.granvillecounty.org
Click “Senior Services”
. Monday, August 6: 8:45 Game Time, 10:00
Painting Class w/Alma Burke, 11:15 Devotion, 4:00
Zumba Gold Class.
Lunch 12:00: Chicken Salad, Broccoli Salad,
Crackers, Pineapple, Milk.
Tuesday, August 7: 8:45 Game Time, 9:00 Low
Impact Aerobics, 10:15 Exercise with Arthritis, 10:45
Bible Study with Dr. Mercedes Summmers, 12:30
Water Aerobics - YMCA.
Lunch: 12:00: Fried Fish, Green Beans, Coleslaw,
Cornbread Square, Milk.
Wednesday, August 8: 8:45 Game Time, 9:30
North Central Legal Assistance Program (By
Appointment, 10:15 Bingo.
Lunch 12:00: Hamburger, Corn on the Cob,
Lettuce/Tomato, Hamburger bun. Milk.
Thursday, August 9: 8:45 Game Time, 9:00 Low
Impact Aerobics, 10:00 Crochet Club,10:15 Exercise
for Arthritis, 12:30 Water Aerobics - YMCA.
Lunch 12:00: Teriyaki Chicken, Rice, Asian Blend
Vegetables, Wheat Bread, Citrus Sections, Milk.
Friday, August 10: 8:45 Game Time, 9:00 Craft:
Ceramic Classes w/Joan Harrison, 9:00 Zumba Gold
Class, 12:00 Romeo’s Meet (Retired Old Men Eating
Out.)
Lunch 12:00: Pork BBQ, Hamburger Bun, New
Potatoes, Baked Beans, Fresh Orange, Milk.
* Milk is served with each meal - Chocolate milk
and 2% low fat milk are available.**
Savvy
Senior
You ask the Senior question ~ We find the Savvy answer
Understanding Reverse Mortgages
Dear Savvy Senior,
Where can I get reliable, unbiased information on
reverse mortgages? My wife and I are thinking about
getting one but want to do some research first.
Need Money
Dear Need,
For seniors that are house rich but cash poor, a
reverse mortgage is a viable option, but there’s a lot to
know and consider to be sure it’s a good choice for you.
Here are some tips and tools to help you research this
complex financial product.
Let’s start with a quick review. A reverse mortgage
is a loan that lets older homeowners convert part of
the equity in their home into cash that doesn’t have to
be paid back as long as they live there.
To be eligible you must be age 62 or older, own your
home (or owe only a small balance) and currently be
living there.
You can receive the cash either as a lump sum, a
line of credit, regular monthly checks or a combination
of these. And with a reverse mortgage, you, not the
bank, own the house, so you’re still responsible for
property taxes, insurance and repairs.
Currently, 99 percent of all reverse mortgages
offered today are Home Equity Conversion Mortgages
(HECM), which are backed by the Federal Housing
Administration.
Repayment is due when you or the last borrower
dies, sells the place or lives elsewhere for 12 months.
Then you or your heirs will have to pay off the loan
(which includes the money you borrowed plus accrued
interest and fees) either with the proceeds from selling
the place, or if you want to keep the house, with money
from another source.
Educational Resources
To get a better handle on reverse mortgages and
how they work, there are several excellent resources
you can turn to for reliable information, but you’re
going to need access to the Internet utilize them.
To get started, the National Council on Aging
recently created a free new website called the Home
Equity Advisor that’s designed to help you think
through the best way to leverage your home – a reverse
mortgage isn’t your only option.
Just go to homeequityadvisor.org and click on their
"Quick Check" tool which will ask you a series of
questions about your personal and household situation
to define exactly what you might need or want. Then,
based on your answers, you’ll receive an individualized
report offering information, tools, and consumer advice
on a range of possible solutions that includes reverse
mortgages and other alternatives.
If you find that you are a good candidate for a
reverse mortgage, your next stop is at
reversemortgage.org, a new consumer website created
by the National Reverse Mortgage Lenders
Association.
This site offers lots of educational information
including "Your Road Map" which will help guide you
through all the features of reverse mortgages and the
process of obtaining one.
It also has a calculator to estimate how much you’d
be eligible to receive from a reverse mortgage, and
offers has a comprehensive directory of licensed HUDapproved
mortgage lenders, banks, and credit unions
that offer reverse mortgage loans in your state.
Get Counseling
Another important resource to help you understand
the pros and cons of a reverse mortgage and how it
would work in your particular situation is through
counseling.
In fact, because reverse mortgages are such
complicated products, the federal government requires
that all reverse mortgage borrowers receive counseling
through a HUD approved independent counseling
agency before they take out a HECM loan.
Counseling can be done in person or over the phone
and some agencies today provide it for free or at a
minimal fee. Some locations charge around $125. To
locate counseling agencies in your area, visit hud.gov/
offices/hsg/sfh/hecm/hecmhome.cfm or call 800-569-
4287.
Send your senior questions to: Savvy Senior, P.O.
Box 5443, Norman, OK 73070
FINANCIAL FOCUS
CHRIS ELLIS
EDWARD JONES INVESTMENT FIRM
Financial Tips For Newly Single Women
Here’s something to think about: The average
woman’s family income drops by 37% after divorce,
according to the U.S. Census Bureau. So, if you’re a
newly single woman, you may want to consider these
steps:
First, get help from a financial advisor to clarify
your spending needs, cash flow and investment
strategy. You might also consider working with a trust
company, which can help you manage your finances
in several ways.
Next, contribute as much as you can afford to your
401(k) or other employer-sponsored retirement plan.
At a minimum, put in enough to earn your employer’s
match, if one is offered.
Also, try to put aside several months; worth of
living expenses in a liquid account. This emergency
fund can help you avoid dipping into long-term
investments to pay for unexpected costs, such as an
expensive car repair.
Divorce is difficult. But by making the right moves,
you can help brighten your financial picture.
This article was written by Edward Jones for use
by your local Edward Jones Financial Advisor.