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Who is Usha Vance, JD Vance’s wife who influenced who he is today?
It’s hard to overstate how instrumental and influential Usha Chilukuri Vance, wife of GOP vice presidential nominee JD Vance, has been in helping shape Vance into the man he is today, according to his memoir “Hillbilly Elegy.” Now that Vance is the GOP nominee for vice president, she could become the second lady of the United States.
Vance met Usha Chilukuri when they were both students at Yale Law School. The daughter of Indian immigrants to the U.S. who were also professors, she was born in San Diego, California, and attended Yale University for undergad as well. When Vance learned she was single, he immediately asked her out, he said in his book “Hillbilly Elegy.” After a single date, Vance said he told her he was in love with her. They eventually married in 2014.
How Usha influenced who JD is today
Vance, who grew up around poverty, addiction, violence and broken families, wrote that he experienced culture shock when he was thrust into the so-called “elite” culture of Yale Law. Law school was filled with cocktail hours and dinners where he didn’t know anything about wine beyond “white” and “red,” tasted sparkling water for the first time and didn’t know which piece of silverware to use for which dish.
“Go from outside to inside, and don’t use the same utensil for separate dishes,” Usha told him when Vance excused himself to call her from the restroom at one such event, according to his book.
Usha, as Vance describes in his book, became his “Yale spirit guide,” helping him navigate the culture and expectations of his newfound, upper-class world.
“Usha was like my Yale spirit guide,” Vance wrote. “She instinctively understood the questions I didn’t even know how to ask, and she always encouraged me to seek opportunities that I didn’t know existed.”
Jeff Dean / AP
Vance admired Usha’s intelligence and directness, and he describes her patience as critical to him in those early years of his new life in sophisticated America. But Usha and her family were also critical in showing Vance how families and individuals could discuss matters calmly, without resorting to anger.
“The sad fact is that I couldn’t do it without Usha,” Vance wrote. “Even at my best, I’m a delayed explosion — I can be defused, but only with skill and precision. It’s not just that I’ve learned to control myself, but that Usha has learned how to manage me. Put two of me in the same house and you have a positively radioactive situation.”
Vance’s biological father left when he was six, and his mother struggled with drug addiction. Usha’s parents had been stably married for decades, and Vance suggested the Chilukuri family and Usha showed him how families could discuss matters calmly, without resorting to anger.
“Usha hadn’t learned how to fight in the hillbilly school of hard knocks,” Vance wrote. “The first time I visited her family for Thanksgiving, I was amazed at the lack of drama. Usha’s mother didn’t complain about her father behind his back. There was no suggestions that good family friends were liars or backstabbers, no angry exchanges between a man’s wife and the same man’s sister. Usha’s parents seemed to genuinely like her grandmother and spoke of their siblings with love.”
Vance describes a time in his book when he was driving in Ohio with Usha when someone cut him off. Vance honked, and the driver flipped him off. When they stopped at a red light, Vance writes he “unbuckled my seatbelt and opened the car door.”
“I planned to demand an apology (and fight the guy if necessary), but my common sense prevailed and I shut the door before I got out of the car. Usha was delighted that I’d changed my mind,” Vance wrote.
“For the first 18 or so years of my life, standing down would have earned me a verbal lashing as a ‘p***y’ or a ‘wimp’ or a ‘girl,'” Vance added.
Vance says Usha read every single word of his “Hillbilly Elegy” manuscript “literally dozens of times,” offering important feedback.
What Usha does now
Now 38, Usha Chilukuri Vance is an accomplished litigator in her own right. She clerked for Supreme Court Chief Justice John Roberts, as well as Supreme Court Justice Brett Kavanaugh when Kavanaugh was a federal judge. The Vances have three young children.
She is a member of the D.C. Bar, and most recently worked as an attorney for law firm Munger, Tolles & Olson LLP until Vance’s nomination.
Her husband is a Roman Catholic, but her religious background is Hindu.
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Record-high inflation in the post-pandemic era has been challenging for many Americans, but retirees often face added struggles as prices rise since many are on a fixed income. That’s why it comes as no surprise that 59% of retirees expressed concerns about their financial security, according to a survey conducted by MedicareFAQ.
The good news is that many seniors have a significant source of funds to draw from in their home equity. In fact, for seniors 65 and over, the median value of their home equity is $250,000. That’s a 47% increase in the value of equity since before the pandemic.
Older Americans who need extra funds can tap this equity to help make ends meet, and they have different ways to do it including a home equity loan and a reverse mortgage. There are important differences between home equity loans vs. reverse mortgages, though, so retirees must do more than just compare today’s home equity interest rates to decide which is best.
This guide will help you understand when a reverse mortgage makes sense and when you should opt for a home equity loan instead.
Find out more about your home equity loan options here.
When a reverse mortgage is better for seniors
Reverse mortgages use your home as collateral, just as traditional mortgage loans do — but they work very differently. That’s because you don’t send in monthly payments with a reverse mortgage. Instead, your lender sends money to you and your loan balance grows each month. When you pass away or move, the reverse mortgage must be paid back.
“A reverse mortgage is intended for borrowers over age 62 that are not able to afford their monthly payments using their current retirement income and need additional income to help with their responsibilities,” says Lisa Gaffikin, a home loan specialist at Churchill Mortgage.
Gaffikin says that if you have limited income, you may not qualify for a traditional home equity loan but a reverse mortgage could be an option. You’ll get to stay in your home without adding to your monthly obligations, while also being able to supplement your current income.
You do need to have sufficient equity in your home though, and will need to follow requirements including continuing to maintain the property over time.
“Reverse mortgages are ideal for seniors who are house-rich but cash-poor,” says Josh Lewis, a certified mortgage consultant and host of The Educated Homebuyer.
Lewis also addressed a common concern seniors have about reverse mortgages: the ability to leave property to loved ones when you pass away, which could be impacted by the fact the loan must be paid upon your death.
“There’s a misconception that you won’t have a home to leave to your heirs but that is not true,” Lewis says. “You’ll have a home, but the equity your heirs inherit will depend on how long you live and how your home appreciates over time. It’s truly no different than inheriting a home with a traditional mortgage, except the loan balance will need to be paid off through a refinance or sale within six to 12 months of the homeowner’s passing.”
Learn about how a home equity loan could benefit you today.
When a home equity loan is better for seniors
Home equity loans work differently than reverse mortgages. You’ll still need equity and must use your home as collateral, but you receive the borrowed funds upfront when you take out the loan and you must start making payments on the debt immediately.
“Home equity loans are ideal when you need a lump sum and can handle monthly payments,” Lewis says. “With lower upfront costs and typically lower interest rates, they’re perfect if you want to keep building equity and might sell or pass on your home soon. This option works well for those with a steady income who are looking to borrow for a specific purpose.”
The key thing to remember, though, is that you must qualify by showing the lender you have enough money to afford the loan payments and you must be able to make those payments for the duration of the loan term. This isn’t always easy when you need extra cash.
“A home equity loan might be a better option if the homeowner is not struggling to make current payments and only needs equity from the home to consolidate non-property debts or to lower monthly expenses for liabilities with higher interest rates,” Gaffikin says. “If the borrower is comfortable with their housing expenses and can make the current housing-related payments and the new home equity loan payment, a home equity loan might very well be the best choice.”
Gaffikin recommends looking at your full financial picture and considering the long-term implications of your decision when deciding which is right for you.
The bottom line
Ultimately, if you want to access equity with no monthly payments and are OK with leaving less equity to your heirs, a reverse mortgage is likely the better option and you should shop carefully to find the best reverse mortgage companies to minimize interest and fees. If you’d rather pay back your loan during your lifetime and can afford it, a HELOC is the better choice.
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