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Maine marking one year since worst mass shooting in its history
Lewiston, Maine — With flags lowered across the state, Maine residents whose sense of safety was shattered last year by the deadliest mass shooting in the state’s history planned to mark the day Friday in ways big and small, including a planned memorial service.
The killings of 18 people by an Army reservist in Lewiston drove home the stark reality that no corner of the country is safe from gun violence, including a state where people often boast of the low crime rate.
The largest of the gatherings was expected at the city’s hockey arena, where there were to be moments of silence at the time of the shootings.
Community has emerged as an important component of the grieving process since the shootings, Elizabeth Seal said through a sign language interpreter at an event with victims and survivors last week. Seal’s husband, Joshua Seal, was killed in the shootings.
“Once justice is served, I feel maybe we can start that process of healing,” Seal said through the interpreter. “But in the meantime, we’re going to stay ‘Lewiston Strong.'”
Robert F. Bukaty / AP
Seal and dozens of other survivors and relatives of victims recently began the formal process of suing the U.S. Army for what they say was a failure to act to stop the 40-year-old reservist, Robert Card.
The shootings on Oct. 25, 2023, happened at a bowling alley and a cornhole tournament hosted by a bar and grill. Card died by suicide, and his body was found two days later.
Justin Juray, owner of the Just-In-Time Recreation bowling alley where the shooting began, said the venue would close for the day Friday to let staff be with their families. He said it had been a tough week as the day approached, and Friday would be particularly hard.
“We don’t need work to add to their stress,” he said. Juray and his wife, Samantha, reopened the bowling alley in May, six months after the shooting. Two staff members were among the eight people killed there.
All told, more than 130 people were present at the two sites, according to the state’s director of victim services. In addition to the 18 killed, there were 13 wounded by gunfire and 20 non-shooting injuries.
The gunman’s family and fellow Army reservists reported that he was suffering from a mental breakdown.
In the aftermath of the shooting, the Maine Legislature passed new gun laws that bolstered the state’s “yellow flag” statute, criminalized the transfer of guns to prohibited people and expanded funding for mental health crisis care.
Democratic Gov. Janet Mills said the healing isn’t over.
“As we continue down the long and difficult road to recovery, let us remind ourselves that we are not alone, that we are ‘Lewiston Strong,’ and that we will continue to heal, together,” she said.
“Lewiston Strong” took off in the days following the tragedy and continues to inspire, reports CBS Portland, Maine affiliate WGME-TV.
The Maine People’s Alliance has kept up its “Lewiston Strong” sign, a constant reminder that’s led to contemplation.
“What does it mean anyway and what comes next after you’ve declared yourself to be strong?” asked the alliance’s Carrie Jadud.
“How do we be strong for each other and for ourselves? But more importantly, how are we healing, healing ourselves, healing each other, healing as a community?” Jadud reflected.
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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.
