yogiwan

Retired agan Retired from PwC after 20 years as technology consultant and futurist This follow 25 year in information systems management Retired again following 8 years in online retail

Labor Day Recipes

General /

It is Labor Day weekend and perhsaps one of the last days for grilling. While we did see a flash of snow last week, I don’t think we will get anything to talk about for at least another month or three.

So for this week’s recipes, here are a couple of Lamb dishes to consider. Both can be accomplished on the grill even is a skillet is called for in the recipe. And neither takes long to prepare.

So, enjoy this long weekend! And regardless of what the retail stores are showing, it is still a long way to Halloween.

Grilled Lamb, Tomato and Orange Bell Pepper Kababs

Ingredients

  • 1 lb fresh lamb, such as a boneless leg of lamb, cut into 1 inch cubes

     

  • 1 pint grape tomatoes
  • 2 large orange bell peppers
  • 2 lemons, for juice and for lemon wedges for serving
  • salt
  • pepper
  • olive oil
  • fresh mint leaves

Directions

Marinate the lamb meat earlier in the day, preferably overnight, by placing it in an airtight container in a marinade of salt, pepper, lemon and olive oil. Remove from fridge 15 minutes before you are ready to assemble the kabobs. Cut the bell peppers into 2 inch wide pieces. Begin assembling the kebabs. If you’re using wooden skewers, soak them in water for 20 minutes before grilling. Start and end the kebabs with a piece of meat, this will help them from falling apart on the grill. Alternate between the meat, tomatoes, and bell peppers. Place the kebabs on a tray. Preheat the grill to high. Grill the kebabs, turning, until the ingredients are charred and cooked to desired doneness, 3 to 15 minutes. Serve warm and alongside fresh lemon wedges and garnish with fresh mint leaves.

Lamb Chops with Rosemary and Grapes

Recipe by Quick From Scratch Herbs & Spices

Ingredients

  • 1 1/2 tablespoons olive oil

  •  
  • 8 lamb loin chops, about 1 1/4 inches thick (about 3 pounds)
  • Salt
  • fresh-ground black pepper
  • 3 tablespoons chopped fresh rosemary
  • 4 cloves garlic, cut into thin slices
  • 2 cups red grapes
  • 1/3 cup dry white wine
  • 1 teaspoon honey

Directions

In a large stainless-steel or nonstick frying pan, heat the oil over moderately high heat. Season the lamb chops with 1/2 teaspoon salt and 1/4 teaspoon pepper. Put the chops in the pan and sprinkle 1 1/2 tablespoons of the rosemary in the spaces between the chops. Cook the chops for 5 minutes. Turn and sprinkle the garlic in between the chops. Cook the chops until done to your taste, 3 to 5 minutes longer for medium rare. Remove the chops and garlic and keep in a warm spot. Pour off all but 2 tablespoons of the fat from the pan. Add the grapes and the remaining 1 1/2 tablespoons rosemary to the pan. Reduce the heat and cook, stirring frequently, until the grapes soften, about 8 minutes.

Add the wine to the pan and simmer 2 minutes. Stir in the garlic and any juices from the lamb, the honey, 1/8 teaspoon salt, and a pinch of pepper. Serve the lamb topped with the grapes and sauce.

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Book Report: The Death of Expertise

General /

The Campaign Against Established Knowledge and Why It Matters

by Tom Nichols

Some years ago when I was analyzing industry data and writing reports for company clients, my colleagues and I often discussed the changing environment for information. Prior to around 1995, reports were researched and prepared by knowledgeable professionals and the results were reviewed by others prior to publication. However, with the advent of the Internet, it was becoming obvious that anyone could write a report and publish it and claim relevance and appropriateness even though they might not have either.

So the question became, “if everyone is a writer, how to reader determine which are valid based on facts and research and which are not based on feelings, beliefs and imagination. 

As it turns out our concerns were too limited. The array of misinformation and disinformation parading as quality research and opinion is astounding.

So then I came across this book which covers some of the same territory from a slightly different perspective, But it is well worth reading and making up your own mind.

Tom Nichols’ The Death of Expertise: The Campaign Against Established Knowledge and Why It Matters is a critical examination of the contemporary disdain for expertise and the consequences it has for society. Nichols, a professor of national security affairs and a well-respected voice in the realm of policy analysis, explores how the erosion of respect for experts and their knowledge impacts democracy, governance, and public discourse.

Summary

Nichols begins by addressing a troubling trend: the widespread skepticism and outright rejection of expertise in various fields. He argues that this phenomenon is not just a minor cultural shift but a serious issue that undermines the foundations of informed decision-making and effective governance. The book outlines how this disdain for experts has grown in recent decades, fueled by several factors including the rise of social media, the increasing availability of information, and a general cultural shift towards populism and anti-intellectualism.

One of the key themes in the book is the misconception that all opinions are equally valid and that expertise is merely one of many perspectives. Nichols contends that this viewpoint is flawed and dangerous. He emphasizes that while everyone is entitled to their own opinions, expertise involves a deep understanding of a subject that comes from years of study and practice. He stresses that experts provide valuable insights that are often grounded in extensive research and evidence, distinguishing their contributions from mere opinions.

Nichols explores various sectors where the devaluation of expertise is particularly evident. In politics, for instance, he discusses how political leaders, and their supporters often reject scientific and technical advice in favor of populist rhetoric. He illustrates this with examples from climate change debates, where well-established scientific consensus is frequently dismissed in favor of uninformed opinions. This rejection of expertise, Nichols argues, not only hampers effective policymaking but also erodes public trust in institutions and science.

The book also delves into the impact of technology on the perception of expertise. Nichols points out that the internet and social media, while democratizing access to information, have also led to an overwhelming amount of misinformation and pseudoscience. The ease with which individuals can share and access information has created an environment where misinformation spreads rapidly, further diminishing the value placed on expert knowledge.

Nichols’ discussion extends to the educational system, where he critiques the trend of prioritizing relative and subjective viewpoints over established knowledge. He argues that this shift has led to a generation that is less equipped to critically evaluate information and more inclined to embrace simplistic or erroneous understandings of complex issues.

Analysis

In The Death of Expertise, Nichols offers a compelling analysis of the dangers posed by the erosion of respect for expertise. His arguments are well-supported by examples and evidence, and he presents a balanced view of the challenges faced by experts in a rapidly changing information landscape. The book serves as a call to action, urging readers to recognize the importance of expertise and to engage with it critically but respectfully.

Nichols’ writing is accessible and engaging, making complex issues understandable for a broad audience. His insights into the intersection of knowledge, technology, and politics are both timely and relevant, highlighting the need for a renewed appreciation of expert knowledge in an age of increasing misinformation.

In conclusion, The Death of Expertise is a thought-provoking and essential read for anyone concerned about the future of informed public discourse and decision-making. Tom Nichols provides a sobering examination of the challenges facing experts and the implications of a society that increasingly undervalues their contributions. The book underscores the need for a cultural shift towards valuing and understanding expertise to ensure that democratic institutions and public policies are grounded in sound knowledge and evidence.

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Choosing the Right Travel Companion: Tablets vs Laptops

Technology /

Targeted at Boomers and Gen X but mostly aimed at my wife.

As technology evolves, the line between devices blurs, making the choice between a laptop, tablet, or smartphone more about personal usage patterns than ever before. This shift is particularly relevant for those who have tried to evade the technology surge of the last couple of decades – Baby Boomers and Generation X – , who are now increasingly integrating digital solutions into their lifestyles. While this group is not spending time in social media sites watching video or other junk, there are needs for  daily conversations, entertainment, the few remaining tasks like banking and taxes or staying connected while traveling.

The Drive Toward Portability and Integration

During recent family discussions about an upcoming trip, the conversation turned to technology—specifically, the desire for devices that combine the functionality of a laptop with the portability of a smartphone. This is a common dilemma for travelers today, especially among older generations who value both functionality and ease of use.

My wife, who uses a Microsoft-based laptop and an iPhone, expressed concerns that her laptop is too cumbersome for travel. She sought a device that could handle her basic needs like messaging, email, and leisure apps such as those for playing bridge and mahjong, without the bulk and weight of a traditional laptop and could easily be adapted to substitute for her Kindle for books.

Why Tablets Are Gaining Popularity Among Older Generations

Tablets have emerged as ideal solutions for Boomers and Gen X, thanks to their lightweight design and user-friendly interfaces. Here are some advancements that make tablets appealing:

  • Intuitive Interfaces: Tablets offer simple navigation, crucial for users who may not be tech-savvy.
  • Voice Control and Assistance: Features like Siri, Alexa and Google Assistant make tablets accessible and convenient. And there is an added feature of voice transcription to make writing conversations easier as well.
  • Adjustable Text Size and Screen Lighting: Tailored reading experiences help reduce eye strain, an important factor for older users.
  • Multitasking Capabilities: Modern tablets handle multiple applications at once, making them versatile tools for various tasks.
  • Comprehensive App Ecosystems: From productivity apps to games, tablets support an array of applications that enhance their utility. With the added keyboard and pen, writing and sketching are easy.s
  • Cost-Effectiveness: Generally less expensive than laptops, tablets provide a financially viable alternative for those who do not require advanced computing capabilities.

These features not only cater to the practical needs but also align with the lifestyle preferences of older adults, who appreciate devices that enhance their quality of life without introducing complexity. And that describes my wife.

Smartphones: Complements or Competitors?

While smartphones are indispensable, they serve dual roles in the technology ecosystem. They complement tablets by syncing data and providing continuity in user experience across devices. For example, notes taken on a smartphone can be seamlessly accessed on a tablet, and e-books begun on one device can be continued on another.

However, smartphones also compete with tablets, particularly as their screen sizes increase and they incorporate more advanced functionalities. For many, a high-end smartphone might suffice for the tasks a tablet or even a laptop would perform, especially when considering the cost of owning multiple devices.

But many appreciate the separation of functionality. Phones make calls and take messages easily. Phones have easy to use cameras (so do most tablets but phones are simpler).

Looking Ahead: The Convergence of Technology

As Boomers and Gen X become more accustomed to digital solutions, the demand for devices that balance functionality with ease of use will continue to grow. Tablets, with their blend of laptop-like capabilities and smartphone-like ease, are increasingly seen as the ideal middle ground.

For travelers like my wife, a tablet that syncs well with her iPhone could be the perfect travel companion—light enough to carry around all day, yet capable enough to handle all her digital needs without reaching for her laptop.

Conclusion

The choice between digital devices is no longer a simple decision between power and portability. With tablets offering a compelling mix of both, coupled with the ease of integration with smartphones, they are fast becoming the preferred choice for older generations looking to streamline their technology use without compromising on functionality. As we prepare for our trip later this year, the shift towards a tablet seems not just a convenience but a significant enhancement to our travel experience.

This was so evident that we bought an iPad with associated keyboard and pen and so far, this is working well. I kind of expect the laptop will atrophy over the next few months and the iPad will become the go-to device.

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Online Sports Betting Hurts Consumers

General /

I have been saying for many years that gambling is the worst thing that has happened to sport ever!

It has changed the focus from the teams and competitors to where money can be potentially made on the games, the plays, the players and much more, It started with fantasy which move concentration away for the play of the game to the performance of individuals. What happened to most sports are a team game?

What I have been somewhat concerned about is what the unintended consequences might be as gambling becomes more of the driver of sports.

Not sure if it was unintended, but the major realignment of the college conferences is one change. So, universities such as Stanford and California are in the Atlantic Coast Conference which really makes a lot of sense. Also, not sure if it was unintended but the implementation of the NIL down to the high school level, while a benefit to a small percentage of students, is impacting all of school athletics as seen in transfers not only in the transfer portal at the college level, but also transfers among high schools. (And this is to say nothing about some of the misfortunate incidents that occur when young men with no experience with money are suddenly given large amounts of itl)

It is obvious that gambling is running most professional sports. The NFL and NBA have official betting sponsors, and all others will follow soon if they have not already, Pete Rose got thrown out of baseball for gambling. Now he might just have received a sharp reprimand, if that.

Then I came across this information which I find to be both predictable and disturbing.

In 30 states, as well as DC and Puerto Rico, everyone over the age of 21 is effectively walking around with a mini sports casino in their pocket. And this is affecting over all behaviors in ways that are not positive.

 

Online Sports Betting Hurts Consumers

Authors: Ben Krauss and Milan Singh Date: August 10, 2024

Ben Krauss and Milan Singh, in a compelling article on “Slow Boring,” delve into the significant and often overlooked issues surrounding online sports betting. They bring to light the financial and social perils exacerbated by the unregulated expansion of mobile sports gambling, particularly highlighting the deleterious effects on consumer financial health.

In 30 states plus DC and Puerto Rico, legal mobile sports betting has turned every smartphone into a potential gambling outlet. While this has surged the total sports wagers to billions annually, it has correspondingly increased the calls to addiction hotlines and underlined the adverse financial impacts on lower-income groups. The authors argue that the revenue generated by state taxes on gambling does not counterbalance the societal costs of increased addiction and financial instability. Formidable

Recent research solidifies their concerns. Two studies detailed in the article illustrate how legalized sports betting correlates with lower credit scores, heightened bankruptcy rates, and stunted positive financial behaviors like saving or investing. This trend is especially pronounced among low-income men who are the most susceptible to the pitfalls of gambling.

The first study by Hollenbeck, Larsen, and Proserpio utilizes a vast consumer credit dataset to analyze the financial impacts post-legalization. They found not only a general decline in credit scores but also a tangible increase in financial distress amongst populations in legalized states. The second study reinforces these findings by showing a significant uptick in sports betting, which does not supplant but rather supplements existing gambling habits, further detracting from financial stability and savings.

Krauss and Singh criticize the rapid and largely unchecked expansion of mobile betting, urging legislators to reconsider the trajectory of sports gambling laws. They suggest that while some regulatory bodies and betting platforms promote “responsible betting,” the inherent business model thrives on the losses of the most vulnerable gamblers.

Moreover, the authors touch upon the broader ambitions of the gambling industry to expand into mobile casino gambling, or “iGaming,” which poses even greater risks. With online sports gambling already proving detrimental, the potential legalization of more addictive casino games could exacerbate the issues.

In conclusion, the article is a sobering call for a more measured and regulated approach to online gambling, advocating for policies that genuinely safeguard consumer welfare rather than capitulating to the profit motives of the gambling industry. It underscores the need for a more profound legislative introspection into the economic and social impacts of gambling, suggesting that the current trajectory could lead to more severe societal costs if left unchecked.

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Fall Vegetable Recipes

General /

I think I may have to slow down a little. This is supposed to be side-light hobby where I can comment on things going on that I think are interesting. But I am finding some terrific sources for information that are interesting and worthy of comment. From this, I could write an article daily but I really don’t want to put in that much time.

I will try to continue with a recipe most every week as several people have commented that they like them. Otherwise, perhaps any of you who happen to run across some of my posts could send me some suggestions on topics that would be of interest to you. I will research those topics and comment or provide opinions.

The posts do have a pop up sign up form (which you can ignore, as most have so far) that will get you on a very small email list to receive copies of my posts. I would love to get this list up to 20 or 30 as then I would know some people are perhaps marginally interested.

Roasted Zucchini With Pesto

 Ingredients

 

  • 2 Zucchini, chopped into 1 inch chunks
  • 3 Garlic Cloves, minced
  • Extra-virgin Olive Oil
  • 2 tbsp Pesto
  • Oregano
  • Sea Salt
  • Pepper

Directions

Preheat oven to 450°F. Mix olive oil, pesto, oregano, garlic, sea salt and pepper in a small bowl. Coat each chunk of zucchini in the mixture and spread out on a baking sheet. Roast till browning (about 6 minutes) and then flip the zucchini pieces over and let roast for another 7 or so minutes until they are tender. Serve warm with other delicious sides.

Note: This can be done on the grill using a cast iron grill pan and follow the same general directions.

Grilled Corn with Anaheim-Lime Butter

Ingredients

 

  • 4 ears fresh corn
  • 2 tbsp butter, softened
  • 1/4 tsp freshly grated lime zest
  • 1 tsp fresh squeezed lime juice
  • 1/2 tsp minced Anaheim Pepper
  • 2 Garlic cloves, minced
  • Salt to taste
  • Pepper

Directions

Preheat grill to high. Remove cornhusks and wrap the corn in foil then place them on the grill to cook for 10 minutes (turn them often). As the corn cools mix up the butter, lime zest, limejuice, Anaheim pepper, garlic, salt and pepper in a small bowl.

Coat each piece of corn with the butter topping. Take in the sunrays and enjoy your meal.

Note: If you like your corn infused throughout with butter, then add the butter to the corn and then wrap tightly with foil.

Grilled Eggplant Panini

 

Ingredients

  • 1 Eggplant (1/2-inch by 1 inch slices)
  • 1 Tomato
  • 2 tbsp Fresh Basil, chopped
  • 1 tbsp Fresh Oregano, chopped
  • 2 Garlic Clove, minced
  • 8 slices of bread
  • 8 slices fresh mozzarella cheese
  • 4 thin slices red onion
  • Hummus
  • Butter
  • Extra-Virgin Olive Oil
  • Pepper
  • Salt

 

Directions

Preheat grill to medium-high. Sprinkle salt over the cut eggplant and let sit. Mix olive oil, garlic, basil, oregano, salt and pepper together in a small dish. Dip each side of the eggplant into the mixture and place on grill. Grill for about 6 minutes on each side, until tender. Meanwhile spread a thin layer of butter on one side of each piece of bread and spread a layer of hummus on the other side. Place onions into hummus and then put the eggplant over top the onions. Add thin tomato slices and top with mozzarella cheese. Put the sandwich into a Panini press and let cook till golden brown (2-5 minutes). Enjoy this meal, it might be sloppy, but it will be delicious!

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Have We Seen the Last of Tiger?

General /

Here we are in the second week of the FedEx Cup playoffs and there are a few surprises that seem to pop up each week. That Schauffele is among the leaders is not one of them.

  • Hideki winning last week is not a total surprise.
  • Keegan Bradley at the top of the leader board at 6 under after day one is unusual 
  • The average age of the BMW participants is 34 with Adam Scott the oldest at 44 and two shots back and Ludvig Aberg is the youngest at 24 and us 6 back after the first day.

What is not seen in these playoff is any appearance from Tiger Woods.

Many of the golf announcers have stated over the last few months that this could be possible that Tiger could become relevant again and could possibly even compete and potentially win another major. But my contention is that this will not happen regardless of how much Tiger would like these projections to be accurate.

Sure, Jack won his last major at 46 but everything lined up just right on his last day to facilitate his comeback. But Tiger is currently 48. Tiger has had several major surgeries on his back and knees, He is just not as flexible as he was just a few years ago and rotational flexibility is crucial in the professional game of golf.

Go back to films from 10 years ago and again from 20 years ago and compare his swing then to his swing this year. For most of us, there will not seem to be a big difference but for him the changes are tremendous. His body, with all of the hardware included, will not do the things he needs to do to compete at the top level of the PGA.

And look at his competition these days. The average age of players he has to beat is 14 years younger than him and there are a number of new competitors who are more that a decade younger than that. Anyone of them is capable or throwing up a 6 or 8 under round at any time which presents a formidable challenge each week. We have not seen any round like that from Tiger for some time. It takes four arduous days of effort to win a PGA tournament and while the young can mostly just strive through it, Tiger has to prepare and repair daily to survive and as we have seen several times this season, he has not been able to do that.

In my opinion, Tiger Woods is the GOAT of golf. But we will have to live with memories of what was because it is probably not possible for us to see it again.

I am not sure if Tiger will play in the Champions Tour in a couple of years. While the competition will not be younger, it will still be formidable, and,while Tiger bear all of the guys on that tour before, Tiger will still have the limitations brought about by all of his surgeries.

I do hope Tiger will find some venues to continue with golf as he is a tremendous asset to the game. What that could be I have no idea.

Have We Seen the Last of Tiger? Read More »

Why the Media Moves in Unison

Articles /

I came across an article which tries to explain why the majority of the media seems to move in lock step often in spire of evidence that they may be wrong. From this perspective it is more about social pressure and perhaps insecurity of the media members themselves.

I not sure I buy all of his conclusions but it does go a long way toward explaining why mainstream media seems to underreport things which go against the current “mainstream” narratives. Social pressure it seems, trumps the requirement of accurate reporting – something we have been missing for a decade or more now.

Below is a summary of the article and you can see the whole thing here  

Why the Media Moves in Unison

The media often appears to move in unison on certain topics, not because of any centralized directive or conspiracy, but due to social pressures that influence journalists’ decisions. Yascha Mounk argues that this phenomenon stems from a deep-seated human need for social approval, which can trump other motivations like the pursuit of truth or professional success.

Mounk highlights the case of the COVID-19 lab leak theory to illustrate his point. Initially dismissed as a conspiracy, the theory later gained traction and was eventually covered seriously by mainstream media. This sudden shift, Mounk suggests, was not due to new evidence alone but was also influenced by the social dynamics within the media industry. Journalists, like anyone else, are part of social circles where certain views are acceptable, and others are not. Expressing a viewpoint that is taboo within these circles can lead to social ostracism or professional setbacks, which most journalists are keen to avoid.

This desire to fit in socially leads to what Mounk calls “dinner partyism,” where journalists are more concerned with avoiding awkward questions at social events than with challenging prevailing narratives. This can create an environment where media outlets reinforce each other’s biases and avoid covering certain topics until it becomes socially acceptable to do so. Once a critical mass of journalists begins to break from the consensus, others follow suit, leading to a rapid shift in the media’s stance on an issue.

Mounk’s analysis draws on the work of economist Timur Kuran, who has explored how “preference falsification”—where individuals hide their true beliefs to avoid social penalties—can lead to sudden and unexpected changes in public opinion. In the context of the media, journalists may privately doubt the dominant narrative but refrain from expressing those doubts publicly until it becomes safe to do so. This dynamic can explain why the media often seems to change its tune on major issues abruptly.

The social pressures that drive media conformity are amplified by the concentration of journalists in major cities like New York and Washington, D.C., where they are more likely to interact with each other and share similar social circles. This creates an echo chamber effect, where certain viewpoints are reinforced, and others are marginalized, not because of any explicit coordination, but because of the implicit social norms that govern these communities.

In conclusion, the media’s tendency to move in unison on certain issues is not the result of a grand conspiracy but is driven by the same social forces that influence behavior in any other group. Journalists, like everyone else, seek social approval and fear social ostracism, leading them to conform to the prevailing views within their social circles.

Why the Media Moves in Unison Read More »

Book Report – How to Avoid a Climate Disaster

General, Technology /

This is from a few years ago but still worth a review. How to Avoid a Climate Disaster by Bill Gates caused quite a bit of discussion when it came out in 2021. And while he did extensive research on the challenges of addressing climate change, the potential solutions still remain outside of a practical time frame.

Some of the key points covered start by stating the primary problems:

  • to avoid the worst impacts of climate change, the world needs to reduce greenhouse gas emissions from 51 billion tons per year to zero by 2050
  • many different sectors ae responsible for emissions including; electricity generation, manufacturing, agriculture, transportation, and buildings
  • there is no over arching multi-government agreement on an approach to addressing the global issues.

His perspective on the issue is, as you would expect, centered on technological solutions. The book explores the potential of various technological innovations, including advanced nuclear power, carbon capture and storage, and next-generation batteries.

By observation, over the last three years, the technology research and investment is not keeping up with Gate’s expectations. R&D investment in nuclear, as an example, is currently at about 10% of the R&D money being spent on oil and gas improvements. While there are improvement in carbon capture capabilities, the direction sees to be skewed on minor industrial issues rather atmosphere bulk reductions. And, while there have been improvements in batteries, it is not expected that new generation batteries that will facilitate fully usable electric cars and possibly solar supported households and businesses to be available until 2027 and those will be early stage expensive versions.

On of his key concerns centers around both policy and market issues along with global cooperation (to say nothing about being sure to be able to drag along developing countries).

And on a final note, he pushes primary responsibility onto personal responsibility, urging people to reduce their carbon footprint through lifestyle changes.

Gates explains complex scientific and technological concepts in a way that is easy to understand, making it suitable for a wide audience. However, some critics argue that the book underestimates the political and social challenges of implementing the solutions he proposes some of which can be observed over the last three years.

Conclusion

“How to Avoid a Climate Disaster” is an essential read for anyone interested in the future of our planet. Gates provides a clear-eyed assessment of the challenges ahead and a hopeful vision for how we can overcome them. His call to action is urgent but realistic, emphasizing that while the path to net-zero emissions is difficult, it is achievable with the right mix of innovation, policy, and global cooperation.

Recommendation

This book is recommended for readers interested in environmental science, technology, public policy, and global development. It is particularly useful for those looking to understand the role of innovation in solving the climate crisis.

For further information, you can explore the book here.

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Reverse Mortgage – The other half of the picture

General /

A few weeks ago, I posted an article on the benefits of reverse mortgages, and they are substantial.

Eliminating your monthly mortgage payment should substantially improve you cash flow. Having the ability to easily access the previously untouchable equity in your property should provide quite a bit more flexibility in dealing with significant expenditures.

But there are some downsides to these mortgages as well.

One of the biggest is that you must have more that 50% equity in your property and more is better. These mortgages are generally targeted at folks who have had their properties for a long time and have built up quite a bit of equity but that equity is difficult to access without either refinancing or selling the property. Ther first of these options can be expensive and would do little to improve monthly cash flow. The second might not be an option since a new place to live would have to be found and there may be some long-term family issues that arise.

So, with all those benefits what is on the other side of the ledger.

High Fees and Costs:

As with all mortgages there are significant upfront costs including a potential appraisal, origination fees, mortgage

 insurance premiums, and closing costs. These are all included in determining the among of funds that can be distributed.

One of the charges that make no sense to me is the need for mortgage insurance which explained away be stating that this is a FHA requirement. But what is being insured? There is more than a 50% equity in the property which the bank controls, so their risk is quite low. But they collect hundreds of dollars per month for this.

Complicated Terms and Conditions:

Reverse mortgages can be complex, with various terms and conditions that may be difficult to understand. Misunderstanding these terms can lead to unexpected financial obligations or penalties. As an example, the availability of an easy access line of credit is touted as a great benefit and if you have a great deal of equity it would be. But what is typically not made clear is that money withdrawn with the line of credit is added to the total loan. With a typical line of credit loan from a bank, you would be required to make regular payments to decrease the balance. Using the reverse line of credit, the principal and interest due monthly are added to be overall principal.

One other item that bears watching is the interest rate. It was my understanding that the interest rate was fixed a the time of the contract but it is not. The interest rate is variable and adjusts month to month. In addition, the bank adds a margin fee to the interest.

Reduction in Home Equity:

What is not typically understood is the reverse mortgage is really just a mortgage with month principal and interest payments. In the reverse case, however, you are not making these monthly payments. As you progress through the reverse mortgage, these and all of the fees are added to your loan balance. Thus, the loan balance increases over time. As a result, the homeowner’s equity in the property decreases. This can leave less equity for heirs or for the homeowner to access in the future.

The hope of course is that property values will also increase and hopefully at a rate that is greater than monthly cost additions to the loan.

Impact on Benefits:

Receiving reverse mortgage proceeds can affect eligibility for need-based government programs like Medicaid and Supplemental Security Income (SSI). It’s important to understand how these funds may impact such benefits.

Risk of Foreclosure:

From a property owner’s perspective, not a lot changes. Borrowers must continue to meet certain obligations, such as paying property taxes, homeowner’s insurance, and maintaining the home. The difference is that these expenses cannot be included in an escrow account which paid along with the normal monthly mortgage payment. Failing to meet these requirements can result in foreclosure and the loss of the home.

Also, it the line of credit is utilized to a great extent and there happened to be an associated significant drop in home values (e.g. 2009), then the debt-to-equity relationship could become unfavorable from the banks perspective and that could call the loan. But as stated above and as the experience of the last couple of decades has shown, home values are expected to continue to grow.

As a quick summary, reverse mortgages are a great option for some property owners and provide significant cash flow gains and access to trapped capital equity in real estate. But as with all financial transactions it is imperative to know as much as you can about them and to uncover all of the unintended consequences that could occur.

Banks play the long game! They give up monthly income from a typical mortgage and replace it with long term payback years from now. But in the meantime they charge us a lot for this deferred payment.

I am pretty happy with my experience but still complain about the mortgage insurance, variable interest and miscellaneous charges that get added to my balance each month.

Reverse Mortgage – The other half of the picture Read More »

Fall Receipes

General /
I have these recipes from Your Smart Kitchen so I might as well use them here. Thet have proven to be good over some time. Give them a try and let me know what you think.

Best Chili Recipe

Serves: 8 to 10

This could the best chili recipe you’ll ever make or at least it was the blue ribbon winner at a chili cook-off, garnering a prize worth $20,000. With surprise ingredients like beer and unsweetened cocoa, the blend of seasonings and flavors creates a mouthwatering chili that will have them begging for the recipe. 

For the brave souls that like more fire, double the hot sauce to kick it up a notch.

Ingredients:

  • 2 1/2 lb. lean
  •  chuck, ground
  • 1 lb. lean pork, ground
  • 4 garlic cloves, finely chopped
  • 1 cup finely chopped onion
  • 8 oz. hunt’s tomato sauce
  • 1 cup water
  • 1 can beer (12 oz.)
  • 3 Tablespoons chili powder 
  • 2 Tablespoons instant beef bouillon (or 6 cubes)
  • 2 Tablespoons cumin, ground
  • 2 teaspoons paprika
  • 2 teaspoons oregano leaves 
  • 2 teaspoons sugar
  • 1/2 teaspoon coriander, ground
  • 1 teaspoon unsweetened cocoa 
  • 1/2 teaspoon Louisiana hot sauce 
  • 1 teaspoon cornmeal
  • 1 teaspoon flour
  • 1 teaspoon warm water

Directions:

  • In a large saucepan brown 1 1/4 pounds of the ground meat (the beef and the pork), drain the fat.
  • Remove meat (the beef and the pork). Brown the rest of the ground meat, drain all but 2 tablespoons of the fat.
  • Add the garlic and onion, cook and stir until tender.
  • Add the other half of the meat and the tomato sauce, water, beer, chili powder, bouillon, cumin, paprika, oregano, sugar, coriander, cocoa, and hot sauce. Mix well.
  • Bring to a boil then reduce heat and simmer, covered, for 2 hours.
  • In a small bowl, stir together the cornmeal and flour, then add the warm water and mix well.
  • Stir into the chili and cook, covered, for an additional 20 minutes.
Here is another but with turkey instead of beef or pork.

Ancho-Chipotle Turkey Chili

Serves:6 servings

Ingredients

  • 4 to 5 medium dried ancho chiles, stemmed and seeded
  • 4 cups chicken stock
  • 1 tablespoon extra-virgin olive oil
  • 4 ounces Applewood smoked bacon, chopped
  • 2 pounds ground turkey (mix of light and dark meat)
  • Kosher salt and freshly ground black pepper
  • 1 onion, chopped
  • 4 cloves garlic, chopped
  • 2 tablespoons finely chopped seeded chipotle in adobo sauce
  • 1 rounded tablespoon smoked sweet paprika
  • Scant palmful ground cumin
  • Scant palmful coriander
  • 2 teaspoons unsweetened cocoa powder
  • 2 pinches ground cinnamon
  • 1/4 cup tomato paste
  • 1 (12-ounce) bottle Mexican-style beer           

Garnishes:

  • Chopped raw onions
  • Scallions, chopped
  • Cilantro leaves
  • Lime wedges
  • Lightly crushed tortillas
  • Shredded extra-sharp Cheddar cheese
  • Sour cream
  • Toasted pumpkin seeds
  • Diced avocado dressed with lime or lemon juice

Directions

Place the anchos and stock in a saucepan over medium heat. Bring to a low boil, and then simmer over low heat to reconstitute.

Heat 1 tablespoon extra-virgin olive oil in a large Dutch oven or large, deep skillet over medium-high heat. Add the bacon and brown a few minutes, and then remove the bacon to a plate with a slotted spoon.

Add the ground turkey and brown and crumble the meat, and season with salt and pepper. Add the onions, garlic, chipotle in adobo, paprika, cumin, coriander, cocoa powder, and cinnamon. Stir and cook to soften, 10 minutes more. Add the tomato paste, and stir 1 minute. Deglaze the pan with the beer.

Puree the anchos and stock.

Add the ancho puree to the chili along with the reserved bacon. Simmer over low heat to thicken 20 to 30 minutes. 

Cool and store for a make-ahead meal.  To reheat: Reheat over a medium flame on the stovetop, stirring occasionally. Serve with the garnishes of your choice.

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