Seniors Only: Surviving the Economic Crisis with a Reverse Mortgage

In the midst of the current credit crunch, we tend to overlook the financial needs of senior homeowners, especially those who own their homes free and clear or are pretty close to being debt free. However, these homeowners often experience their own credit crisis – having loads of equity locked up in their homes and not being able to get at it. President Obama’s plan is not designed to bail them out, and many don’t qualify for refinancing to cash out some or all of their equity.

Fortunately, homeowners 62 years and older can often bail themselves out of financial trouble with a reverse mortgage. With a reverse mortgage, the homeowners have no monthly mortgage payment. Instead, the “lender” makes payments to the homeowner out of the equity in the home. The payment plan can be in any of the following forms: Read more

Q.  How important is landscaping in buying or selling a house?

A.  Good landscaping can increase your home’s resale value by 14 percent, according to the Associated Landscape Contractors of America.  Better curb appeal may speed up the sale by as much as six weeks. 

Professionals recommend that you invest 10 percent of your home’s value in landscaping.  More than just plantings, this includes structural features such as lighting, outdoor rooms, fences and pools.  Here are some helpful tips:

• Determine what you need.  Are you landscaping to sell your home or to enjoy the property yourself for the longer term. 

 

• Get professional guidance.  Depending on the scope of your project and budget, consider hiring an arborist, a landscape designer or a certified landscape architect.  Ask friends for recommendations or search web sites such as the one for The American Society of Landscape Architects.

• Develop a plan.  Set your priorities ─ what needs to be done (have you solved that drainage problem?) versus what you’d like to do (put in an outdoor entertainment area).  If you take a piecemeal approach, the result will look disorganized and cost you more money in the long run.

 

Q.  What should I know about buying a foreclosed home?   

A.  There are advantages and disadvantages to buying a foreclosed home.  Here are some general tips:

• See the house in person.   Don’t rely on a low price and internet pictures.

 

• Conduct a title search.  Find out whether it has a second mortgage or a lien on it. 

• Get an up-to-date inspection.  Conditions change and older inspections probably no longer apply. 

 

• Budget for repairs and renovations. Chances are the longer the house has been vacant, the more problems there may be. 

• Study the neighborhood.  Is the house in a crime area or surrounded by other foreclosures? 

 

• Get expert help. Work with a real estate agent who is experienced in foreclosures.

Published by: Craig Forte, Service for Life® Newsletter Subscription

 If you have any questions, or need capable and trustworthy representation,

please call Joan at 480.241.7542

Joan Byrnes, SRES

Realty One Group

joan_byrnesmartin@msn.com

www.SunLakesLiving.com

It has long been a motto of real estate, and the saying goes, “location, location, location.” It’s what sells a property, they say. But recent times have brought to light that the real deciding factor on how fast, or even if, your home sells all comes down to price.

It’s not that buyers are attracted by shiny, new things, but in a sense they are. When a home is newly listed it gathers a lot of interest. The listing agent may send out emails, webcasts, and virtual tours. They launch their entire marketing program. Even the MLS indicates the home as “newly listed.” After a few weeks, however, if no momentum has been built, the home will then face a must steeper challenge on the road to selling. Read more

What do you make of a market where pending home sales drop, as they did in the latest monthly survey, but many other real estate and mortgage indicators are trending positive at the same time? Read more

With the summer months pushing temperatures over 100 degrees in some areas and humidity leaving drips of perspiration on people’s brows, it might be time to consider a water feature to help enhance your home’s appeal.

I’m writing this from the desert and everywhere you look, flowing, glistening, and pleasant-sounding water pours from fountains on commercial and home properties. It’s alluring, welcoming, and calming. When it comes to selling your home, a water fountain can help to create a peaceful and enjoyable experience. It can also help to drown out noisy children playing nearby. Read more

I usually write about the things you should do when you want to sell or buy a home. Sometimes there are suggestions mixed in about what not to do and that’s the foundation of this week’s column. It’s pretty easy to get caught up in looking forward to where you’re going to relocate next when your home sells. However, let’s not put the cart before the horse-Most of the time sellers-need or want to sell their current home in order to make that transition into the new one. Read more