Neighborhood Newsletter
A Note From Jeanie…..
Real estate has changed so much in the last few years that I found myself reminiscing this week for the good ole days. Then I snapped out of it and realized that I’m not old enough to use that cliché. It is a bit strange to me that we look back just a few of years ago when getting financing was so much easier and yet I have seen more fraud in the last 30 days than I saw in all the “easy” years. Linda and I both have always and will always be rule followers. Desperation, whether perceived or real, is leading people to decisions that I don’t think they ever would have considered before. Never before has the cliché, “If it sounds too good to be true, it probably is” been more true. Please, I implore you to get advice from a trusted real estate source before making any real estate decisions. For sale by owners, short sales, contracts with corporate buyers and the words “and/or assigns” and anytime when you are asked to be the “bank”, there are serious risks.
On a more positive note, we are blessed. We live in a country and particularly in a state where there is still opportunity. We have lots and lots of relocation to the area and that is creating a rental and relocation market that are more than healthy. Coldwell Banker Apex has worked hard to acquire one of the largest international relocation accounts in the world and Sachse is already benefiting from it.
When did 2nd graders start doing so much homework? Maybe I am old enough for the “good ole days” cliché…..hehehe. The first six weeks of school is over and hopefully everyone has gotten used to their school routines, whether it’s juggling school, sports, music and more or just getting thru school zones. In our house we are juggling a preschooler (Sean) and a 2nd grader (Ian – a proud Aviator at Armstrong Elem).
Who do you know that is looking to buy or sell a home? I would love to help. Please feel free to call or email any questions that you may have. I am always available for a free market analysis and remember that when I come thru the door I bring a team of experts with me.
Minute With Linda….
One of the pleasures that I have in my business is to work with our senior clients who are looking at a Reverse Mortgage option. A Reverse Mortgage is a special type of loan that enables homeowners age 62 and over to tap the equity they have in the home and receive tax free income. Unlike a traditional home equity loan, the homeowner can receive payments instead of making payments. No repayment is required until the home is no longer the primary residence.
In looking at the eligibility qualifications, any homeowner age 62 or over can qualify, provided there is adequate equity in the home. The homeowner must occupy the property as their primary residence. The property can be a single family dwelling up to four units. There are no income, asset, employment, or credit requirements on a reverse mortgage. Any existing liens can be paid off from the proceeds of the reverse mortgage.
There are several Tax Free Options available on a Reverse Mortgage- Lump sum advances make cash available for immediate use; Tenure (monthly payment) plans provide fixed monthly cash advances for life or for a fixed period of time, whichever the borrower chooses; A line of credit makes cash available when requested by the borrower, as needed or the borrower may select a combination of payment options to suit individual needs. The amount available to the borrower is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, and the appraised value of the home. Some of the Benefits of A Reverse Mortgage: The homeowner always retains title to the property. Cash advances can be used for any purpose. Tax Free Income will not affect Social Security or Medicare benefits. No repayment is required until the homeowner dies, moves, or sells. Neither the borrower nor heirs will ever be responsible for any amount exceeding the balance of the loan or the sales proceeds of the house, whichever is less.
Is a Reverse Mortgage right for you (or someone that you know)? Just like any refinance, it is important to look at the short and long goals and needs of our client and help them decide the best course of action. If it is the right option, we will be glad to assist- if it is not, we will discuss that also. When we can be of assistance for a Reverse Mortgage (or a Purchase or a “regular forward” Refinance), please don’t hesitate to contact us at 972-278-3400.
Linda
