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Reverse Mortgages are not new; they have been available through FHA since 1990. But they have not been popular due to many misconceptions by the general public. Potential borrowers mistakenly thought that they would have to give up title to their homes to the Government, or that the Government would take possession of their homes when they die.
Now, many people are using Reverse Mortgages as a financial planning tool. As the baby boomers near retirement, Reverse Mortgages will become even more popular.
What you need to know before taking out a Reverse Mortgage:
· You must be at least 62
· You must have equity in your home. You can get a reverse mortgage even if you are making monthly payments on your home.
· The amount you get depends on your age and the value and location of your home. The older you are, the more you can get.
· The home must be your primary residence.
· There are 2 types of Reverse Equity Mortgages: federally insured (FHA and Fannie Mae) and private lenders.
· You can receive money in a lump sum, in monthly payments, or through a line of credit, or a combination.
· The interest is calculated at an adjustable rate. It is paid when the loan is repaid.
· The loan must be repaid when you move out of the house or when you die.
If you would like to learn more about this type of loan, please feel free to call us and we will be more than happy to assist you.
Tips for Making Your Home More SaleablePosted at 10:04 PM, Jul. 26, 2007When preparing to put your home up for sale, your first concern is the home's exterior. If the outside, or "curb appeal" looks good, people will more than likely want to see what's on the inside. Keep the lawn and landscape nicely manicured. Trim the bushes and season permitting, plant some flowers. Be sure your front door area has a "Welcome" feeling. A fresh coat of paint on the front door looks great. Of all the rooms inside your home, pay special attention to the kitchen and bathrooms. They should look as modern, bright and fresh as possible. It is essential for them to be clean and odor free. A fresh coat of paint just may do the trick. Have any leaky faucets taken care of. A call to a plumber is a wise investment. Since you want your home to look as spacious as possible, remove any excess or very large furniture. Make sure that table tops, dressers and closets are free of clutter. Don't use your garage, attic, or basement to store these extra things. These areas also need to have the impression of space. Instead, put them into storage. Make sure walls and doors are free of smudges and look for anything that might indicate a maintenance problem, such as cracked windows, holes in the wall or stained ceilings. Finally, if your basement shows any signs of dampness or leakage, seal the walls.
Quick tips for showings:
· Keep counter tops cleared
· Replace all burned out light bulbs
· Open all drapes and window blinds
· Put pets in cages or take them to a neighbor
· No dirty dishes in the sink
· No laundry in the washer/dryer
· Clean or replace dirty or worn carpets
· Put on soft music
· Burn wood in the fireplace on cold days, otherwise, the fireplace should be clean
Always look at your home from the buyer's point of view. Be objective and be honest.
-Realtor.com
Credit Score BreakdownPosted at 8:23 PM, Jul. 24, 2007Did you know that at a certain point in your life, your credit scores become more important than your SAT scores. Do you know how they’re calculated? Sometimes called FICO scores (because the software to calculate the reports was created by Fair Isaac Corporation), your credit is based on five points that are weighted differently. Here’s the breakdown:35% - Your Payment History
30% - Amounts You Owe
15% - Length of Your Credit History
10% - Types of Credit Used
10% - New Credit
For more information on credit and home buying, visit www.fanniemae.com
Washington County is Growing!Posted at 6:14 PM, Jul. 22, 2007You have probably noticed that our little corner of the world has seen some really big changes recently. There are a lot of new businesses opening up, lots more traffic, and there is a lot of construction going on. We just wanted to share with you some of the new subdivisions that are underway in Washington County.
The Ledges: The Ledges of St. George is a 1,093-acre development on Highway 18 in the Snow Canyon/Winchester Hills area. It will have 2,500 residential units surrounding a 7,145 yard Matt Dye-design championship golf course.
Sand Hollow Resort: A 27-hole public play course on an 800-acre development just west of Sand Hollow Reservoir. When completed, the development will have approximately 1,800 dwellings ranging from condominium and town homes to custom golf course estate homes. It will also include vacation villas with a spa resort.
Elim Valley: A 2,300-acre project which is located on the Winding River property just to the north of the Sand Hollow Reservoir. It will include an 18-hole public play course designed by Robert Trent Jones and between 7,000 to 10,000 home sites. Upscale commercial development along SR9 will also be developed.
Summit Hurricane Development Group: A 560-acre area to the east of Sullivan's Knoll is an expansion of the current Painted Hills development, will be developed for 1,800 home sites and a Jack Nicholas 18-hope public play golf course.
The Mosaic: A planned development of between 1,300 and 1,800 home sites will be built on the La Verkin Overlook in La Verkin. Many of these sites will have a panoramic view of Zion National Park.
Washington Fields: Three planned events will have a major impact upon the continued growth of the Washington Fields area. These include: the Southern Corridor, the airport and the additional road crossings over the Virgin River.
South Mountain - Ence homes plans about t 1800 units.
Hidden Valley: Ivory Homes is now building a residential community of almost 1,000 residences on 360-acres of trust land two miles southeast of the Bloomington interchange on Interstate 15. It will include a mix of single family homes, patio homes, town homes and apartments. It will also have a park, a site for an elementary school, a community center and an urban trail system.
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