News About Properties

News about properties and real estate
June 22nd, 2015

Reverse-mortgage change saves homes for surviving spouses

Soon after Judy Stephens, of Lafayette, La., lost her husband in January, she got hit with more bad news, this time from the mortgage company. She needed to come up with $107,000 — the amount of principal, accrued interest and fees racked up by the reverse mortgage on the home she owned with her husband for the past 16 years — or face foreclosure.

She didn’t have the money, nor could family members come up with the cash needed to buy the house. So, Stephens told me last week, the mortgage company informed her that it would foreclose in mid-August.

Why? Because like an estimated 12,000 other widows and widowers around the country, Stephens, 65, is a “surviving spouse” whose name does not appear on the reverse-mortgage note. Though she and her husband, Raymond, had been assured multiple times since 2009 by loan officers and others that in the event of her husband’s death, she could continue to live in the home indefinitely, the reality turned out to be starkly different. She was not protected.

via Reverse-mortgage change saves homes for surviving spouses.

June 11th, 2015

How Renters Can Build Long-Term Wealth, Too

Home might be where your heart is, but it isn’t necessarily where your wealth grows.With American homeownership in a steady decline, according to the U.S. Census Bureau, many households are not living in the passive asset that is a house.  Homeownership is a long-term play, and for most families, true wealth only materializes when the mortgage is nearly paid off. Renters have an array of alternative strategies for building wealth, but doing so requires an extra dose of self-discipline to save money in the absence of a mortgage that converts an essential cost of living to an asset.

“The costs of ownership are so high in so many areas that it does make sense to rent – if you can invest the difference,” says Rachel Podnos, a financial planner with Wealth Care LLC, based in Merritt Island, Florida.

via How Renters Can Build Long-Term Wealth, Too.

May 24th, 2015

Bad water holding down property values

Florida Realtors says yes to both in a recent report that says property values were suppressed by nearly $1 billion a year because of poor water quality.

Improved water quality in Lee County would increase property values by an estimated $541 million while Martin County’s property value would increase by an estimated $428 million, the report says.

Overall, property values are rising in both counties, but they’re being “severely dampened” by poor water quality, the report says.

via Bad water holding down property values.

May 24th, 2015

Alternative Retirement Income: Rental Properties – Columnists

For many Americans, especially the Baby Boomer generation, retirement is either here or just on the horizon. The first of the Boomer generation to hit retirement age was in 2011 and according to the National Association of REALTORS®, the population of baby boomers entering retirement is projected to be 10,000 people a day, for at least the next two decades! Mind=Blown! This is the largest mass retirement in our country’s history. With retirement comes the promise of R&R, but you can only relax if you have a way to pay for it reality is a tough pill, ugh!.

Many people are not financially prepared for retirement and thus, the average retirement age keeps creeping up.It may be time to think outside the 401K box. Don’t get me wrong, having 401Ks, stocks, bonds and other traditional investments is great! However, diversity is key in investing and any investment that sends you a check every month while simultaneously growing in value is a huge win in my book.

via Alternative Retirement Income: Rental Properties.

April 30th, 2015

4 Places to Own a Retirement Home and Rent it Out

A retirement home overseas can be much more affordable if you rent it out when you’re not using it. If you don’t plan to be in residence for the entire year, being able to rent your house or apartment to holiday-goers can help cover the costs of owning and maintaining the property. It could even provide cash flow to supplement your retirement nest egg.But finding renters can be a challenge in seasonal retirement spots. In a locale where some times of the year are much more appealing than others, you’ll want to take advantage of the nicest seasons, but those are also the times when you would have the easiest time finding renters.

In places where local services, amenities and shops shut down for part of each year, this can be an even greater conflict. You’ll be tempted to take off traveling, perhaps for a return trip home to visit with your family during the off-season weeks or months, but these are the months when you’ll have the toughest time renting out your property.

via 4 Places to Own a Retirement Home and Rent it Out.

February 15th, 2015

Real Estate Rivals: Where In The U.S. Are Most Homes Cash Buys?

While all-cash purchases are accounting for a smaller share of U.S. homebuying than they used to, they’re still high: about 36% in the latest-recorded month, November. A year earlier, the total was 39%.House hunters face the most cash competition in Detroit and South Florida, says an analysis by real estate data firm CoreLogic.

The analysis notes that the peak of cash buying came in January 2011, when cash deals made up about 46% of all home sales.Investors or other buyers with cash in hand can be formidable rivals to homebuyers who have to get a mortgage approval lined up in order to complete their purchase.

via Real Estate Rivals: Where In The U.S. Are Most Homes Cash Buys?.

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