5 Reasons to Avoid a Reverse Mortgage – On Retirement

One of the retirement planning resources that has gained interest in recent years is the reverse mortgage. For many retirees, it seems like a solid idea. You get access to the equity in your home, and the bank makes a mortgage payment to you. It turns your home into a source of income.

It’s a nice thought, but the truth about reverse mortgages is far from ideal. In fact, there are a few reasons to avoid getting a reverse mortgage as part of your retirement plan. Most of these reasons revolve around the fact that this type of income stream is actually a loan against your home’s equity that has to be paid back.

Here are five reasons to think twice about getting a reverse mortgage:

via 5 Reasons to Avoid a Reverse Mortgage – On Retirement.

Wisteria Island: A tussle for a wild isle in the Florida Keys

In the middle of Key West Harbor, there’s a modern-day Gilligan’s Island just a short dinghy ride from Schooner’s Wharf. It’s 21 acres of wild green space with a rusting barbecue grill and an empty beer keg swinging from a tree.

And if you thought the fictional island on the 1960s TV show harbored a quirky assortment of characters, get a load of the ones who’ve figured in Wisteria Island history:

There was Key West luxury developer Pritam Singh, who lived on the rent-free paradise as a hippie.

via Wisteria Island: A tussle for a wild isle in the Florida Keys.

Bank foreclosures florida: bank foreclosures rise in florida

For the first time since the country’s real estate collapse began about six years ago, Brevard County led the nation for foreclosure filings, according to a November report by the research firm RealtyTrac Inc.More than any other county in the state, Brevard has been pummeled economically, with an estimated 7,000 to 10,000 layoffs related to the end of NASA’s 30-year-old space shuttle program.

The number of jobs lost there in recent years — — exceeds even the workforce at Walt Disney World in Orlando.”The space center obviously hurt us a lot,” said Tim Harber, president of Space Coast Realtors, a trade association for real estate brokers and agents. “Consumer confidence in this area is probably lower than normal because of the shuttle program.”

via Bank foreclosures florida: bank foreclosures rise in florida.

An elegant Tampa suburb, Hyde Park’s suddenly in the news

Lovers of vintage architecture and elegant city planning have long admired the Tampa bayfront neighborhood of Hyde Park. Its restored vintage homes and tree-lined streets create a nostalgic feeling for many visitors, even if they did not grow up in such a place.

“An address in Hyde Park is a very good address,” said Stephanie Ferrell, a Tampa preservation architect and consultant. “It has been a good investment for people, as well as a stellar example of good architecture and preservation.”

Author Michael Connelly is a resident. Tampa Bay Rays manager Joe Maddon recently bought a house on Bayshore Boulevard, down the street from the home of Jill Kelley, a key figure in the Gen. David Petraeus scandal that has made headlines.

via An elegant Tampa suburb, Hyde Park’s suddenly in the news.

Settling Down…in a Hotel

Have you ever been lying in bed, everyone else is asleep, and you think to yourself, “Gosh, I just want a bite of ice cream. Just a spoon. Something sweet. But there’s nothing in the house.”Well, in my case I just have to pick up the phone and in about 30 minutes less time than it would take for me to get dressed, get in the car and go to the store, somebody could be setting a tray of it on my bed.

Now, I’m not saying you should eat ice cream at 2 in the morning, or that someone should serve it to you then. I’m just saying that if I want it, I can have it. This should not be your only criterion for moving into a hotel that is also your home. But, it is a good start.I guess it’s no surprise that I’ve ended up living in a hotel, even when I’m not on the road. After all, I’ve stayed in 5,000 or more hotels in my 33-year career as a stand-up comic. So it’s always been my home away from home. And now, it’s my home at home.

via Settling Down…in a Hotel.

Real estate deals put North Port teenager in spotlight

With bangs slanting down her forehead and a pink iPhone glued to one hand, 15-year-old Willow Tufano looks every bit the Florida teenager zooming around on her scooter or skateboard.

But Willow is hardly typical. When she rides, she is also on the lookout for bargains she can buy and later sell at a profit. Willow made so much cash buying and re-selling garage-sale wares that today she’s one of the nation’s youngest landlords — the co-owner of a pair of single-family homes in Port Charlotte.

via Real estate deals put North Port teenager in spotlight.