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Reverse Mortgages - Do I Need One?

2/7/2021

If you’re retired, own your own home and have trouble making ends meet, a reverse mortgage may seem like the answer to prayers. You get to stay in your house and you’ll have some extra cash to see you through. Before you run to the nearest lender, however, consider the downside as well as upside to these instruments.

What is a reverse mortgage?

A financial institution lends you money, either a lump sum, a stream of payments or a line of credit, against the equity in your home. Unlike most loans, however, you’re not required to pay it back on a regular basis. You can let the loan ride until you die, move or sell the home, at which your home is sold and the proceeds pay off the loan.

While there are several flavors of reverse mortgage, most are insured by the Federal Housing Administration (FHA) under a program called the Home Equity Conversion Mortgage (HECM).

Am I eligible for a reverse mortgage?

Everyone on the title must be 62 or older. The home must be your primary residence, and your equity needs to be at least around 50 percent. Also, you have to attend consumer counseling before signing up.

What are the pros of a reverse mortgage?

  • You stay in your home. You keep the title until you sell, move or die.

  • There are no required monthly payments. Any previous home loans are paid before you receive your proceeds.

  • If you choose to make payments, there’s no prepayment penalty.

  • The money you receive is not taxable, nor does it affect your Social Security or Medicare eligibility.

  • The loan is non-recourse. Regardless of your loan balance, you'll never have to pay back more than the house is worth.

What are the cons of a reverse mortgage?

  • Unless you make payments, the loan amount will continue to increase. It’s unlikely you’ll pass the home on to your heirs.

  • You must continue to pay taxes, insurance and necessary maintenance and repairs. Failure to do so can lead to foreclosure.

  • There are upfront and ongoing mortgage insurance premiums as well as a loan origination fee. These (and interest rates) trend higher than for other mortgage loans.

  • Your favorite bank may not offer reverse mortgages. Most issuers are small banks, credit unions and online lenders. Some lenders have made misleading claims that understate the risk.

  • If you go into a nursing home you will have to sell the home and pay off the loan.

  • While Social Security and Medicare are not an issue, reverse mortgage income can affect your eligibility for Medicaid and Supplemental Security Income.

Should I apply for a reverse mortgage?

If you plan to stay in your home well into retirement and are having trouble with ongoing expenses, it may be right for you. However, if you aren’t cautious about what you’re getting into, or if you’ll have trouble paying taxes, insurance and upkeep even with the extra money, it isn’t a wise choice.

7275 Waelti Drive #1, Melbourne, FL 32940 is now new to the market!

2/5/2021
7275 Waelti Drive #1, Melbourne, FL 32940

https://www.youtube.com/watch?v=-IEF0RWgwq0

$1,140,000

Commercial Property

Premium Warehouse Space in the Heart Of Melbourne . Easy access to I95 , Easy access to Us1 and the beaches . 12 Warehouse units +/-1,000sq ft per unit All units have rollup bay doors and high ceilings . Firewall between all units . All units come with an office space and a bathroom . 20 parking spaces . All leases are currently month to month. Call for more info , Lauren 321-987-3328 Debbie 321-427-4497 Visit Property's website at https://debbiecaldwellsellshomes.com/listings/7275-Waelti-Drive-1-Melbourne-FL-32940-72216930

3916 Peacock Drive, Melbourne, FL 32904 is now new to the market!

2/5/2021
3916 Peacock Drive, Melbourne, FL 32904

https://my.matterport.com/show/?m=iJ1PopzvW91

5 bedrooms, 3 Baths

Magnificent, Impeccable Pool home in Prestigious Carriage Gate . Five bedrooms 3.5 baths plus 3 car garage on .7of an acre.Plenty of room for all the family and a Mother -in-law suite. Kitchen is the Heart of the home, granite counters, custom cabinets , in drawer microwave, Wolf induction stovetop ,double ovens One is convection, breakfast bar and nook . Quartz counters in all baths and under cabinet lighting . Master is huge , with California Closets , Jacuzzi Jetted Tub , Step in shower with dual shower heads , Separate vanities , hers with a make-up space . All sliders access the patio and pool space , Pool is salt water with electric heat . Laundry room boasts 8x8 storage space plus 2nd fridge. For the man in the house we have an amazing garage .This a must see home.  Call Debbie Harris-Caldwell for price and more information 321-427-4497.  Visit the property website at https://debbiecaldwellsellshomes.com/listings/3916-Peacock-Drive-Melbourne-FL-32904-71852026


Biting a Big Chunk Out of Your Energy Bill

2/5/2021

During warmer weather, you probably don’t think much about your heating bill. But when you don’t need it is the best time to make changes and upgrades to your home so that throughout winter, you can live in blissful warmth. Some changes, such as exchanging your old single-pane windows for those double or triple panes with low U-factors, or mitigating drafts, leaks, and gaps should be top of the list. But, if you really want to make a difference in your energy bill, read up on passive building principles.

Passive building concept

Using building science, the five main principles of passive building techniques give measurable, efficient use of energy. Builders joined with scientists from the US and Canada way back in the 1970s to develop the original principles using funding from the US Department of Energy and the Canadian government. In the next decade, German and other northern European scientists and builders added more information. Distilled for current use, they are:

  • Continuous insulation throughout the building’s “envelope” (the weather, air and thermal barriers).
  • Creates an airtight envelope to keep outside air from entering and conditioned air (heated or cooled) from escaping.
  • High-performance windows allow in light but mitigate temperature transference.
  • Heating and cooling systems utilize heat and moisture-recovery ventilation and “minimal-space” air conditioning.
  • Exploits the sun’s energy for light and heat but minimizes solar impact during cooling.

How it works

The exceptionally snug insulation and design strategies use the heat from appliances and the home’s occupants to keep the indoor temperatures steady through all four seasons and in each weather condition. It does this by constant mechanical filtration to keep the air quality high. This mixture of insulation and continuous low-level filtration prevents mildew and mold spores from establishing and growing inside the home.

This type of construction especially benefits allergy prone-family members or those with respiratory illnesses.

To receive passive house certification, the design must have high R-value insulation and demonstrably less (90% less) energy required for heat. Overall energy use must be 60 to 70 percent lower compared to similar-sized standard code-built homes.

Other features contributing to the passive energy savings include flat-paneled rooftop solar water heating systems that typically heat water to between 99 and 140 degrees, even in cloudy weather. Other passive homes include the use of wood heat for the coldest of winter days.

Metal roofing, especially in snow-prone areas, allows snow to slide off the roof, and utilizing covered porches and patios protects the home’s entrances from rain and snow buildup.

If you’re interested in a certified energy efficient home. Let your real estate professional know so that the houses you see fit your requirements.

Benefits of Prefabricated Homes

2/5/2021

The multitude of construction options on the market does not make it easy for you to make the right choice for your family. The various models of prefabricated houses seem to become more and more popular in the real estate market. When you search for your next home, you may have heard about prefabricated homes, but what exactly are they? Simply put, prefabricated houses are built offsite and transferred to the site of your future home. Made in a few months at a manufacturing plant, they are modern, energy efficient and economical.

Indeed, a prefabricated house is manufactured piece by piece - ready to inhabit; complete with electrical systems and finished walls painted according to your chosen colors and with windows installed - and delivered to the site of your choice for assembly.

Benefits:

Energy efficient

In the past, people considered prefabricated homes as inferior quality, but this is no longer the case today. With a modern, geometric exterior finish that favors open spaces and natural light, many North American companies are building attractive prefab homes. Manufacturers maximize the energy efficiency of their homes through the use of recycled materials, installing LED lighting and installing solar panels. These initiatives allow you to save on your energy consumption to the point that your home produces renewable energy that the grid can recycle.

Zero waste, zero hassle 

Once factory fabrication is complete, companies ship the parts to the site where teams assemble them using heavy machinery. Just like the constructions of bone structure, the modular houses do not produce any waste, because all the material necessary for the assembly arrives on the site, preinstalled in the modular pieces. Think of it as similar to building a Lego house, except that all parts are pieces designed to your specifications and needs. In addition to their ease of construction and the energy benefits they offer, modular homes come according to the building code, so you do not have to worry about municipal inspections.

A reliable schedule 

The lowered risk of scheduling conflicts is another advantage of prefabricated homes. In part, this is because module construction cannot be delayed by bad weather because it is done indoors in a controlled environment. Without the weather interruptions, an average home-build takes four months, at most. 

If you are interested in considering a prefabricated building for your next (or first) home, speak to your general contractor about how to order one. A real estate agent who is knowledgeable about available land should be your next call.

Another Property Sold - 1219 Salmonberry Place, Rockledge, FL 32955

2/1/2021
1219 Salmonberry Place, Rockledge, FL 32955


Sold at $352,000

3 Bedrooms, 2 Baths

Buyers perfect opportunity to get some equity ! Custom built brick home situated on over an Acre of land. Beautiful corner lot with views of the lake and your private swimming pool. Open plan living and dining and kitchen, high ceilings and a gas burning fireplace. Three bedrooms and two baths completes this home. But wait there is more... oversized two car garage complete with an additional room that can be used as a MANCAVE or Craft Room, or HOME OFFICE. No HOA restrictions, so bring your Boat, RV, you can park them here. Shed has roll up door to drive your lawn mower in to .Spend your afternoons swimming in the pool or watching the woodstorks and ducks . Great place to call home.

Closing: 4 Expenses To Consider

1/31/2021

Purchasing a new home is an exciting and life-changing event. While you likely know that you'll need to be able to afford to pay your mortgage each month, there might be other expenses that you aren't as familiar with.

1. Maintenance Costs

It makes sense that you'd need to include money to address the inevitable maintenance costs that a home requires. After all, you probably perform routine maintenance on your car if you own one.

For many people, though, the fact that home maintenance occurs so often and that it takes a sizable amount of money is a surprise. A good rule of them is to plan on spending one to two percent of your home's value in maintenance costs every year. 

2. Utilities

Whether you've never had to contend with utility bills directly before or you're moving from an apartment or condo into the larger space a home provides, your monthly costs for heating, cooling, natural gas and the like could come as a shock. There's a huge discrepancy between costs according to where you live as well. 

Expect to pay more for utilities in large metro areas like New York, Los Angeles and Chicago, for example. Homes in southern states that don't have much of a range in temperatures will likely cost you less in utilities. 

3. Property Taxes

Property taxes are another expense that can span a huge range depending on where you live, the state of the economy and the size of the dwelling. Property taxes can fluctuate frequently when the municipality where your home is located reassesses the homes. 

4. Homeowners Insurance

Homeowners insurance is a must for your home if you are getting a mortgage to pay it off. Even if you are fortunate enough to have the cash to purchase the home in full, opting for homeowners insurance is still a smart move. 

Homeowners insurance that offers you the replacement cost of items that are damaged in a fire or stolen provides you with a better deal. When shopping around for homeowners insurance, ask about any discounts you might qualify for. For example, you might try bundling your vehicle and homeowners insurance together for a discounted rate. 

Plan ahead by exploring what these five expenses could mean for your budget after you become a homeowner. Setting aside a small amount each month can keep them from making such a big dent in your wallet. 

How To Tell if Your Roof Needs a Little TLC

1/23/2021

Your roof is an important part of your home, and for something of its size, it is surprisingly delicate. Even minor problems can have a lasting impact on the integrity of your home. Learning how to spot some of the most common problems allows you to seek out help when you need to. Any one of these signs should trigger a call to a roofing company, just in case: 

You see damage: You should never climb out on the roof yourself, but if you see visible signs of damage, you should call a roofing company. They can perform a full inspection and make sure that your roof is in the best possible shape. Damage doesn't mean a huge gaping hole; missing shingles, shingles that are curled or curved up and split shingles can lead to more extensive damage in a short period of time. 

There are leaks: If your roof is leaking, then you definitely need assistance. Even a small trickle means moisture is where it shouldn't be -- and that will lead to more extensive damage. A drip or leak could also lead to mold growth and impact the air quality in your home. 

You hear rodents: Squirrels, raccoons and other rodents love your roof and attic, particularly in the colder months. If you hear the pitter patter of little feet, then one or more of these critters could have moved in, damaging your roof in the process. For safety reasons and to protect your roof, you should have any animal signs investigated right away. 

Your neighbors have roof problems: If you live in a community where the homes were all built from the same materials at the same time, then those materials could begin to fail at the same time, too. If you notice a lot of homes in the neighborhood getting repairs, it is a good idea to get an inspection soon, just in case. 

You're planning on moving: If you want to sell your home soon, a roof inspection lets you find problems early and make any needed repairs before you list your home. This can prevent problems at closing and ensure you get the best possible price for your home. 

Roof issues can go from minor to expensive in a flash and they won't go away on their own. If you spot one of these signs, the best thing to do is to get it repaired right away. Delay, and you could be looking at a more costly and extensive repair. 

Another Property Sold - 8472 Ridgewood Avenue #501, Cape Canaveral, FL 32920

1/23/2021
8472 Ridgewood Avenue #501, Cape Canaveral, FL 32920

Sold at $540,000

3 Bedrooms, 2 Baths

Wiggle your toes in the sand, Oceanfront Penthouse with endless sunsets and sunrises in this South facing Condo .You can see for miles! View Rocket launches and cruise ships from 2nd Balcony. Totally renovated with Brazilian hardwood floors, tile in wet areas. Kitchen is a Chef's dream, custom cabinetry, pull out shelving, Kitchen Aid appliances Level 5 Granite counter tops. that just sparkle. Open Living, Dining and Kitchen boasts walls of sliders to the Balcony. Master Oasis has amazing ocean views, double walk in's. Travertine tile walls, granite topped vanity, garden tub, step in shower complete the en suite.2nd bedroom boasts the 2nd balcony 3rd bedroom/office .No common walls Amenities are Pool, State of the Art Gym, Spa, Steam and Sauna, Ocean crossover. 1car garage and storage.

Why You Should Consider Bench Footing

1/17/2021

When buying an older home, you might wonder how to get more livable space out of that low-ceiling basement. There are two ways to gain height: raise the foundation or lower the floor. Raising the foundation requires lifting the entire home off its current foundation, building a new foundation, and resettling the home. For most homeowners, the sheer number of things that can go wrong with a project of this magnitude makes it an unlikely option. An alternative is bench footing, a method of lowering the floor of the basement that results in a higher ceiling.

Bench footing is a straightforward technique regarded by contractors to be an optimal approach for supporting your building while providing room for more structural support and depth. With bench footing, professional contractors do not need to dig deep into the home’s foundation. Instead, they can lower the basement floor and add structural support from there.

How Is It Done?

The process is straightforward, but don’t try to do this one yourself: Hire a professional contractor. Bench Footing costs less than other methods because it doesn’t require you to dig underneath the existing footings. Instead, a new floor is dug through the existing basement floor. A new foundation is laid inside the existing one, creating your new basement floor and an additional wall inside your existing basement. It is important to consider that the width of your bench footing is determined by the depth you want to add to your basement.  For every foot in depth that you add, you will need about a foot of width for your bench footing.  The floor space of the basement will decrease in area by the thickness of the new wall. 

The result is a ledge or “bench” all the way around the outer wall of the basement. That’s why they call it Bench Footing. A savvy contractor can make use of the space above the bench by installing cabinets, reading nooks and other built-ins. Others simply inset the entire wall to the new location. 

Why Choose Bench Footing?

If you need to increase your usable space but you are unable to add another story or extend your home on any side, making better use of your basement is the most valid option. In addition to being less damaging to your existing home, bench footing is less costly to complete and doesn’t change the exterior aesthetic of your home. This is particularly important if your home is in a historic area or has a strict association.

To get the best results with your bench footing, hire a professional contractor with several years of experience and with many positive reviews. Consult with your real estate agent for recommendations for a local contractor who can help you with your project.

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