Tag Archives: Mount Kisco NY

How Does a Reverse Mortgage Work | Mt Kisco Real Estate

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A reverse mortgage is a loan that is available for senior homeowners age 62 and older that allows them to access a portion of their home’s equity. The loan generally does not become due until the last surviving homeowner permanently moves out of the property or passes away. The funds from a reverse mortgage loan can be used however the borrower chooses.

The U.S Department of Housing and Urban Development states that reverse mortgage loans “are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.” Because the Federal Housing Administration (FHA) insures the loan, the property must meet specific FHA standards. The borrower must also continue paying required property taxes, homeowner’s and flood insurance and maintain the home according to FHA requirements. It is also a requirement of the loan to meet with a HUD approved reverse mortgage loan counselor. During this meeting, the counselor will explain the benefits and risks of the loan, the borrower’s expectations and answer any questions the borrower may have.

Eligibility
• The youngest borrower on title must be at least 62 years old
• The home must be owned free and clear or must be paid off with funds from the reverse mortgage loan
• Generally there are no credit score requirements
• Borrower(s) must meet financial eligibility criteria as established by HUD

Obligations of a Reverse Mortgage Loan
• At least one homeowner must live in the home as their primary residence
• Maintain the home in accordance with FHA requirements
• Continue to pay property taxes and homeowner’s insurance

Repaying the Loan
• In the event of death or in the event that the home ceases to be the primary residence for more than 12 months, the homeowner’s estate or heirs can choose to repay the reverse mortgage loan or sell the home
• If the equity in the home is higher than the balance of the loan, the remaining equity belongs to the estate
• If the sale of the home is not enough to pay off the reverse mortgage loan, the heirs will not be responsible for the difference
• No other assets are affected by a reverse mortgage loan. For example, investments, second homes, cars, and other valuable possessions cannot be taken from the estate to pay off the reverse mortgage loan

Loan Limits
The amount available for a Reverse Mortgage loan depends on:
• Age
• Current interest rates
• The lesser of the home’s appraised value, or sale price up to the maximum lending limit

Distribution of Proceeds from a Reverse Mortgage Loan
• Lump Sum- Receive a lump sum amount at closing (only available for fixed-rate loans)
• Tenure – equal monthly payments as long as the homeowner lives in the home
• Term – equal monthly payments for a fixed number of months
• Line of Credit – draw any amount at any time until the line of credit is exhausted
• Any combination of those listed above

AARP summarizes reverse mortgage loans on their website, “Before entering into a reverse mortgage agreement educate yourself, consult with trusted advisors and understand the pros and cons”. As with any major financial decision, it is highly encouraged that you discuss your current financial situation and goals with a financial advisor. For more information about how much you may receive, use our reverse mortgage calculator at the top of this page.

Do you have a bat in your house? | Mt Kisco Real Estate

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Do you have a bat in your house? What to do if you are bitten? visit http://health.westchestergov.com/rabies to learn what you should do.

The Westchester County Department of Health (WCDOH) recently distributed notice that the month of August is the peak month for bat activity. Thus the likelihood of human or pet exposures to bats increases.

If you have a bat in your home the DOH recommends capturing the bat and making notification to the DOH for a decision regarding testing. WCDOH can be contacted 24 x 7 at 914 813 5000.

DOH advises a bat killed by trauma will rapidly decompose in warm weather, making it untestable so immediate refrigeration or preferably
freezing is required. Place bat in freezer in a sealed plastic bag or small plastic container.

What to do if you are bitten?

If you are bitten, scratched or have some other exposure immediately wash the area with warm soapy water and call your doctor or hospital. Call the Westchester County Health Department at (914) 813-5000 24 hours a day seven days a week for assistance.

Source –

1) WCDOH memorandum dated August 8, 2014 – Titled Rabies Update – Bats

2) WCDOH website – http://health.westchestergov.com/rabies

For full details, view this message on the web.

Mark Cuban talks housing and student loan bubbles | Mount Kisco Real Estate

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Billionaire Mark Cuban (who may or may not be Batman) talks about the student loan bubble, which he says will burst and end badly for colleges, just like the housing bubble. These collapses, he says, will put colleges out of business.

“It’s inevitable at some point there will be a cap on student loan guarantees. And when that happens you’re going to see a repeat of what we saw in the housing market: when easy credit for buying or flipping a house disappeared we saw a collapse in the price housing, and we’re going to see that same collapse in the price of student tuition, and that’s going to lead to colleges going out of business.”

HousingWire’s favorite CNBC reporter turns her attention and her fabulous deltoids to the surge in apartment rentals, which is driven in large measure by the aforementioned student debt problem, housing affordability and tighter lending standards.

National apartment occupancy in May soared to the highest level in at least six years, according to Axiometrics, an apartment data and research company. Ninety-five percent of all units are filled, even as thousands of new units are becoming available.

“It’s a pleasant surprise because it’s coming at a time when new supply is flooding the market,” said Stephanie McCleskey, Axiometrics‘ director of research. “One reason occupancy is rising is that, not only are people moving into these new units, but they’re also moving into Class B units at a lower price point.”

 

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http://www.housingwire.com/blogs/1-rewired/post/30392-mark-cuban-talks-housing-and-student-loan-bubbles

Public Reacts To Proposed Mount Kisco-County Police Merger | Mt Kisco Real Estate

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Public reactions from multiple viewpoints came at Monday’s meeting for the proposed police consolidation for Mount Kisco and Westchester County.

The merger agreement has some village police support.

Mount Kisco Sgt. Joseph Spinelli, who is president of the local PBA, endorsed the proposal on behalf of the union and its membership. He noted benefits for police that include better pay and benefits, along with greater opportunities for career advancement. Spinelli also supports the increase in staffing that the merger would entail, along with increased supervision of officers.

Mel Berger, a resident who is involved with the local drug and alcohol council, said he was “extremely happy” for the contract but had concerns including keeping relationships between people and officers, and about police involvement with the council.

County police officials cited examples from the Town of Ossining and the Town of Cortlandt, which also have county policing contracts.

George Longworth, who is commissioner for the Westchester County Department of Public Safety, noted that programs in Ossining remained in place and explained that any program working in Mount Kisco would be maintained. Another county police official noted involvement in a Cortlandt group. That organization is called the Cortlandt Community Coalition, which deals with underage drug and alcohol usage, according to the town’s website.

The merger plan also involves having officers in regular assignments, and county police officials denied that there would be frequent personnel turnover.

Addressing the issue of turnover, Longworth brought up how it can already happen with local police, citing retirement and injury examples.

 

 

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http://mtkisco.dailyvoice.com/police-fire/public-reacts-proposed-mount-kisco-county-police-merger

Mount Kisco Residents Get County Police Merger Overview | Mt Kisco Real Estate

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The proposed consolidation of Mount Kisco’s police force with Westchester County’s was discussed in detail for the public at a Monday meeting.

The presentation, given by county police Sgt. Jeffrey Weiss, included data and the reasons for a merger.

The consolidation would come due to a contract between the village and the county, which would require a level of policing services dedicated to Mount Kisco. Current village police would join the county police and keep their current titles and civil statuses. The Mount Kisco Police Department has 28 members but lacks a permanent chief.

Mount Kisco’s police station would continue to be used by county police, including as a base for officers on patrol and for detectives. Members of the public would also be able to visit county police at the village station and the local non-emergency police number may be kept by the county.

In the presentation, several problems with small police departments were cited. They include manpower shortages, injuries leading to prolonged absences and vacancies leading to backfill overtime and undesired patrol staffing. The manpower gap is also blamed for burn out of police. Also cited as issues were under utilization of supervisory resources, personnel cost and the fact that only one person is responsible for dispatching officers and taking calls.

 

 

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http://mtkisco.dailyvoice.com/police-fire/mount-kisco-residents-get-county-police-merger-overview

 

Why renters are ending up in the suburbs | Mt Kisco Real Estate

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At the Atlantic, they’ve taken note of something we’ve been tracking for a while at HousingWire: namely the growth of single-family rentals, and the reversal of migration to urban centers and back towards the suburbs.

The magazine reports on how the bulk of residential construction in the first half now of 2014 has been in multifamily, and the rise of REO-to-rental.

The magazine makes the standard urbanist complaint about the “dreaded” suburbs, but it at least recognizes and quotes someone saying the obvious – eventually, all the hip urban dwellers (most anyway) will get tired of ironic mustaches, get married, and have children – and they will want something more than high-density living with mediocre public schools.

As Census Bureau data show, growth in cities is tilting ever so slightly back toward the suburbs. Yet multifamily housing, mostly situated in urban centers, is still driving the American housing market. Are developers out of step with demand?

…

In McKinney (Texas) and other fast-growing suburbs and exurbs, rentals are the major force driving growth—just not multifamily rentals. Abundant stock left over from the single-family housing boom whose bust fueled the Great Recession are being opened to a new generation of suburban renters by major private-equity firms such as the Blackstone Group.

This transformation of the suburbs is a new and not-altogether-welcome development. The single-family homes being bought up, rehabilitated, and then rented out again by investment units such as the Blackstone Group’s Invitation Homes—in the suburbs and exurbs outside Seattle, Los Angeles, Chicago, Dallas, and other cities—are leftovers from a housing boom characterized by cheap construction and easy credit. The conversion of unsold or foreclosed single-family homes creates fewer jobs than new construction. From an urbanist perspective, single-family home rentals come with all the drawbacks of large-plot suburban development and none of the benefits.

 

 

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http://www.housingwire.com/articles/30290-why-renters-are-ending-up-in-the-suburbs

 

Mount Kisco Seeks $400,000 Grant For County Police Merger Plans | Mt Kisco Real Estate

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Mount Kisco’s government is seeking $400,000 in state grant funding to pay for transitional costs in connection with a potential local police consolidation with Westchester County law enforcement.

At its June 2 meeting, the Village Board of Trustees voted unanimously to give authorization to apply for the grant under the state’s Local Government Efficiency Program. Westchester County is intended to be a co-applicant.

Under the proposed consolidation, Mount Kisco would enter into a contract with the county government so that the Westchester County Department of Public Safety would provide a specific number of police officers dedicated to the village.

Local police would resign and become county officers, according to Mayor Michael Cindrich. The village’s police station would also be converted into county police office space and would be used for report writing and the Detective Division. Cindrich also does not feel that response time would be slower.

The contract would result in an estimated savings of around $2.4 million over a five-year period, although Cindrich said the agreement would be “cost neutral.”

The mayor, who calls the estimated savings “significant,” noted that more police would be on patrol.

If county police assume law enforcement duties, Mount Kisco would join Cortlandt and the Town of Ossining as among those who receive such support. The Village of Ossining has its own police force.

 

 

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http://mtkisco.dailyvoice.com/police-fire/mount-kisco-seeks-400000-grant-county-police-merger-plans

3 make-or-break things single-family housing investors get wrong | Mt Kisco Real Estate

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More than four in 10 residential property sales in the first quarter this year were all-cash sales, the highest level since 2011, and increasingly these are smaller, mom-and-pop real estate investors rather than big companies.

The problem – some of these newer rental home investors may not know about common pitfalls that institutional investors already know about.

According to RealtyTrac, institutional investors — entities that have purchased at least 10 properties in a calendar year — accounted for just 5.6% of all U.S. residential sales in the first quarter, down from 6.8% in the fourth quarter of 2013 and down from 7% in the first quarter of 2013 to the lowest level since the first quarter of 2012.

But cash buyers still represented nearly four in 10 home sales this year.

“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” said Daren Blomquist, vice president at RealtyTrac, referring to the company’s April report. “The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors.”

In a note to clients, the latest Bryan Ellis Investing Letter warns smaller housing investors about three common mistakes and misconceptions that newer and smaller operators often face.

1) You Can Only Buy through Realtors and Brokers

“This is simply untrue. The best deals in your local market will never make it onto MLS, but you can connect with motivated sellers ready to sell right now and dirt cheap by using a few simple, savvy strategies that will enable you to buy quickly and at rock-bottom prices that will set you up in ideal investing scenarios.”

 

 

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http://www.housingwire.com/articles/30206-make-or-break-things-single-family-housing-investors-get-wrong

 

10 beautiful homes in the middle of nowhere | Mt Kisco Real Estate

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A home is a retreat — a place to escape the outside world, to be alone, to recharge, to relax with friends. For some, one apartment among many in a building wedged into a sea of other buildings provides all the sanctuary they need. But for others, true escape means getting as far away as possible from the rest of the world, to a beautiful and remote residence in a stunning location — with nobody around for miles. Such retreats try very hard not to be found, but we’ve hunted down a few of them for your voyeuristic pleasure, searching high, low, and far to find a collection of lovely, unusual, and isolated homes that truly stand alone. (Just don’t go knocking on their doors.)

 

 

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http://realestate.msn.com/10-beautiful-homes-in-the-middle-of-nowhere

Award-Winning Modern Country Estate In Dallas Asks $9M | Mt Kisco Real Estate

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18 images


Click here to view the full photogallery.

Location: Dallas, Texas
Price: $8,975,000
The Skinny: This striking modern home outside Dallas opens itself up to the spectacular surrounding scenery with 23-foot walls and windows that wrap around the living room and his and hers offices. The attention to the home’s relation to the outdoors continues with its siting, which maximizes sunlight and theoretically keeps the home evenly illuminated with natural light throughout the day. The design by Dallas firm Oglebsy-Greene—which won a 2010 AIA Interior Architecture Design Award—also includes a dramatic four-story stair tower that extends from the first floor to the rooftop terrace, Douglas fir and Lueders stone finishes throughout, and an open kitchen with gold granite countertops and Gaggenau cooking surfaces. The five-bedroom, seven-bathroom manse has 11,000 square feet of living space and sits on an acre of wooded land with creek and waterfall views. It’s asking $8.975M.

 

 

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http://curbed.com/archives/2014/05/08/award-winning-modern-country-estate-in-dallas-asks-9m.php