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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.

2015 will see notable price appreciation | Mt Kisco Real Estate

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With so many fists beating on the housing-is-facing-ruin door, Altos Research is set to release data that claims all that pounding is in vain.

Clients will begin receiving a report Wednesday afternoon, but HousingWire was able to get a sneak peek, and the results say that housing recovery critics are wrong about housing. According to Altos, it’s going to soar in 2015.

“While we see signs of demand easing, we are significantly more bullish on housing than many of the recent headlines seem to suggest,” said Altos CEO Michael Simonsen. “Based on our models, we’re forecasting another year of home price appreciation, with a 7% home price increase for the year of 2015.”

Single-digit appreciation is a remarkable prediction. Many other experts anticipate depreciation in the nation’s housing market, so the Altos call is relatively noteworthy.

What’s driving the negative stand most of the market holds? The media is partially to blame, the report states.

Bearish Headlines, Bullish Reality

In the section titled, “Bearish Headlines, Bullish Reality,” the researchers state their case this way:

 

 

read more…

 

Altos: Critics wrong about housing, itÕ going to soar

 

Foreclosure declines reverse as starts surge 9.5% in May | Mt Kisco Real Estate

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Foreclosure starts unexpectedly reversed course and climbed 9.5% in May, according to Black Knight Financial Services, countering an eight-month streak of declines.

The survey found that more than half of these foreclosure starts were repeats, rather than new foreclosures, and almost 80% were on loans from 2008 or earlier.

Click the graphic to enlarge.

“While foreclosure starts did rise over 9% in May, it’s important to remember the historical trend is still one of improvement,” said Kostya Gradushy, Black Knight’s manager of Loan Data and Customer Analytics. “On a year-over-year basis, January through May foreclosure starts were still down 32%, and we are still looking at the lowest level of foreclosure starts in seven years.

“Additionally, over half of these starts are repeat foreclosures, rather than new entries into the pipeline, That is, these are loans that had been in foreclosure, shifted back to either current or delinquent status by way of modification, repayment plan or some action by the borrower, but have now fallen into foreclosure once again,” Gradushy said.

 

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http://www.housingwire.com/articles/30533-foreclosure-declines-reverse-as-starts-surge-95-in-may

Laid-Back Comfort in the New York Woods | Mt Kisco Real Estate

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Thomas Riker, the codesigner of this house and a principal at design firm jamesthomas, calls the area of upstate New York state where it sits the “anti-Hamptons.” The Hamptons, a collection of villages on Long Island bordering the Atlantic, is known as a summer retreat for business titans and celebrity moguls, and the area contains some of the most expensive real estate in the United States. In contrast, “There’s a very Adirondack feeling to this part of upstate New York,” Riker says. “It’s almost like a throwback to a 1950s camp. It’s an area where the homes are quirky and unpretentious.”

This is where a friend whom Riker grew up with in Detroit decided to stake his claim for a weekend family retreat. They purchased a little cabin that had a lot of charm, but they wanted more room for the family — which includes two adults and three teenagers — and large gatherings with friends. It also was in a major state of disrepair. Together he, business partner James Dolenc and architect Leonard Woods made the house much more comfortable for the family while retaining its rustic sensibility.

rustic exterior by jamesthomas, LLC
jamesthomas, LLC
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rustic entry by jamesthomas, LLC
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Houzz at a Glance
Who lives here: A couple and 3 teens
Location: Upstate New York
Size: 3,700 square feet (344 square meters); 5 bedrooms, 3½ baths
Year built: 1920s

Although the exterior looks much the same, the interior rooms were refreshed and two additions were added. On the front of the house, a single-story addition contains a gracious entry, pictured here, a powder room and a mudroom. A new two-story structure was added on the back. “This structure made way for a screened-in porch on the upper level and a master bedroom suite on the lower level,” says Riker. “The porch is an informal living room in the summer.”

rustic living room by jamesthomas, LLC
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A big goal was to make the house feel rustic, but also fresh and modern. “We didn’t want to do the expected wool plaid,” says Riker.

Although the room had a peaked roofline, it didn’t have the Douglas fir beams. The addition of the wood on the high ceiling brings it down to human scale and adds an element of casual rusticity.

rustic living room by jamesthomas, LLC
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Two bobbin armchairs wear the only plaid upholstery in the home. “But we chose a plaid in a bright color,” says Riker. This is horse country, he adds, so a coffee table with equestrian leather straps feels like a natural choice.

The windows are original, but the window seat and sconces were added. “This is where the kids like to go and read,” says Riker. It’s also where they like to play games, so there’s a game table to the left of the window.

“My client found several trays that are made to look like vintage game boards,” says Riker. “She wasn’t sure what to do with them, but she thought they were cool. They look great hanging on the walls in this room.”

Armchairs: Spindle Chairs, Wisteria; coffee table: Equis, Casamidy

rustic living room by jamesthomas, LLC
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The adults have staked their claim to this modern take on a wing chair. This is their comfortable spot for relaxing and reading by the fire. The original stone fireplace was crumbling; a new stone surround mimics the original.
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http://www.houzz.com/ideabooks/26338734?utm_source=Houzz&utm_campaign=u506&utm_medium=email&utm_content=gallery0

Steam Heat vs. Hydronic Heat | Mt Kisco Real Estate

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Q: I’m doing a remodel on a home that is currently heated with steam radiators. The boiler is fairly new, but I’m wondering if I should stick with steam or convert to hydronic? And if I do keep the steam system, should I upgrade to newer radiators or keep the old, bulky, but classic-looking ones?

A: Keith Cappuccio, a licensed plumber in New York City, responds: Steam is a time-tested method of heating a home. Although it’s not as versatile as hot water (hydronic) heat, when installed correctly steam should provide decades of relatively maintenance-free operation. When asked about the feasibility of converting a steam system to a hydronic one, I usually point out the following items for general consideration.

First, many steam systems are one-pipe systems, with only a supply pipe and no return, so it might not be possible to re-use the existing steam pipes to circulate water through the house. Running new pipe would not be a problem if you are gutting the home’s entire interior. If you aren’t, though, you can anticipate having to remove and refinish a significant amount of plaster and trim to run those new lines, even though trusted PEX brands can be fished through the house more easily than the copper pipe of 20 years ago.

Next, hydronic systems use more pumps, valves, and relays than a steam system, so maintaining a hot-water system over the years may prove to be more parts-and-labor intensive.

But hydronic heat has its benefits. It is very versatile and can be used for radiant, baseboard convectors, or freestanding radiators—all in the same system. Plus you can combine a solar water heater with the boiler for a super-efficient design. There are other options such as a burner service company that provide boilers for rent. If you like your old inefficient boiler replaced, apply today for your free boiler grants. You may qualify under the Government’s ECO scheme in 2020.

My advice? If the work you’re planning to do is more cosmetic, stick with the present steam system. If the house will be gutted, however, consider re-using the boiler block as a hot-water unit and install a radiant manifold with 3/8-inch PEX lines traveling individually to each radiator. The supply manifold includes balancing valves to control the temperature of each heating circuit. You’ll get a classic look, while saving money on radiators and a new boiler.

http://www.jlconline.com/heating/steam-heat-vs-hydronic-heat_o.aspx

4 reasons the Fed won’t raise interest rates anytime soon | Mt Kisco Real Estate

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Federal Reserve Chair Janet Yellen said early Monday that the economy and the job market are still ailing and that they will need “extraordinary” assistance from the central bank in the form of low interest rates “for some time.”

It was three words about short-term interest rate policy that sent out more reassurance for investors than her three words March 19 – “about six months” – which sent markets into a spiral.

After last week’s Federal Open Market Committee meeting, Yellen said that the Fed could start raising short-term rates “about six months” after it completed its ongoing tapering of Treasury and bond purchases, which most expect to be unwound by the fourth quarter of 2014.

Speaking in Chicago Monday, Yellen also justified the change from a specific goalpost – 6.5% unemployment – to a more vague and subjective “quantitative guidance” needed given the slack in the labor market, despite the official unemployment rate now standing at 6.7%.

She gave four reasons why she thinks the employment market is still soft.

1) The large number of part-timers.

One form of evidence for slack is found in other labor market data, beyond the unemployment rate or payrolls, some of which I have touched on already. For example, the 7 million people who are working part time but would like a full-time job. This number is much larger than we would expect at 6.7% unemployment, based on past experience, and the existence of such a large pool of “partly unemployed” workers is a sign that labor conditions are worse than indicated by the unemployment rate. Statistics on job turnover also point to considerable slack in the labor market. Although firms are now laying off fewer workers, they have been reluctant to increase the pace of hiring. Likewise, the number of people who voluntarily quit their jobs is noticeably below levels before the recession; that is an indicator that people are reluctant to risk leaving their jobs because they worry that it will be hard to find another. It is also a sign that firms may not be recruiting very aggressively to hire workers away from their competitors.

 

 

 

http://www.housingwire.com/articles/29497-reasons-the-fed-wont-raise-interest-rates-anytime-soon

Gas leaks in NYC not uncommon, records show | Mt Kisco NY Real Estate

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Natural gas leaks — similar to the one thought to have caused an explosion earlier this month in East Harlem that leveled two buildings and killed eight people — are commonplace, according to federal records.

More than half of the 9,906 leaks in New York City and Westchester County reported to suppliers Con Edison and National Grid in 2012 could have harmed people or property, an analysis of federal data from the Department of Transportation showed.

The danger largely stems from the city’s aging network of gas mains made of leak-prone cast iron, wrought iron or unprotected steel, the New York Times reported.

Replacing the 6,302 miles of pipes won’t be cheap or easy — it could cost upwards of $10 billion, the article said. In traffic-heavy areas like Manhattan, installing new mains would likely cost up to $10 million a mile, according to Con Edison officials. Even if the funds are made available, replacing “vintage” pipes will take as long as 25 years, according to National Grid.

“Accelerated replacement is not the answer to today’s problem; it’s the answer to tomorrow’s problem,” Mark McDonald, who investigates gas explosions for insurance companies and landlords, told the Times. “What needs to be happening is increased vigilance, increased leak surveys to spot these problems before it gets into someone’s house.”

 

 

http://therealdeal.com/blog/2014/03/24/gas-leaks-put-nyc-in-perpetual-danger/

Is Homeownership A Smart Investment Again? | Mt Kisco Real Estate

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One year ago, Trulia’s Rent vs. Buy Report, released by online real estate aggregator Trulia, found it was 44% cheaper to buy a house than to rent. Today, the gap has narrowed, due in part to rising interest rates and home prices. The newest edition of the report finds that buying a home is now 38% cheaper than renting. The report compares costs for a seven-year period using five calculations:

  1. The average rent and sale prices for an identical set of properties;
  2. The initial total monthly costs of owning (assuming 20% down and a 30-year fixed-rate mortgage at 3.5% interest, as well as annual maintenance, insurance, utility, and property tax expenses) and renting (monthly rent plus renter’s insurance);
  3. The future total monthly costs of owning and renting;
  4. One-time costs and proceeds (for owning, this includes closing costs and capital gains tax of 15% for gains above the $500,000 annual exclusion; for renting, this includes one month’s security deposit); and
  5. The net present value to account for opportunity cost of money (this compares cash flows over time).

According to the report, homeownership remains cheaper across the nation and in all of the 100 largest metro markets. However, these findings speak broadly to the national market, and there are several situations where it still makes more sense to rent. Here, we look at some of the reasons why it’s a good time to buy for many Americans, and circumstances when it might make more sense to rent.
Reasons to Buy
Peggy Jennings, a Broker/Realtor with Prudential Great Smokys Realty in Sylva, North Carolina, cites favorable interest rates, good inventory and relaxed loan requirements as good reasons to buy now. “Interest rates are still good. The inventory is improving as more people are deciding it’s time to sell. There’s going to be a lot of good inventory coming up, especially since the foreclosures from a couple years ago are now rehabbed and ready to sell,” says Jennings.

 

 

http://www.investopedia.com/articles/personal-finance/031714/homeownership-smart-investment-again.asp?partner=YahooSA

Metro-North Put On-Time Performance Over Safety | Mt Kisco Real Estate

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A review by the Federal Railroad Administration has found that Metro-North places on-time performance over worker and passenger safety, according to the New York Times.

Operation Deep Dive is a review of the railroad prompted by the Dec. 1 derailment in the Bronx that killed four people and injured more than 70 more. The 28-page report analyzes safety measures taken by Metro-North and suggests corrective actions that the railroad can take to improve safety.

The report also found that cell phone usage is commonplace among track workers on the job and that workers are pressured to rush to respond to signal failures, according to the New York Times. It also said that track inspectors receive inadequate training and that safety briefings are poorly attended.

The full report will be released Friday. Click here to see the full story in the New York Times.

 

http://mtkisco.dailyvoice.com/news/report-metro-north-put-time-performance-over-safety