Senior Real Estate Needs
As a Senior Real Estate Specialist (SRES), I have been trained to assist with the special needs of our 50+ real estate community. Below are some helpful websites:
www.TheSeniorList.com/directory/ - Senior health care, nursing care, etc
www.AgeInPlace.com - Home modifications and other useful information to help seniors age in place
www.MoveSeniors.com - A database of specialists to help with your move
www.RetirementHomes.com - A comprehensive list of active living to assisted living homes
Factors to consider when selecting an active adult community:
- Location - Do you want to be near family? Near other amentities/cultural activities? Will you need a car to drive to stores, etc. or is there public transportation available?
- Costs - Be sure to include monthly HOA fees; will you use the amenities that you are paying for (if provided); are there upfront fees; is the community solvent?
- Lifestyle - Which activities and amenities are important to you? Does this community support those interests?
- Restrictions - Are pets allowed? Can grandchildren or adult children stay for extended periods?
- Be sure to talk to others that live in the community already!
There are new changes to the reverse mortgage loans that went into effect on September 30, 2013:
- There will be limits to how much the borrower can withdraw at closing and in the first year
- Total borrowing power is lower based on tougher and more complex lending formulas
- Borrowers must show the ability to pay taxes and insurance over the life of the loan and escrows will be held to pay property taxes and insurance
- Both spouses' names must be put on the loan documentation, even if both names to do not appear on title
See the article below: