Elise Greenberg

Your Neighborhood Realtor

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:

http://www.nytimes.com/2013/09/07/your-money/tighter-rules-will-make-it-harder-to-get-a-reverse-mortgage.html?pagewanted=all&_r=1&om_rid=AAClnn&om_mid=_BSUsVrB81mgbmO&om_ntype=SRESMonthly&