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Home Equities: Easy Come, Easy Go

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A decade ago, when home values were soaring and real estate was booming, many homeowners took advantage by taking cash out from the equity in their home. Typically, the loan was structured as a Home Equity Line of Credit (aka “HELOC”), which functions very much like a typical consumer credit card. Specifically, a...

How to Prep Your Home for Sale

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When you are so focused on your move and quite possibly grieving the idea of moving, it can be tough to look at your current home and prep for that sale. Deciding to sell your home is a big deal. You are closing one chapter of your life and literally shutting the door on it—or at least you will after some lucky buyer meets your sales price—but that time isn’t here quite yet. You still have to prep for the sale of your existing house.

To get the best return on your investment, here is a list of tips to prep your home for a sale.

Make Repairs

The first thing you need to do is make repairs. If you have been living in a home for a while, you likely have an entire list of chores...

The Banker’s Mortgage Banker of Choice

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I recently closed a new home purchase loan for a first time home buyer that made me very proud. He wasn’t a regular first time home buyer, and he wasn’t a regular client. This applicant was actually a senior lending officer at a small regional bank (to be left unnamed). He was referred to me by friend as he was trying to research area lenders that would be “less rigorous and more competitive than his own bank”. He admitted that he was hesitant about going to another lender, when his bank offered “the same products and programs” but knowing the “ins and outs” – he knew that “he would get a better deal elsewhere”. And he did. When I asked him what was concerning...

Land Use Moratoria—A Growing Trend in Our Region

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As population density increases, local governments have become increasingly motivated to temporarily halt developmental progression by the use of building moratoria. One common use of moratoria ordinances in our area is to preserve the status quo by stopping construction for a defined period of time while municipalities rework their comprehensive plans to cope with increased urbanization by properly regulating land development. A moratorium provides a municipality with time to rework and to update its comprehensive plan, which includes zoning and which incorporates the government’s police powers—that is, policies regarding the health, welfare and safety of the larger community. An...

Three Reasons to Downsize in Retirement

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Once you leave the workforce, you likely have some goals you want to accomplish. For many, these goals are easier accomplished after downsizing, or moving into a smaller, more maintainable home.

There are many paths people can take to downsizing their homes, but one opportunity seniors have available to them is the LifeWise Mortgage, also known as a home equity conversion mortgage, or reverse mortgage. With a HECM, instead of making a monthly mortgage payment, your home equity is paid to you in cash. HECMs can be paid in one lump sum, in monthly installments or as a line of credit.

Three common reasons seniors choose to downsize their homes:

Less Home to Clean

At one point, your...

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