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tracee ribar's take on cool home stuff

Better Market Enables the “Drive” to Reverse Mortgages March 23, 2014

Filed under: Real Estate — tracee ribar @ 12:11 pm

Have you noticed the number of reverse mortgage commercials surfacing during prime time? Fred Thompson brought such confidence to the idea.. still a good option for some.

Daily Real Estate News | Wednesday, March 19, 2014

Baby boomers are fueling a resurgence in reverse mortgages as boomers are in search for extra retirement income, and small lenders are stepping up as they view reverse mortgages as a way of growing their business, Reuters reports.

In 2013, $15.3 billion of reverse loans were issued, a 20 percent increase from the year prior, according to trade publication Inside Mortgage Finance. Still, that’s only about half the number seen during a record year in 2009, in which $30.21 billion of reverse mortgages were issued.

A reverse mortgage allows home owners to borrow against their home. They don’t have to make payments on the loan until they move or die.

Many lenders remain leery of reverse mortgages. In 2011, Wells Fargo & Co. and Bank of America backed out of the reverse mortgage business, citing reasons like unpredictable home values and the high level of delinquencies at the time.

As such, smaller lenders are stepping in, seeing reverse mortgages as an opportunity to grow their business.

“The market is huge. It’s underpenetrated,” Denmar Dixon, chief investment officer at independent mortgage company Walter Investment Management Co., said at a recent conference. Lenders often charge high fees for issuing these loans since they do carry more risk.

More lenders may view it as a growth opportunity too, particularly as traditional mortgage lending is expected to decrease 37 percent in 2014 due to higher mortgage rates dampening refinance activity.

“There are lots of mortgage lenders who see declining volumes and may view [reverse mortgages] as an opportunity to increase revenues,” says David Stevens, president of the Mortgage Bankers Association.

The U.S. Federal Housing Administration posted big losses from reverse mortgages in the past, but has made changes to its reverse mortgage program last year in trying to protect the agency from steep losses from reverse mortgages again. In April 2013, the FHA limited the amount a home owner can borrow as a lump sum to 60 percent in the first year, up to a maximum of $625,500, Reuters reports. Previously, the limit was 100 percent. The FHA also now requires lenders to ensure borrowers can pay for taxes, insurance, and upkeep on their home when issuing these loans.

Source: “U.S. Retirees Return to Reverse Mortgages, Big Banks Stay Away,” Reuters (March 17, 2014)

 

A Ready Willing and Able First Time Buyer March 20, 2014

Filed under: Home Innovations,Real Estate — tracee ribar @ 12:34 pm

10 Ways to Prepare for Homeownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

reprinted from Realtor Magazine

 

Trash or Treasure March 19, 2014

Filed under: Art "Seen" — tracee ribar @ 9:42 am

You might have the chance to see if that junk in the attic is actually treasure waiting to be discovered! If you have more than 3 “firearms or edged weapons” don’t bring them all.

Garth’s Auctions Walk In Appraisal Day Tue Apr 29 9:30 AM — 4:30 PM

Presented by Garth’s Auctioneers and Appraisers

Venue: Garth’s Auctions Main Gallery
2690 Stratford Road
Delaware, OH 43015
http://www.garths.com

Join the experts at Garth’s Auctions the last Tuesday of every month for a walk in appraisal day.
Garth’s staff will be on hand to review your family heirlooms, treasures and more.
Bring your paintings, silver, porcelain, jewelry, firearms and edged weapons, Asian items and decorative arts and Garth’ experts will evaluate your objects and give
you a complimentary verbal appraisal.
Limit 3 items per person.

 

Orange Is The New Stainless March 15, 2014

Filed under: Home Innovations — tracee ribar @ 9:51 am

Cool, clean with a touch of funk…I like it.

5. Kitchen color, energy efficiency, and new materials. Several trends are changing up the look of the kitchen, the room where everyone still wants to hang out:
• After years of playing it safe in color in appliances, some home owners are willing to go bold. Bertazzoni is manufacturing its professional-style ranges in “vitamin” colors of red, yellow, and an orange it calls Arancio.
Bertazzzoni Arancio Range

• Bertazzoni, Thermador, and other companies are making their ranges eco-friendly, energy efficient, and more about healthy cooking with new steam oven• Smaller is in when home owners downsize. Bertazzoni’s range is available in a 30-inch version.
• Instead of giving up valuable space for a desk, home owners are shifting more toward smaller work areas that allow them to recharge phones, tablets, and other portable devices, as well as a place to leave their mail and keys, says designer Jennifer Gilmer.
• New materials are replacing standard-bearers. One example: After years of seeing granite top so many counters, metals are coming on strong, such as hot rolled steel, says Gilmer.
• The mismatched, unfitted look is disappearing, replaced by cabinets that fit together more like a jigsaw puzzle and reflect a cleaner, tidier look, says Morgante.

taken in part from Realtor Magazine “Think Color in 2014”

 

360 Architecture March 12, 2014

Filed under: Home Innovations,Real Estate — tracee ribar @ 12:22 pm

Just watched a video on the Remodeling Magazine website about 2014 International Building Trends. Interesting ideas that have been taking shape over the last several years. The takeaways as I see them…

Homes are shrinking. There has been talk of this for several years but to me, in both modestly upscale family homes or “luxury” homes we haven’t seen much of that…apparently its coming. The real estate market is improving, and with that comes increases in both resale and building costs. Homeowners will be increasingly more conscious of making a newly built home fully and even elegantly functional, but perhaps in a bit less space. Energy consumption and sustainability play a role here also.

Multi-functional rooms. I think designing rooms that can be flexibly used is a great idea, no matter current needs. Shrinking homes must mean more efficiency, and realizing that not all needs remain the same. What is a home office now may need to be a guest room, either congruently, or later on. One idea that wasn’t discussed specifically within this category was multi-generational building considerations. Building a home that can function as one ages, or if an older relative needs to be accomodated in a family home are concerns for many. We are living longer. Many “boomers” are caught between the needs of children and aging parents and need a home that can fit the needs of all family members.

 Acoustics. “looking for a home with an open floor plan”–how often do we hear that? Sounds tend to carry in an open plan. Builders and designers are paying more attention to how a house “sounds”. Choosing the right flooring, adequate/large area rugs, cloth blinds instead of wood, and even artwork placed both for size and location can minimize sound in an open home.

Urban infill. Ooh, the walk score! Homeowners, not just empty nesters but often families, will be more open to building urban, amenity accessible homes that offer a car-free or car-limited lifestyle. The large lawn, and time-consuming maintenance, sacrificed for local eatery outings and walks to the park and bike rides. Sounds idyllic!

Outdoor living. We have been seeing and enjoying inventive outdoor entertaining spaces for several years now. BUT, apparently there is a growing trend toward multi “room” spaces that will increasingly mimic the interior of homes. Ironically yes, the interior of homes apparently getting smaller and the outdoor spaces bigger!

360 Architecture and a “friends entry”. I found this one interesting, Ties many of the building ideas together in my opinion. Builders have put a lot of thought over the years on designing the interiors of homes. Thinking about  the exterior in home design does not just mean looking at it from the curb, but from the backyard. We are doing a lot of outdoor entertaining after all!  Putting some detailing on the back of the home instead of the look of a  “stucco box” with some scattered windows seems like an idea that has been a long time coming. I also like the idea of a “friend entry”. An entry that has as much appeal as the front-and not an entry into a mudroom. There are of course thoughtfully designed homes that have this, but i think naming it a “friends entry” conveys a much more convivial approach to what has traditionally been referred to as the “side entry”.

Sometimes looking at design in a sligthly different way can help homeowners, builders and designers remember that a home is where memories are made and where friends and family come to visit.