Posted on January 7, 2013 by Dee & Tom Cryer
Kitchen Countertops

Kitchen Countertops

How to Save 20% to 40% on Your Kitchen Remodel Without Even Trying

You can picture your new, beautifully renovated dream kitchen. But your budget won’t allow it unless you cut costs. Here’s how to save on your kitchen remodel.

Below are 7 great recommendations for ways to shave costs off your kitchen remodel. Each recommendation includes a percentage of the savings you can expect to trim off the overall cost of your kitchen remodeling. Because of variables, such as the price of materials in your area, the percentages are given as a range.

If you do all the recommendations, you’ll knock 20% to 40% off the cost of your project.

1. Skip the custom cabinet shop. All of the major cabinet manufacturers offer a range of styles and finishes in their stock product lines. The only compromise you’ll make is that you can’t get cabinet widths sized to the exact fraction of an inch.

“Stock cabinets come in 3-inch increments, so you may need to get something slightly smaller than the space you have to fill,” says Cambridge, Mass., kitchen designer Jean Courtney. But nobody will ever notice. “Your contractor will use matching filler pieces and moldings to hide any gaps and make everything look custom fitted.”

Your savings: 5% to 12%

2. Keep the sink and appliances in their current locations. That avoids having to run new electrical wiring, natural gas lines, plumbing pipes, and hood-vent lines, knocking thousands off your construction costs.

Your savings: 5% to 10%

3. Select a simple cabinet door design. A classic shaker door, which is plain and elegant, comes at about half the cost of something more complex, such as an arch-top panel with intricate moldings. And you’ll get a more timeless, never-go-out-of-style look.

Your savings: 2% to 4%

4. Choose a stock stain or paint finish on the cabinets instead of a trendy two-tone glazed finish. Most cabinet manufacturers offer an array of good-looking, durable stock finishes.

Your savings: 3% to 4%

5. Keep the existing window locations. Using the current openings — and resisting the temptation to increase window size — reduces construction costs considerably because the contractor won’t have to frame out new openings.

Your savings: 3% to 6%

6. Simplify the edge profile of your countertops. A waterfall, ogee, or other fancy edge choice can add hundreds to the fabrication costs of your countertops. Trim that cost by opting for a square or simple round-over treatment.

Your savings: 1% to 2%

7. Shop for discontinued hardwood flooring and backsplash tiles. “When a particular line of subway tile or oak flooring is going out of production, stores slash the prices to move the merchandise — but it’s perfectly good stuff,” says Courtney.

Another option: Look for salvaged building materials, such as sinks, faucets, and lighting fixtures.

Your savings: 1% to 2%

Let’s thank Oliver Marks Published: September 11, 2012 for this valuable information!

Posted in Buying or Selling Real Estate, Denver, Denver Residential Real Estate | Tagged , , , , , , , | Leave a comment

How to Get Rid of Stuff and Declutter Your Life

Posted on January 5, 2013 by Dee & Tom Cryer

You can get that warm, fuzzy holiday feeling and make a few bucks by responsibly ditching all the excess stuff you accumulate, particularly at this time of year.

 Before you cast off, sort out 

This video by home organizer Alejandra Costello demonstrates her system for organizing items you wish to donate, sell, return, or exchange. You designate an area in the home — preferably near an exit — for the stuff you don’t want to forget to take out the door with you. What we really liked best about this video is that she includes tips for keeping your downsizing efforts on track.

Hazardous household materials

Sure, we all know where to recycle stuff like soda cans and water bottles, but what about dicey items like medications, paint thinners, or asbestos?

Earth911.com, along with its free app iRecycle, is one of the best sources for finding acceptance centers that handle household hazardous waste. Just enter the type of junk you need to unload, like compact fluorescent light bulbs (did you know they have traces of mercury?), along with your ZIP code, and it provides the nearest recycling center to you.

Learn more about stuff that’s considered household hazardous waste, by watching this
hilarious Canadian video made for the city of Toronto.

Old technology

If you want to recycle appliances, cameras, computers, and TVs, Best Buy Recycle will take them, no matter where you bought them originally. The retailer charges $100 to pick up old appliances like TVs if you’re not also having a new Best Buy item delivered to you. It says it destroys CPUs to protect your data privacy. And the recycled bits and pieces become raw materials manufacturers can use to make everything from appliances to park benches. Check out the video:

Watch live streaming video from thebby at livestream.com

New-ish technology

If you want to sell your current smartphone or Mac gadget quickly, Gazelle.com will give you an instant estimate and a free shipping label. Plus, you can take comfort knowing that Gazelle believes in reusing products first before trying to recycle them.

FYI, while the company does protect your privacy by destroying SIM cards and erasing personal data found on devices they receive, Gazelle recommends you remove your SIM card and delete any personal information on your device before sending it in.

Junk mail

The best way to get rid of junk mail from accumulating at home is to stop it from being delivered in the first place. By creating a free account at Catalogchoice.org, you can banish catalogs and assorted marketing items from your home forever. Plus, their MailStop Browser extension for Firefox lets you opt out of mailing lists in real time when you shop online.

Lastly, if you’re willing to pay $35 a year, CatalogChoice will also prevent data brokers from selling your info to other direct marketers. You can check out the endorsement the National Wildlife Federation gave this service.

Kids’ stuff

We all know how quickly kids outgrow their stuff. Once Upon a Child buys gently used clothing, toys, and baby gear. It won’t accept items that have been recalled or don’t meet their safety standards. To find a store location near you so you can swap your items for cash or trade for things your kid currently needs, visit their website.

Books 

Discover Books matches second-hand books with people who want them. It uses a proprietary software system to try to find a new owner for your old reads through an online retailer, or tries to donate it to an organization that supports literacy. Plus, if Discover Books can’t find a book a new home, it’s sent to a recycling center to begin a fresh life as something else. To see how this organization supports children’s literacy efforts, check out this video.

Places that buy books outright other than textbooks are becoming increasingly rare. Cash 4 Books pays you for books it wants, plus covers the cost of shipping to their distribution center. Just go to their site and type in the ISBN numbers of the books you plan to sell. Check out the video here to see how this process works.

FYI, if you really want to cut down on your carbon footprint, try donating your books to local libraries, schools, and hospitals. Or build your own free library in your front yard and let passersby help themselves.

Household linens, cleaning supplies, and old cars

If you have old towels, blankets, heating pads, cleaning supplies, and even a car you need to get rid of, consider donating to a local animal shelter like the ASPCA. Every shelter has different needs, from canned dog food to office supplies. But the items we listed are often animal rescue organizations’ top need. To find a local shelter near you, go to the ASPCA site.

Do you need a kick in the pants in order to donate? Check out this happy ending in this video:

Additional ways to part with your stuff

Donate, trade, or sell: Krrb.com is an alterative to sites like eBay, Craigslist, andFreecycle. Krrb makes it fairly simple to buy, sell, rent, trade, or even give your stuff away. Plus, the site offers a republish function that reposts your listings from Etsy, Craigslist, or eBay to Krrb with one click. They also have an iPhone app so you can find stuff for sale right in your neighborhood:

Krrbin’ On The Go – Our Editors Take A Spin On The Krrb iPhone App from Krrb on Vimeo.

Charity thrift shop locator: TheThriftShopper.com makes it a cinch to find charity thrift stores in your area by entering your ZIP code. Plus, many of the listings include the shop’s website, so you can learn more about each organization before deciding where to donate.

Let’s thank Deirdre Sullivan  Published: November 13, 2012 for this valuable information.

Posted in Buying or Selling Real Estate, Denver, Denver Housing, Denver Residential Real Estate | Tagged , , , , , , , | 1 Comment

A Financial Plan for Your Home

Posted on January 3, 2013 by Dee & Tom Cryer

Your Home - Your InvestmentYour home is probably your biggest investment. To manage it, create a financial plan that takes into account repairs, upgrades, mortgages, insurance, and taxes.

Use our home financial plan budget worksheet, and start by writing a list of expenses, such as:

  • Mortgage
  • Voluntary upgrades, such as a swimming pool, a premium range, a new powder room

What will you learn from this home financial plan weekend exercise?

  • How much you have to spend
  • How much you need to allot in the short- and long-term for necessary maintenance and voluntary improvements

With this newfound grip on your home’s expenses, you can create a home financial plan that’ll help you there for years with maximum enjoyment and minimum anxiety.

Other aspects to manage:

The mortgage: Pay it — and then some
Insurance: Protect your property
Repairs and renovations: By choice or necessity
Taxes: (Almost) no way around them

The mortgage: Pay it—and then some

Yup, you already shell out a lot for your mortgage, but can you pay more? Even a little extra each month can add up to an earlier payoff. Let’s say you have $200,000 in outstanding principal and a 20-year fixed-rate mortgage at 5%. Your monthly payment is $1,319.91. But if you can manage to pay another $100 a month, you’ll save $14,887 in interest.

Run the numbers yourself for your home financial plan.

Advantages of an early payoff, says Alan D. Kahn, a financial planner in Syosset, N.Y.:

  • Less debt means more money to spend later.
  • It feels darn good to own your house outright as soon as possible.
  • Minimal tax loss. Toward the tail end of the life of a loan most of your payment goes to the principal, not the interest, so you’re getting only a small tax break anyway.

Of course, if you’re still saving for retirement, put the 100 bucks elsewhere:

  • A retirement plan
  • An account for the inevitable home repairs
  • An account for discretionary improvements, which can raise your home’s value

Insurance: Protect your property

Your vegetable garden is pointless without a fence to keep out rabbits; likewise, your home financial plan will come to nothing without an insurance “fence”:

Homeowner’s insurance. Basic coverage for your home and everything in it. The average cost is $636 per year but this varies widely by state.

Liability coverage. Protects you from a lawsuit if someone gets hurt on your property, for example. Your best bet: An umbrella policy.  For about $300 a year you can by a typical $1 million policy.

Various disaster insurance policies. Optional policies cover flood, earthquake, and hurricane damage. As part of your home financial plan, you have to research to see what disaster coverage, if any, you need in your area, and what your standard policy already covers. For $540 a year you can buy flood insurance, for example.

Don’t under- or overbuy insurance

For your basic policy, get homeowners insurance with full replacement coverage in case your house burns to the ground.

That sounds simple, but heads up on calculation. Remember that you own a house as well as the land on which it sits. So even though you bought your home for $300,000, it may cost only $100,000 to rebuild it. Your policy limits should reflect this. This difference will vary widely by region.

Another heads up: Don’t make the common and potentially disastrous mistake of thinking that because your home has fallen in value you need less insurance. If you bought a $1.2 million townhouse in Florida during the boom, it’s true it now may only sell for $600,000. But the replacement cost of the townhouse hasn’t changed much, so you can’t improve your home financial plan by cutting insurance costs that way.

Other ways to cut your insurance budget:

  • If you make structural improvements, such as adding storm shutters, your insurer may give you a break.
  • If you belong to certain groups, such as AARP or veterans’ organizations, your premiums may be lower.

Repairs and renovations: By choice or necessity

You own a home, so you’ll be spending money on everything from a new faucet to — surprise! — a new roof. Freddie Mac and other authorities say as part of your home financial plan, you should be prepared to spend 1% to 3% of the market value of the home annually on maintenance. To be extra-prudent, open a savings account and make regular payments until your account reaches 1% to 3% of your home’s current value.

To help you budget:

Start with the inspection report you received when you bought the house. Did the inspector indicate that you would need a new roof in five years? A new furnace in 10?

Keep a log of your major appliances’ age so you can estimate when they’ll need replacing. Some estimated life spans:

  • Roof: 20-25 years
  • Heating systems: 15-20 years
  • Range/ovens: 11-15 years
  • Water heaters: 8-13 years

Then get estimates on what replacements will cost and start saving.

Consider ongoing non-emergency maintenance, too. Do you live in New England? Price a snow blower and get bids from plow services.

Resist the siren call of the home equity loan to take care of everything. That just defeats your efforts to pay off the mortgage early.

Separate out what you want from what you need. Does it make more sense to do a $50,000 to $60,000 kitchen remodel, which recoups about 69%, or a minor remodel, which recoups about 75%, according to Remodeling magazine’s 2013 Cost vs. Value Report?

If you can afford to redo, go for it. Just don’t confuse your necessary repairs (new oil furnace — about $4,000) with your discretionary upgrades (Viking range — $6,000 and up).

Taxes: (Almost) no way around them

Even if your lender handles your property taxes from an escrow account, you need to budget for them in your home financial plan. They creep up almost every year, it seems. Take responsibility for tracking the changes in your area: Look over past tax bills to get a sense of how quickly they’ve risen in the past.

Or if your lender handles escrow and you haven’t saved your bills, ask for an accounting. The median annual property tax payment is $1,812, but that hides the enormous range in medians from state to state.

You can generally deduct property taxes on your federal return. A tax pro can tell you how much of a tax break you’ll get, to help you fine tune your home financial plan.

You may be able to reduce your tax burden by getting a reassessment. Do your homework first: Are comparable houses taxed less than yours? Ask the local assessor what formula is used to set tax rates. You can challenge the assessed value and get yourself a rollback.

If you’re in a special group, you might get some help from state or local programs. Check around to see what’s available in your area. New York State, for example, has its Star Program for giving senior citizens some relief from school-related property taxes.

Let’s thank Richard Koreto  Published: December 31, 2012 for this valuable information.

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Denver Area Luxury Home Sales for 2012

Posted on January 2, 2013 by Dee & Tom Cryer
Floor Plans and Map

Floor Plans and Map

During the course of 2012, the Denver Metro Area had 17 transactions over $5M.  The overwhelming majority of them took place in Denver and Cherry Hills Village, but it is always interesting where the others occurred.

The attached file provides images and details statistical reference points at the end.  Answering the questions Who, What, Where and possibly even Why!  Enjoy!

17 Sales Over $5M in Denver Metro for 2012

Posted in Buying or Selling Real Estate, Cherry Hills Village, Denver Residential Real Estate, Greenwood Village | Tagged , , , , , , , | Leave a comment

MyTownCryer 2012 in Review

Posted on January 2, 2013 by Dee & Tom Cryer

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

4,329 films were submitted to the 2012 Cannes Film Festival. This blog had 21,000 views in 2012. If each view were a film, this blog would power 5 Film Festivals

Click here to see the complete report.

Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Colorado, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village, Highlands Ranch | Tagged , , , , , , , | Leave a comment

Real Estate Data, News, and Market Analysis Tools from Super Joe Hubert

Posted on January 2, 2013 by Dee & Tom Cryer
Super Joe Hubert

Super Joe Hubert

Land Title’s Joe Hubert has offered up some year end and late December Market Data to offer some insight on the events to come in 2013.  Thanks Joe!
Hi Tom,I am amazed that December has arrived already, and I wish you and yours a very happy holiday!This month’s eNewsletter is on the lighter side, but I hope you’ll find the information valuable.

And as you get ready to begin business planning for next year, please don’t hesitate to call me. I am happy to assist you with your marketing and have lots of tools to help you grow your business in the coming year.

Sincerely,
Joe

November – 2012 Real Estate Market Update

Entire MLS (All Areas)

Residential Highlights:

  • 20.5% increase in the number of closed sales year-over-year (2,975)
  • 19.1% increase in the number of closed sales year to date (34,439)
  • 27.3% decrease in average days on market (72)
  • 28.2% decrease in number of active listings
  • 11.2% increase in average price – sold ($206,773)

Condo Highlights:

  • 19.5% increase in number of closes sales year-over-year (717)
  • 39.0% decrease in average days on market (64)
  • 37.6% decrease in number of active listings (1,511)
  • 29.0% increase in average price – sold ($198,080)
  • Click here for Full report of entire MLS

For individual MLS area reports, please scroll to the bottom of the eNewsletter.

In the News

For a compilation of timely articles that highlight the upside of the economy in today’s challenging market, check out this month’s In the News.

Click here for a PDF version.

Topic of the Month – Property Taxes

This month’s Topic is our traditional piece about how 2012 Property Taxes affect your 2013 Closings. We hope you find it useful, especially for your first few transactions of 2013.

Click here to download article

Referral Marketing – Winter Mountain Events

This month’s Referral Marketing mailer details upcoming Winter Mountain Events (especially good for non-skiers).

Our Word document mailer is is ready for you to personalize, print and send to your sphere. Or, download our JPG to email to your clients. You can also visit Land Title’s Facebook page, where you can click “share” to post to your own page.

Click here for this month’s Referral Marketing mailer 2-to-a-page in Word.
Click here for this month’s Referral Marketing mailer as a JPG.

For archives of past referral marketing mailers, articles by our sales reps, and even more information to help you with your marketing, be sure to check out LandTitleMarketingSolutions.com.
MLS All Areas:


All Areas in one consolidated report
Aurora North – AUN
Aurora South – AUS
Brighton, Fort Lupton – BFL
Broomfield – BRM
Denver Northeast – DNE
Denver Northwest – DNW
Denver Southeast – DSE
Denver Southwest – DSW
Downtown Denver – DTD
Douglas County West – DCW
(Includes – Castle Rock, Larkspur, Sedalia, Palmer Lake, part of Littleton)
Douglas Elbert Parker – DEP
(Includes – Parker, Elizabeth, Franktown, Kiowa, Elbert, Deer Trail, Simla)
Douglas Highlands Ranch Lone Tree – DHL
(Includes – Highlands Ranch, Lone Tree)
East Suburban North – ESN
East Suburban South – ESS
Jefferson County Central – JFC
Jefferson County North – JFN
Jefferson County Northcentral – JNC
Jefferson County South – JFS
Jefferson County Southcentral – JSC
Jefferson County West – JFW
Lafayette – LAF
Mountain Clear Creek – MCC
Mountain Conifer Pine – MCP
Mountain Evergreen North – MEN
Mountain Evergreen South – MES
Mountain Gilpin County – MGC
Mountain Jefferson County – MJC
Mountain Jefferson North – MJN
Mountain Jefferson South – MJS
Mountain Park County – MPC
Mountain Park East – MPE
North Northeast Suburban – NNE
North Northwest Suburban – NNW
North Suburban Central – NSC
North Suburban East – NSE
North Suburban West – NSW
South Suburban Central – SSC
South Suburban East – SSE

Based on Information from Metrolist, Inc. for the period Jan 2009 through present. Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by metrolist, Inc. may not reflect all real estate activity in the market.
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JHubert@ltgc.com
303-550-7989
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Posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Colorado, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village | Tagged , , , , , , , , , | Leave a comment

Target Fed Funds Rate to Remain at Historic Lows!

Posted on December 12, 2012 by Dee & Tom Cryer
Urgent Notice

Contrary to Henny Penny, The Sky Is Not Falling!

This sounds like good news to the residential housing market.  With low rates, the healing can continue.  We are clearly moving toward a residential market that can stand on its own, but continued assistance from the fed can only serve to create a more solid foundation in a new market paradigm.  Underwriting and loan processing continues to be onerous in its complexity and depth of scrutiny.  Moving forward, only time will tell, but in Denver’s market today, demand outstrips supply moving into 2013.

Release Date: December 12, 2012

For immediate release

“Information received since the Federal Open Market Committee met in October suggests that economic activity and employment have continued to expand at a moderate pace in recent months, apart from weather-related disruptions. Although the unemployment rate has declined somewhat since the summer, it remains elevated. Household spending has continued to advance, and the housing sector has shown further signs of improvement, but growth in business fixed investment has slowed. Inflation has been running somewhat below the Committee’s longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will purchase longer-term Treasury securities after its program to extend the average maturity of its holdings of Treasury securities is completed at the end of the year, initially at a pace of $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and, in January, will resume rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.

The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.

To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. In determining how long to maintain a highly accommodative stance of monetary policy, the Committee will also consider other information, including additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who opposed the asset purchase program and the characterization of the conditions under which an exceptionally low range for the federal funds rate will be appropriate. “

 2012 Denver Market Update Report

Jerry Kaplan

Vice President, Capital Markets

Cherry Creek Mortgage, Co., Inc.

jkaplan@ccmclending.com

(303)331-4365 * Fax (303)952-6702

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How Many Seniors Turn 65 Each and Everyday?

Posted on November 13, 2012 by Dee & Tom Cryer
Retirement Planning

Retirement Planning

With 10,000 people turning 65 in the good old US of A everyday, there will be some serious financial stress placed on families.  You need to know: What is a Reverse Mortgage?

A Reverse Mortgage is a special type of loan for people 62 or older. The home serves as collateral, as in any mortgage, but thanks to government-mandated provisions, the homeownership is protected.

The key characteristics of a Reverse Mortgage are:

How does a Reverse Mortgage protect my heirs and me?

The older we get, the less risk we should take; the better we should protect our health, family, home and financial situation. Protection is one of the key elements of the Reverse Mortgage.

Your home is protected. With a Reverse Mortgage you remain the owner and you keep title to your home.

The Reverse Mortgage has been designed to allow homeowners to stay in the home, own the home, and still enjoy the assets of the home while living in it. The protection of homeownership is the highest priority of the Reverse Mortgage. You keep title to the home. You are the owner as long as you or your spouse lives in the home.

You never have to make monthly payments to the lender.

No payments are due as long as you or your spouse live in the house. The Reverse Mortgage, with accrued interest, becomes due when neither you nor your spouse live in the home anymore.

You never owe more than the value of the home.

Should the outstanding amount of your Reverse Mortgage exceed the value of your home, the Federal Government’s insurance will kick in and cover the difference – you never owe more than the value of your home.

You enjoy the full appreciation of the home.

When you pay back the Reverse Mortgage, your equity is the difference between the value of the home and the accrued balance of the Reverse Mortgage. Thus, if the value of your home appreciates, you enjoy all the appreciation.

How does a Reverse Mortgage help me with cash?

“You can be young without money, but you cannot be old without it.” —Tennessee Williams

Three ways to get cash from a Reverse Mortgage.

You decide how you want to receive cash from a Reverse Mortgage:

As a lump sum upfront

A lump sum upfront is often used to pay off an existing mortgage, or expensive credit card debt or unexpected bills.

As monthly income

Supplement your pension or social security income.

As a line of credit

A line of credit is a financial safety net; it provides instant access to cash whenever you need it.

You are free to do whatever you want with the cash from a Reverse Mortgage.

It is your money; there are no restrictions on what you do with the cash from the Reverse Mortgage. Use it for your health and well-being, your travels, your grandchildren…. It’s your choice.

All proceeds that you receive through a Reverse Mortgage are tax free.

The proceeds you receive from a Reverse Mortgage are not taxed and will not move you into a higher tax bracket.

Your social security payments continue. They are not impacted by a Reverse Mortgage.

Legally you are tapping equity and not receiving income, so social security payments are not affected. However, Medicaid or other complementary programs may be affected in certain situations. As always, consult a specialist.

Do I qualify for a Reverse Mortgage?

Reverse Mortgages are quite easy to qualify for.

Minimum age 62

The youngest of the borrowers has to be at least 62 years old.

Home Owner

You must own a home to qualify for a Reverse Mortgage. If there is a mortgage or other lien against the home, this has to be paid back with the Reverse Mortgage. The home may also require some repairs. In most situations, these may be paid from the Reverse Mortgage.

Bad credit accepted. No income requirements

There is no income requirement, nor is the Reverse Mortgage affected by your credit rating. However if you ever defaulted on a federal loan, this may disqualify you from a Reverse Mortgage.

You should definitely talk with an experienced specialist. There may be other causes that may disqualify you or may make the Reverse Mortgage an unattractive solution.

If you have any questions, start planning now when the waters are calm.  Do not wait for rough seas!  I have the perfect contact for you thanks to Colleen Rideout crideout@s1l.com, she can make it all come true for you!

Posted in Denver, Denver Housing, Mortgage, Mortgage Interest Deduction MID, Reverse Mortgage | Tagged , , , , , , , | 1 Comment

Winter is coming are you ready?

Posted on November 1, 2012 by Dee & Tom Cryer
Winter Is Coming!

Winter Is Coming!

For those of us who have lived in Colorado for years the drill is familiar. For those of you new to the state here are a few tips to help you out.

The number one cold weather related problem I find during home inspections is that the garden hoses are still connected to the faucets. Even the freeze proof, self draining faucets need to be disconnected from garden hoses or whatever they are connected to.

Shut off the water to your sprinklers and have them blown out. You probably already have had several papers taped to your front door from companies offering this service. Water left in the lines can freeze and burst sprinklers, vacuum break valves etc.

After the leaves fall from the trees clean your gutters, downspouts and underground extensions. Inspect the gutters to ensure that they are secure and ready for the weight of melting snow.

If your roof has a hidden or dead valley it will need to be checked to make sure that no leaves or twigs are lodged up there. Debris on the roof can form dams and block the runoff from snow melt or rain.

Some other things to think about are: storm windows, attic insulation, loose or damaged siding on your house. Snow shovels and snow melt products for your sidewalks and driveway. Trees, shrubbery and your garden all need to be prepared too.

Is your car ready? Check the tires, wheel alignment, brakes, winter grade windshield washer fluid. Blankets and cold weather gear in the truck are recommended for mountain drivers.

This isn’t a comprehensive list but it should help to get you thinking about preparing for winter.

Thanks to Trinity Property Inspections and Pete Szabo for putting this list together for me!  Peter Szabo, CMI
Business # (720) 290-2718
Fax # (303) 690-6661
Website: TrinityPropertyInspection.com
Email: szabo1@q.com

Posted in Home Inspection, Winterization | Tagged | Leave a comment

Egging, Toilet Papering: How to Clean Up After Those Halloween Pranks

Posted on October 30, 2012 by Dee & Tom Cryer
Your House Egged

Your House Egged

Halloween cleanup can be the scariest thing about the holiday. Here’s a tip sheet on how to remove eggs, toilet paper, wax, and other messes that go bump in the night.

But when the fun is over, the cleanup begins. Here are some tips from the American Cleaning Institute and others on removing the Halloween mayhem that little tricksters leave behind.

Egg splatters on your house

The Papered House

The Papered House

Time is your enemy when your house has been egged, because sunbaked yolks can stain your siding. Also, micro-shards of shell can become embedded in paint or act as an abrasive when you clean off the gunk.

Instead of scrubbing, spray away the egg with your garden hose. But don’t aim the hose full blast at the yolk, which will splatter the mess. Instead, Popular Mechanics magazine suggests first wetting the siding below the egg, then gently spraying the siding above the egg; the water will fall in sheets and flush away the mess.

If you need more cleaning oomph, dip a brush into a bucket of warm water (never hot, which will bake on yolks) and dish soap, and then scrub away the mess.

Toilet paper in your trees

Wet toilet paper is a beast to remove from trees. So wait until the sun evaporates dew; or, if rain is predicted, start removal right away.

Use a rake to grab and pull the TP down, a leaf blower to blast it, or a telescoping reacher/grabber to pluck it.

Start at the top and work your way down. Immediately throw paper away: Leaving it on your lawn can smother grass.

Candle wax on the carpets

Never try to remove hot wax from carpeting. Not only can you burn yourself, but you’ll likely spread the wax, making a bigger mess.

When the wax has cooled, break it with a dull knife or Popsicle stick. Throw away the pieces.

Cover remaining bits with a paper towel or rag, and press a warm iron to the area. Replace the towel frequently to avoid spreading the wax.

Halloween makeup on upholstery and carpet

Many commercial carpet and upholstery cleaners remove makeup from unwanted places. The only tricky part is applying these cleaners.

Always test the cleaner on an inconspicuous spot. Apply a dab of cleaner on a white cloth, then hold it to the test area for about a minute. If no color is transferred to the white cloth, the cleaner is safe.

Never rub cleaner on a stain. Rather, blot the stain starting from its outer edge and work to the center.

What pranks and Halloween messes have you had to clean up? Got some good cleaning tips?

By: Lisa Kaplan Gordon

Published: October 31, 2011

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