Reverse mortgages are a popular option for homeowners who are 62 years of age and older and need additional income. Credit scores and income are not part of the qualification process for a reverse mortgage, so they’re fairly easy to get.
But is a reverse mortgage right for you, your parents or grandparents? Here are some pros and cons to consider before making your decision:
Pros of getting a reverse mortgage on your Brooklyn New York real estate
When you get a reverse mortgage, you can:
Use the money to supplement social security, pay for home improvements or meet unexpected medical bills.
Choose the payment method you prefer: monthly payment, line of credit or lump sum.
Make no payments on the loan (monthly or otherwise) unless you die, move or sell the home. If any of those events occur, the loan is due in full, plus interest and fees.
Cons of getting a reverse mortgage on your Brooklyn New York real estate
Unfortunately, there are several disadvantages to taking out a reverse mortgage:
You pay origination fees that are almost twice as much as origination fees on conventional mortgages.
There are a wide variety of reverse mortgages available from a lot of different sources. This makes an already complex loan even more confusing. Shop around, compare and attend an information session with an approved HUD counselor before deciding on a reverse mortgage.
It may impact your eligibility for Medicaid and other state or federal programs. For example, if you currently receive any “need based” benefits such as Medicaid or Supplemental Social Security Income (SSI), reverse mortgage payments will have to be structured so that monthly payments will be spent within the month they are received. If not, such payments will be considered income, and may make you ineligible for public benefits. Contact your benefits provider to ask about how a reverse mortgage may affect your eligibility.
If getting a reverse mortgage on your Brooklyn New York real estate, or the home of your parents or grandparents, is the right thing to do, you might want to consider FHA’s reverse mortgage program called The Home Equity Conversion Mortgage (HECM). According to HUD, the HECM is a safe plan that can give older Americans greater financial security.
You can receive additional free information about reverse mortgages by contacting the National Council on Aging at (800) 510-0301. I’m also available to help you with this difficult decision. Give me a call today Charles D’Alessandro your Brooklyn Realtor with Fillmore Real Estate at (718) 253-9600 ext.206 or email [email protected].
If you watch television, read magazines or surf the net, you’ve probably seen ads for reverse mortgages. Those ads don’t provide many details, so here are the basics you need to know about reverse mortgages.
Are you eligible for a reverse mortgage on your Brooklyn NY real estate?
To be eligible for a reverse mortgage, you must:
Be at least 62 years old
Own your home
Live in the home and claim it as your primary residence
When does the reverse mortgage loan become due?
As the homeowner, you do not have to make any monthly payments on your reverse mortgage. The loan becomes due when you:
Permanently move out of your home
Sell the home or fail to fulfill other conditions like the continued payment of property taxes, homeowner’s insurance and repair and maintenance.
Pass away
Should you get a reverse mortgage on your Brooklyn NY real estate?
TheConsumers Union, the nonprofit publisher of Consumer Reports, suggests you consider all alternatives to a reverse mortgage before taking the plunge. Alternatives you may want to consider include less expensive programs offering financial assistance, other lower-cost loans or selling your home.
You may want to get a reverse mortgage if you:
Need additional income and there is no less expensive way to get it. Use an onlinereverse mortgage calculator to estimate the amount of money you could get from a reverse mortgage.
Want to stay in your home and retain ownership
Do not plan to leave your home to your children or others who will inherit from you.
You may NOT want to get a reverse mortgage if you:
Want to leave your home, free and clear, to your children or heirs
Have a less costly means to reach your financial goal
Become ineligible to receive public benefits such as Medicaid or SSI (Social Security Income) by taking out a reverse mortgage.
Will have trouble paying your property taxes and homeowner’s insurance. A 2010 report from the Department of Housing and Urban Development (HUD) estimated that more than 20,000 reverse mortgages were in default for nonpayment of taxes and insurance. You do not want to get a reverse mortgage only to lose your home to foreclosure and eviction because you’re unable to pay your taxes and insurance.
As always, when you consider taking out a loan of any type, do your homework to make sure this is the right move for you, be sure to read all of the fine print and understand exactly what it is you’re signing.
If you’d like some help determining if selling your home, getting a reverse mortgage or some other lower-cost loan is best for you, give me a call Charles D’Alessandro of Fillmore Real Estate call today at 9718) 253-9600 ext 206 or email me at [email protected].
Valentine’s Day is the perfect time to add some romance to your Brooklyn home. No need to spend a lot of money. Here are some simple tips to create your own inexpensive, yet romantic, Valentine evening:
Romantic Dinner for Two
A delicious meal is a great way to start off the evening. Many Brooklyn restaurants are over booked and raise their prices on Valentine’s Day, so forego the expensive dinner out. Instead, create a special dinner at your Brooklyn New York home. Here’s what you’ll need:
CookPecan Chicken with Mustard Sauce – Don’t like to cook? Buy an already prepared meal from your local grocery store; it’s fairly inexpensive these days. Just be sure to remove it from the containers and put it on pretty plates.
Add Music – Turn the radio to your favorite station and enjoy. Or, download some romantic music to your MP3 player.
Use candlesticks and cloth napkins – Candles are always romantic, and, when lit, eliminate the need to clean your Brooklyn home thoroughly. Your sweetie won’t be able to see the dirt in the glow of candlelight.
After Dinner
Valentine’s Day is about spending time with the one you love. Instead of going out, rent a romantic movie and stay in. Wine (or sparkling juice), a movie and snuggling on the couch can do wonders for your love life!
Wine or sparkling grape juice – Call for your favorite take out!
Go on vacation – in your own bedroom! Get that “new room” feeling by washing your bed linens, fluffing up the pillows, and spraying the pillowcases with lavender essential oil. Put one rich chocolate wrapped in foil on each pillow.
Wishing you and your loved one a sweet Valentine’s Day!
One of the biggest challenges for Brooklyn’s first time home buyer is the financing . Here in this video is Charles D’Alessandro of Fillmore Real Estate a Brooklyn New York real estate agent and Tony Cetta a mortgage professional with Continental Home Loans discussing the challenges for first time home buyers in today’s market.
Thinking of buying a home? I can help you ,if you are a first time Brooklyn Home buyer or looking to relocate. I will help you and find a home that fits your values and lifestyle. Give me a call todayCharles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected]
As a society, it seems like we’ve gotten away from appreciating our Brooklyn New York homes for their emotional and sentimental worth. Instead, we focus solely on their monetary value. Do You Consider Brooklyn Real Estate a House or Your Home?
An appraiser can estimate a Brooklyn New York home’s monetary value, but to gain a true concept of your home’s worth, you must also take into consideration:
1. Pride of home ownership. You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit. You buy them because they make you look good and feel good.
2. Security and stability. Your home provides a roof over your head that’s in your control. You can decorate it how you want. You don’t have to worry about a landlord selling the property or asking you to move out. In the “olden days” (or should I say “golden days”), we called our homes our castles because, as homeowners, we felt like the kings and queens of our Brooklyn New York homes. You can still feel that way! Claim your castle and crown yourself king or queen today.
3.A safe haven. After a tough day at work or a day of disappointments, where’s the first place you think of going? Home! As Dorothy says, “There’s no place like home.”
4.A place to make memories. Your son’s tree house and daughter’s playhouse. The markings on the wall that tracked your children’s growth. The porch swing where you start and end every anniversary celebration.
5. A neighborhood full of friends. In the event of an emergency, yourBrooklyn neighbors are your first line of defense. They’re also the simplest, best and least expensive form of security. Additionally, they may have the exact tool you need for a project; the extra pair of hands you need to complete a project or children to become playmates with yours. Neighbors also give you that much needed in-person, up-close social network.
Even if your home’s economic value has dropped, you continue to benefit from its emotional values of community, stability, security and success.
Thinking of buying a home? I can help you evaluate the emotional and monetary worth of your Brooklyn homes and find a home that fits your values and lifestyle. Give me a call todayCharles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected].
On Saturday, February 5th from 11 a.m. to 4 p.m. the NYC Department of Parks in partnership with the Prospect Park Alliance & Olympic Regional Development Authority (ORDA), will host “Winter Jam NYC” the annual winter sports festival in the Nethermead in Brooklyn’s Prospect Park. Winter Jam NYC is a free annual winter sports festival that encourages New Yorkers to get out and enjoy the outdoors in the colder months!
Activities include snowboarding, cross-country skiing, sledding and a “Learn To” area where free equipment and lessons for all ages will be provided. Activities will also be provided by the NY Rangers and NY Knicks. Registration is required to participate in some of the activities. Local green market vendors sample their goods in a heated hut. There will be live entertainment and more. For further information about “Winter Jam NYC” visit www.nyc.gov/parks/winterjam.
Share This Event: Saturday, February 5, 2011
11:00 a.m. to 4:00 p.m.
The Nethermead in Prospect Park
Entrance at Ocean Avenue & Lincoln Road
Brooklyn, NY
Your kids are grown and gone and without them your Brooklyn home was simply too big and too much work. So you sold it. Now you’re asking yourself, “Should I buy Brooklyn Coop Apartment , A Brooklyn Condominium, or relocate to a new home in a retirement community?”
The answer depends on what’s important to you. Do you crave the company of others? Would you use many of the amenities provided at the community? If yes, then you might prefer the convenience of a retirement community.
Many communities offer amenities to attract buyers, such as:
Golf courses
Swimming pools
On-site exercise facilities
Trails for hikes and biking
Clubs, associations, and various interest groups.
Other things you need to consider before making your decision are:
Do you meet the age requirements? Most senior living communities or Adult communities have a minimum age restriction of 55 for at least one of the residents. Sometimes the age minimum is 60 or 62. If it is 62, then all occupants must be at least that age. Check resident restrictions before purchasing.
Do you have enough money in your budget? Like condo ownership, there are usually Community Association fees that must be paid. These fees pay for the shared facilities and community maintenance costs. Make sure your budget covers all housing expenses including the mortgage payment, utilities and all community fees.
o Active Adult Communities. These are for those who live independently and have an active lifestyle.
o Independent Living Retirement Communities. If you can live at home, but still need some help, this type of community is also called assisted living, and may be for you.
o Continuing Care Communities. These communities have professionals that are able to care for your health needs.
If you’re looking for a new Brooklyn home, relocate to a retirement community , I can help you find a home that fits your lifestyle and budget. Call me today at Fillmore Real Estate (718)253-9600 ext 206 or email me at [email protected]
Shaping Up has never been this easy! Shape Up NYC offers free fitness classes every week at dozens of locations across the five boroughs.
Our free Shape Up NYC classes are taught by expert fitness instructors who know how to make fitness fun. Class offerings are varied and include aerobics, yoga, pilates and zumba. No pre-registration is required, so just find the location in your Brooklyn neighborhood and start to Shape Up today!
We’re all trying to live greener lives, but nothing zaps your energy or your will to live greener in your Brooklyn home like summer heat.
The summer heat can also assault your wallet. In fact, you can easily watch your utility bill double during the summer months.
Fortunately, there are some steps you can take to cool your Brooklyn home for less money and less impact on the environment this summer. Here’s how.
Prep your home. Turn off heat-generating lights and appliances. Don’t use your oven. In the afternoon, close your windows and outside doors and keep window coverings drawn. At other times, use fans to create a cross breeze.
Raise your thermostat. When you’re not home, raise the thermostat to 80 degrees. Lower it two or three degrees when you are home and use ceiling fans to keep rooms cool. Moving your thermostat from 75 to 80 will lower your consumption by 15%. Your Brooklyn home will still feel comfortable, and you will notice significant savings on your next utility bill.
Take a look at your windows. You’d be surprised to find out how much heat enters your home from old, single pane windows. Newerenergy efficient windows with double panes block more heat and keep more cool air inside. If you can’t afford new windows now, at least cover the ones you have with heavy curtains or shades to keep out heat.
Check for leaks. Leaky duct work and poorly sealed doors can let as much cool air out of your home as an open window. Walk around your home checking under your doors and around your windows to feel for escaping air. Hire a professional to check your air conditioning systems for you. Take the time to have duct leaks repaired and seal air leaks.
Dress appropriately. There’s no reason to keep your home so cold that you have to wear extra layers of clothing when you’re inside. Wear light, loose fitting clothing. You’ll be more comfortable in slightly warmer temperatures. Keep light throw blankets handy for anyone who easily gets cold under a ceiling fan.
Implementing even one or two of these tips in your home can save you money and help the environment.
Want to buy an energy efficient home? I can help. Call me today at (718) 253-9600 ext.206 or email me at [email protected] to learn more.
Charles D’Alessandro [email protected]
tel 718 253-9600
fax 718 253-9573
