Home Venture Jan. 2020 by MinotDailyNews

Home Venture Magazine January 2020

A MINOT DAILY NEWS PUBLICATION View more at: www.MinotDailyNews.com

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Your Guide To Better Retirement

Understanding The Basics Of Flood Insurance Rate Maps

Be Ready For Winter Storms

Mike Lindquist NMLS#: 213449 Cell: 701-578-0478

1408 20th Ave. SW, Ste 3, Minot, ND 58701 Fast & Free Preapproval VA and FHA Financing

Apply Online at eLendingNow 701-838-3247

WELCOME TO THE HOME VENTURE MAGAZINE! WE HOPE YOU FIND THIS GUIDE USEFUL WHEN YOU DECIDE TO BUY, SELL, BUILD, OR REMODEL YOUR HOME. IN THIS PUBLICATION YOU’LL FIND QUICK TIPS, HELPFUL ARTICLES, & THE BEST OF THE BEST OF THOSE TO HELP YOU ON YOUR OWN HOME VENTURE JOURNEY!

Personnel ADVERTISING DIRECTOR: ELAINE GUNDERSON ADVERTISING COORDINATOR: MEGGAN WAHL ART DIRECTOR & EDITOR: MANDY TANIGUCHI

Correspondence PLEASE SEND ALL CORRESPONDENCE REGARDING EDITORIAL CONTENT, IDEAS, OR COMMENTS TO MEGGAN WAHL: 701-857-1900 OR MWAHL@MINOTDAILYNEWS.COM

Home Venture YOUR BUYING, SELLING, & REMODELING GUIDE

Index of Advertisers Liechty Homes ................................. 4 North Dakota Guaranty Title ........... 5 Bremer Bank .................................... 5 Town & Country Credit Union ......... 7 Prairie Federal Credit Union ........... 10 Watne, REALTORS® ....................... 11 First Western Bank .......................... 13 Primary Residential Mortgage ........ 14 Home Improvement ......................... 16 Financial Directory .......................... 19 Watne, REALTORS® ....................... 20

Table of Contents Colonial Palmary Has All The Right Touches .................................... pg 6 Pre-Qualification: A Powerfull Tool for Potential Home Buyers ........... pg7 Classic Blue Is Pantone Color Institute’s Color Of The Year .................... pg 8-7 Be Ready For Winter Storms .. pg 10 Understanding The Basics Of Flood Insurance Rate Maps .............. pg 12-13 Your Guide To A Better Retirement .................................................. pg 15,17

To Advertise TO PLACE AN AD IN THE MONTHLY HOME VENTURE MAGAZINE, PLEASE CALL YOUR MINOT DAILY NEWS SALES REPRESENTATIVE AT 701-857-1900

HOME VENTURES January 2020

Vicksburg Has Bright, Traditional Layout .................... pg18

FEATURED

Home of the Month

(701) 852-0249 1-800-872-4120 4030 HWY 83 S Minot, ND 58701 www.liechtyhomes.com

802 Dogwood DR 1,328 SF 3 Bedroom, 2 Bath, Plus Large Media/ Bonus Room 2 Car Heated/Insulated Garage Built in 2017, This Cozy home features a flexible floor plan. Large bonus room is 12â&#x20AC;&#x2122; x 13â&#x20AC;&#x2122; and would be great as a media or play room. Master bath has a large garden tub and good size closet. All appliances are included, making this home turnkey ready. Nice yard with back patio area and lawn shed. Home is next door to large fenced playground. Located on a quiet street in Prairie Bluffs Community. We Have Financing Available Call Lance or Alex for more information 701-852-0249

99,900 January 2020 HOME VENTURES 3

SAVE Thousands on 2018 & 2019 Display Homes

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$117,000 Alex 1325 27th St. SE, Lot #224 2013 4 BR 2 bath 2,128 sq ft. Skarsgard

LAND HOME PACKAGES STARTING AT $219,000 4

(701) 852-0249 • 1-800-872-4120 • www.liechtyhomes.com 4030 HWY 83 S, Minot, ND 58701 • Monday-Friday 8am-5:30pm • Saturday 8am-4pm HOME VENTURES January 2020

Financing that goes beyond traditional Buying a home is a uniquely personal experience. For you, it may be the first place that’s all your own. Maybe it means getting your dream house or making a smart investment. Once we understand the big picture, our experienced mortgage bankers will take the time to guide you through the options. Let’s see what we can do together. Learn more at bremer.com.

EQUAL HOUSING

Member FDIC LENDER

When it comes to your Real Estate title needs, we’ve got you covered. So give us a call - We’ll take care of the rest! - 701.838.1907 1835 16TH ST. SW - MINOT January 2020 HOME VENTURES 5

Colonial Palmary has all the right touches Palmary Patio 24' x 22'

By Associated Designs PLAN 10-404

Storage 8' x 16'

bright living room with a wide ma- side open into a den which connects to the owners’ sonry hearth. Nook suite. This room First Floor 2508 sq.ft. Columns flank another arched could serve as a home office, study The Palmary is a colonial-style Second Floor 1568 sq.ft. or computer room. home with traditional detailing. Its opening that leads to an elegant din- Kitchen Livingcentral Area 4076 sq.ft.has all ing room Family room,Family kitchen and nook with Suite a stepped ceiling and Owners’ symmetrical section Living 21'4" x 15' and spa20'4" x 14' applied a bright molding flow together in the right touches, 199 sq.ft. Storage 14' x 18'10" trim. Double cious informal living space. The from theGarage arched and 776 sq.ft. Dn tothe kitchen offers a wealth of storage doors on columned entry 74'6" x 62' Dimensions Bsmt (opt) foyer’s opposite and work areas, Bedroom Bedroom porch, to shuttered Up including Utility a central ESTATE SERIES 11'6" x 14'8" 11'6" x 13' work island with veggie sink, multipaned windows 2 Story and a walk-in pantry. Standing at and attic www.AssociatedDesigns.com dormers. Foyer the range, you can talk with peoInside, the layDn Rec Room Dn ple in the family room, gaze outout is a comfortable Dining 24' x 15' Den Shop rear windows, or side through 12' x 15'6" blend of classic 12' x 14' Up watch flames dance in the firestyling and contemGarage Porch place. In the family a large porary amenities, 22'4"room, x 31'8" Bedroom Bedroom entertainment center and small starting with the elBedroom Porch Bedroom 11'6" x 14'8" 11'6" x 13' beverage bar fill one wall. egant curved stair12' x 11' Open to 12' x 12' Below One powder room nestles in the case that sweeps up 2020 Associated passageway to the© dining Anthe left side of the Dn Designs,room. Inc. Rec Room Dn other is at the far end of a utility lofty two-story foyer. Move past it 24' x 15' room that connects with the sideto step through an arch into a Patio entry three-car garage. A second 24' x 22' stairway provides alternate access to Nook the four bedrooms, Bedroom Bedroom three bathrooms, 12' x 12' Open to 12' x 11' Kitchen recreation and storBelow Family Owners’ Suite PLAN 10-404 10-404 PLAN Living age rooms upstairs. 21'4" x 15' 20'4" x 14' 14' x 18'10" FirstFloor Floor 2508 2508 sq.ft. Large and luxuriFirst Dn to SecondFloor Floor 1568 1568 sq.ft. ous, the Palmary’s Second Bsmt (opt) boasts Up LivingArea Area 4076 4076 sq.ft. owners’ suite Utility Living Owners’ Suite two roomy walk-in 2 20'4" x 14' Storage 199 sq.ft. Storage 199 Story closets, a soaking Foyer Garage 776 sq.ft. tub, oversized showGarage 776 Dimensions 74'6" 74'6" x 62' er, private toilet and Dining Dimensions Den Shop 12' x 15'6" 12' x 14' Up dual vanities. ESTATE SERIES SERIES ESTATE Associated DeGarage www.AssociatedDesigns.com www.AssociatedDesigns.com Porch 22'4" x 31'8" signs is the original Porch source for the Palmary 10-404. For more information or to view other Den © 2020 Associated designs, visit www.Associated 12' x 1 Designs, Inc. Designs.com or call 800-634-0123. Porch

Storage 8' x 16'

Palmary Palmary

HOME VENTURES January 2020

Bedroom 11'6" x 14'8"

Bedroom 11'6" x 13'

Pre-Qualification: A Powerful Tool for Potential Homebuyers

If you’ve spent any time online or talking to people about buying a home, you’ve probably heard the term pre-qualification. Sounds cool, but what does it really mean and why is it important for a potential homebuyer? Pre-qualification is similar to a mortgage application, but it is done prior to finding the home you would like to purchase. Typically, you can complete the process using a convenient online application through your preferred mortgage lender. To complete the pre-qualification application, the lender may need to verify your identity, credit and employment history, income and financial assets. They will also pull a hard credit inquiry and based on the results, could require additional information or financial documents to determine your pre-qualified amount. After the information is submitted, your mortgage lender will review and provide you with a payment amount you’re qualified for based on your financial situation.

What happens when you apply

If you are approved, don’t get too excited about the amount yet. Talk to your mortgage lender about the loan amount and monthly payment for a home at that value. An educated mortgage lender would caution you not borrow the maximum amount for good reason. While this process analyzes your financial life, it doesn’t account for daily living expenses such as groceries, utilities and other fun expenses like travel and entertainment. Reviewing your monthly budget and discussing your options with your mortgage lender will ensure you’re not borrowing more than you can afford. If you don’t know your monthly budget, begin tracking your expenses every month to see where your money is going each month. Many online banking systems have this functionality built in that you can customize with just a few edits. There is a chance that you’ll be denied pre-qualification. While it may seem like a negative situation, it’s not always the case. Your mortgage lender will give you some helpful tips to get you prepared for getting a home loan. They might ask you to improve your debt-to-income ratio by paying down car, student, personal or other forms of debt or spend some more time saving for a down payment. You may also need to resolve inaccuracies, such as incorrect personal information, on your credit reports. Fixing such issues will not only help you get pre-qualified, you’ll likely receive a lower interest rate with a higher credit score. While putting the home ownership dream on hold for a while is tough, taking the time to ensure you’re in the best financial state possible before buying is a wise choice. Your pre-qualification is valid for 4 months as that’s when your credit score will expire. If you haven’t purchased your home within this time period, don’t worry, just stay in contact with your lender and they will take the necessary steps to be sure you have a valid pre-qualification letter when you make an offer.

Jocelyn Walz

Jocelyn Walz, is an Executive Mortgage Officer with The HOME Team at Town & Country Credit Union.

Additionally, your pre-qualification letter provides those looking to sell their home confidence and peace of mind knowing your offer is backed by a pre-qualification letter. For example, if a seller received a $275,000 offer from John, who wasn’t pre-qualified, and a $275,000 offer from Bob, who was pre-qualified last week, there’s no question which offer they’ll accept – the pre-qualified offer from Bob! Sellers not only want a fair offer on their home, they want confidence that said offer will be there on closing day. If an offer isn’t backed by a financial institution’s pre-qualification letter, there’s a higher chance the offer could fall through leaving the sellers with an unwanted house on their hands. Do the leg work now to ensure you can make a confident offer when you find the right home! Whether you're a first time homebuyer or purchasing your forever home, the pre-qualification process was designed to bring you peace of mind by cutting out the uncertainty and allowing you to focus on finding the right home for you. Plus, it’s usually free and is exceptionally fast. Get started on your dream of homeownership by getting pre-qualified today!

Benefits of Pre-Qualification

Now that you understand the process, when do the benefits come into play? With your pre-qualification in hand (literally), you’re now a powerful potential home buyer for a few reasons. First and foremost, you’ll have a solid idea of how much you can actually afford. This includes understanding what your monthly mortgage payment and interest rate could look like along with knowing the dollar amount you will need for closing.

January 2020 HOME VENTURES 7

Classic Blue is Pantone Color Institute’s color of the year

HOME VENTURES January 2020

By LEANNE ITALIE Associated Press

NEW YORK (AP) — In these uneasy times, as we move along to a new decade, the Pantone Color Institute has reached back in time to calming, confident Classic Blue as its color of the year for 2020. The color is an anchor offering stability, constancy and connection, said Laurie Pressman, vice president of the global purveyors of color consulting, trendspotting and analysis. “It’s a reassuring presence,” she told The Associated Press.

Akin to maritime blue — not indigo and brighter than navy — Classic Blue evokes a feeling of vast expanse, Pressman said of the shade also known as Pantone 19-4052. Pressman and her team scoured the worlds of art, fashion and home decor, along with commercial, graphic and industrial design, to come up with the pick, as they have since Cerulean became the inaugural color of the year for the milestone 2000. But Classic Blue isn’t just about nostalgia, she said. Creators around the globe are putting out modern takes for runways, mobile phones, kitchen appliances and the paint of pricey, forward-looking cars and motorcycles. At the launch event, Pressman insisted the color was in no way a nod to the hue associated with the Democratic Party, though she knew the question would surface. “This was not a political move for us. This is global. We do not look at color through a political lens. We look at our life through a colorful lens,” she told the AP. Pantone chose Living Coral for 2019 and Ultra Violet the year before that. Whether as throwback or harbinger of things to come, Classic Blue harkens back to when things “seemed simpler, seemed more comfortable, but at the same time not suggesting that it be done in a way that it was then,” Pressman said. Cerulean, which heralded the new millennium, is the color of the daytime sky, while Classic Blue is the sky at dusk as the new decade commences. “It has depth to it, but it’s a color of anticipation because we’re

looking ahead,” Pressman said. “The day is over. We’re looking forward to the evening. What’s going to come?” Classic Blue is a vibrant yet non-aggressive and easily relatable color, she said. It’s also among nature’s anthocyanin pigments possessing antioxidant and other health-fostering benefits. Think blueberries. “Many of us feel stressed, completely overloaded,” Pressman said. “We live these 24/7 lifestyles. We’re anxious. There’s so much uncertainty and unrest, no matter where you are. With that we’ve seen this whole increased focus on wellness and self-care.” The timeless color is also gender neutral and seasonless, mixing well with other shades throughout the spectrum yet making a strong statement on its own. It also works well in a range of textures. “It’s a color that can take on different appearances through different applications, finishes and textures,” Pressman said, lending itself to everything from lustrous sheens to sparkly sequins. The anointed blue also plays into the sustainability movement. “We have all this focus on buy less, buy good, so people aren’t throwing things into a landfill,” Pressman said. “You read about buying things to last and this is a timeless blue shade. It’s always there and you’re comfortable with it, like blue jeans.” For offices, it offers an air of security, she said. For kitchens, it’s a top accent color in appliances and walls. Classic Blue is a mainstay color in stemware, dishes and other tabletop staples as a trusted expression of elegance, she said.

REALTORS®

in the news Congratulations, Carrie

Montoya,

Watne, REALTORS® Top Producer of the Month of November 2019. Carrie has been a full time REALTOR® in Minot for over 18 years and has enjoyed every minute of it. Helping people realize their dreams of home ownership, commercial/investment goals and building lasting relationships have all been rewarding endeavors. She says Thank You to all past, current and future clients for their confidence and friendship. She can be reached by calling 701-240-0709 or 701-852-1156 and by email at carriecornhusker@aol.com.

Congratulations, Janet

Schelling,

Watne, REALTORS® Top Sales Professional of the Month of November 2019. Hello, I’m a dedicated REALTOR® and I’m proactive in finding or selling a home. I have always lived in the Minot area and enjoy helping people realize their dream of a new home, a vacation home, or downsizing! I will be with you through the whole process, with professional and personal service. My career as a real estate agent isn’t just a profession, it’s a passion! If you are thinking of buying or selling, contact Janet Schelling! You can call or text 701-240-7537, also you can email me at janet@minothomes.com. I’m ready to help you with all your real estate needs!

January 2020 HOME VENTURES 9

Be Ready for Winter Storms

out any heat and in adverse conditions √Snow removal equipment including shovels plus rock salt and sand The Earth’s elements can be scary! Winter brings heavy √Pet supplies such as food, litter box, blanket and water snow, rain, sleet and ice that can knock out power in an instant. Be prepared by stocking up on emergency items that WINTERIZE YOUR HOME can easily be accessible. √Insulate walls and attics

By MENARDS

BASIC SURVIVAL ITEMS

√Candles, matches, flashlights and bat-

√Weather-strip doors and windows √Install storm windows or cover windows

with plastic teries √Insulate pipes and allow faucets to drip √Canned food, can opener, snacks a little during cold weather to avoid freezing and water √Clear rain gutters and repair roof •You will need enough nonleaks in order to avoid clogging and floodperishable food to last a few days ing •Canned and powdered food √Cut away tree branches that could fall are good for long-term storage on a house or buildings during a storm √Battery-powered radio & cell phone charger ANTICIPATE A LONG POWER √Things to pass the time such as books, OUTAGE magazines, cards or board games. √Eat perishable foods first, keeping canned √First aid kit, blankets, foot and hand warmers goods for lengthy outages √Extra socks, hats, mittens, blankets, jackets and warm √Leave the refrigerator doors closed during short outages weather apparel and use the cold weather to store some things outside •You may already have these items, but remember √Have some entertainment available that does not inyou will need enough blankets to keep everyone warm with- volve electricity

10 HOME VENTURES January 2020

$125,000

$154,900

$169,900

800-568-5311 · 701-852-1156 · 408 N B roadway · M inot, N D 58703

LOCATED IN CROSBY, ND - *3 Bedrooms, 1.75 Baths *Spacious Kitchen *Stone Fireplace *Beamed Ceilings *French Doors Leading to Deck *Single Car Garage #182522

MOVE-IN READY! *Located in Lansford ND *3 Bedrooms, 1.75 Baths *Additional Detached 24 x 28 Garage *Large Janet Lot *Original Hardwood Floors Schelling *Remodeled Kitchen #191794 701-240-7537

MANUFACTURED HOME ON PRIVATE LOT! - *4 Bedrooms, 3 Baths *Stainless Steel Appliances *New Metal Roof *Deck off Dining Room *2 Car Garage #191928

Leigh Ann Perdue

$272,900

$104,900

LOCATED IN RAY, ND - *Spacious Home *5 Bedrooms, 3 Baths *Stainless Steel Appliances *Maintenance-Free Deck *Large Backyard *Nicely Landscaped #192253

MOVE-IN READY! *2 Bedroom, 1.5 Bath Townhouse *Great Location *Double Garage *New Carpet *Freshly Painted #190061

$149,900

$1,100,000

LOCATED IN DOUGLAS, ND - *Manufactured Home To Be Moved *Beautiful Open Floor Plan *Oak Cabinetry *Many Built-ins *Fireplace *3 Bedrooms, 2 Full Baths #192375

TO BE MOVED! - *Move to Your Own Lot *2016 *29’ x 72’ Modular Home (Not Manufactured) *Never Lived In *9 Ft Ceilings *3 Bedrooms #190080

LOCATED IN THE HEART OF THE BAKKEN, TIOGA ND *The Rig Lounge II & Grill *Built in 2012 *Building & Furnishings in Great Condition *Surveillance System Included *Fireplace #181588

$389,000

$129,900

Danielle Delzer 701-500-3732

LAKE METIGOSHE! – *Solpers Bay *4 Bedroom , 3 Bath Condo *2-Stall 26x26 Heated Garage Insulated and Sheetrocked *Has Kevin Own 30 Ft Beach/Dock/Boat Connole Slip Exclusive to Unit #192426 701-833-7003

HISTORIC CHARM MEETS MODERN UPDATES! - *Located in Garrison, ND, Park-Like Yard *3 Bedroom, 1.5 Bath Home *Hardwood Floors *Updated Kitchen *Lots of Storage #192084

Ali Ryan....................................701-720-9004 Beth Ringen.............................701-429-0326 Blake Krabseth .......................701-720-1786 Carrie Montoya .......................701-240-0709 Danielle Delzer ........................701-500-3732

Leigh Ann Perdue

701-641-0150

Blake Krabseth 701-720-1786

G N I D PEN

Geri Beede...............................701-509-1773 Gracia Eman............................701-263-1295 Janea Martell ..........................320-333-5264 Janet Schelling .......................701-240-7537 Jim Bowman ...........................808-462-2173

Danielle Delzer 701-500-3732

Leigh Ann Perdue

701-641-0150

LOCATED IN BLAISDELL, ND - *3 Parcels *4-Plex *Live in One Blake Krabseth Unit & Rent Out Other 3 & Ali Ryan Units *Total of 12.38 Acres 701-720-1786 & 701-720-9004 #192486

Judy Hoskin ............................701-721-3837 Kevin Connole.........................701-833-7003 Lana Berman...........................909-581-5428 Leigh Ann Perdue ...................701-641-0150 Lenora Stevenson ..................701-263-7757

Equal Housing Opportunity

Janet Schelling 701-240-7537

$249,975

$350,000 RURAL MINOT - *Nice Size Building *16 Ft Side Walls *2 Overhead Doors *Electric Heat in Small Portable Office Inside Building *Includes ¾ Bath Judy *Recycled Asphalt Floor *Two 220 Hoskin Amp Plugins #190354 701-721-3837

$173,000

701-641-0150

Judy Hoskin 701-721-3837

Matt Watne ..............................701-720-5700 Ric Montoya ............................701-240-0749 Susanne Hoskin ......................701-833-0160 Thad Tarasen...........................701-240-6737

January 2020 HOME VENTURES 11

Understanding the basics of Flood Insurance Rate Maps

Understanding the basics of Flood Insurance Rate Maps (FIRMs) and their potential impacts to your property is important for all homeowners. And nowhere is that more important than right now in the City of Minot and surrounding areas. Flood Insurance Rate Maps are produced by FEMA to show the risk of flooding throughout the community. These maps identify the areas which would be inundated in low, moderate, and high risk flood events. When people discuss “the floodplain,” they are typically referring to the high risk, or 100-year floodplain. The term “100-year flood” is misleading, because there is a one percent chance that this flood will occur in any given year; it does not mean the flood will only occur once every 100 years. The 100-year floodplain is more accurately known as the Special Flood Hazard Area (SFHA). The current FIRMs for the City of Minot were produced in 2000. Since that time, technology has vastly improved, and our environment has changed due to natural climate variations and urban development. New preliminary maps, created using updated technology and historical flood data, were officially published and given to the City on June 9, 2017. Since then, more information has been provided by Minot, surrounding communities, and Ward County, and the maps have been updated several times. When all information has been collected and the new maps are officially published, FEMA is required to give the community a six-month “warning period” before they are put into effect.

Christine Goldader

Storm Water Engineer for the City of Minot

Many residents in and around Minot will be affected by the new FIRMs. While the old maps showed the SFHA mainly within the banks of the river, the new maps include a large portion of the valley. You can view your property to learn more about the risk of flooding in your area by following the “FEMA Risk Maps: Are you included?” link on the City of Minot’s website, www.minotnd.org, or by calling the Engineering Department at 701-857-4100. When the new FIRMs officially go into effect, anyone with a federally backed loan or mortgage on a property in the new 100-year floodplain or SFHA will be required by their lender to have flood insurance. If your home will be in the SFHA on the new maps, purchasing flood insurance before the new maps go into effect may help you get a lower cost policy. Options are available for grandfathering the zone of a property, which will limit the yearly rate increase of a flood insurance policy. Even homes not in the SFHA can get flood insurance—and may qualify for a significantly reduced rate.

Helping dreams come true. For most of us, our home is the biggest purchase we’ll ever make. I love helping my customers with their mortgage so they can get into their home and on with their dreams.

Juliene Mowan AVP Mortgage Lending NMLS #: 665251

12 HOME VENTURES January 2020

Renters can also get flood insurance to cover their belongings. Talk to your insurance agent about which options and rates are available. Flood insurance policies can also be kept with a home and transferred to a new owner when a property is sold in order to maintain the grandfathered rates. Building within the SFHA comes with extra requirements to keep the structure and its occupants safe from the risk of flooding. Any new building or substantial improvement, as well as grading, paving, excavating, or other use of land in the SFHA requires a special permit from the City’s Engineering Department. Structures must be elevated to at least one foot above the expected flood elevation, and mobile homes have additional requirements for anchoring. Substantial improvement refers to any repair, reconstruction, addition, or other improvement, which

costs 50 percent or more of the structure’s previous market value. Substantial improvement also includes repairs done to a building that has incurred substantial damage, regardless of the cost of actual repairs done. A building is substantially damaged if the cost to restore it to pre-damage condition is greater than or equal to 50 percent of the pre-damage value. This includes any type of damage, not only flooding. When applying for a building permit, make sure to ask if floodplain requirements apply to your property. Just like no two homes are identical, each property has a unique situation when it comes to floodplains and insurance. Whether you are buying, selling, renovating, or just wondering, now is the time to determine your future floodplain zone and talk to your insurance agent about your options.

DID YOU KNOW? A real estate attorney is an important professional to have in one's corner when buying or selling a home. The legal resource Find Law says that buying and selling a home can be one of the most significant purchases made in a person's lifes. Real estate law can be complicated, and all parties involved need to ensure they are protected as they complete transactions and negotiations. That is why it is essential to have a real estate attorney in one's corner. A lawyer trained in real estate law will review contracts and other documents like title transfers and deeds. The attorney also handles the closing. Throughout the process, attorneys will provide legal guidance and explain terminology related to the transaction. In case of a dispute, the attorney will also provide legal representation in the courtroom, if needed, or negotiate a resolution on a client's behalf. Even though a real estate attorney is another expense in the process of purchasing real estate, it is a worthwhile investment for the protection and peace of mind attorneys provide.

Minot Board Of REALTORS Alliance Real Estate 1829 South Broadway • Minot, ND 58701 701-839-2217

Century 21 Action REALTORS 500 20th Ave SW • Minot, ND 58701 701-839-0021

Brokers 12 1201 South Broadway • Minot, ND 58701 701-852-3757

Coldwell Banker 1st Minot Realty 219 South Main • Minot, ND 58701 701-852-0136

Elite Real Estate 1829 S. Broadway St #1 • Minot, ND 701.838-4040

EXP Realty 3369 45th St. S • Fargo, ND 701.289.7315

IMM Inc. 700 N. Broadway • Minot, ND 852-3648

Keller Williams Inspire 12 S. Main St • Minot, ND 701-838-6800

NextHome Legendary Properties 400 4th St. SW • Minot, ND 701-852-8151

Preferred Partners 2050 38th Ave. SW • Minot, ND 701-852-HOME (4663)

Remax 2915 10th St. SW • STE A-Minot 701-838-8300

Signal Inc., Realtors 1541 South Broadway • Minot, ND 852-3505

Watne Realtors 408 North Broadway • Minot, ND 852-1156

701 Realtors 6 N. Main St. • Minot, ND 701-852-7659

January 2020 HOME VENTURES 13

14 HOME VENTURES January 2020

Your Guide to a Better Retirement Understanding reverse mortgages

Chad Vogel

Chad Vogel is a Reverse Mortgage Specialist & Branch Manager of PRMI – Primary Residential Mortgage Inc. – The Dakota Group. Chad can be reached at 701-805-006 or via email at cvogel@primeres.com.

Nowadays, when it comes to planning your needs for retirement, there is no silver bullet. And what more older adults today are finding out is that by incorporating home equity into their plan, they can achieve a better financial outcome. And a better outcome generally means a better, more stable retirement. But “better” is different for everyone.

What does a better retirement mean to you?

Maybe your better is making overdue home repairs or paying off a large bill. Maybe it’s taking an extended trip to visit your family and friends. Or maybe it’s just knowing that your finances are more secure and that you’re better prepared for the unknown. CONSIDER THIS FACT: Your home has likely grown to be your largest asset. And today, seniors are sitting on more than $6.6 trillion of unused home equity. So why not use that home equity to help you achieve a better retirement? More than a million homeowners have already incorporated a reverse mortgage loan into their retirement plans, and that number continues to grow because of the flexibility, control and peace of mind it provides. If you’re 62 or older, you could be eligible for a reverse mortgage loan.

What is a HECM Reverse Mortgage loan?

Home Equity Conversion Mortgages (HECMs), also known as reverse mortgages, were created 30 years ago to help Americans age 62 and older convert a portion of their built-up home equity into tax-free money that can be used to improve their lifestyle. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow you to age in place and achieve a better sense of retirement security.

How do you qualify?

1. To be eligible, the borrower on title must be 62 years or older (a non-borrowing spouse may be under age 62). 2. The home must be the borrower’s primary residence. 3. The borrower must own the home and meet the financial requirements of the HECM Reverse Mortgage program.

More Choice, Better Control, Greater Certainty

A reverse mortgage allows you to access loan funds in flexible ways. It gives you more options based on your retirement needs - there is no one-size-fits-all solution. 1. Lump Sum Payout 2. Growing Line of Credit 3. Monthly Installments 4. Combination of all Three

A reverse mortgage loan can be used in a variety of ways:

1. Pay off your existing mortgage (a requirement of the loan) and eliminate monthly mortgage payments-although you still have to pay property taxes, homeowner’s insurance, and maintain your property. 2. Use the boost in finances to make your retirement savings last longer. 3. Use a HECM reverse mortgage growing line of credit to build a safety net for unplanned emergencies, home repairs and health care expenses, or to preserve your investment accounts during market downturns. 4. Supplement your retirement income with monthly payments for a fixed term or for the rest of your life. 5. Use a Reverse Mortgage for a Purchase loan to buy a home that better suits your needs. 6. Support your aging-in-place expenses, like caregiving and home modifications

Five advantages of HECM reverse mortgages:

1. There are no monthly mortgage payments. 2. Your loan proceeds are tax free. 3. You remain the owner of your home. 4. The loan is insured by the federal government. 5. A HECM Reverse Mortgage is a non-recourse loan, which means you will never owe more than your home is worth.

See MORTGAGE — Page 17

January 2020 HOME VENTURES 15

Home Improvement This Could Be You! $50/ MONTH CONTACT YOUR SALES REP TODAY!

General Contracting Design Build Construction Manager at Risk

An Employee Owned Company

A FRIENDLY HOUSE

701-852-3576 16 HOME VENTURES January 2020

PO Box 458 I 21 2nd St NE Minot, ND 58702 Ph: (701) 839-5819 Fax: (701) 839-1094

Mortgage

Continued from Page 17

Ways to Use a Reverse Mortgage Loan for a Better Retirement

Because a person’s home is likely their largest asset, retirement researchers and financial planners highly suggest using home equity as a strategy for increasing retirement finances. Below are some possible uses: 1. Instead of taking a lump sum, consider accessing your home equity as a monthly check to supplement your regular income. 2. Put off taking your Social Security benefits to allow your monthly benefit payment to grow. 3. Use a reverse mortgage line of credit as protection from financial market downturns. 4. Set up a standby reverse mortgage line of credit so that money is available if unexpected expenses arise. 5. Use a HECM for purchase loan to eliminate mortgage payments when downsizing or moving to a new home.

Common Questions About Reverse Mortgages

1. Does the bank own my home? No. Reverse mortgage borrowers retain ownership, and the loan is secured by a lien on the home, just like a regular mortgage. You are not relinquishing title or ownership using a reverse mortgage loan; you are borrowing against the value of your home. Borrowers may not lose their home under normal circumstances as long as they comply with loan terms, including paying taxes, insurance and maintaining the property. Also, with a reverse mortgage, an escrow account is not typically set up to pay for your taxes and insurance. 2. What are the different ways I can receive my reverse mortgage funds? Reverse mortgage loan funds can be disbursed in a number of ways: in a full or partial lump sum, as a line of credit, through monthly payments, or a combination of any of these. 3. What if your loan amount ends up being more than the value of the home? Who will be responsible for the loan? Reverse mortgages are non-re-

course loans. This means that if somehow your loan balance ends up surpassing the value of your home, the lender cannot collect more than the value of the home at maturity. Under the HECM program, the difference between the loan balance and the home value is covered by the Federal Housing Administration’s insurance fund. 4. Will a reverse mortgage loan affect your Social Security, Medicare or pension benefits? No, these benefits will not be impacted. Reverse mortgage loan funds are considered loan proceeds and not income. What’s more, the longer you wait to access Social Security benefits, the more you may receive each month. A reverse mortgage can help delay accessing Social Security and may boost your lifetime retirement income. In some cases, Medicaid and other need-based benefits may possibly be affected. In closing, with over 10,000 Baby Boomers turning 62 each & every day and with most of these Baby Boomers having more equity tied up in their homes than they have saved for retirement. It may be the perfect time to look at the benefits of using a Reverse Mortgage to ensuring a “Better Retirement”.

January 2020 HOME VENTURES 17

Vicksburg has bright, traditional layout Vicksburg PLAN 30 -567

By Associated LivingDesigns Area 2551 sq.ft.

Bonus Room 460 sq.ft. Covered The three banks of multipaned Patio Garage 862 sq.ft. Patio Nook windows that sparkle across 9' x 13'2" Dimensions x 56'7" the Vicksburg’s front 80' facade 2000 SERIES to run a lively counterpoint Kitchen Covered the stately brick veneer. Shop/Storage Patio www.AssociatedDesigns.com Owners’ Suite Vaulted Patio Nook 22'6" x 12' 16' x 14'8" Sidelights and a high arched Family 9' x 13'2" 18'2" x 18'4" transom frame the door and brighten the entry. Kitchen This neoclassical home is Shop/Storage Owners’ Suite Vaulted Utility an update of a traditional, 22'6" x 12' Bedroom 16' x 14'8" Family Garage ranch-style plan. Living spac11'8" x 11' 22'6" x 25' 18'2" x 18'4" Up es are all on one level with the exception of a long bonus Entry room that extends over the © 2020 Associated Designs, Inc. Dining Bedroom garage. Formal rooms are at Utility Living 13' x 13'6" 15'4" x 11' Bedroom the front, a large 13'6" x 15'10" Garage 11'8" x 11' 22'6" x 25' informal gatherUp Porch ing space is at the Stor. rear, and bedBonus Room Entry covered patio. Flames in the rooms are on the 24' x 17' Dn © 2020 Associated Designs, Inc. Dining family room’s gas fireplace Bedroom right. Living 13' x 13'6" 15'4" x 11' provide warmth and color Passing under Stor. 13'6" x 15'10" on dark days and nights. the arched brick A skylight brightens the opening, you step Porch Stor. short passageway owners’ bathroom which into the naturally illuminated, PLAN 30 -567 also boasts a spa tub, high-ceilinged entry. Wide open- to the kitchen, and Bonus Room Living Area 2551 sq.ft. roomy shower, dual vanity, a powder room is ings on the right and left lead into 24' x 17' Dn Bonus Room 460 sq.ft. and private toilet. Natural the living room and dining room, to the right. The long kitchen respectively. A built-in hutch/buffet Garage 862 sq.ft. light washes down into the Stor. in the dining room cuts diagonally boasts a generously Dimensions 80' x 56'7" Vicksburg’s third bathroom sized work island through yet another large across one corner. 2000 SERIES skylight. Both dining and living rooms rimmed by an eatCo Associated Designs is also have wide openings that link ing bar. This whole www.AssociatedDesigns.com P Nook the original source 9'for the them to a transecting hallway. One space is wide open x 13'2" end of the passage leads to the to the vaulted and skylit family Vicksburg 30-567. For more inforother designs, bedrooms, while the opposite end room, as well as a sunny nook, win- mation or to viewKitchen visit www.AssociatedDesigns.comVaulted offers access to the garage. A com- dowed on three sides. Sliding glass Shop/Storage x 12'800-634-0123. or call puter alcove is on the left of the doors there open onto a partially 22'6" Family

Vicksburg

18 HOME VENTURES January 2020

18'2" x 18

FINANCIAL DIRECTORY Banks • Credit Unions • Savings & Loan Associates • Mortgage Lenders

Locations in Minot, ND 900 South Broadway

852-3711 2200 15th St. SW

857-7220 2105 16th St. NW

852-8200

1017 South Bdwy & 924 31st Ave. SW, Minot

20 1st St. SW, Minot 701-852-3361 bremer.com

Member FDIC

857-8400 or 857-4444

www.primeres.com/minot 315 3rd Ave • SW Minot, ND

701-805-0006 or 701-721-5889 325 28th Ave SW Unit A Minot, ND 58701

(701) 839-3360

January 2020 HOME VENTURES 19

$499,500 COMMERCIAL - *Built in 1949 in Downtown Central Business District *13,600 Sq Ft *Zoned C-3 *Full Finished Basement *New Heating System 2014 *New Roof 2018 #192005

Blake Krabseth 701-720-1786

$184,900

$74,900 NICE STARTER HOME! *2 Bedroom, 1.75 Bath Home *2 Non-Egress Bedrooms Lower Level *Oversized 2-Car Garage *Private Carrie Deck *Newer Shingles & Siding Montoya *Large Fenced Backyard #192021 701-240-0709

$749,999

HIGH VISIBILITY! * Commercial Building *Frontage Road *Alley Access Alice Ryan & *22 Parking Spaces Blake Krabseth *5,600 Sq Ft Heated Floor 701-720-9004 & Space #191374 701-720-1786

$324,900

$749,000

800-568-5311 · 701-852-1156 · 408 N B roadway · M inot, N D 58703

SUPER NICE CONDO! - *4 Bedrooms, 3 Baths *Very Spacious *Quality Mindt Build *Open Floor Plan *Hickory Woodwork *Maintenance-Free Deck *Beautiful Backyard #191879

LARGE COMMERCIAL SPACE! - *6,000 Sq Ft Steel Building on .51 Acres *Finished Insulated Shop *Loft for Additional Storage *Office in Shop Alice Ryan & *Fenced Outdoor Storage *Security Blake Krabseth Cameras for Exterior *25 Parking 701-720-9004 & Spaces #192483 701-720-1786

NEWER HOME AT AFFORDABLE PRICE! – *Modern 2014 Construction *4 Bedrooms, 2.5 Baths *Covered Front Porch/Patio *Open Concept Carrie *Fenced Backyard *Alley Access Montoya *Room to Build Garage #191798 701-240-0709

$120,000

$69,900

$210,000

GREAT POTENTIAL! *Nice Size Lot *Upper Level Master Bedroom Suite Full Bath *Remainder of House is in Remodeling Process #192410

Blake Krabseth 701-720-1786

GREAT INVESTMENT OPPORTUNITY! - *Large Corner Lot *3 Bedrooms, 1.5 Danielle Delzer & Baths *Attached 2-Car Garage *Spacious Home *Great Janea Martell 701-500-3732 & Potential *Unfinished Remodel *Being Sold As-Is #191630 303-333-5264

MUST SEE! - * 3 Bedroom, 1.75 Bath Condo *High Ceilings *Open Concept *Private Deck *Walk-Out Basement *Fenced Backyard *Single Garage #191491

$219,900

$1,350,000

$45,000

Judy Hoskin 701-721-3837

GREAT INVESTMENT OPPORTUNITY! - *Occupied Duplex *Two 2-Bedroom, 1-Bath Units *Custom Kitchen Cabinets *Stainless Steel Appliances *Divided Detached 2-Car Garage #172199

Geri ErvenBeede 701-509-1773

14.74 ACRES - *West Building 50x80 (4,000 Sq Ft) 14 Ft. Side Wall Pole Barn, Concrete Floor, Shelter Belt, Rural Water, *East Building Kevin Connole & 40x64 (2960 Sq Ft) Pole Barn, Power, Blake Krabseth Heat, 12 Ft Sidewall, Sewer/Water 701-833-7003 & Available #191259 701-720-1786

HUGE PRICE REDUCTION - *2 Bedroom Condo *Great Starter Home or Rental *Hardwood Floors Upstairs *Rear Deck off Dining Area #191980

20 HOME VENTURES January 2020

Equal Housing Opportunity

Danielle Delzer 701-500-3732

Thad Tarasen 701-240-6737