Real Estate Matters
www.reporterherald.com • Saturday, December 31, 2011 • Reporter-Herald
Is reverse mortgage a good option? ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: Would you recommend that my 86-year-old grandmother consider a reverse mortgage to pay for health care expenses? Answer: While you ask a simple question, there are many factors to consider before applying for a reverse mortgage. A reverse mortgage is a loan product available to homeowners age 62 or older who own their home mortgage-free or are nearly mortgage-free. Reverse mortgages allow you to tap into the equity of the property, and that loan doesn’t have to be paid off until you sell the home or move from it permanently. The problem is that reverse mortgage fees can be quite high, and if your grandmother needs a small amount of money for health care expenses, the cost of the reverse mortgage may exceed the health care costs involved. Keeping that in mind, you have to determine what health care costs your grandmother has now and faces in the future. If you are dealing with assisted care or long-term care issues, a reverse mortgage might be worthwhile. If your grandmother is no longer living in the home, you might consider selling the home and using the proceeds to assist your grandmother in all of her living and health care costs. Reverse mortgage lenders can distribute funds in a lump sum or make payments to the senior citizen over time. Those payments over time can be similar to an annuity that pays a monthly amount until the senior citizen dies, sells the home, or no longer uses it as a primary residence. In addition to the age requirement, the senior citizen must have sufficient equity in the home to qualify. In other words, the senior citizen must have no loan on the home or a loan that is well below half of the current value of the home. If your grandmother has a mortgage on the home now and it has a high balance, she probably is not a candidate for a reverse mortgage. You should also know that each reverse mortgage lender may have different parameters for granting loans. Some of these parameters relate to the value of the home and the age of the borrower. If you seriously want to consider a reverse mortgage, talk to a lender about your options. And without applying for a loan, try to determine what the costs would be to obtain the reverse mortgage and how much money your grandmother might obtain from it. Then you’ll have a better basis to judge whether a reverse mortgage is right for your grandmother. If it isn’t, then you can decide whether selling the home would work or whether it would be too disruptive to your grandmother. In addition to her health issues and financial issues, you need to consider her personal needs.
Resolve to
Save
ILYCE GLINK TRIBUNE MEDIA SERVICES
A
re you tired of thinking about your finances? The Great Recession has had a lasting impact on how we think about and manage our money, especially among those of us who have been unemployed or faced a work furlough or temporary pay freeze. However, even you're sick of thinking about money, chances are that your personal finances could use a tweak this year. Especially if you are preparing to buy a home or refinance, you should do your best to follow these New Year's resolutions.
PUT YOURSELF AND YOUR FAMILY ON A BUDGET YOU CAN AFFORD For most Americans, the word "budget" turns the stomach. If that's how the word makes you feel, don't use it. Let's look at smart spending concepts instead. Simply put: Spend less than you earn. Buy in bulk (if it's cheaper), at sales, and in advance of when you'll actually need something. (If you wait until the last minute, it will generally cost you more to get the same item.) Cook at home more often, and use coupons if you can. Avoid takeout foods and save restaurants for special events. My favorite money-saving concept is "trading down." Each week, try to find a simpler and less expensive way to do the same thing. If you
drink a bottle of $25 wine each week, try to find one you like at around $8 to $10 per bottle. If you typically eat out twice a week in restaurants, cut back to once a week or once every other week. If you spending $200 for night out (including babysitter, dinner, tickets to the theatre or movie, transportation, etc.), cut that to $100 per night. You don't have to use the word "budget." But you should find a way to track your expenses (Mint.com and QuickenOnline.com are two of many choices), income and investments electronical- mortgage payment. (While ly, so you can see what you're lenders have, in the past few years, extended an increasing spending and when. amount of credit, traditional debt-to-income ratios are PAY OFF YOUR now being enforced.) CHARGE CARDS Finally, while you're paying The average American has off your charge cards, remore than $8,000 in credit card debt. For some, that's in member to pay them on addition to a mortgage and a time. Paying on time, over time, is the sure fire way to car loan. More twentysomeimprove your credit history things are facing higher levand your credit score. els of school debt than ever before, and graduating with credit card debt on top of their school loans. The good news is that 2011 has been another year of deleveraging. Americans are finally starting to pay down their debts and save more. Debt isn't much of a problem unless you have financial dreams you hope to achieve - or you like to sleep at night. For future homeowners, every dollar you spend to pay down your charge card debt or car loan each month is a dollar less that you'll be able to put toward your monthly
sion, pay yourself again. The high-tech way to do this, of course, is to have your bank or financial investment company electronically pull the money out of your checking account each month and send it to a different account. The thinking is, if you don't have the cash in your pocket, you won't spend it. (Remember to mark this down, however, or you could wind up bouncing checks and needlessly wasting addiPAY YOURSELF tional dollars on bank fees. FIRST AND LAST And those fees have certainly This little bit of common sense is particularly helpful if increased even during the past year or two.) you're trying to save for a Once the money is out of down payment or another your checkbook, you won't major purchase. Each month, make out an invoice waste it thoughtlessly. It doesn't matter where you put to yourself for the amount the money, although if you you wish you were saving. It could be $50 or $500. When write the check to your Roth you pull out your checkbook IRA account, you'll get a to pay your bills each month, bonus: The money will grow tax-free forever. take out the invoice and litLooking for another good erally pay it first. Then, if you idea? Send the second check have any cash left over in your checking account at the to your child's 529 college savings plan. The money will end of your bill-paying ses-
also grow state and federal tax free (depending on the plan you choose), and you may get a state tax deduction for your contribution next April 15. If you're saving for a large purchase such as a house, put it into an interest-bearing account somewhere relatively inaccessible. In recent years, companies began introducing the Roth 401(k), an after-tax option that allows you to salt another $15,000 away for your retirement. Like a Roth IRA, the cash grows tax-free forever. While there are no income limits for participants, your company has to offer it as a benefit. See your human resources department for details. For more information, call Glink’s radio show at 800-972-8255 on Sundays from 9 to 10 a.m., write to Real Estate Matters Syndicate, P.O. Box 366, Glencoe, IL 60022 or visit www.thinkglink.com.
H&RE Real Estate Transactions Real Estate Transactions are supplied by Prospects Unlimited Inc., 1151 Eagle Drive No. 467, Loveland, CO 80537, 667-1537.
ron Dr, Loveland, $184,000, home • Matthew & Vera Pedersen from Darlene Schuster, 2096 Vista Dr, Loveland, $423,000, home • Gravical Holdings from Big Beaver Proper• Charles & Teresa ties LLC, 6125 Sky Suggs from Vern Elijah, Pond Dr, Loveland, 1170 Crabapple Dr, $8,350,000, home Loveland, $297,000, • Christine Smith home from Thomas Pehrson, • Forrest & Cynthia 1898 Abbey Ct, LoveAndersen from Joseph land, $225,000, home Hein, 3142 Ivy Dr, Love• Timothy & Christiland, $277,500, home na Sparks from Christo• Anthony & Jeanne pher Viamonte, 230 Godinez from Daniel Green Mountain Dr, Keck, 1900 Morning Dr, Loveland, $220,000, Loveland, $269,000, home home • Akms Lp from • Jacobus & Kimberly Glenn Whitmer, 2671 W Demooy from Loveland Eisenhower Blv, LoveMidtown Development land, $80,000, home I, 1911 E 11th St, Love• Iris & Thomas Orland, $184,700, home landino from Adler Fam• Michael Elder from ily Trust, 4120 SilverMorse Family, 2103 Ar- thorne Ct, Loveland,
Loveland
$115,000, home • Lori Michael from Amadeo Barela, 2115 Clarice Ct, Loveland, $139,900, home • Michael & Renee Gonzales from Anthony Foster, 4529 N Lincoln Ave, Loveland, $191,500, home • Peakview Inc from Leroy Gabriel, 2014 Park Dr, Loveland, $170,000, home • Kevin Hedstrom from Charles Goss, 1036 W Us Highway 34, Loveland, $250,000, home • Matthew Desaire from HSBC Mortgage Services Inc, 206 E 42nd St, Loveland, $77,000, home • Minh Phan from JPMorgan Chase Bk, 10829 Bears Lair Rd, Loveland, $287,800, home • William & Debra
Tressler from Kenneth M Labas Trust, 1554 Homeland St, Loveland, $390,000, home • Justin King from Randal King, 3719 Avery Pl, Loveland, $250,000, home • Eric & Stacey Solanyk from Gene Libbea, 1256 Alpine Pl, Loveland, $175,000, home • Donald Fairbanks from Pamela Libretti, 560 Sunwood Dr, Loveland, $184,000, home • Navdeep Dunn from Daniel Moyer, 221 W 5th St, Loveland, $144,000, home • Amadeo & Jennifer Barela from Prudential Relocation Inc, 1083 Centennial Dr, Loveland, $244,500, home • Michael Adams from Richard Rogers, 229 Blossom Dr, Loveland, $130,000, home
• Mitchell Demko from Duane Scoular, 1727 Axial Dr, Loveland, $184,500, home • Garry & Peggy Ewing from Linda Vanderah, 2629 Gilpin Ave, Loveland, $155,000, home • Resident from Paula Woodward, 5337 Fox Hollow Ct, Loveland, $95,000, home
Berthoud
$585,000, home • Resident from Jay Jacobs, 948 6th St, Berthoud, $91,000, home
Estes Park • Aleksandar Kostadinov from Neigborhood LLC, 1675 Gray Hawk Ct, Estes Park, $295,000, home • Jeffrey & Deborah Meador from Ronald Noble, 620 Whispering Pines Dr, Estes Park, $456,000, home • Daniel & Lafonda Sharp from Kirk Drake, 525 Pine River Ln Unit A, Estes Park, $455,000, condo • Four LLC from Droll Real Estate Holdings LLC, 2625 Marys Lake Rd Unit 26b, Estes Park, $175,000, condo
• Jason & Stephanie Brothers from Home State Bank, 4641 Malibu Dr, Berthoud, $70,000, home • Anne Uhlir from Peakview Homes Inc, 725 Mt Massive St, Berthoud, $210,000, home • Adele Work from Sam Dianne Macdonald Trust, 19417 County I See Transactions/Page C2 Road 3, Berthoud,
Buying a home that needs work? Call the experts in FHA 203(k) renovation financing. www.HomeStateBank.com An FHA 203(k) mortgage allows you to finance both your home purchase and renovation with a single loan. Call now to learn more. Vivian DeVoe, VP Mortgage Banker, NMLS#269876, 970-227-4702 Loans and rates subject to credit approval. Owner-occupied residences only. FHA conditions and restrictions apply.
970-203-6100 Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm Think big
Bank small
CE2
Saturday Reporter-Herald December 31, 2011
Regional Snapshot for Loveland/Berthoud Residential
Mortgage rate update
September
October
November
Active Listings Previous Year Active Listings
842 1027
807 969
739 903
30-year fixed
3.95%
3.93%
Sold Listings Previous Year Sold Listings
115 114
117 105
95 90
15-year fixed
3.28%
3.26%
5/1 ARM
2.89%
2.85%
$209,275 $196,000
$215,000 $211,000
$240,000 $206,819
Average Days on the Market Previous Year ADOM
136 122
109 121
130 122
Year to Date Listings Sold Previous Year YTD Listing Sold
1079 1055
1196 1160
1291 1250
Median Sales Price Previous Year Median
TRANSACTIONS From Page C1
• Robert Amato from Garth Lewis, 1271 Broadview, Estes Park, $350,000, home • Glenn & Rebecca Diehl from SCN LLC, 3050 Rockwood Cir, Estes Park, $1,045,000, home • John & Ingrid Drouin from Donald Williams, 536 Alpine Dr, Estes Park, $615,000, home • Richard & Cheryl Grigsby from Wells Fargo Bank, 260 Riverside Dr, Estes Park, $75,000, home • Gary & Mary Lambert from 217 Big Horn LLC, 217 Big Horn Dr, Estes Park, $194,900, home • David & Jennifer Alvarez from Rams Horn Development Co LLC, 2625 Marys Lake Rd Unit 29a, Estes Park, $275,000, condo • John & Elizabeth Fox from Greg Coffman, 827 Rockwood Ln E, Estes Park, $850,000, home • Grant & Karen Nutter from Dana R Rosenberg Trust, 556 Darcy Dr, Estes Park, $330,000, home • Guy & Kathleen Wagner from GSAA Home Equity Trust 2006 11, 2250 Blue Spruce Ct, Estes Park, $380,000, home • Glen & Johanna Orr from Charles Taylor, 1002 S St Vrain Ave Unit B, Estes Park, $435,000, condo
Johnstown • Arthur & Carol Newburn from Gillam Dev Corp, 184 Glenroy Dr, Johnstown, $276,600, home • Donald & Lynn Beauregard from JJ Constr Northern Colo LLC, 338 Moss Rock Way, Johnstown, $179,800, home • Jared Weisbrod from JJ Constr Northern Colo LLC, 246 Alder Ave, Johnstown, $174,800, home • Michael Williford from Journey Homes LLC, 166 Alder Ave, Johnstown, $202,100,
home • Kelan & Kate Donahue from Bryce Nelson, 1911 Overland Dr, Johnstown, $175,000, home • Jenifer Panek from Jeffrey Stucky, 325 Graham Ln, Johnstown, $275,000, home • Jeannette & Zachary Mercer from Jesse Ybarra, 217 Sw 1st St, Johnstown, $116,900, home • Frank Munson from JJ Constr Northern Colo LLC, 242 Basswood Ave, Johnstown, $189,000, home • Mark & Kellie Cwik from Oakwood Homes LLC, 3912 Kenwood Cir, Johnstown, $227,600, home • Doanld Cooper from Baessler Constr Co Inc, 474 Frontier Ln, Johnstown, $181,600, home • William Woodward from Scott Palmer, 3859 Brunner Blvd, Johnstown, $257,000, home • Eric & Lindsay Stewart from Saint Aubyn Homes LLC, 302 Sloan Dr, Johnstown, $249,000, home • Misty Shandera from Oakwood Homes LLC, 3825 Beechwood Ln, Johnstown, $217,600, home • Corey Haukos from Oakwood Homes LLC, 3605 Pinewood Ct, Johnstown, $263,500, home • Bryan Oplinger from Oakwood Homes LLC, 3837 Balsawood Ln, Johnstown, $171,700, home
Milliken • Marion Sparks from Reyna Garcia, 991 S Rachel Ct, Milliken, $152,000, home • Eric Vlaanderen from US Bk, 131 S Rachel Ave, Milliken, $140,000, home
Windsor • Gary & Patricia Goode from John Evans, 5503 Flam-
boro Dr, Windsor, $295,000, home • Tyler & Kelly Johnston from Bob Goodman, 8134 Louden Cir, Windsor, $386,000, home • Edith & Stephen Eckles from Moth Family Trust, 1955 Kaplan Dr, Windsor, $364,000, home • Norman & Sue Hallis from John Burford, 546 Trailwood Cir, Windsor, $260,000, home • Joel & Cynthia Jensen from Joseph Ferguson, 8915 County Road 70, Windsor, $400,600, home • Bryan & Jeanne Wischer from Sage Homes LLC, 643 Shoshone Ct, Windsor, $300,600, home • Peter Drescher from Saint Aubyn Homes LLC, 446
This week Last week Trend
Home & Real Estate is produced every Saturday by the Loveland Reporter-Herald.
Beartooth Ct, Windsor, $227,000, home • Taylor & Christine Ritchie from Saint Aubyn Homes LLC, 559 Trout Creek Ct, Windsor, $254,700, home • Kimberly Eberhart from Saint Aubyn Homes LLC, 503 Kenai Ct, Windsor, $233,500, home • Justin & Marissa Donahoo from Journey Homes LLC, 1915 Elba Ct, Windsor, $255,800, home • Shane & Pamela Unfred from Landmark Construction Solution, 6165 Bay Meadows Dr, Windsor, $440,000, home • Denis & Lisa Troudt from Adrian Murphy, 118 Walnut St, Windsor, $113,000, home • Donna & Michael Clark from Sfr 2010 2 Reo Corp,
News and Press Releases: The Reporter-Herald welcomes news on hirings, advancements, awards, classes and other information of interest to the real estate and home community. Submit information to jcody@reporter-herald.com. Advertising: For advertising information, call Dan Grassmeyer. Office: 970-635-3615 Cell: 970-214-6297 E-mail: dgrassmeyer@reporter-herald.com
1998 Bayfront Dr, Windsor, $420,000, home • James & Janet Clark from Tara Pt LLC, 6666 Murano Dr, Windsor, $140,000, home • Saint LLC from Winter Farm Windsor LLC, 622 Sundance Dr, Windsor, $105,000, home • Perry Cogburn from Gregory Hasecoster, 5 Nantucket Ct, Windsor, $177,900, home • Frank & Linda Iannuzzi from Nancy Hull, 1768 Green River Dr, Windsor, $290,000, home • Douglas & Jill Mann from Preo Belmont Ridge LLC, 7401 Pimlico Dr, Windsor, $281,600, home • Susan Carter from 523 Powderhorn Court LLC, 523 Powderhorn Ct, Windsor,
$212,500, home • George & L Davis from David Ahl, 12 Oak St, Windsor, $152,500, home • Steven & Janeen Jydstrup from Fannie Mae, 1026 Riverplace Dr, Windsor, $239,900, home • Levi Kovari from Fed Home Loan Mtg Corp, 414 7th St, Windsor, $140,000, home • Gerald Pfannenstiel from Clifford Johnson, 8439 Sand Dollar Dr, Windsor, $78,000, home • Lynn Alba from Jana Karr, 412 14th St, Windsor, $225,000, home • Cody Wykert from Leo Loos, 14 Rose St, Windsor, $125,000, home
Saturday Reporter-Herald December 31, 2011 CE3
H&RE Front Range Gardening
New adventures for a new year Try something new in your garden in 2012 CAROL O'MEARA CSU EXTENSION
A
t the end of Gone with The Wind, the iconic utterance from Scarlett O’Hara “after all, tomorrow is another day,” sums up the gardener’s world in January. Curled up on the couch with catalogs, the months-old memory of bugs, blight, and weeds dimming, our dreams for a season of perfection begin anew. Plans are formed to try new things, which give me the chance to connect
Fire Spinner thrives in moderate to dry soil. Zones 5-10.
INDIGO ROSE TOMATO
When a friend of mine told me I had to check this love apple out, I had no idea that one glimpse of this purple perfection would have me desperate to get my hands on the seed. Dewith neighbors, since I’m always apol- veloped by Oregon State University ogizing for hops strangling trees, through traditional plant breeding grapevines snatching small pets, or methods, this petite tomato turns sunflowers blocking the sidewalk. In deep purple on sides exposed to suntruth, I have favorites that rate a place light, making it one gorgeous addiin the garden each year, but there’s al- tion to salads. The flavor is reputed to ways room for experimentation. Here be a tad ‘plummy’, making it a sweet are a few on my short list: summer fare. Because it’s a compact indeterminate vine, it should stay FIRE SPINNER ICE PLANT well behaved in the garden. Available (DELOSPERMA ‘P001S’) at Johnny’s Selected Seeds, johnnyseeds.com. Introduced by Plant Select (plantselect.org/), this succulent groundcover is a show stopper: spring ZULU PUMPKIN blossoms are orange and red with a Pumpkin-pilfering squirrels at my purple throat, while summer sun house are in for a big surprise when brings on the fire, with flowers in orthey try to chomp down on Zulu, a ange and red. The apple-green leaves tough-as-nails pumpkin with a rind make a perfect counterpoint to the solid enough to chip their teeth. The sizzling blooms. After the spring dis6-to-12 pound fruit is described by play, Fire Spinner blossoms periodical- Mac Condell, owner of The Homely throughout the season. Pop this stead Seeds, as “perfect for punkin’ plant in full sun to part shade in sandy chunkin’ because it’s dense, hard, and flies like a cannonball.” loam soil, and go easy on the water;
Punkin’ chunkin’ is the sport of launching pumpkins from homemade trebuchets, which should liven up the neighborhood (Note to readers: this last statement is a joke. I do not recommend launching pumpkins — or anything — from trebuchets in neighborhoods or crowded areas. If you want to hurl pumpkins, enter the Punkin’ Chunkin’ event in Aurora, auroragov.org/AuroraGov/ Residents/SpecialEvents/ JackOLaunch/index.htm). Zulu stays a deep green and is available at The Homestead Seeds, the200acres.com/ the-homestead-seeds/.
SURVIVOR PUMPKIN Also from The Homestead Seeds is Survivor pumpkin, a spectacular tricolored gourd of yellow, green and white that I have to have for my fall displays, which means I’d better get started building the squirrel-proof cages to cover my fruit. Slightly flattened and a joy to look at, Survivor is an eagerly awaited addition to our garden.
things, users of iPads and iPhones can enjoy an app that Droid users are anticipating: LeafSnap, an app that identifies trees via photos of the leaf. Using facial recognition technology, LeafSnap compares the leaf to a database created and donated by the Smithsonian Institution and non-profit photo-documentation group Finding Species. The app is being developed by Columbia University, the University of Maryland and the Smithsonian Institution. Currently, the trees of New York City and Washington D.C. are represented, but the database will grow to include all U.S. trees. Try one of these or something new in your garden this year. After all, tomorrow is another day.
Carol O’Meara is with CSU Extension in Boulder County. Contact her at 303-678-6238 or comeara@co .boulder.co.us.
LEAFSNAP PHONE APP Speaking of waiting for
Front Range Gardening