Rick Giese Gives Macomb County MI Gives Seven Things Seniors Should Know About Reverse Mortgages

Let me begin by saying, I am not a mortgage specialist and I advise you to consult with one for more information. If you want to contact me, I'll be happy to refer you to a couple around the Macomb County area.  Also, consider speaking with the appropriate experts in the area in which you may have other questions such as, income taxes, property taxes, homeowner's insurance, etc.

So,  What is a Reverse Mortgage?

Allows homeowners age 62 and older to convert part of the equity in their primary residence into cash and have No Monthly Debt.  There is No Income or Credit Score Requirements.  Cash received from a Reverse Mortgage is tax-free and can be used for any purpose.  Homeowners retain ownership and cannot be forced to leave their home when all loan terms are being met.  The loan, including accrued fees, is due when the home is vacated due to sale, moving, or death of the owners.  Neither the owners nor their heirs are personally liable for more than the value of the home and a Reverse Mortgage can be used to purchase a primary home.

Seven Things Seniors Should Know About  Reverse Mortgages

1.  How Do I Qualify?

be at least 62 years old
occupy the property as your primary residence
pay off any existing liens from proceeds at settlement
attend an informal session with a housing counselor, usually by telephone

2.  Why Would I Want a Reverse Mortgage?

pay off existing debt - be free from monthly debt payments
cash for medical care, travel, home improvements, education, help family members
provide living expenses when savings or social security income are insufficient
use the cash in any way you want
allows borrowers to remain independent

3.  How is a Reverse Mortgage Repaid?

The loan becomes due when you vacate the property due to moving, the sale of the house, or the death of the borrowers
you or your heirs may settle the loan by selling the property or refinancing it

4.  How Much Money can I Get?

Factors that determine the loan are:
your age
the value of your home
current interest rates for the Reverse Mortgage Program
current loan principal limits

5.  Will My Heirs be Affected?

The debt does not pass to heirs
The lender has no claim on assets other than the then current market value of the home upon loan maturity
Guaranteed by the federal government or the proprietary lender

6.  How Do I Get the Money?

Payment options include:
lump sum payment
line of credit - leave in an account for use as you need it
tenure plan - receive a certain amount monthly throughout your life
term plan - receive a certain amount over a specified number of years

7.  Will I Ever Have to Leave My Home?

With a Reverse Mortgage, you must:
occupy the home as your primary residence
pay homeowner's insurance
pay property taxes
maintain your home
If you fulfill these obligations, you can Never be forced from your home.

If you need a referral to a Reverse Mortgage Specialist, call me Rick Giese associate broker & (SRES) Senior Real Estate Specialist at 586.242.3100 or email rick@rickgiese.com  today.

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Rick Giese (SRES) Macomb MI Downsizing Made Easy Step 3 of 5 for Seniors

Why So Many Seniors Are Undecided About Downsizing From Their Current House or Condo?

Why So Many Seniors Are Undecided About Downsizing From Their Current House or Condo?

Here are top five reasons seniors why are still undecided about downsizing.

1. Size of home.  Most of them have lived in their homes for decades and the thought of getting rid of furniture and other items so that they can buy a smaller home is daunting. I had people who said they have a 4 bedroom, home with garage and basement and the only thing they might give up is one of the bedrooms. They still want a basement and den.
The only drawback with one of my listings was that there was no basement. Many seniors just do not want to give away any of their furniture or belongings with sentimental value.
2. Location of home. Another concern people have when they decide to move is to decide the State or city they would want to move to. They may like to move to warmer climate with milder winters because of health reasons but they may be scared to move far from family and friends. They do not want to move far from their doctors if they have health issues. They are concerned about finding good doctors when they move.
3. Should they live with their children? Some seniors debate whether they should buy a home with in-law suite so that their children can live with them. They can thus be close to grandchildren and their children. But again the thought of giving up some of their independence when they live in the same house is cause for concern.
4. Should they sell first or buy first? Seniors do not want to get a mortgage on their new home. They do not like the thought of a 30 or even 15 year mortgage. They want to pay cash after they sell their home. They do not know whether they should list their home and wait till it sells or look for homes and then list their home. I receive calls from seniors asking if I have any rentals for seniors because they are afraid they will have no where to go if their home that is already on the market sells. They have their own agent but they find my name on the internet as a Senior Real Estate specialist and call me. Unfortunately there aren't many homes available for rent in my area in senior communities.
5. Budget. Many seniors have lived in their homes for long and their taxes are low. When they look at newer homes in senior communities they find that they will pay a considerable amount for association dues and taxes. It would be helpful if they can turn to a financial adviser who can check their budget and show them the benefits if they can afford it.

 I respect their concerns and not push them into a Seniors Community. Patience is a virtue especially when working with seniors. They have genuine fears and concerns. I always show empathy and listen to their needs.

Have You Considered moving...but the thought of putting your home or

Condo up-for-sale to downsize is giving you chills about getting rid of

Decades of your “treasures?”

Good News …Rick Giese Macomb Counties (SRES) Senior Real Estate Specialist has just published a guide for you “Downsizing Made Easy 5 Easy Steps to a Successful Move”

To get your FREE, No Obligation copy of this guide a $24.95 (book store value) that will show you how to turn your overwhelming anxiety and moving stress into a Happy Experience! There are 3 easy ways to get your FREE guide delivered to your mailbox. You can order online

at www.5StepstoDownsizing.com or email rick@rickgiese.com ask for your downsizing guide (be sure to leave your name, address, city, zip code) or call our 24 hour toll free message line at 888-472-2474 (be sure to leave your name, address, city, zip code)

Offer valid to Macomb County residents only. If your home is currently listed with a real estate broker, please disregard this offer

If you are a senior looking for information about active adult communities in the Macomb County Area of Michigan or would like a free market evaluation of your home call Rick Giese (SRES) RE/MAX Advisors 1-800-274-5656 or 586-242-3100

Rick Giese is a Associate Broker with RE/MAX Advisors in Macomb County Michigan.

You can keep up to date with the Seniors Real Estate Market at: https://www.facebook.com/SeniorsRealEstateOfMacombMichigan

Tips for Seniors and Their Kids for Downsizing and Decluttering the Seniors Homes and Condos to Sell

Lately, a lot of my appointments have been homes that are in estates or are being lived in by seniors who are considering moving into a Senior Living Community.  And these properties needed some help with whipping these places into best showing condition, so they could sell for the most money.
At yesterday's office meeting, it was like our broker, Maria, read my mind.  She invited local Senior Move Transition Expert Sean Lane from Clean Up Clear Out. The main subject of his talk was working with seniors.  But a lot of his information could help all of us make our living space more attractive, even if we are not planning to sell anytime soon.
Here are some of my favorite suggestions:

• Conquer your own clutter before addressing someone else's clutter issues.  Hmmmm....
• Keep a shopping bag in your closet so you have a handy place to put giveaways.  When it is full, donate!
• At the beginning of each season, hang clothes with hanger backwards on the rod.  As you wear your clothes, rehang them.  At the end of the season, you will be able to tell what you didn't         wear, and put them in the donate bag (unless, of course, it's an old favorites that you'll look fabulous in after you lose those ten pesky pounds!).
• Keep a box near your kitchen where you can place giveaways.  When it is full, donate!
• Get a three-ring binder with zippered holders for important papers:  your passports, birth certificates, car titles, proof of immunizations (for you and for your spouse), insurance policies, etc.  Remember where you put it!
• Make you bed every single day.  That's the instant declutter for your bedroom.
• Get rid of anything that does not make you smile.  If you no longer love it or the person who gave it to you, put it in the donate bag or box.

Sean had a lot of other suggestions that were specific to working with seniors and their families.  His staff can whip the place into prime showing condition and then go through all of the junk in the trunks in the attic.
Sean Lane from Clean Up Clear Out is also big on recycling and donating whatever they remove from the house or condo that none of the family wants. He can also help you set up a Senior Downsizing Sale, which makes it a lot easier for a lot of people to let go of stuff they no longer need.
Before I begin to address my clients' issues, perhaps I'd better take the advice under that first bullet point!

You can reach Sean Lane from Clean Up Clear Out at (313) 886-3330

Follow us on Face book at: https://www.facebook.com/SeniorsRealEstateOfMacombMichigan

Consistently ranked as one of Southeastern Michigan's associate brokers of Equity Sales and Short Sales. Rick Giese has over 27 years of Real Estate experience and is one of the areas Rick has a strong focus on assisting Senior homeowners in need, Rick Giese offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family. As every situation is different, Rick offers his insight and knowledge of the real estate transaction process and all the options available to you to get the most money the market will pay or to help you avoid foreclosure. Call Rick Giese today at toll free 1-800-274-5656 or your free consultation of your situation and sleep better tonight