Why A Seniors Real Estate Specialist (SRES)

Why A Seniors Real Estate Specialist (SRES)

By: Linda K Mayer, SRES

Okay, so I have been around senior citizens all my life.  My father was  nearly 59 when I was born and I was around all his friends.  Because of this, I feel very in tune and comfortable with older people.

My favorite real estate deal was with an older couple in a home with stairs.  She had fallen down and had an extremely painful time going up the stairs to the bed and bath.  And he was to have back surgery in about 1.5 months.  Apprently I was the third agent they had used. We not only sold their home, but got them into their next one about a week before the husband's surgery.  But the most exciting thing about this was that the new, single story home had lots of open space and the doors were wide enough for a wheelchair.  And lo and behold she ended up in a wheel chair about five months later.  You just know that God orchestrated this entire transaction.

Then I did Reverse Mortgages at Wells Fargo for a while.  I loved working with seniors who truly needed or wanted my help. And it was amazing to see, at least on paper, how much I could help change their lives for the better.

My mother was even asking about a Reverse Mortgage for herself.  She was a teacher for many, many years and has a good pension.  But her house needed painting and new carpet and her furniture was getting kind of threadbare.  So we placed her in a Reverse Mortgage, too.  Not only did she fix up her home, but she also has the peace of mind to know that if she ever needs in home care over and above what her long term care insurance pays for, we have the funds available to care for her properly.

Fast forward to a few weeks ago.  I partner up with a Reverse Mortgage Specialist.  She and I met with a client to talk about Reverse for Purchase. It was enlightening and fun to talk with this wonderful senior woman about her hopes and dreams and plans.  Afterwards my friend said how she noticed I seriously love and care about older people.

That comment stuck with me and wouldn't let me go.  So I went ahead and got my Seniors Real Estate Specialist Designation (SRES) from the National Association of Realtors.  A course which involves everything from real estate to tax implications to senior abuse.

And now I am truly ready to help those seniors who may need a bit of help or advice to live out their days in comfort and peace.

So if you are in the SoCal 210 Corridor area, don't hesitate to give me a call or send an email for help or references.  My website has some references listed, but I have many, many more available.  Reliable Senior Help.

Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.
Warmest Regards,
Linda K. Mayer, Realtor, SRES
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

Reverse For Purchase - New and Improved

Reverse For Purchase - New and Improved

Okay, so we all know seniors (age 62 or over) who want or need to sell their current home. Maybe they have a two-story and can no longer handle the stairs, maybe they want to be closer to their kids or grandkids; maybe their house is way too big; maybe they want to be with other active seniors or possibly they can no longer afford the mortgage... many, many reasons this could be happening.

But since they happen to be a senior, they are on a fixed income (usually) or have other factors that would not make them NOT a good candidate for a new home loan, plus they are just not sure about making the new payments.

I have GOOD NEWS for both the seniors and their realtors! The "Reverse for Purchase" can come into play!  Here's how it works...

Step One: Mr. and Mrs. Stiles meet with their Realtor and place their home on the market. 

Step Two: Mr. and Mrs. Stiles start looking for a new home to purchase that will fit their needs.  

Step Three: The Realtor introduces Mr. and Mrs. Stiles to a Reverse Mortgage Consultant who explains the process to them.  

Step Four: Their home sells for $300,000!

Here's how it looks on paper:

New Purchase Price                   $400,000**

Reverse Amount                       $230,000**

Cash Needed to Close                $170,000**

The cash can come from the proceeds of the sale of their previous home or other sources and the rest can go into their own pocket.  And because of the Reverse Mortgage on the new home, they will never have a payment* until they can no longer live in the home or they pass away.

You have heard about investors getting all the homes on the market because they are offering cash.  Well, a Reverse for Purchase is just like a cash offer.  There is no qualifying - you must simply be 62 or older and have some equity in your existing home or cash on hand for the new purchase.  Great deal, right!

And everybody's happy!

So if you know of a senior who needs some financial help, needs to move or has some questions about the new and improved Reverse Mortgage Process, please don't hesitate to contact me by phone or email.  I would love to help!

*House must be kept up to FHA standards and all taxes and insurance must be kept up to date.

**Amounts are approximate

Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.

Warmest Regards,
Linda K. Mayer, Realtor
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

Reliable Senior Help, Part 1 Reverse Mortgage - New and Improved

Reliable Senior Help, Part 1

Reverse Mortgage - New and Improved

Okay, so I am going to break apart the myths surrounding Reverse Mortgages and this is the first in a series.  Out with the old and in with the new!  In this series I will address issues such as, "I heard that the bank owns your house if you have a Reverse Mortgage" and, "I want to leave something for my heirs".  I will also address why it is important that there is no qualifying especially in a Reverse For Purchase.

What is a Reverse Mortgage? 

A Reverse Mortgage is a way for seniors, 62 or older, to take a portion of their equity from the home to use in any way they see fit.

For instance, if someone you know has trouble paying their bills each month.  Possibly the can no longer make their mortgage payment.  Maybe they want to take their family on a cruise around the world. And then again, maybe they need help with health care expenses or simply in-home care expenses.

So, how can I get the money out in a Reverse Mortgage?

There are three ways to take part of the equity out of your home!  First, you can receive monthly payments. Secondly you can receive a lump sum. And thirdly you can get a line of credit. There is also a Reverse For Purchase which is amazing for people wishing to relocate or downsize.

I belong to a national group of Realtors.  So if you are relocating to be near a family member, or just to a new place, I can refer you to someone to help you navigate the process in that area.  And then you will always know you have an honest and reliable Realtor wherever you go!

How do I know if I qualify for a Reverse Mortgage?

There is technically no qualifying.  All you have to do is be 62 years or older and have equity in your home.

Does this matter to you?  Yes!  We have all heard the stories about how the investors with cash offers are buying up all the properties and people with loans are having to write many, many offers.  Because there is no qualifying, a Reverse for Purchase is just like a cash offer!  This puts you as the buyer at the top of the list and hopefully your first offer will be accepted!

How do I know how much money I can get from a Reverse Mortgage?

The amount of money you can get from a Reverse Mortgage depends on two things; Your age and the amount of equity you have in your home.

Why do you care about me as a senior?  You aren't even close to my age.

I grew up with a father who was nearly 30 years older than my mother.  When I was born, he was already almost 59 years old.  And because of this, I grew up with many seniors and am comfortable with them.  Not only that, because my dad was older, I knew from a very young age about the people trying to take advantage of seniors.  I feel protective of them.  I would want EVERY senior I deal with to have honest and reliable dealings and have the all information to make an informed decision about what is best for them and their family. 

Sometimes, a Reverse Mortgage is not the best thing for you or your family member.  This will be discovered as the questions about what you are trying to accomplish come to light.  Sometimes there are better options.  And as in the case of my parents, they worked hard for what they have.  Isn't it time that they were properly taken care of?

A bit of advice, always go to someone you know and trust.  Again, with the amount of schemers trying to take advantage of seniors and their heirs at this time, you can never be too careful.  I always try to be a resource for many issues that are problems with seniors.  And always, I try to be A Realtor You Can Trust. 

If you have more questions or need help with a loved one, please don't hesitate to contact me.  No question is too small, and I am never too busy to help you out.

Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana.

Warmest Regards,
Linda K. Mayer, Realtor

License # 01767321

A Realtor you can Trust!

(626) 824-8927 Cell

LindaKMayer@live.com

Linda's Website

Reverse For Purchase - What A Concept!

Reverse For Purchase - What A Concept!

Okay, so we all know seniors (age 62 or over) who want or need to sell their current home. An aunt, an uncle, a grandparent or parent. Maybe they have a two-story and can no longer handle the stairs, maybe they want to be closer to their kids or grandkids, maybe their house is way too big, maybe they want to be with other active seniors... many, many reasons this could be happening.

But since they happen to be a senior, they are on a fixed income (usually) or have other factors that would not make them a good candidate for a new home loan, plus they are just not sure about the new payments.

I have GOOD NEWS for both the seniors and their Realtors! The "Reverse for Purchase" can come into play!  Here's how it works...

Step One: Mr. and Mrs. Stiles meet with their Realtor and place their home on the market. Step Two: Mr. and Mrs. Stiles start looking for a new home to purchase that will fit their needs.  Step Three: The Realtor introduces Mr. and Mrs. Stiles to a Reverse Mortgage Consultant who explains the process to them.  (Yes, I happen to know a couple of fantastic people who have done reverse for more than ten years each!) Step Four: Their home sells for $300,000!

Here's how it looks on paper:

New Purchase Price                   $400,000

Reverse Amount                       $230,000

Cash Needed to Close                $170,000

The cash can come from the proceeds of the sale of their previous home or other sources and the rest can go into their own pocket.  And because of the Reverse Mortgage on the new home, they will never have a payment* until they can no longer live permanently in the home.

And the best part is, they can use the extra money for anything they want; possibly a dream vacation, pay off their other bills, etc.  How freeing is that!  What I always say about my mother who was a teacher for more than 35 years is that she worked hard - so why should this time be more difficult for her?  She deserves everything and MORE!

Great, FANTASTIC deal... and everybody's happy!

So, if you know of anyone who fits this criteria, please don't hesitate to call me for further information!

*House must be kept up to FHA standards and all taxes and insurance must be kept up to date.

 

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website