With so many baby boomers retiring there has been an increase in reverse mortgages. A reverse mortgage called the Home Equity Conversion Mortgage or HECM is the only reverse mortgage insured by the U.S. Federal Government.

With this reverse mortgage one can choose to withdraw funds in a fixed monthly amount, a line of credit, or both. There are also five different payment plans (payments to you) available and the borrower can change the payment options for a small fee if the original payment plan does not meet their needs. Some of the requirements include a minimum age of 62, own the property free and clear or owe a small amount, the home one is borrowing against must be a primary residence, must not be delinquent on any federal loans, and the borrower must participate in a consumer information sessions, which are approved by a HECM counselor.

The amount of the mortgage amount is based on the youngest borrower and the current interest rates and is based on the lesser of the appraised value or the HECM FHA mortgage limit. There are no income or credit qualifications and no repayment amounts as long as the home remains one’s primary residence and the closing costs can be financed in the mortgage.

How does a reverse mortgage work? Payments are made to the home owner and the amount borrowed is recovered along with interest when the home is sold, with the remaining value (what is left after loan repayment plus interest) given back to one’s heirs. If the sale proceeds are not enough to pay the amount owed, FHA will pay the lender the amount of the shortage. This is possible because FHA collects an insurance premium to cover this potential shortfall.

There are many intricacies involved with reverse mortgages, but none that are difficult to meet. There are many approved counselors that can guide one with any questions regarding reverse mortgages. Whatever the decision as to whether or not doing a reverse mortgage is right for the individual, one must ensure they understand every aspect of their financing conditions.

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With everyone going green and builders being cognizant of the desire for green homes, why not talk about more green products or activities? There are green vehicles, “windtricity” , organic foods, recycle centers, organic bedding, green plumbing products (toilets/ showerheads, sink faucets that conserve water), and many other amazing “green” earth saving ideas.

So your home isn’t “green” built, that’s okay, you can still have a Green environment by using Green cleaning supplies. There are many vendors, and online companies that one can buy household cleaning products that are Green. These cleaning ideas are in such demand that one can even find these cleaning supplies in their local grocery store.

Call your trash company to see if they offer recycling bins with service to pick up on trash days. Look into a do it yourself compost. There are also composting machines available for sale if you’re not into the extra work of a “build it yourself compost.” Look into government incentives that allow for tax credits, and even your local utility companies; many offer rebates for buying water saving toilets, showerheads, sink faucets, and washer machines.

Being Green doesn’t mean you have to tear down an existing home and build a new one, but there are ways one can become Greener. After all, every little bit helps!

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When considering whether to sell or lease a home, one should consider the potential consequences of each option. The obvious and best option of course, is to have the home sold. However with current market conditions, a lease may be a viable option to keep from having to pay two mortgage payments (if one qualifies without a contingency for the sale of the first home), avoid foreclosure, and even allow the market to recover.

If one chooses to lease the property, consideration should be given to the length, lease amount, conditions of the lease, and especially the tenant credit history and criminal background. All things considered, the only person that will take care of one’s property the way a homeowner would is the homeowner. This is not to say that tenants don’t maintain rental/lease properties, but people tend to put what belongs to them at the top of their list.

Your tenant may be a desirable one on paper (great credit history, clean background, stable employment, etc;), but this does not mean they will remember to change the a/c filters every month, water the lawn to keep it green and lush, edge and mow the lawn to keep it manicured, keep the interior clean and more importantly, have it “show ready” while on the market.

When a tenant resides in a home that is on the market or will be on the market for sale, they have to agree to the use of a key lockbox (here in Texas, different states may vary), and work with showing appointments. Even if they are the ideal tenant with maintenance, payment, property condition and cleanliness, this doesn’t mean they will be flexible with showings.

If your tenant is difficult with scheduling appointments, you may find your home difficult to sell. You may even find it necessary to wait until the home is vacant again before you can put it on the market. If you’re lucky, you will have the best of both worlds, a wonderful tenant (yes, they do exist) and a home that is easy to show.

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When one sells a residential property the seller guarantees that they hold clear title and has the right to sell. A clear title is one that has no liens or encumbrance other than what is known in public records, such as a mortgage loan, home equity loan, or home equity line of credit. This guarantee extends to the property’s historical records.

The grantor of a general warranty deed confirms there are no liens on the property, the seller is the legal owner and has the right to sell the property, and guarantees that if title ever fails, the grantee will be compensated for any loss.

Usually the grantor is a title company. One of the most important documents to hold on to from your closing, aside from a survey, deed, and appraisal, is your title commitment. If one encounters problems with title, it is always best to have the title company check with the original grantor of the title commitment issued when one first purchased the home. The original grantor may be the most likely to reissue a title commitment since they incurred the original liability of guaranteeing a clear title on the property. If the original title company that issued a commitment for a general warranty deed does not want to issue another title commitment, the owner may have the right to exercise the policy insurance.

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As with any business, fraud can exist and even tempt people into doing things they would ordinarily not do. The obvious is that people commit fraud because it is tied to a financial gain. Professionals in the real estate market may find themselves involved in fraudulent activity, whether it is directly or indirectly.

As REALTORS® we are compensated by way of commissions, referrals, and sometimes fees. We also adhere to a Code of Ethics that helps protect the public, our clients, and hold up our profession to the highest standards. If one knows of an activity that may violate the Code of Ethics, one should report these actions to their local board.

One of the most important issues at the forefront is fraud. A real estate professional should always avoid the temptation of potential fraud for the sake of higher compensation. Greed will get an individual entangled with inappropriate activities and funds that may be involved in criminal activity. The potential for extraordinary compensation tied to criminal activity is never worth one’s livelihood. Often times the public suffers the consequences of such criminal activity and the REALTOR® loses their license, faces criminal charges, convictions, and may face prison time. The real estate professional community also gets tainted with the bad stigma because of the loss of trust in our profession.

The bottom line is that if something seems off, it probably is. A REALTOR® should talk with their broker to discuss any issues they feel may be illegal, and as always, one can get law enforcement involved.

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Home inspections are an important part of getting to know the home you plan on buying. Texas licensed inspectors, like REALTORS®, are required to take continuing education courses. They must keep abreast of changes in building codes, and in recent years, are required to have insurance. Their rates can vary, often times, it depends on the square footage and the size of the home. Each inspector varies on their scope of inspection, therefore, it is important to ask them that they will and will not evaluate during an inspection.

Whether one is buying a new or resale home, it is important to have a home inspected. Even newly constructed homes may have issues that require attention. If you are building or buying an inventory home, make sure you coordinate with the sales rep. Often times the inspector can do your inspection the same day as your “punch” (when you walk the home with the builder and mark items in need of repair) so that their inspection can be added to the builder’s list of items that need correction. Most builders hire third party inspectors as well, but don’t let this keep you from hiring your own inspector; one who is working for you, not the builder.

If one is buying a resale home, keep in mind that the inspection does not guarantee items will be repaired. The inspection is done for your information on the condition of the property by a professional with an objective overview of items deemed in need of repair per current construction standards. Unless both parties agree to repairs, including lender required ones; there is no single party that can be obligated to do them. They can, however, provide a buyer enough information to decided on the continuation with the purchase of the home or terminate within a contractually agreed period.

Inspections and negotiation of repairs should be done within an option period and before an appraisal is ordered to prevent any loss of funds. Remember, an inspector is a third party, and therefore the cost of the inspection is never refundable if a contract is terminated, but a greater loss can be prevented by having the inspection done to keep you from buying a money pit. Ask a REALTOR® about reputable inspectors and protect yourself by knowing about the home you plan on buying.

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An option period is a specified time frame in a real estate contract which allows a buyer to terminate the contract for any reason. It creates the right to terminate within the specified number of days for a specified price. Our Texas promulgated contract states it must be paid within two days of the effective date of a contract. Paying for an option period is one of the most important things one can negotiate within a real estate contract because one can have a home inspected, negotiate repairs, and shop for home insurance within the specified days.

Option periods are a wonderful security for buyers because one can terminate for ANY reason within the option period without risking earnest money. If one chooses to terminate a contract, the seller has the right to keep the amount paid for the option period (option fee). If the buyer chooses to proceed with the purchase, the option fee may be refunded to the buyer at closing (if the contract was negotiated this way).

Important things to note include the payment terms, which specify that the option period must be received within two days of the effective date of the contract. This means that if the contract is effective on July 1^st, one has until July 3^rd to ensure the seller has received the option money. Another important item to note is the signature by the seller or the seller’s agent for the receipt of the option fee. If this section is not signed, one may find themselves without an option period. Last but not least is the option period end date. The option period functions on calendar days, not business days. This means that if a contract is effective July 1^st, and one has paid $100 for a ten day option period; the right to terminate expires at midnight on July 11^th. It is best not to wait until the last minute to negotiate repairs as this only puts pressure on both parties to contractually agree.

If one decides to pay for an option period, the fee is paid directly to the seller. It is always best to pay with a check for proof of payment once cashed. Please note that the seller has the right to cash the check at anytime, even if you proceed with the purchase. Talk with a REALTOR® about an option period and how it can work for you.

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You have hired a REALTOR® to sell your home and you have had a meeting of the minds regarding the price and marketing strategy that will be implemented. Of course, the right price helps ensure a quick sale, but your home can truly sell itself if has a functional floor plan, location, and shows well.

The word “show ready” means different things to different people. Being “show ready” when talking about a home means having it look like a model home. This means beds must be done, dirty laundry should be in a hamper – out of sight, dishes should be put away- with the sink left clean, trash should be removed or at least have a lid to cover unsightly trash, and hand washed delicates should be put away, trust me they won’t help sell your home. If you have a pet, it is best not to try to mask the smell with scented candles or outlet plug – ins… it smells like your pet and the scent mixed together; not a good combination.

The outside is just as important as the interior of the home. An unsightly unkempt yard will surely keep a potential buyer from viewing the inside. Never dismiss lawn care or exterior care of the home. The assumption is that if a home isn’t well maintained from the exterior, it most likely isn’t maintained on the interior.

Granted, model homes are not lived in and they are always staged to highlight selling points, but your home can look like a model too. Have your REALTOR® provide suggestions for staging your home (we see enough of them to provide input) or hire an interior decorator (just as the builders do) to get your home “show ready.”

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Leon Springs Texas is an unincorporated community partially within the city of San Antonio Tx. It offers old time charm with homes that vary from a moderate price well into the millions. This area was settled in the mid nineteenth century by German immigrants, and there has been tremendous growth in the area over the past three years. Be careful driving off of IH 10 by the Boerne Stage Rd exit, you might miss it if you blink! Back in the day, Leon Springs served as a Stagecoach stop between San Antonio Texas and San Diego California.

Leon Springs boasts the original Rudy’s Country store and Bar-B-Q which was opened by Rudolph Aue, the son of the town’s founder, Max Aue. The original home of the founding Aue family still stands and the area now has two elementary schools; Leon Springs and Julia Newton Aue Elementary (named after the wife of Rudolph Aue Jr.) This little community borders Camp Bullis, a military training facility still in use today. It is also nested between stately homes, Leon Springs Creek, multiple communities that are acreage home sites, gated communities, and custom homes. Home prices around this area can range anywhere from the mid $200’s to multimillion dollars. The Dominion, with its own country club; is a coveted gated/guarded exclusive community of custom homes known for its wealthy inhabitants, including some well known singers, actors, athletes, and community leaders. Crownridge is another well established community of homes that can also vary in price and style from garden homes in the mid $100’s to Million dollar homes at the top of the exclusive hills with gorgeous views of the hill country. Some areas can even enjoy the evening fireworks display at the Fiesta Texas theme park from their balconies. There are gated communities such as Stonewall Ranch, Stonewall Ranch Estates, and Steeple Brook across the IH 10 Corridor, just across the Dominion. Communities such as Stage Run, Two Creeks, and many more surround this small community and offer homes for people of all lifestyles.

With the recent growth around the Leon Springs area, one just has to drive minutes for shopping, fine dining, movies, and entertainment. The Rim and La Cantera Shops are but 3-5 minutes away, and Fiesta Texas is but 2-3 miles, golf courses, four star hotels and medical facilities are all within a short drive as well. Leon Springs is just about a five minute drive to Fair Oaks, and ten minutes to Boerne. If you are moving to San Antonio, this area in the Northwest is ideal for anyone wishing to enjoy a hill country feel that is close to major employers, universities, and highways.

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With so many baby boomers retiring and downsizing retirement communities are on the rise. Florida has always been the retirement capitol because of the great weather and beaches – to name the obvious. These days, retirees can find active retirement communities that offer amenities such as lawn maintenance, golf courses, gyms, sport courts, activity clubs (bridge, wine, book discussions, fine arts, etc), pools, walking trails, dance classes, crafts, game rooms, libraries, and much more.

Retirement age does not mean “old,” and developers are realizing the high demand for active retired communities. The days of either a “downsized” home or a “nursing” home are gone. A young adult with a minimum age (on average 55+) can enjoy many amenities and still have luxury and style. Many of the homes in these communities even have garage space to fit a golf cart.

Although these communities have a minimum age requirement to buy in the community, only one of the homeowners needs to meet the age requirement. Homeowners fees tend to be a little higher for having amenities that go above and beyond, but the benefits outweigh the costs. Of course, the grandkids can still visit and may even live in the home as long as the minimum age requirement is met by one owner. The goal of these communities is to provide a lifestyle that enables a home owner to have access to many luxuries without having to go very far from home. One thing is for sure, it will be like being on vacation all of the time. Take time to look at these communities if you’re considering retirement, you may find yourself falling in love!

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