Wednesday, August 31, 2011

Is A Reverse Mortgage Right For You



Reverse mortgages are not always the best step for everyone, but when looking at the positives, the reverse mortgage is managing to come out ahead. There are other alternatives like a home equity loan or downsizing to a smaller residence with fewer expenses but for the older homeowner in pursuit of more cash, reverse mortgages can work great.

The Positives of a Reverse Mortgage

• One of the primary benefits of a reverse mortgage is that you can remain in your house. To lose your home, you would have to stop paying property taxes.

• The second major benefit is that you can have readily cash available on-hand when you need it.

• Today’s reverse mortgages are simpler and have limits on them. People applying for these types of mortgages must be given advice, so you’re not going in blind.

• A reverse mortgage can make life more comfortable for older people.

Are you the Perfect Candidate?

There are people that use money frivolously for luxuries and for those falling into this category, you should be cautious before taking out a reverse mortgage. Reverse mortgages are really for those who need to subsidize their retirement income.

Before approval, you are required to meet with a counselor to discuss reverse mortgages, how they work, your expectations and alternatives you may qualify for. But a good candidate doesn’t simply mean eligibility – is this type of mortgage right for you and your needs?

Take a look at this checklist;

 You and your spouse are 62 years of age or older
 The house is your principal residence
 You have lived in the house at least six months out of the year
 You have a lot of equity in your house
 You want to pay down debt
 You do not plan to move
 You are not receiving SSI or money from another government sponsored program
 You have considered the alternatives such as moving to a smaller, less expensive residence
 You understand that the time you have to change your mind is limited, more like 3-5 days

You probably already have an idea of what you could take care of with a reverse mortgage. Feel a sigh of relief, some breathing room for those overwhelmed with bills; but do you know what not to do with your money?

Great responsibility will befall you once you get a lump sum of money. While thinking of a more comfortable life, get some advice from a financial planner to see how to handle your money.




Tuesday, August 30, 2011

Going From Homeowner To Renter




During the past few years many well-intentioned homeowners have suffered the wrath of our housing crisis and unfortunately must become a renter. It’s probably been quite a while since you’ve searched for apartments, negotiated with landlords or signed a rental agreement. The single most dangerous mistake you can make is failing to get your rental terms on paper, before the move in.

The differences between a Lease and Rental Agreement

Both leases and rental agreements are legally enforceable and they establish the terms of your tenancy. Both cover basic issues such as the amount of rent, security deposits and who can live in the rental unit. But the primary difference between the two types of agreements is the length of tenancy.

• Rental agreements establish a tenancy for a short period of time, usually one month. A month-to-month rental agreement automatically renews each month unless you or your landlord gives the other the proper amount of notice [typically 30 days] to end the agreement.

A landlord can change the terms of a rental agreement, for example, increase the rent with proper written notice.

• Leases obligate both the tenant and the landlord for a set period of time, usually a year. Your landlord can’t raise the rent or change other terms until the lease ends. Your landlord also cannot force you to move out unless you breach an important term of the lease such as failing to pay the rent, nuisance or other property laws. At the end of the lease you or your landlord may decline to renew the lease or simply negotiate to sign a new lease with the same or different terms.

Oral agreements and un-written understandings…

While an oral agreement is legal and enforceable, it’s difficult to prove and unwise to rely upon. People’s memory become unreliable, leading to who said what and it just turns into misunderstandings.

Which is Better - Lease or Rental Agreement?

A lease provides the tenant with more security than a month to month agreement. A lease is usually the better option for tenants who plan to stay put for the foreseeable future. However a month to month gives you flexibility, especially if you are not intending on staying for a full year. Also, if you are in a bad situation, but are forced to rent a place you’re not all that happy with, a month to month will allow you some place to live while you search for something better.




Helena Talbot – Principal Broker and Owner - Exit Realty Talbot and Company

44121 Harry Byrd Hwy, Suite 205, Ashburn, VA  20147



I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.
“Thank you for helping us find our Beacon Hill home. You went beyond the call of duty with your email correspondence and helping us with our relocation search. We appreciated your help in negotiating the sale and the smooth closing.” Sincerely, Doug & Sharon
“You were easy to work with and made the selling of my home with its acreage a smooth process while obtaining the best possible price for me.  In addition, you were very conscientious about finding me the best replacement home and coordinating both transactions.  I would gladly recommend your service to any potential buyer or seller.” Regards, Jennifer.
My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.
I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties.  Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont.  Cell 703.727.9885    Office 703.574.3800

Foreclosure Survival Ideas


 
The one word that strikes pain and fear in homeowners is Foreclosure. But today, being threatened with foreclosure or even receiving formal notices from the bank doesn’t mean you’ll lose your home. You still have some options.

Negotiating with the Lender

Your best approach is to start negotiating with your lender as quickly as you can.

• You may be able to get temporary relief from having to make monthly payments (forbearance).

• A plan to make up for missed payments, at the end of your mortgage

Of course, there are many stories I’m sure you’ve heard where lenders won’t return phone calls or simply refuse to negotiate; however, it is always wise to start with this option since later down the road, you can bring this up as a defense to show they wouldn’t cooperate early on. You can negotiate directly with the lender or work through a non-profit housing counseling agency.

Filing for Bankruptcy

Chapter 13 – with this type of filing you are able to develop a plan for making your regular monthly payments and paying off the arrears. If the bankruptcy court approves your plan, you’ll have between three and five years to make your payments. Chapter 13 also reduces or eliminates your total debt load, making your mortgage more affordable. In many situations, you can eliminate a second or third mortgage and reduce your first primary mortgage to the market value and probably reduce the interest rate to just above the prime rates.

Chapter 7 – with this type of filing you are able to wipe out your unsecured debt like credit cards, personal loans, medical debt, judgments, etc. This will free up more of your funds so you can place the money towards your mortgage. Chapter 7 may not be appropriate for you; because of the equity, if any, in your home, a Chapter 7 filing could trigger the sale of the home.

Fight the Foreclosure in Court

If you can show that the lender or mortgage servicing party violated your state or federal rights, you may be able to derail the foreclosure, at least temporarily. An increasing number of courts are siding with the borrower when it comes to presenting documented evidence of ownership. Because of the way mortgages have been sold and resold, the evidence is either lost or procedurally inadequate, meaning, your paperwork was not completed correctly.

Violations of federal lending rules and other federal and state laws regarding consumer transactions may provide protection against foreclosure.

It’s very important to contact a lawyer and if you cannot afford one, get in touch with legal aid to see if you are eligible for free legal representation.

Disclaimer: Do not construe this information to be legal advice; nothing in this article should be construed by you as a source of a legal relationship. This Legal Information is solely intended for general informational purposes only.




Helena Talbot – Principal Broker and Owner - Exit Realty Talbot and Company
44121 Harry Byrd Hwy, Suite 205, Ashburn, VA  20147


I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.
“Thank you for helping us find our Beacon Hill home. You went beyond the call of duty with your email correspondence and helping us with our relocation search. We appreciated your help in negotiating the sale and the smooth closing.” Sincerely, Doug & Sharon
“You were easy to work with and made the selling of my home with its acreage a smooth process while obtaining the best possible price for me.  In addition, you were very conscientious about finding me the best replacement home and coordinating both transactions.  I would gladly recommend your service to any potential buyer or seller.” Regards, Jennifer.
My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.
I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties.  Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont.  Cell 703.727.9885    Office 703.574.3800

Thursday, August 18, 2011

America's Best Places to Live 2011

Helena Talbot 
Fax: 703-935-0309
Cell:
703-727-9885

With the current state of the economy — and the dispiriting sight of the nation's leaders endlessly battling about how to fix it — the phrase "small town" conjures up images of a happier time. When unemployment wasn't above 9%. When people didn't stress out about home values. When school budgets weren't under siege. Those were the days, right?
More at CNNMoney.com:

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See the Full List of America's Best Places to Live
"Those days" are right now — if you know where to go. A team of seven MONEY reporters spent months combing through reams of data provided by OnBoard Informatics and other sources and fanning out across the country to identify small towns (those with populations of less than 50,000) that stand out in the qualities American families care about most.
The goal: Find the best combination of job opportunities, fiscal strength, top-notch schools, safe streets, good healthcare, cultural and outdoor activities, even nice weather. The result: MONEY's 100 Best Places to Live. The top 20 follow. (Demographic information provided by Onboard Informatics.)
1. Louisville, CO

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Courtesy: Brad Kemp/City of Louisville
Top 100 rank: 1
Population: 18,400
Unemployment: 6.3%This sunny, lively mountain town is safe (crime rates are among the lowest in Colorado) and easy to navigate. Lots of good jobs in tech, telecom, aerospace, clean energy, and health care can be found right in Louisville, and more are on their way. And there's world-class mountain biking, hiking, and skiing in the nearby Rockies. Real estate prices have barely budged since 2005, yet a typical three-bedroom house here still runs less than a comparable one in nearby Boulder. Its schools consistently rank among the top three academically in the Denver area. -Jessica Levine

2. Milton, MA
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Courtesy: City of Milton
Top 100 rank: 2
Population: 27,000
Unemployment: 6.6%
Milton is just minutes from the jobs and culture of Boston but feels in places like a country getaway. Tree-lined streets are dotted with historic homes. Single-family home prices have remained essentially unchanged since the market's peak in 2005. One major reason for this stability is the outstanding school system, which boasts six brand-new buildings and offers such rich opportunities as a French immersion program that begins in elementary school. The downside: high taxes. -Ismat Sarah Mangla
3. Solon, OH
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Courtesy: City of Solon
Top 100 rank: 3
Population: 23,300
Unemployment: 8.2%Solon is a small town with a large tax base: Major employers include Nestle, L'Oreal, and industrial equipment maker Swagelok. Solon punches above its weight in other areas too. Health care? The world-renowned Cleveland Clinic has a family health center here. Culture? Solon has its own philharmonic orchestra. Schools? Solon was the highest-achieving district in Ohio last year. And the student body is diverse: 11% of residents are black, 10% Asian. -Anne C. Lee 

4. Leesburg, VA

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Courtesy: Pieter van Noordennen
Top 100 rank: 4
Population: 42,600
Unemployment: 4.1%Leesburg, which snuggles up to the Virginia-Maryland border, offers proximity to plenty of good jobs not just in government but also in defense contracting, consulting, and technology. True, commutes can be abysmal. But residents say that the tradeoff to live in this pretty town, which has seen more history than a Ken Burns film, is worth it. Many antebellum red-brick buildings still stand, now filled with restaurants and art galleries. On the negative side, there are some run-down neighborhoods. -Pieter van Noordennen 

5. Papillion, NE
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Courtesy: City of Papillion
Top 100 rank: 5
Population: 18,900
Unemployment: 4.2%Nebraska, sexy? You'd better believe it. With agriculture booming, towns here are showing employment and housing-market strength that's the envy of the coasts.
More at CNNMoney.com:

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Papillion is no exception; its economy benefits from a broad base of industries, including health care and transportation, in nearby Omaha.
In June, energy company Black Hills Corp. moved its local headquarters — and 130 jobs — here. There are also excellent schools, a five-month-old AAA baseball stadium, a new retail and restaurant complex, and loads of green space. -Sarah Max

6. Hanover, NH
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Courtesy: Pieter van Noordennen
Top 100 rank: 6
Population: 8,600
Unemployment: 4.4%Dartmouth College, located in this hamlet near the White Mountains, gives Hanover an economic, social, and cultural advantage rare in towns so far from major urban centers. Unemployment in town is about half the statewide average (Dartmouth and its top-rated medical center provide over 12,000 jobs). Graduate programs spin out entrepreneurial start-ups in almost every industry. Housing — which ranges from century-old Victorians to new construction — isn't cheap, however. And students account for some fraternity-style rowdiness. -P.N.

7. Liberty, MO
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Courtesy: Vanessa Richardson
Top 100 rank: 7
Population: 29,100
Unemployment: 7.6%Known to tourists as the town where Jesse James' gang staged its first daytime bank robbery — and where Mormon prophet Joseph Smith languished in jail before fleeing west — Liberty today is a charming place with a quick commute to Kansas City's mix of jobs in telecom, engineering, and life sciences. The school district is consistently ranked as one of Missouri's best; student musicians play in a new state-of-the-art facility, and budding broadcast journalists have their own public-access channel. William Jewell College, with its lovely hilltop campus overlooking Liberty, lets residents take advantage of many cultural offerings. -Vanessa Richardson

8. Middleton, WI
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Courtesy: Ismat Sarah Mangla
Top 100 rank: 8
Population: 17,400
Unemployment: 5.1%Middleton is right next to state capitol Madison and boasts 17,000 jobs right in town (employers include pharmaceutical company PPD and Electronic Theater Controls, the world's biggest theater lighting company). Its walkable downtown has plenty of good restaurants, shops, and quirky attractions (National Mustard Museum, anyone?). Even its developments are cool: a Frank Lloyd Wright-inspired mixed-use project thoughtfully blends homes and businesses. And Middleton offers residents lots of parks and trails — including a new free splash park. -I.M.

9. Mukilteo, WA
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Courtesy: Mukilteo Chamber of Commerce
Top 100 rank: 9
Population: 20,300
Unemployment: 8.2%As West Coast towns go, Mukilteo (pronounced MUCK-ill-TEE-oh) is in good economic shape. Bank-owned homes represent a small fraction of houses on the market, and area employers, including Boeing, are hiring again. It has affordable homes by Seattle standards, good schools, and a killer location right on Puget Sound. And the town is spending to beef up its attractions: A new 29,000-square-foot community center debuted in February, and historic Lighthouse Park recently got a makeover. -S.M.

10. Chanhassen, MN
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Courtesy: Bob Firth
Top 100 rank: 10
Population: 23,000
Unemployment: 5.5%Despite some 2011 budgetary brouhahas in the state of Minnesota, Chanhassen has plenty going for it — including good jobs right within its borders (manufacturing and technology company Emerson is based here), evening diversion (the Chanhassen Dinner Theater is the nation's oldest and largest), and nature galore (34 parks, 11 lakes, and the enormous Minnesota Landscape Arboretum). The town's new state-of-the-art high school has racked up some national awards in just its second year. -I.M.
11. Sharon, MA
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Courtesy: Town of Sharon
Top 100 rank: 11
Population: 17,500
Unemployment: 6.6%Halfway between Boston and Providence, R.I., Sharon was settled way back in 1673; a church in town has a bell made by Paul Revere.
More at CNNMoney.com:

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It has long been a popular summer destination thanks to Lake Massapoag, which draws swimmers and boaters. For a small town, Sharon is diverse, with many institutions serving the Jewish, Christian, and Muslim communities.While there aren't many jobs in town, residents who wish to commute to Boston have easy access via commuter rail. -Noelia de la Cruz

12. Farmington, UT
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Courtesy: Leigh Swain Isaacson/Farmington City
Top 100 rank: 12
Population: 18,300
Unemployment: 6.7%This friendly town near the Great Salt Lake lies 20 minutes from Salt Lake City's job and cultural opportunities. More Small Town USA than suburb, Farmington is safe and quiet. That's not to say it's no fun: in the center of town is Lagoon, a 125-year-old amusement park that attracts visitors from all over Utah. The town has a mix of expensive turn-of-the-century houses and more affordable homes; a typical three-bedroom ran around $180,000 in mid-2011. What's more, Farmington's taxes are low, yet the town is in excellent financial shape. -Angela Wu
13. Johnston, IA
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Courtesy: Sarah Max
Top 100 rank: 13
Population: 15,500
Unemployment: 6.0%Agriculture is booming, and so is this small town in farm country: It has doubled in population over the past decade. Seed company Pioneer Hi-Bred and Iowa Public Television are both headquartered here, and the Camp Dodge military base provides stability. Architecture buffs take note: there's a private residence designed by Frank Lloyd Wright in town. Des Moines is a commutable 14 miles away. And 10 miles north of here is Saylorville Lake, a popular summertime spot for boating and fishing. -N.D.

14. Arden Hills, MN
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Courtesy: City of Arden Hills
Top 100 rank: 14
Population: 9,600
Unemployment: 6.6%More people work than live in this town 10 miles from the Twin Cities. The families that do call Arden Hills home are attracted by a top-rated school district and a trail system that connects parks, playgrounds, and lakes. The town is known for its strict tree preservation laws, which means that even the newest subdivisions have so many mature trees that they seem like long-established neighborhoods. On the negative side, there's a Superfund site in the area — but the EPA estimates that the cleanup process is almost complete. -A.W.

15. Sammamish, WA
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Courtesy: City of Sammamish
Top 100 rank: 15
Population: 46,700
Unemployment: 7.9%If you're looking for the Pacific Northwest ideal — snow-capped mountains and scenic lakes — Sammamish might be for you. Puget Sound and ski resorts are both an hour from this affluent Seattle suburb. High-tech employers in the area include Boeing, Amazon, and Microsoft, which is headquartered just 15 minutes away. Incorporated just over a decade ago, Sammamish still doesn't have a real center where the community can gather. But local officials are working on a new downtown with retail, recreation, and town services. -A.W.

16. Acton, MA
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Courtesy: Mark Hald
Top 100 rank: 16
Population: 22,000
Unemployment: 6.0%Thought it's easily accessible to Boston by commuter rail, Acton feels very much like its own place.
More at CNNMoney.com:

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It's a picture-perfect New England town, complete with Revolutionary War landmarks, historic homes, and lots of open space.One of Acton's biggest draws is its progressive regional school district, which consistently ranks among the best in the state.Major area employers include IBM's largest software campus and a branch of Cisco Systems, located in the nearby towns of Littleton and Boxborough, respectively. -N.D.

17. Montville, NJ
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Courtesy: Joshua Paul
Top 100 rank: 17
Population: 21,800
Unemployment: 7.0%This affluent town is in Morris County, home to many big employers. More than 50 Fortune 500 companies have headquarters, major facilities, or offices in the region, including AT&T, Pfizer, Honeywell, and Bayer Healthcare Pharmaceuticals. True, Montville lacks a proper downtown. But its location — it's an hour away from New York City, the beaches of the Jersey shore, and the Mountain Creek Ski Resort — help to make up for that. -N.D.

18. Newcastle, WA
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Courtesy: City of Newcastle
Top 100 rank: 18
Population: 10,200
Unemployment: 7.9%The volunteer spirit is alive and well in this former coal-mining town 13 miles from Seattle. Despite serious budget cuts that threatened the city's summer 2011 events, local businesses and citizens offered time and cash to keep the community's concerts and fireworks afloat. There's a 350-acre golf course here, not to mention 12 parks; the 3,115-acre Cougar Mountain Wildland Park is right next door. Newcastle residents can jump on a trail in the city and end up in the "Issaquah Alps." Tech employers such as Microsoft are almost as easily accessible. -A.W.

19. Castle Rock, CO
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Courtesy: Town of Castle Rock
Top 100 rank: 19
Population: 37,200
Unemployment: 6.7%With roots in mining and railroads, this affluent town offers an updated taste of the Old West. It boasts an historic downtown area, 265 acres of parks, and 44 miles of trails. Douglas County Rodeo comes to town each summer, complete with a fair and parade. And there are bargains to be had at the nearby outlet mall. The local economy is improving too. A manufacturer for wind turbine parts recently moved to Castle Rock, and officials have earmarked an economic development assistance fund of $5 million to bring new businesses to town. -A.W.

20. Superior, CO
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Courtesy: Town of Superior
Top 100 rank: 20
Population: 12,900
Unemployment: 6.3%This former coal-mining town is a cyclist's dream. Superior's stunning mountain roads draw hundreds to the annual Morgul Classic bike race, and the town recently built a BMX bike park. Homes are more affordable here than in nearby Boulder, but residents have access to the same high-performing school district. Many of the city's well-educated and affluent residents work in the tech sector, at Denver-area employers such as Oracle. -A.W.