David Guhin, City of Santa Rosa, CA Director of Planning and Economic Development will be on the show to discuss the State’s new requirements, and how cities are now required to make changes allowing for an easier, less restrictive process for adding an ADU (Accessory Dwelling Unit) to your property. More City of Santa Rosa info here
Tune us in at 9-10AM on KSRO 1350AM, 103.5FM and streaming live at KSRO.com. Call in numbers are 707-636-1350
Mr. Guhin has over 17 years of experience in the public sector, most of which has been with the City of Santa Rosa’s Water Department. In July 2015 Mr. Guhin was asked to lead the former Community Development Department through a series of strategic changes. His first tasks were to tackle the organizational changes that would create the new and revitalized Planning and Economic Development Department and to engage staff in visioning, developing, and implementing a comprehensive Process Improvement Action Plan aimed at positively altering the experience of doing business with and for the City.
Mr. Guhin’s areas of reasonability includes the Planning, Engineering, Building and Economic Development functions for the City of Santa Rosa. In his time with Planning and Economic Development, Mr. Guhin has established the ongoing process improvement implementation, integrated the Engineering Development Services and Economic Development Divisions into the department, guided the development of the Housing Action Plan, and is leading the development of the City of Santa Rosa’s comprehensive policy on medical cannabis.
Mr. Guhin holds a Bachelor’s of Science degree in Engineering from the South Dakota School of Mines and Technology, and he is a Registered Professional Engineer in the State of California. Mr. Guhin’s recent community involvement includes being Past President for the Redwood Empire Food Bank, and he was the co‐chair for the Amgen Tour of California local organizing committee and has helped to bring the Ironman to Santa Rosa for the next 5 years.
Our delightful friend of the show and Queen of Stagers, Denise Frye, will be joining us to answer questions on home staging when selling a home. As Sellers are pondering selling during the upcoming spring marketplace, now is the time to ask Denise those tough questions on painting, decluttering, moving out and staging your home to sell? This and more!
Realtor.com came out with their 20 Hottest real estate markets in the nation. 11 of these are in California and we’ve added two NEW spots–Eureka and Fresno. Eureka is way up north on the coast of California. Isolated, older fishing community but it is very affordable as is Fresno which is in the “Valley”. “Valley” properties in the greatest state of California are fairly depressed and still have higher percentages of distressed homes. They have yet to get even close to their pre-bust highs. If you look at the top lists you’ll see 4 of these hottest market are in the California interior valleys—Sacramento, Stockton (at one time ground zero for the distressed market in California), Modesto and Fresno. What they all have in common is affordability. Median priced homes in these areas range from $270,000 to $317,000. Compare these prices with Santa Rosa (#13 on the list with a median price of $597,500).
If you are 62 or older. you can use a Reverse Mortgage to make a home purchase, and have no payments!! Today on the show, Reverse Mortgabe specialist, Jill Gromm of Alliance Reverse Mortgage, joins us. Tune in to the Real Estate Hour today for more information om this great option for our seniors community.
Plus more information about the traditional Reverse Mortgage refi which allows Seniors to age in place. This is good info for all us aging Baby Boomers, and our families.
The Real Estate Hour airs Sundays 9-10AM, PST live on KSRO 1350AM, 103.5FM and streaming live (and later podcast) at www.KSRO.com. Questions, call in numbers 707-636-1350 during the show or 707-799-3617 anytime.
Purchase a Home with a Reverse Mortgage
A HECM for Purchase is a Home Equity Conversion Mortgage that allows homeowners to purchase a new principal residence and obtain a Reverse Mortgage in a single transaction. As with a traditional Reverse Mortgage, all homeowners must be 62 years or older to qualify. (Spouse may be under 62)
The Reverse for Purchase enables senior homeowners to relocate to other geographical areas to be closer to family members, right-size home or land or maybe move closer to medical facilities.
What is a Reverse Mortgage
A Reverse Mortgage, also called a Home Equity Conversion Mortgage (HECM), is a loan that uses your home as collateral, but instead of making payments to a lender, the lender pays you. As long as you live in the home and comply with loan terms including payment of taxes and insurance, you will never have to make a mortgage payment, in other words you will have no personal liability for the payment of the debt. Upon the sale or transfer of ownership of the property the loan will then be repaid.
A huge benefit is that your cash is distributed to suit your needs and lifestyle. The lender pays out the loan in three ways: lump sum, monthly payouts, or line of credit. As long as you have money to access, you can change your mind on how you take the money at any time. This allows the homeowner to be flexible with the money.
Other benefits include:
The funds loaned to you are tax-free (consult your tax advisor for your specific situation)
Your loan does not affect your Social Security or Medicare benefits
You and your heirs will keep any remaining equity
You can never owe more than the value of your home
There are no application fees
Your piece of mind is invaluable. This loan will provide you the relief you have been looking for, remember it is a loan secured by a lien on your home
You may continue to own your home in your name or in your trust
Increase cash flow by eliminating monthly mortgage payments
How much can I borrow?
The amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates, appraised value, sale price and the maximum lending limit. It will be specific to your situation. We offer a no obligation assessment. Contact us to discuss.
What types of homes are eligible to be collateral?
Most single-family homes, two-to-four unit owner-occupied dwellings and approved condominiums and manufactured homes are eligible for a reverse mortgage loan. The home must meet FHA minimum property standards.
Am I eligible to take out a Reverse Mortgage?
To be eligible the FHA requires all borrowers on title to be 62 years or older. Borrowers must also meet financial eligibility criteria as established by HUD. If there is an existing mortgage on the home, it must be paid off with the proceeds from the reverse mortgage loan.
What happens if I want my home to be a part of my inheritance?
When the reverse mortgage loan does become due, the borrower’s heirs and/or estate may choose to repay the reverse mortgage loan and keep the home. Or, they can put the home up for sale in order to repay the loan. If the home sells for more than the balance of the reverse mortgage loan, the remaining home equity passes to the heirs.
If the home sells for less than the owed balance, the estate is not required to pay more than the value of the home at the time the loan is repaid.
A reverse mortgage loan is “non-recourse”, meaning that if you sell the home to repay the loan, you or your heirs will never owe more than the loan balance or the value of the property, whichever is less; and no assets other than the home must be used to repay the debt.
What monthly payments will I have?
You will not have mortgage loan payments, but still need to continue paying property taxes, insurance and HOA dues if any while maintaining the home according to FHA guidelines.
What can I use the money from the Reverse Mortgage loan for?
Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. Homeowners who have an existing mortgage must use the reverse mortgage loan to pay off their existing mortgage. Ultimately, you can usually use it for anything you need.
Toni Espositi of Old Republic Exchange Company (OREXCO) joins us on the Real Estate Hour Sunday June 5th 9-10AM pst., 1350AM, 103.5FM, and streaming live with Podcast immediately following the show at KSRO.com.
Regional Sales Office – California ‒ Northern
& Pacific Northwest – Ms. Toni Esposti, CES®
We are very pleased to have on the show once again Toni Esposti, long time facilatator for exchanging real estate property via IRS code 1031. This video was done on her last broadcast. I run it as the code for IRS 1031 doesn’t change all that much. The concepts are simple–deferring your taxes on the sale of an investment property as you use equity to build wealth. Eventually you will pay the IRS but hopefully at much cheaper dollars. Using “Deferred Exchanges” and other scenarios, Toni will explain the mechanics of all. Stay tuned as the steps needed to complete a successfuly IRS 1031 Exchange are implicit in an Exchange.
Changes at the PRMD (Sonoma County Permit Department),
Changes to the Vacation Rental Ordinance,
And, what about those Un-permitted repairs and alterations when you go to sell your house! These topics and more will be discussed with Real Estate Hour favorite, Tom Havstad.
Tune in..have a little fun…and, learn a lot.
Tom Havstad; Long time local Sonoma County Permit Consultant and property owner advocate. Tom Brings a wealth of knowledge to the Real Estate transaction, and to homeowners just trying to sort things out.
Permit Consulting Services for Sonoma Marin and Napa – Permit Consulting Services offers professional assistance at your building department. We know the process and we will advocate for you. Our expertise comes from decades of experience in all phases of plan and permit processing.
You may need help with building or zoning permits, or you may just need to understand what permits were taken out for work done in the past. If you need plans drawn in order to pull a permit, we can do those for you also. We’ll handle the whole process, start to finish, or we’ll coach you through it. And you can believe this, it’s not getting any simpler. You’ll save time and money by getting a professional on your side.
For or Against Rent Control? Here are some points to consider and express to the City of Santa Rosa Council meeting May 3rd—Public Meeting at City Hall.
We are please to have Daniel Sanchez, Government Affairs Director, of the NorthBay Association of Realtors to talk about these timely issues before the City of Santa Rosa takes action on May 3rd at the Council Meeting.
Just Cause:—What is it? Under just cause eviction, a tenant can only be evicted if the landlord can prove that the tenant is violating the lease, breaking the law or if the landlord must move themselves or a family member into the unit.
Any type of rental can be eligible for just cause, including single family homes.
Just cause eviction ordinances would require rental owners to prove “cause” in court, or in some cases before a political body, every time they need to remove a problem resident, such as a drug dealer, or violent criminal.
Proving cause in court or by going before a board or commission is hard to do and unfair. The legal process is costly and time consuming. Rental property owners would have to depose and subpoena other residents to testify.
Because removing a problem tenant requires going to court, these ordinances tend to clog the court system.
Santa Rosa should focus on educating renters on their protections under state law, instructing owners on their obligations, and enforcing the laws we have.
Santa Rosa should provide a forum for owners and residents to resolve disputes in a neutral setting — not in a court, not in the political setting of an eviction board, and certainly not with a host of new laws and regulations.
The longest running real estate talk show, now into its 20th year, is booking very interesting and timely guests in the weeks and months to come. Coming May 1st, Roy Johnston, attorney, speaking on the new form of real estate ownership which has a very simple, perhaps too simple, Deed. He’ll speak on this plus OTHER issues of taking title to real estate, probate process and other trust issues. Continue reading Upcoming Guests soon to the Real Estate Hour.→