Category Archives: Seniors

Shark Alert!! This Sunday–Don’t wire your house downpayment to a crook!

Mark Bisordi, Gen Manager North Coast Title Co.Join us this  Sunday, July 16th as Mark Bisordi, General Manager for North Coast Title Company, talks to us about the scammers out there who intercept or have you falsely wire your down payment NOT to the title company and your escrow account but to a crooks account. One couple in Tahoe recently sent $1.5 million to a scammer and lost the entire amount! NO INSURANCE for this folks! What are the steps to protect yourself? Here are some quick tips!

Don't wire your down payment to a fraudster!
Don’t wire your down payment to a fraudster!
  • Call, don’t email! Confirm all wiring instructions by phone before transferring funds. Us the phone number from the title company’s website or a business card. You also have an “opening order” statement. This tell you your escrow number, escrow officer and her/his number
  • Be Suspicious! It’s NOT common for title companies to change wiring instructions and payment info–be aware and confirm!
  • Confirm it all: Ask your bank to confirm not just the account number but also the name on the account before sending a wire.
  • Verify immediately- You should call the title company or real estate agent to validate that the funds were received. Detecting that you send the money to the wrong account within 24 hours gives you the best chance of recovering your money.
  • Forward, don’t reply–When responding to an email, hit the forward instead of reply and then starting typing in the person’s email address. Criminals use email address that are VERY similar to the real one fora company. By typing in email addresses you will make it easier to discover if a fraudster is after you!

Chief Deputy Assessor Greg Walsh Joins us on the “hour” this Sunday.

Do you know you can take your old tax bill, the cheap Proposition 13 roll-back basis, WITH you when you sell your home? How about transferring to another County and keeping your old property tax basis? Did you have your taxes “rolled-back” due to the real estate crash of 2007 only to see them bounce back big time? These and other perplexing questions answered as Greg Walsh, Chief Deputy Assesor joins us on the show this Sunday!

Propositions 60, 90 and 110 are voter-approved amendments (Revenue and Taxation Code, Paragraph 69.5) which allow qualifying Sonoma County homeowners to transfer the taxable value of a previous residence to a new residence. For many people, this can result in substantial tax savings.

  • You (or your spouse who resides with you) must either be at least 55 years of age (Prop 60) or severely and permanently disabled (Prop 110) as of the date you sell the home you are replacing.

We sometimes refer to the process of reviewing property as “the Prop 8 review process” because of its association with temporary declines in taxable value allowed by the passage of Proposition 8 in 1978.

Did you know you can Purchase a home with a Reverse Mortgage…and have NO mortgage payments??!!

Jill Gromm  VP/Senior Loan Agent  Alliance Reverse Mortgage  3033 Cleveland Ave., Santa Rosa, CA  95403  (707) 535-2926  jgromm@alliancereverse.com  CA BRE 01326979 | NMLS 246723
Jill Gromm VP/Senior Loan Agent Alliance Reverse Mortgage 3033 Cleveland Ave., Santa Rosa, CA 95403 (707) 535-2926 jgromm@alliancereverse.com CA BRE 01326979 | NMLS 246723

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.

 

Jill Gromm

VP/Senior Loan Agent

Alliance Reverse Mortgage

3033 Cleveland Ave., Santa Rosa, CA  95403

(707) 535-2926

jgromm@alliancereverse.com

CA BRE 01326979 | NMLS 246723

This is not your Grandparent’s Reversed Mortgage. Today’s Reverse Mortgage Explained

Think you know ALL about reverse mortgages? You might be in for a few surprises. Jill Grom , Reverse Mortgage Specialist with Alliance Reverse Mortgage, joins us on this Sunday’s show to talk about the many things you may not know about Reverse Mortgage.

Tune in every Sunday from 9-10AM pst for The Real Estate Hour on KSRO 1350AM, 103.5FM and streaming live at www.KSRO.com

Reverse Mortgage specialist--a great guest too! Very informative.
Reverse Mortgage specialist–a great guest too! Very informative.

Jill Gromm |  VP, Reverse Mortgage Specialist 707-535-2926 – Cell 707-235-2269                             www.allreverse.com (Formerly California Reverse Mortgage Consultants)

cid:3511512905_16256324
A TRUSTED CREDIT UNION PARTNER

3033 Cleveland Avenue Suite 150  |  Santa Rosa CA 95403  |  CA BRE 01326979  |  NMLS 246723
MEMBER OF NATIONAL REVERSE MORTGAGE LENDERS  ASSOCIATION

About Jill:
Jill Gromm is an experienced mortgage professional providing mortgage loans for over 14 years and has spent the last 9 years specializing in Reverse Mortgages. She works for Alliance Reverse Mortgage which is located in the Redwood Credit Union’s corporate office on Cleveland Blvd.
Jill’s mission is to educate the senior homeowner and provide safety, security and peace of mind on every loan. She is a trusted advisor that not only works with each client through the loan process but also keeps in touch with all of her clients after the loan closes to answer any questions during the servicing of the loan.
Jill’s keys to success is to listen to her clients needs and educate them on all mortgage options to see what is in the clients’ best interest. She gives every client personal and professional service including in-home consultations. Continue reading This is not your Grandparent’s Reversed Mortgage. Today’s Reverse Mortgage Explained

Trusts, Estates, Conserved, Probate – Gun Safety in the Home.

Firearms Firearms1This month’s PFAC meeting (Professional Fiduciary Association of California) focused on firearms, ammunition and explosives you might find in the home of a deceased or conserved homeowner, and what to do with them.

Captain Gary Negri (ret.) – Santa Rosa Police Dept. and
Sergeant Rob Douglas (ret.) – Sonoma County Sheriff’s Dept. lead an informative and interactive talk on the following topics:

1) Safety risks that a fiduciary or legal professional is likely to encounter in the course of their work when a client owns weapons.

2) What the Trustee, fiduciary or attorney needs to be aware of when entering a client’s home environment.

3) The potential assaultive behaviors that can occur when guns are in the home, and what steps can be taken to minimize risks.

4) What procedures and laws must be followed to handle, transfer, sell or dispose of guns in an estate.

5) Important conversations for attorneys to have with clients about firearms during the estate planning process.

6) How to identify and distinguish various types of weapons.

If you find firearms, ammunition  or explosives in a home; DO NOT transport them, DO NOT walk into the police department with them, call the local police Department or Sheriffs Department. For explosives and ammunition larger than 50 caliber (approx 4 inch bullet) you are required to call the local bomb squad.  ALWAYS err on the side of safety.

If you need help settling a the real estate portion of an estate, or you need a stepped up basis for tax purposes, give us a call 707-799-3617 or, email NoDumbQuestion.com

Disturbing News on Santa Rosa’s Housing Stock!

 

The Napa earthquake showed us all, in graphic detail,  what happens when homes are NOT retrofitted for earthquake safety. Here in Sonoma County we have many homes built in the late 1800’s through the 1940’s. The issue with this is “cripple walls”. These walls were used extensively in building during these years. Below is a diagram showing what they look like and what happens during a severe earthquake. The “ladder” type wood under the foundation are the cripple walls. The house has literally “Tipped” off of its foundation.  Here is a breakdown of how many homes may have this construction characteristic JUST in Santa Rosa! Remember, the hardest hit area in the last “BIG ONE” of 1906 was Santa Rosa.

Year Built:                       Amount of Homes

1900-1910                     509

1911-1920                     561

1921-1930                     854

1931-1935                    288 (great depression)

1936-1940                    796

1941-1945                    572

That’s 3, 580 homes which could suffer severe damage in a 6+ sized earthquake.  However, we do have simple remedies to this issue. One is to retrofit the cripple walls with “sheer” walls of 3/4 inch plywood. Also, you can bolt the foundation sole plate down, install brackets which hold the home together as a unit. But DON’T delay!!

Diagram of a house resting on cripple walls and the failure of these walls to support the house.
Diagram of a house resting on cripple walls and the failure of these walls to support the house.
Cripple walls fail and literally "tip" the house off of its foundation.
Cripple walls fail and literally “tip” the house off of its foundation.

The Real Estate Hour: Come see us at the Dementia Care Event at the Finley Center

The Kelly-Norman Team are proud to be sponsoring this great event in Santa Rosa on January 16th 1:30-5:00pm.  A large portion of our Real Estate business involves working with seniors and their families when the time comes for them to move on, either into assisted living, to a child’s home, or when they pass on and their estate is liquidated. We understand the probate and trust process, and we specialize in taking the real estate burden off the family’s plate.

We look forward to meeting you there.~ Mike and Allison

Nationally renowned dementia expert Teepa Snow is coming to our area!

http://www.seniorhelpers.com/napa-Local-Events

 

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All about “Reverse Mortgages”–When to use, HOW to use, WHY they are a good tool for those in their later years

Here in Sonoma County the largest demographic are folks over 55. With an “aging” population the frequency of useage for “Reverse Mortgages” is on the rise. We’ve brought in expert Jill Gromm to give us a mini seminar on the various types of Reverse Mortgages available and WHICH one might be RIGHT for you!

Reverse Mortgage specialist

Reverse Mortgage for Purchase

 Why Use a Reverse Mortgage for Purchase

  • Empty nesters downsizing in retirement

Two-story to a single level  or Home or land too much to maintain

  • Relocation

Closer to family or friend

Closer to hospital and medical treatment

  • Unable to purchase/move in the past due to credit/income qualifications

Traditional loan still has a mortgage payment whereas with a reverse mortgage there is no monthly mortgage payment.

Easier to qualify for a reverse mortgage – (Bill S. 469 – HECM Stabilization Act of 2013 – will have a financial assessment qualification for the loan but we don’t know what that is going to look like)

Qualifying for a Reverse Mortgage