Is a Reverse Mortgage for You?

Reverse mortgages are increasingly popular because they put extra money in your pocket. But they're only suitable for a small number of people so don't rush into one before you know if it will really help your financial situation.

A reverse mortgage is just what it sounds like: The lender pays you, rather than you paying the lender. Essentially, you're taking out a loan against your home equity that doesn't have to be repaid until you move out of the home or die.

Here's a tip sheet with five factors to weigh when considering a reverse mortgage:

1. How it works: Typically, the loan is repaid from your home equity when the home is sold, either after you move out or you die. When your home is sold, the loan is repaid and you or your heirs receive any leftover home equity. But while the loan is outstanding, you still own the home and don't make any monthly mortgage payments. You must also continue to maintain insurance and property taxes.
2. The mechanics of the loan: Reverse mortgages are "non-recourse loans," which means that what you owe can never exceed the selling price of your home. If it does, the government or the lender makes up the difference. These mortgages are also "rising-debt loans" -- the interest (which can be fixed or variable) is added to the principal each month. The interest owed increases significantly over time because of compounding and it cannot be deducted from your taxes until you pay off all or part of the loan.
3. Who qualifies?: You must be at least 62 and own your own home, although you may be eligible if you are still paying down a first or second mortgage. There are no income or medical requirements. Reverse mortgages are available for most properties except mobile homes and co-ops. The money can be used for anything. However, if your home needs repairs to qualify for the loan, part of the proceeds must be put aside for that purpose.
4. How much money you receive: The loan amount depends on your age, the type of reverse mortgage, the value of your home, current interest rates and where you live. In general, the older you are and the more valuable the home, the larger your loan. You can receive your proceeds monthly, in a lump sump or as a line of credit that you can tap into whenever you need the money.
5. Tax implications: Your payments are tax-free because the IRS considers them a disbursement of principal, not income.

If you, or someone you know, is house rich and cash poor, a reverse mortgage may be an option to boost cash flow. But the loans are complex and a home is a valuable asset, so check with a financial adviser who can help you minimize the risks.

CLEARWATER, FLORIDA, SHORT SALES

Looking for a deal on a Short Sale in Clearwater, Florida?

Click Clearwater Florida Short Sales to search for your Clearwater dream home!

PRESS RELEASE - Realtors in Florida!

PRESS RELEASE

FOR IMMEDIATE RELEASE

May 26th, 2012

NEXTAGE GATEWAY REALTY, located in Largo, Florida, is pleased to welcome Ann Gionta as its new Broker of Record, and new sales associates Kristopher Rotonda and Karen Waite, all specializing in residential sales in the greater Tampa Bay area of Florida.  

“We are thrilled to have Ann, Kris, and Karen join our team,” says Judy Dunne, owner of Nextage Gateway Realty. “It is an exciting time to be with Nextage, as we continue to build on our dominant presence in Florida and the Tampa Bay area.”

Ann Gionta, CDPE, brings over 5 years of successful Tampa Bay real estate experience to Nextage Gateway Realty. Ann will continue to serve a customer base in the Tampa Bay area while serving as Nextage’s Broker of Record. Ann’s expertise as a Certified Distressed Property Expert will benefit all of Nextage Gateway Realty’s customers

Kristopher Rotonda brings many years as a successful personal trainer to Nextage Gateway Realty. With his unique blend of enthusiasm and desire to help others, Kristopher looks forward to serving clients in the Seminole, Largo, and greater Tampa Bay area.

Nextage Realty International, LLC, expanded into the Tampa Bay area in 2010, adding NEXTAGE GATEWAY REALTY to its growing number of franchise locations. With over 14 offices locations in Florida and 100 throughout the country, franchise owner Judy Dunne and Broker Ann Gionta look forward to providing superior service to customers in Tampa Bay, including those in Tampa, St. Petersburg, Clearwater, and the gulf beach areas.

Phone: 727-412-8562 

Nextage Gateway Realty, 12998 Walsingham Rd., Largo, FL, 33774

E-mail: gateway@nextagerealty.com

Website:  http://www.nextagegatewayrealty.com

Tampa Bay and Florida Home Prices Rise

According to an article by Mark Puente of the Tampa Bay Times, home prices rose last month in Tampa Bay and the rest of the country. The median price of single-family homes in the bay area jumped more than 8 percent from $120,000 in April 2011 to $130,000 last month, according to My Florida Regional MLS data. The bay area recorded 2,566 sales last month, compared with 2,519 in April 2011.

The price bump could offer hope to sellers who have been waiting for increases before listing their homes for sale.

So does that mean housing woes are finally in the rearview mirror?

"The first quarter has been incredible," said Nick Fraser, owner of Re/Max All Star in Madeira Beach. "Buyers realize they can't beat up sellers anymore over prices. The market has definitely leveled out."

The median price of conventional sales also rose in Tampa Bay from $157,000 in April 2011 to $165,300 last month.

Investors have dominated the market the past 18 months but are now raising their offers to compete with other buyers who are chasing affordable homes. Currently, supply is down, and demand is up for single-family homes. The supply has dropped to almost four months in Hillsborough and Pinellas counties.

The inventory also keeps falling throughout the Sunshine State.

In April, Florida had a 5.8-month supply of single-family homes and a 5.7-month supply for condos. A supply of six months is considered a normal market.

Statewide, prices rose as sales remained nearly flat when compared to April 2011. The median price rose 10.2 percent to $144,350. The sales of 17,544 houses last month dropped 0.7 percent, according to the Florida Realtors.

"The housing numbers for the state of Florida continue to signal recovery," said John Tuccillo, Florida

Realtors chief economist.

Nationally, the median price for an existing home was $177,400 in April, up 10.1 percent from a year before, according to the National Association of Realtors. March and April marked the first two-month increase in nationwide prices since mid 2010, the group said.

Lawrence Yun, chief economist for the group, said the housing situation has shifted from a buyer's market to a seller's market as the inventory of homes drops. He pointed out that it's no longer only the investors taking advantage of affordable prices.

"A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices," he said.

For a copy of the article, please go to http://www.tampabay.com/news/business/realestate/tampa-bay-and-florida-home-prices-rise/1231378

Want to buy or sell real estate? Check Nextage Gateway Realty out at http://www.nextagegatewayrealty.com/ or call us at 727-412-8562.

Have $14,900,000 to spare?

Then this can be yours! Most people can't afford a home such as this beautiful mansion in Tampa, Florida, but we thought we'd post it just so you can day dream with us!

Click this link to check out the listing and to view more pictures: Tampa, FL Mansion For Sale 

Any questions? Visit us at http://www.nextagegatewayrealty.com/ 

You can always give us a call us Nextage Gateway Realty at 727-412-8562 or 727-430-4191! Ask for Karen!

Clearwater, Florida, Visitor Guide

Check out the Clearwater, Florida, Visitor Guide. It's full of information about what's happening in the Tampa Bay area, along with fun things to do while here!

Click here for your Free Clearwater Florida Visitor Guide 

For any questions, visit us at: http://www.nextagegatewayrealty.com/ or give us a call at 727-412-8562! Nextage Gateway Realty! We're here to help!

Homes in Tampa and the Tampa Bay real estate market

Homes in Tampa and the Tampa Bay real estate market encompass a tri-city region, which includes Tampa Florida, Clearwater, and St. Petersburg. There are many diverse homes, including beautiful beach homes for sale, in the Tampa Bay real estate market, giving you many options to find the right fit for you and your family. The beautiful weather allows for outdoor recreation, regular visits to the sugary-white beaches, and the ability to wear flip flops year-round.  You can search for homes in Tampa at http://www.nextagegatewayrealty.com/

Families have plenty of entertainment choices in the Tampa Bay area. Busch Gardens Amusement Park, The Florida Aquarium, Carnival Cruise boat docks, and the Lowry Park Zoo - rated by Parent’s Magazine as the top zoo in the United States, are just a few family-friendly options. Disney World and the greater Orlando area are just an hour's drive away. Professional sports are also very popular in the Tampa Bay area, with the NFL's Tampa Bay Buccaneers, the NHL's Tampa Bay Lightning, and MLB's Tampa Bay Rays all located within in a 20-mile radius. Golf also attracts many people to the Tampa Bay area. With year-round access to the professional Innisbrook Resort, The Champions Club, and a bevy of beautifully manicured courses throughout the area, golfers are drawn to Tampa Bay for their love of the game.

The Tampa Bay school system includes highly regarded Magnet, Gifted, and International Baccalaureate programs. Local higher education includes The University of South Florida, located in Tampa, Hillsborough Community College, and St. Petersburg College, allowing Florida residents high quality, affordable education options.

Homes in Tampa and the Tampa Bay real estate market offer many options for those looking for the perfect place to call home!

For more information, contact http://www.nextagegatewayrealty.com/

Tampa Bay Real Estate home search is here!

The search is on for Tampa homes and Tampa Bay real estate!

Looking to Buy? Sell? Invest in Tampa Bay homes, beach property, or real estate? 

Check out our comprehensive Tampa Bay property search website at: www.nextagegatewayrealty.com 

Find your Florida dream home!

Give us a call with any questions at 727-412-8562 or email us at gateway@nextagerealty.com !

Happy Searching!

Struggling Florida home owners to get additional "Hardest Hit" help.

The Florida Housing Finance Corporation announced changes to the Hardest Hit Fund program last week that may help struggling home owners in the Florida real estate market get back on their feet in a more expedient manner. Residents of regions such as Tampa Bay and South Florida, who have felt the sting of the housing recession more so than any other area of the country, will welcome the relief.

Launched in 2010, the U.S. Treasury created the “Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets” and allocated funds under the Emergency Economic Stabilization Act of 2008 to Florida, California, Michigan, Arizona, and Nevada. Initially allocated to these states because of their excessive housing market depreciation and to assist in foreclosure prevention efforts, the Hardest Hit Fund expanded to 18 states and the District of Columbia, all severely affected by under-employment and the steep decline in real estate prices. Administered by each state’s Housing Finance Committee, benefits of the fund may include mortgage payment assistance, principal reduction, and help paying down second lien holders.

Changes to the Hardest Hit Fund are intended to decrease eligibility roadblocks, which seemingly prevented many Florida home owners from qualifying for assistance. Changes include allowing home owners longer periods of mortgage assistance, elimination of the monthly expense/income qualification ratio, and increasing the allowance cap to bring the loan up to date, to name a few. The previous requirement that a home owner’s monthly expenses equal less than 31% of their gross income in order to qualify for assistance has also been eliminated.

The changes will likely allow more home owners to benefit from the program. As of December, 2011, only 3% of the available money had been used up by just over 30,000 home owners nationwide, according to the Inspector General of the Troubled Asset Relief Program (TARP). 

To apply for assistance, Florida home owners should visit flhardesthithelp.org.