If you are not yet a member, please consider joining us. If that is not possible, then feel free to review the published previously asked Questions and Answers.
Are Realtors® trained to understand and advise seniors with all of the complex decisions that they face? I have noticed Realtors® with several different initials in their advertising. How do I choose one that is right for me?
It has become very important for active adults (55+) and seniors with specialized needs to hire a Realtor® who is specially trained in the issues of aging. Not all Realtors® are the same!
An agent who is trained and has dedicated their practice to the complex issues that seniors face will be the most helpful to you and your family during a real estate transaction.SRES senior real estate specialist
Most Realtors® with the SRES ® designation work within an extensive network of people who specialize in eldercare issues such as estate planning, tax planning, reverse mortgages and so on, and can refer you to qualified and trustworthy colleagues based on your special needs.
Interview your Realtor® and find the one that is right for you. Or, contact The Shearer Group for a referral to a qualified agent in your area.SRES senior real estate specialist UP
It is very important to hire a Realtor® as your buyer agent as you seek to purchase real property. Entering into a formal buyer agency agreement allows the Realtor® to represent you in finding property, previewing property, entering into contracts, and managing the process through closing.
Often, we hear seniors say they “don’t want to waste anyone’s time” and they will go look themselves. It is so important to understand that the agent is there for you from the beginning to help make the overwhelming process of downsizing or moving less difficult.
The commission that is paid is earned if you are well served throughout the entire process! And, many times if you visit a new home community, the listing agent (who represents the builder!) will ask you to register.
Read the fine print! It often says that you cannot return with a Realtor®. You have the right to be represented! Do not give up your right to have a trained agent advocate for you during a complex contract process! After all, this is one of the most important decisions that you will ever make!SRES senior real estate specialist UP
It is an exciting time in the real estate market! Depending on your market, look for the development of new communities that are geared towards the active adult who may or may not be retired. Many communities are designed with amenities such as:
Ranch condominiums: constructed with step-less entry, wide doorways, levered door handles and other features designed to help you “age in place”. Check with your Realtor® to understand ownership (unit, land)
“Maintenance free” lifestyle: Home Owner’s Association (HOA) fees range in cost from $100 – 400 per month, and are often designed to cover pest control, lawn care, roof, water, garbage, and siding. Check with your SRES Realtor® to understand what is covered in your HOA fees
Golf communities
Clubhouse and pool
On-site social director
Water (ponds, lakes, creeks)
Sunrooms
The ability to customize the interior floors, countertops, cabinets and other features
The Internal Revenue Code 1031 allows a taxpayer to sell an investment or income-producing property and defer the capital gains tax by purchasing a replacement property or equal or greater value.
The process involves a QI (Qualified Intermediary) to facilitate the transaction. Your Realtor®, attorney and accountant are qualified to assist you with 1031 Exchanges.
A reverse mortgage is a way to convert the accumulated equity in a home to cash without having to sell or make payments while living in the home or having to have income to qualify. Each owner must be at least 62 years old.
The older you are, the more money you get. The factors that determine the amount available include interest rate, home value, age, existing liens, repair issues, and the reverse mortgage product selected.
A reverse mortgage product may be the right solution for your retirement. Contact your Realtor® for referrals to loan officers who specialize in reverse mortgage products.
Some advantages of a Reverse Mortgage?
Converts your home equity into tax-free cash.
Frees up money to be used for any purpose you want.
No payments during your lifetime as long as you live in the home.
You will not have to move unless you voluntarily choose to do so.
The lender cannot foreclose your home as long as your pay the taxes, keep it insured and maintain it: things you already do.
Your income and savings will not be reduced in any way.
Your money is available as a lump sum, monthly payments or a combination in most states.
The loan amount cannot exceed the value of your home.
You can repay the loan any time: it must be repaid at death or when you permanently move. Any excess from the sale goes to your heirs.
There are government guidelines that protect you from abuse.
Large and well-known financial institutions make Reverse Mortgage loans.
If you’re having trouble making ends meet, need money for a better lifestyle or for other reasons, a Reverse Mortgage could be the answer.
SRES senior real estate specialist
