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Patrick O. writes Hi Patrick, Assuming that your mother has been occupying the property as her primary residence for at least two of the past five years, she is forgiven from paying taxes on any gain up to $250,000. For a single person and up to $500,000. For a married couple under the 1997 Tax Act. This privilege is not limited to persons over age 55, nor is a once in a lifetime exemption- but can be used as often as every two years. As with all questions regarding federal and state tax laws I advise you to obtain the advice of a licensed Certified Public Accountant. Back to Top of the PageBack to Real Estate QuestionsTell me about capital gains tax. The 1997 Tax Payer Relief Act included significantly changed laws defining capital gains. The new law defines length of occupancy as any two of the past five years of ownership. The exclusion on the gain is $250,000 for an individual and $500,000 for a joint return. There is no age restriction and can be used every two years. No replacement property is necessary. Consult with your financial planner and Realtor® for more information. Back to Top of the PageBack to Real Estate QuestionsWhat is involved in “downsizing”? There comes a time when a large, single family home is no longer needed! Empty nesters, retirees and seniors with special needs realize that it is time to sell their home and move into a home with smaller square footage and possibly even minimal maintenance! This is not an easy decision and is a time when a Realtor® (especially with the SRES® designation) will be a helpful advisor to you and your family. The Realtor® can assist you in the sale of your home, organizing the move process, including estate sales, and assist you in the purchase of your new home. Your home is more than furniture and walls: it is your memories and precious possessions. It is hard to let some things go. However, your Realtor® can support you through the process of downsizing and into the new possibilities of realizing the positive lifestyle that retirement communities feature and that you deserve! Preparing your home to sell takes a plan and organization. Staging it to sell quickly and for top dollar is what your Realtor® is trained to accomplish! Explore the possibilities with your Realtor®. Back to Top of the PageBack to Real Estate QuestionsIndependent Living - is a residential living setting for elderly or senior adults that may or may not provide hospitality or supportive services. Under this living arrangement, the senior adult leads an independent lifestyle that requires minimal or no extra assistance. Generally referred to as elderly housing in the government-subsidized environment, independent living also includes rental assisted or market rate apartments or cottages where residents usually have complete choice in whether to participate in a facility's services or programs. Independent living facilities (ILF) have been developed in many areas to accommodate seniors who sell their large single family residence and downsize into this type of community setting so that their physical and emotional needs can be met. Some ILF’s are associated with church denominations, while others are owned and managed by for-profit corporations. They are generally lease agreements with monthly rent paid to the management company. Amenities vary and can include:
This is often the right decision for some people. Contact your Realtor® for advice. Referrals to case managers are often appropriate to assist with further planning. Back to Top of the PageBack to Real Estate QuestionsWhat is assisted living?Assisted Living - is a residential setting that offers choices in personal care and health related servicesServices provided in Assisted Living residences usually include:
They are generally lease agreements with monthly rent paid to the management company. Amenities vary. This is often the right decision for some people. Contact your Realtor® for advice. Referrals to case managers are often appropriate to assist with further planning. Back to Top of the PageBack to Real Estate QuestionsWhat does the term “active adult” mean? Active Adult Communities, also referred to as Resort Communities, attract both retired persons and those nearing retirement age who wish to get a start on owning a place where they will eventually retire. Active Communities are focused primarily on providing activities for, and services to, community members. There are two types of Active Communities:
They may offer facilities and amenities such as golf, tennis, ocean views, a marina, country and mountain views, a country club, walking and biking trails, a swimming pool, exercise rooms and a variety of clubs and interest groups. Many are gated communities that offer a high level of security and some have health care facilities on site. In addition, they may offer a variety of other activities such as art classes, dancing, woodworking, ceramics, chorus, etc. They usually have a clubhouse or country club with dining facilities, and depending on location, a marina and beach. Residents may live in individual single-family homes, condominiums, town houses or suites in high rise towers. Back to Top of the PageBack to Real Estate QuestionsHow can I find a SRES® in my area? The Shearer Group maintains access to a nation-wide network of Realtors® with the SRES® designation. Call today for our referral. Back to Top of the PageBack to Real Estate QuestionsThe Certified Aging-in-Place Specialist (CAPS) designation program teaches the technical, business management, and customer service skills essential to competing in the fastest growing segment of the residential remodeling industry: home modifications for the aging-in-place. A Realtor who is a Certified Aging in Place Specialist has taken special training by the National Home Builders Association, which includes principles of universal design. Kendra Shearer, of The Shearer Group, holds both CAPS and SRES® designations. Look for these designations when you interview your Realtor®. Back to Top of the PageBack to Real Estate QuestionsWhat does the term “universal design” mean? Universal design is the design of products and environments to be usable by all people, to the greatest extent possible, without the need for adaptation or specialized design. The intent of universal design is to simplify life for everyone by making products, communications, and the built environment more usable by as many people as possible at little or no extra cost. Universal design benefits people of all ages and abilities. There are 7 principles of universal design and includes concepts like step-less entry, wide door ways, levered handles, and other environmental adaptations that allow a person to “age in place” with dignity. Your Realtor® networks with specially trained builders and remodeling companies to assist you with planning your needs. Back to Top of the PageBack to Real Estate QuestionsWhat is an “Easy Living” builder? The EasyLiving Home(CM) program is a certification program designed to encourage builders of single-family homes and townhomes to incorporate several features that increase the sellers' market and offer buyers a home easy for all to live in and visit. An EasyLiving Home(CM) offers
Back to Top of the PageBack to Real Estate QuestionsWhat are some tips for preparing my home for sale? Your Realtor® will evaluate your home and help you make decisions about preparing your home for the market. There are three things that sell a home: location, price, and condition. You want to make sure that the home is in excellent condition. Reduce clutter, clean everything, be sensitive to odors, use neutral paint and carpet, and make sure that there is no moisture or leaks. You can request specially prepared reports for selling your home on my website at www.kendrashearer.com. Back to Top of the PageBack to Real Estate QuestionsAre all real estate agents Realtors®? A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION of REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. The Code of Ethics is a comprehensive set of standards of practice that defines a Realtors® duties to clients, to the public and to other Realtors®. Interview your agent and assure that he/she is a member of the National Association of Realtors. Back to Top of the PageBack to Real Estate QuestionsWhat is the importance of a home inspection? A home inspection is an objective visual examination of the physical structure and systems of a home, from roof to foundation. A home inspection report or home inspection service is the equivalent of a physical examination from your doctor. When problems or symptoms of problems are found, the inspector may recommend further evaluation or remedies, making the home inspection cost well worth it. A standard home inspection report summarizes findings from a visual inspection of the condition of the subject home’s heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; foundation, basement, and the visible structures of the home. A home inspection summarizes the condition of a property, points out the need for major repairs and identifies areas that may need attention in the near future. Buyers and sellers depend on an accurate home inspection to maximize their knowledge of the property in order to make intelligent decisions before executing an agreement for sale or purchase. Your Realtor® can recommend home inspectors and assist in negotiating repairs. Back to Top of the PageBack to Real Estate QuestionsA home warranty is a service contract, normally for one year, which helps protect homeowners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Generally, basic coverage includes the home's heating, plumbing, electrical system, water heater and major appliances, such as range/oven/cooktop, dishwasher, garbage disposal, etc. Discuss options with your Realtor®, including coverage during the listing period. Back to Top of the PageBack to Real Estate QuestionsDiscuss Home Owner’s Associations. Home Owner’s Associations can play an important role in maintaining the value of your home. The corresponding covenants, conditions and restrictions (CC&R’s) constitute a form of government and rules that are designed to maintain standards for care of the home and prevent deteriorating home values. HOA fees vary so consult with your Realtor®. Back to Top of the PageBack to Real Estate QuestionsHow do I assess and treat mold? The most important consideration to keep in mind toxic mold prevention is that fungi and mold need a moist, wet, or damp environment in order to thrive. By maintaining a clean, dry home or workplace, dangerous mold species cannot begin to grow. Unfortunately, it is often extremely difficult to distinguish between toxic molds and those that don't pose a risk. Most types of mold appear quite similar---black or gray sooty patches. The good news is that even if toxic molds are in or around a home, most homeowners remove them through normal cleaning before they are able to grow to a size where they would pose a threat. Regardless of the type of mold that is found in a particular home, the relative safety of those inside depends on the size of the mold manifestation. The danger level occurs when mold reaches a size of roughly 2 square feet. Also of concern is if mold has infested household items like insulation, drywall, or carpet. If so, these materials should be immediately extracted and the source of the dampness or wetness should be fixed. When replacing these items, it is best to use a non-cellulose and low nitrogen replacement material. If the mold patch is small, it can be removed with a chlorine-bleach solution (1 cup of bleach in 1 gal. of water). The mold should come off with simple scrubbing (individuals should protect themselves with eye protection, rubber gloves and carbon filter respirators). Mold that has dried should not be scraped because this greatly increases the chances the releasing toxin-carrying spores into the air. Sources in and around homes that can create a dangerous environment include leaky or broken pipes, windows or older doors that lack good seals, roofs that leak, and any cracks or holes in the building. If flooding has occurred, it is extremely important to make sure that the water is thoroughly dried up to avoid festering water or dampness. In addition, reducing the humidity through the use of a dehumidifier can prevent the growth of dangerous toxic molds. All buildings should undergo scheduled maintenance that includes inspection for water leaks, problem seals around windows and doors, as well as checks for visible mold in moist or damp parts of the building. Any conditions that could be a possible cause of mold or fungi growth should be corrected to prevent possible problems in the future. Contact your Realtor® for professional vendor assistance. *Toxic-mold-news.com Back to Top of the PageBack to Real Estate QuestionsHow do I assess and treat termites? Subterranean termites are serious pests, whose control is best left to professionals. Termites and termite management services can be confusing, however, and there are more options available today than ever before. They primarily feed on wood, but also damage paper, books, insulation, and even swimming pool liners and filtration systems. Termites can injure living trees and shrubs, but more often are a secondary invader of woody plants already in decline. While buildings may become infested at any time, termites are of particular importance when buying or selling a home since a termite inspection/infestation report is normally a condition of sale. Termite treatment is a job for professionals. Contact your Realtor® for professional vendor assistance. Back to Top of the PageBack to Real Estate QuestionsWhat is a comparative market analysis? An informal assessment of a property's market value, usually done to establish a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that have sold in the area within the past year. The analysis is normally done by a real estate agent who has easy access to area sales records. Back to Top of the PageBack to Real Estate QuestionsStaging is one way to get top dollar for your home as you prepare it for sale. Homes that are Staged may sell faster and for more money! This is because Staging sets the scene throughout the house to create immediate buyer interest in your property. This will then lead to your home selling for the highest possible price in today's market. You only have one chance to make a good first impression. When selling your home you want to insure someone does not overlook that it may be the home for them. Our homes are usually the most valuable thing we own and yet many people do not take the necessary steps to guarantee that their home "shows" in it's best possible light. This relatively new industry may be called, home staging, real estate merchandising, real estate enhancement, decorating to sell, just to name a few. The real estate stager will analyze every detail of your home from the front door and curb appeal to the storage issues inside your home. Whatever it is called, this service will help you to realize the most profit on your property. Back to Top of the PageBack to Real Estate QuestionsWhat is a Seller’s Property Disclosure? Home owners in most states in the US are required to fill out a property disclosure form that discloses material facts about the house they are selling. Material facts are details about the condition or legal status of the property, such as:
The exact questions that are asked on property disclosure forms vary from state to state, but they cover many of the same topics: Examples of Material Facts
Back to Top of the PageBack to Real Estate QuestionsWhat things are included in closing costs? Examples of items included in closing include: Loan application fee, appraisal fee, loan origination fee, legal fees, transfer tax, intangibles tax, property tax, city and county taxes, home owners association fees, real estate commission, recording fee, pre-paid items kept in escrow (hazard insurance, taxes). Realtors® negotiate what closing costs are paid by the buyer and seller in each transaction. Back to Top of the PageBack to Real Estate QuestionsCommission is the fee that is paid to the real estate broker for assisting the client in the sale or purchase of real estate. It is a negotiable rate and is usually a percentage of the sales price. Commission covers the cost of operating the real estate company, the cost of advertising and marketing the property, the cost of assisting a buyer find property, and the Realtors operating expenses and taxes. The only income a Realtor earns is at the time of closing, when representing a client through an agency agreement. Back to Top of the PageBack to Real Estate QuestionsTell me about property tax and tax exemptions. Property tax, also referred to as realty tax, is an annual tax that owners of private property are required to pay to the local government in the city or county in which the property is located. The two main determinants of the property tax amount are the market value of the property and the local tax rates. Property owners may arrange to pay their property taxes in installments; but because the property tax is often included as a portion of the mortgage, lenders have the final say about property tax payment arrangements. For various local city and county governments, property taxes are among the main sources of income generated. Property taxes fund a large portion of public education expenses. Other public services provided by the local government that are funded by property taxes include the fire department, maintenance and construction of roads, neighborhood parks, public libraries, and local courts. By taking a minute portion of one cent per $100 of the appraised value of a property, the state government also benefits from the collection of property taxes. This will vary from State to State. In Georgia, one of the tax law advantages for Senior’s are the Homestead Exemptions: Standard Homestead Exemption The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a $2,000 exemption from state, county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The $2,000 is deducted from the 40% assessed value of the homestead. Individuals 65 Years of Age and Older May Claim a $4,000 Exemption Individuals 65 years of age or over may claim a $4,000 exemption from all state and county ad valorem taxes if the income of that person and his spouse does not exceed $10,000 for the prior year. Income from retirement sources, pensions, and disability income is excluded up to the maximum amount allowed to to be paid to an individual and his spouse under the federal Social Security Act. The social security maximum benefits for 2006 is $49,272. Individuals 62 Years of Age and Older May Claim Additional Exemption for Educational Purposes Individuals 62 years of age or over that are residents of each independent school district and of each county school district may claim an additional exemption from all ad valorem taxes for educational purposes and to retire school bond indebtedness if the income of that person and his spouse does not exceed $10,000 for the prior year. Income from retirement sources, pensions, and disability income is excluded up to the maximum amount allowed to be paid to an individual and his spouse under the federal Social Security Act. The social security maximum benefits for 2006 is $49,272. The owner must notify the county tax commissioner if for any reason they no longer meet the requirements for this exemption. This exemption may not exceed $10,000 of the homestead's assessed value. Back to Top of the PageBack to Real Estate QuestionsA Life Settlement is the selling of an unwanted or unneeded life insurance policy for several times its cash value. This is a source of financial funding in retirement years. Back to Top of the PageBack to Real Estate QuestionsWhat is a Continuing Care Retirement Community? A continuing care retirement community (CCRC) is a community which offers several levels of assistance, including independent living, assisted living and nursing home care. It is different from other housing and care facilities for seniors because it usually provides a written agreement or long-term contract between the resident (frequently lasting the term of the resident's lifetime) and the community which offers a continuum of housing, services and health care system, commonly all on one campus or site. Back to Top of the PageBack to Real Estate QuestionsWhat is a Skilled Nursing Facility? Provides 24-hour skilled care (licensed nursing care) for the more acute patients. Patients generally rely on assistance for most or all daily living activities (such as bathing, dressing and toileting). Back to Top of the PageBack to Real Estate QuestionsReal estate that is sold as fee simple means ownership of land that may be inherited. The only power that can require a person to sell their land or home is the power of eminent domain in which the government can acquire land for public use. Back to Top of the PageBack to Real Estate QuestionsFeng Shui (pronounced “fung” “shway”) is an ancient Asian art of creating harmony and balance in the environment. Certain colors and elements should be in each “life area” for a home to be in harmony. Back to Top of the PageBack to Real Estate QuestionsTitle is evidence that the owner of the land is in lawful possession. Title insurance protects the lender and buyer from loss sustained from defects in title. Title is recorded in County records upon transfer of real estate from one person to another. A deed is a written document that conveys title to real property. Back to Top of the PageBack to Real Estate QuestionsAn easement is the right, privilege, or interest that one party has in the land of another. It can be an easement by necessity (such as road access or utility). Back to Top of the PageBack to Real Estate QuestionsPersonal property is not movable and is not fixed to the land. Examples are appliances, furniture, or cars. Realtors® record this on a Bill of Sale when included in the sale of real property. Consider hiring a certified appraiser to ascertain the value of personal property (antiques and other items of value) prior to estate sales or other means of disposing of personal property. Back to Top of the PageBack to Real Estate QuestionsA deed that conveys only the Grantor’s rights or interest in real estate, without stating the nature of the rights and with no warranties of ownership. An example would be if a cloud on title was discovered during a title search, a quitclaim deed would be obtained to remove any claim to the property prior to sale. Back to Top of the PageBack to Real Estate QuestionsMary A. writesDear Kendra, I heard that there is a once in a lifetime capital gain exemption. Is this correct? Can you please explain to me the best way to go about this to avoid paying such an enormous amount in taxes. They have never taken the exemption before. Please explain the process. Thank you. Dear Mary, Here are some ideas to consider: First, capital gains is defined as the difference between a sales price and the "adjusted basis" in a property. This is the difference between the capital improvements made to the property and to the depreciation of the property. Gain from appreciation is taxable at 15% and gain from depreciation is taxed at 25%. Your accountant has calculated a total of $30,000 that your parents will owe from the sale of their investment property. Second, The Tax Payer Relief Act of 1997 states: When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes. This act repealed the old rules and the once in a lifetime exemption that you are referring to. The key to the entire plan is that you are allowed to sell a principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain on the sale. Some people have the mistaken impression that the home sale exclusion is still only "once in a lifetime," or only available to those of a certain age (such as the elderly), or only available if you buy a more expensive home. Those were the old rules, and they no longer apply. If you meet the two-year ownership and use tests for a principal residence, and don't sell more than one principal residence in any two-year period, you can exclude any capital gain tax on the sale (up to the $250,000 or $500,000 limits mentioned earlier). In your parent's case, you can turn a rental house into a primary residence, making the sale of it eligible for the exclusion. This is accomplished when you meet the IRS use and ownership tests: You own and live in the home for two out of the five years before the sale. Thank you and we hope that this general information is helpful as you work with your legal and financial advisors. It is not intended as legal or financial advise. Back to Top of the PageBack to Real Estate QuestionsDo you have a real estate related question?Kendra Shearer is a SRES (Senior Real Estate Specialist) and is a Certified Senior Approved Service. See Ask Kendra Back to Top of the PageBack to Real Estate Questions
Dear Patti, Dear Sheila, The first indicator you mentioned in your email is "she has been going through feelings of loss of control of her life." My recommendation first and foremost is to take the wind out of her sail, so to speak, by not arguing with her. Focus on and validate mother's feelings. "Mom, this must be so hard for you to pack up and move to Ohio to live with me. What do you miss most about (the town she used to live in)?" Let your mother reminisce, cry, grieve. When we try to reason with someone on a cognitive level who is clearly in a feeling state, our words are in vain. Address mother's feelings first. Get your brother and others in the family on the same page, here, too, as to how to approach mother. Second, try to help mother organize her papers in such a way that she can refer to them when she forgets. What medicine's she takes, her password, phone numbers that are new to her since her move, etc. In the back of our book, TRUCE! Using Elder Mediation to Resolve Conflict among Families, Seniors, and Organizations, Chapter 7 and Appendices one through ten offer a variety of helps for communicating with older adults, organizing information, and offering a variety of resources for caregivers to get help. Third, if mother becomes agitated often, check the noise level around her. Don't try to have a conversation about important matters if the TV or radio is on. Again, even if it is quiet in the house and she becomes angry, address her feelings first. Fourthly, IF your mother agrees to see a doctor, make an appointment for a Geriatric Assessment. Many hospitals or private physician practices catering to elders offer this comprehensive screening which includes physical, mental, neurologic, emotional, psychosocial and behavioral components. This is preferred to taking her to general practioners or internists who do not specialize in late life care. Medication dosages are different for seniors than for those younger, as well as the types of testing that are done. At times you can find non-medical Geriatric Assessment screeners who come to your home, as our practice does, to offer depression screening, mental status exams, risk for fall assessment, and so forth. If your mother is in a state of dementia, and depending on the cause (there are at least over 100 known causes of memory loss). Ruling out any organic causes allows physicians and therapists both to diagnose accurately and to plan the most effective treatment strategy. Lastly, if your mother refuses to see a doctor, unfortunately there is not much to do until a "crisis" of some sort occurs. Since you work full time, you may want to consider having an in-home caregiver with mother during the day until you arrive home. In many areas, there are also Adult Day Care Centers offering a host of services. I will pray for your situation, Sheila. Please be sure to take care of YOURSELF as well. Back to Top of PageBack to Elder Mediation QuestionsMary S. writes Dear Mary Also check if there is a Family Services support/counseling agency in your town to get either free or sliding scale fee care for yourself as primary caregiver for your father. Some hospitals have a free call-in line for medical care. Here in the Cleveland area, a few of the larger hospitals offer this service, and callers may speak with a nurse to assess action steps that need to be taken. Do you have a question regarding conflict resolution, family issues, elder mediation? Patti Bertschler, MA, LPCC of Northcoast Conflict Solutions, a Certified Senior Approved Service answers your questions. See Ask Patti Back to Top of PageBack to Elder Mediation QuestionsAdult Day ServicesIf you want to understand how Adult Day Services serves the older adult and the family members, or if you have a question regarding Adult Day Services then you want to ask Robert Phillips of S.A.R.A.H. Adult Day Services located in Strongsville Ohio. See Ask Robert
Dear Robert, How does adult day services differ from adult group homes? Dear Takoya, Adult day services provide a full day of activities, socialization and exercise getting the senior out of their normal surroundings and allowing their family some much needed personal time during the day. When they return home in the evening, they are more relaxed (tired) from being kept busy all day and ready to enjoy the time with their family before going to bed. By being away for the day, they have gained some self esteem and feel a little more independent. Group homes serves as a residence (a house) for individuals typically experiencing the same aging difficulties as the others they will live with. Supervised around the clock by a staff that is familiar with their needs, group homes attempt to give the residents a life style that mimics home life. Nursing homes (homes for the aged) can provide a range of skilled health services that may be needed. Much like a hospital environment, residents typically share a room and have their meals in a dining room setting. Very costly, the range of abilities of the residents vary greatly and unfortunately, the higher functioning individuals may regress as they are influenced by the behavior of those not as 'healthy' as they are. Back to Top of PageBack to Adult Day QuestionsRobin S. writes Dear Robin, Adult Day Services can help with caring for your Mom during the day while you and your husband are at work. Typical hours are 7:00AM to 6:00PM (participants arrive and leave according to the times best for them and their caregivers) and services provided include medication administration, showering and bathroom care. Attendees have a full day of activities and lunch and snacks are provided. Cost may vary depending on the area of the country you live in but a typical charge for a day at a Center ranges from $40.00 to $5500 (which is less than $5.00 an hour). States do offer assistance that will support a family in their effort to keep Mom at home by covering the cost of adult day care. Combined with some home health care a few evenings and on the weekends (also covered by state programs), Mom can enjoy living at home and you can enjoy peace of mind during the day that she is well taken care of. If there are other family members that could provide some help, scheduling 'support time' for you and your husband during the week . . . a couple hours at a time in the evening . . . may be another alternative that would help ease some of your caregiving efforts. I would also suggest calling your local Hospital's social services / outreach department to hear what suggestions they might have on your situation. With their experience, they may have other suggestions that would be just as accommodating and may not require the additional expense of a room / equipment. If your city has a Senior Center, contact them Another possibility is an Office for Older Adults that many counties (even cities) have in place to assist families caring for an elderly member Check with your Church; others in the congregation may be able to provide some insight having gone through a similar situation with their parents. There are resources available that can help. Use the telephone to research what is available in your area. Let people know of the situation. Many people have gone through what you are now facing and their experience is invaluable. If you want to understand how Adult Day Services serves the older adult and the family members, or if you have a question regarding Adult Day Services then you want to ask Robert Phillips of S.A.R.A.H. Adult Day Services located in Strongsville Ohio. See Ask Robert Back to Top of PageBack to Adult Day QuestionsStop Smoking QuestionsAdvanced Laser Solutions?
The laser is placed on various meridian and auricular points on the body around the ears, nose, hands, wrists, and forearm. Back to Top of PageBack to Stop Smoking QuestionsHow long does the feeling of not needing a cigarette last after the treatment? For most people, the physical cravings are gone for good. You will still have the mental habits to break, but we give you some great tips on how to break those habits as well. Back to Top of PageBack to Stop Smoking QuestionsIf I have a medical condition, can I still be treated? If you are pregnant or have experienced seizures, we regret that we are not able to treat you at this time. If you have any other questions or concerns, please contact your doctor before being treated. Back to Top of PageBack to Stop Smoking QuestionsIf you are taking medications what affect does this treatment have? Being that treatment is not internally taken, it has not affected other medications. Back to Top of PageBack to Stop Smoking QuestionsIf I have a pacemaker, can I do this treatment? We have had no problems with any clients that had a pacemaker, though we would suggest that you contact your doctor prior to being treated. Back to Top of PageBack to Stop Smoking QuestionsIs the treatment performed by a doctor? No, it is performed by a laser technician. Back to Top of PageBack to Stop Smoking QuestionsI have never heard of this treatment, who else does this? This type of procedure has been available in Europe and Canada for over 20 years. We have been open since August 2004.
Back to Top of PageBack to Stop Smoking QuestionsReverse Mortgage Questions
The amount that can be borrowed is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, appraised value and the county where the property is located. Back to Top of PageBack to Reverse Mortgage QuestionsWhat are some of the benefits?
Back to Top of PageBack to Reverse Mortgage QuestionsWhat type of interest rate options are there?The Reverse Mortgage is an adjustable-rate loan linked to the one-year U.S. Treasury Security Rate; any adjustment in the rate has no effect on the amount of the number of loan advances the customer can receive, but causes the loan balance to grow at a faster or slower rate. Back to Top of PageBack to Reverse Mortgage QuestionsAre there any caps on the interest rate?Yes there are. On the monthly adjusting HECM, the cap is 10 points over starting rate, for example, if your initial rate at the time of closing was 4.00%, the most your rate can ever be is 14.00%.; on the annually adjusting HECM, the cap is 2.00% per year, and 5.00% over the life of the loan. Back to Top of PageBack to Reverse Mortgage QuestionsWhat are the interest rate adjustments?The adjustments are monthly or annually, depending on which product one chooses. Back to Top of PageBack to Reverse Mortgage QuestionsWhat are the tax-free* cash options?Lump sum advances make cash immediately available; tenure plans provide fixed, monthly cash advances; line of credit makes cash available upon request. Back to Top of PageBack to Reverse Mortgage QuestionsWhat are the costs involved with a Reverse Mortgage?There are closing costs, which can be financed into the loan. These may include an origination fee, title insurance, appraisal, a mortgage insurance premium and attorney fees. Typically, the out-of-pocket expense totals only about $300. The customer is expected to continue maintaining the property, paying the real estate taxes and hazard insurance premiums. Back to Top of PageBack to Reverse Mortgage QuestionsHow is the loan repaid?A Reverse Mortgage is due and payable when the property is no longer considered the customer’s principal residence; the loan must be repaid in one payment –either from the sale of the home or through other resources. Back to Top of PageBack to Reverse Mortgage QuestionsWhat are the options for the Reverse Mortgage payments?You receive the money in any of four ways: monthly payments for a set number of years or for life; a lump sum, for all or part of the total amount with balance in monthly payments; a line of credit for the loan amount, to be drawn when you need it; or a combination of the payments methods. Back to Top of PageBack to Reverse Mortgage QuestionsHow do I receive my payments?Payments are deposited directly into a bank account of your choice or drawn from line of credit by request. Back to Top of PageBack to Reverse Mortgage QuestionsWho owns title to the home while the Reverse Mortgage is outstanding?The homeowner retains title throughout the life of the reverse Mortgage. Once the homeowner permanently vacates the home or it passes to your estate, the loan must be repaid. Back to Top of PageBack to Reverse Mortgage QuestionsWhat happens after I get the Reverse Mortgage?There are three things the homeowner must do: maintain the property in good condition, keep the homeowners insurance and real estate taxes current. Back to Top of PageBack to Reverse Mortgage QuestionsAm I limited on use of the money?The funds can be used at the homeowner’s discretion. Some have used the funds to pay for things such as home improvements, medical expenses, long-term care insurance premiums, in-home health care, vacations, new automobiles, pre-need expenses, to pay credit card debt and eliminate mortgage or home equity payments. Back to Top of PageBack to Reverse Mortgage QuestionsIs it safe for seniors?Yes and here is why:
Back to Top of PageBack to Reverse Mortgage QuestionsDo I need a lawyer to apply for a Reverse Mortgage?Legal counsel is not required. However, it is encouraged that seniors seek the advice of a legal, tax or financial advisor before committing to a Reverse Mortgage. Back to Top of PageBack to Reverse Mortgage QuestionsWhat if I run out of equity in my home, will I be forced to move?No matter how long you live, and how much money you have withdrawn, with a Reverse Mortgage, you can never be forced out of your home. Back to Top of PageBack to Reverse Mortgage QuestionsCan a lender force a repayment at anytime?Reverse Mortgage lenders can require repayment if the senior fails to pay their property taxes; fails to maintain or repair their home or fails to keep the home insured. These are fairly standard “conditions of default” on any mortgage. On a Reverse Mortgage, however, lenders generally have the option to pay for these expenses by reducing loan advances and using the difference to pay these obligations. This is only an option, if the senior has not used all of the available loan funds. Back to Top of PageBack to Reverse Mortgage QuestionsShould a senior consult their children or a family member before making a decision about a Reverse Mortgage?The senior should consult with anyone they trust. They should also feel free to have these people attend appointments with them. Depending on the situation and what the homeowner is trying to accomplish, their advice and support could be helpful. Back to Top of PageBack to Reverse Mortgage QuestionsWhat happens when my house gets passed to my heirs?Once your home is passed to your heirs, the Reverse Mortgage comes due. Your heirs may either pay the balance due on the reverse Mortgage and keep the home, or sell the home and use the proceeds to pay off the Reverse Mortgage. If they sell the home, they get to keep any excess sales proceeds. Back to Top of PageBack to Reverse Mortgage QuestionsCan I get a Reverse Mortgage from any lender?No. Reverse Mortgages are specialized programs for the senior, 62 and older, and lenders must be approved by HUD and the FHA Back to Top of PageBack to Reverse Mortgage QuestionsHow long does it take to get a Reverse Mortgage?Generally, from start to finish, it is about four weeks. The process is pretty straightforward – homeowner take counseling, makes application and the appraisal is ordered. Once the appraisal is done, the homeowner can find out how much they would be able to receive through the Reverse Mortgage program. If all this meets the homeowner’s approval, the lender processes the paperwork, title, survey etc. and arranges for the closing. Back to Top of PageBack to Reverse Mortgage QuestionsWhat is the Counseling?Counseling is done by a HUD certified counselor and the aspects of the loan are covered to make sure that the senior understands and can afford a Reverse Mortgage since the income and debt ratios are not used. Back to Top of PageBack to Reverse Mortgage QuestionsIf I just want to get a Reverse Mortgage to make a line of credit available to me in the event I need or want to use it, and do not draw on it for any length of time, what are the costs?There is no amount limit on what you can, or have to draw from you line of credit. If you do not need it, it will remain in tact and will continue to grow in value at the same rate of appreciation that your home appreciates. This line of credit still represents equity in your home. The only ongoing costs associated with the loan would be the annual mortgage insurance premium- equal to on-half percent of the mortgage balance per year and is added to the reverse Mortgage balance, the monthly servicing fee, and the interest charged to the loan. You are not charged interest on the unused funds remaining in the line of credit. Interest is only calculated on the amount withdrawn plus fees. In addition, under the HECM program the unused funds grow at the specified growth rate allowing you more access to your home’s equity. Back to Top of PageBack to Reverse Mortgage QuestionsKarlene M. writes Dear Karlene Please let me know if I can answer any other questions or if you would like me to run the numbers for you. To run the numbers, I would need the home value and your age and if married both birthdays. Thank you for your inquiry. Back to Top of PageBack to Reverse Mortgage QuestionsCarol H. writes Dear Carol However, you could take out a traditional loan on the outstanding balance if you are not 62 at the time your mother vacates the premises, and when you turn 62 do a Reverse Mortgage and continue to stay in the home. The Reverse pays off any outstanding lien (s) against the property provided there is enough equity and your mother could pay any other outstanding debts and you would be able to live in the house as long as your mother lived there. If you are 62 or older then you could be added to the title and be a co-borrower and continue to live in the home until your death. We do not use your credit, unless there is a judgment that might cloud the title. Requirements are for title holder to live in the property, maintain property insurance and keep the real estate taxes current The Reverse Mortgage takes the value of the home, times the youngest borrowers age ( life expectancy of 100 minus age = term of loan), times the interest rate (1 year Treasury Bill plus 1.5) equals the equity available to title holders. Of course, the older you are the more equity you would be able to pull out. I will be happy to run some number for you with the value of home and birthdates (mother or mother and you). Thanks for the inquiry. Back to Top of PageBack to Reverse Mortgage Questions
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