Are reverse mortgages easy money or just a dumb move?

Faced with rising medical expenses and longer life expectancies, many seniors are turning to their single largest asset as a source of supplemental income: their home.

Indeed, reverse mortgages enable seniors who are 62 and older to convert a portion of the equity in their home into cash without having to sell.

As the name implies, such loans are structured as the mirror image of a regular mortgage. The lender makes payments to you in either a lump-sum amount or in monthly installments based on a percentage of your home’s appraised value. Eligible homeowners can also set up a reverse mortgage as a line of credit, providing access to emergency funds on an as-needed basis.

The money received can be used to pay off your existing mortgage loan and halt your monthly payment, supplement your retirement income, finance a home-improvement project or pay for health-care costs.

Read more…

10 Things You Should be Doing to your Home in Spring

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We’re all aware of the idea of Spring cleaning (whether or not we do it – we mean REALLY do it – is another story). If you’re ready to delve in, there are some tips for Spring cleaning, plus a few other Spring things you should be doing to your home. Ready to Spring forward?

How Burglars See Your Home

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What makes a home an attractive target for burglars? What can you do to protect yourself? Here are five easy tips to “think like a burglar” and keep your home safe.

Expired Tax Breaks for Homeowners Could be Restored

Though it’s not attracting much attention, the impending arrival of Sen. Ron Wyden, D-Ore., as head of the Senate Finance Committee could be good news for housing and real estate in the weeks ahead.

That’s especially true if you care about mortgage forgiveness relief and other tax code provisions that help homeowners, buyers and sellers.

Things are looking up.  Read the article…

Choosing a New Hot Water Heater

Save energy and avoid the risk of leaks by replacing your hot water heater. With new technology and tax credits on efficient models, now is the time!

Solar Tubes Beat Traditional Skylights for Low-Cost Daylighting

Get the natural light that skylights provide — but with less cost and less hassle — by installing solar tubes instead.

How it works
Known variously as a sun tube, sun tunnel, light tube, or tubular skylight, a solar tube is a 10- or 14-inch-diameter sheet-metal tube with a polished interior. The interior acts like a continuous mirror, channeling light along its entire length while preserving the light’s intensity. It captures daylight at the roof and delivers it inside your home.

On your roof, a solar tube is capped by a weather-proof plastic globe. The tube ends in a porthole-like diffuser in the ceiling of a room below. The globe gathers light from outside; the diffuser spreads the light in a pure white glow. The effect is dramatic: New installations often have home owners reaching for the light switch as they leave a room.

Cost
A light tube costs about $500 when professionally installed, compared to more than $2,000 for a skylight. If you’re reasonably handy and comfortable working on a roof, install a light tube yourself using a kit that costs $150 to $250. Unlike a skylight, a light tube doesn’t require new drywall, paint, and alterations to framing members.

How much light?
A 10-inch tube, the smallest option, is the equivalent of three 100-watt bulbs, enough to illuminate up to 200 sq. ft. of floor area; 14-inch tubes can brighten as much as 300 sq. ft.

Popular locations for a light tube include any areas where constant indirect light is handy:

  • hallways
  • stairways
  • walk-in closets
  • kitchens
  • bathrooms
  • laundry rooms

The only place you don’t want a light tube is above a TV or computer screen where it might create uncomfortable glare.

Bringing a light tube through multiple levels
Channeling light down to the first floor of a two-story house is feasible if you have a closet or mechanical chase through which you can run the tube. The job can quickly become more complicated if there’s flooring to cut through, or if you encounter wiring, plumbing, and HVAC ducts.

Is your house right for a light tube?
Because installation requires no framing alteration, there are few limitations to where you can locate a light tube. Check the attic space above to see if there is room for a straight run. If you find an obstruction, elbows or flexible tubing may get around it. It’s relatively easy to install a light tube in a vaulted ceiling because only a foot or so of tubing is required.

Make these evaluations in advance:

  • Roof slope: Most light tube kits include flashing that can be installed on roofs with slopes between 15° (a 3-in-12 pitch) and 60° (a 20-in-12 pitch).
  • Roofing material: Kits are designed with asphalt shingles in mind, but also work with wood shingles or shakes. Flashing adapters for metal or tile roofs are available.
  • Roof framing spacing: Standard rafters are spaced 16 inches on-center; gap enough for 10- or 14-inch tubes. If your home has rafters positioned 24 inches on-center, you can special order a 21-inch tube for light coverage up to 600 sq. ft.
  • Location: A globe mounted on a southwest roof gives the best results. Choose a spot requiring a run of tubing that’s 14 feet or less. A globe positioned directly above your target room can convey as much as 98% of exterior light. A tube that twists and turns minimally reduces the light.
  • Weather: If you live in a locale with high humidity, condensation on the interior of the tube can be a problem. Wrapping the tube with R-15 or R-19 insulation greatly cuts condensation. Some manufacturers offer sections of tubing with small fans built in to remove moist air. If you live in a hurricane-prone area, opt for an extra-hardy polycarbonate dome.

America’s 20 Fastest-Growing Cities

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To cull the list, they began with the 100 most populous Metropolitan Statistical Areas in the U.S., geographic areas designated by the U.S. Office of Management and Budget that include cities and their surrounding suburbs. They rated these places based on six metrics. Using data from Moody’s Analytics, they assessed the estimated rates of population growth for 2013 and 2014, year-over-year job growth for 2013, and the rate of gross metro product growth—a.k.a. the economic growth rate–for 2013. They also considered federal unemployment data and median salaries for local college-educated workers, courtesy of Payscale.com. The result is a list of the 20 fastest growing metro areas in America in terms of population and economy.

See where Seattle lands on the list!

Nearly Every U.S. City Can Expect a Good 2014

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Nearly every city in the U.S. is expected to see economic growth in 2014, according to a new report by the U.S. Conference of Mayors. The city expected to lead the country in economic growth and job gains is Naples, Fla.

Other large cities expected to see big growth this year: Raleigh, N.C.; Atlanta; and Austin, Texas, according to the report, which was conducted by IHS Global Insight.

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Ten Daring New Buildings Around the World

Whether a reimagined form or an entirely new structure, these great triumphs of contemporary architecture are sure to surprise, seduce, and inspire!

Home Prices in 20 U.S. Cities Climb by Most in Seven Years

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Home prices in 20 U.S. cities rose in October from a year ago by the most in more than seven years, signaling the real-estate rebound will keep bolstering household wealth in 2014.

The S&P/Case-Shiller index of property prices in 20 cities climbed 13.6 percent from October 2012, the biggest 12-month gain since February 2006, after a 13.3 percent increase in the year ended in September, a report from the group showed today in New York. The median projection of 22 economists surveyed by Bloomberg called for a 13.5 percent advance.

A dwindling inventory of foreclosed properties has helped restrict the supply of homes for sale, pushing up prices even as higher mortgage rates cool demand. The real-estate market will probably get its next boost from gains in employment that are lifting consumer confidence in the economic expansion.

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