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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…

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613 N Fife St, Tacoma, WA 98406

Stylish & spacious with too many features to list – an absolute must-see!

Front

Deck

Bamboo, marble & pergo floors; Wainscoting, wide molding & wood-wrapped windows; Granite & marble counters. This beautiful home is bright with many windows & skylights; Master suite has 2 walk-in closets, a deck & 5-pc bath with wide tub. The den/office has a closet & can be used as a 4th bdrm. Relax on your private deck or enjoy urban living with many restaurants, shops & entertainment nearby in the desirable 6th Ave Bus District!

2,221 square feet; 3 bedrooms + den/office with closet (possible 4th bdrm); 3.25 bathrooms

$369,900

View the detailed listing information and photos…

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6 Seller Secrets for this Spring’s Real Estate Market

Checklist

Each year, it seems the housing market takes on a different tone – and whether it’s going to be a sellers’ market with inflated prices and bidding wars, or a buyers’ market with tons of choices and low prices – there’s no denying that the 2014 spring housing season is upon us. So what does it have in store? Well, if you’re thinking of listing your home, that’s an important question.

Here are 6 market insights that will give you a head start!

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3 Next-Gen House Hunting Tips for Singles

The American household has changed – big time. More and more, people get married later in life, if at all. Many even go from married to single and back multiple times throughout their lives. This all means that more and more people are buying homes while single. Many unmarried folks are buying homes to live in on their own, while others are looking for homes to live in with their children, parents or other partners – past, present and future.

If you’re embarking upon the process of buying a home on your own, here are a few things to factor into your thought process and your action plan…

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10 Things You Should be Doing to your Home in Spring

Front Door

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?

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Short Sales: Why They Can Take So Long

Home Tour

When buyers hear the term “short sale,” they typically think about distressed sellers and good deals — especially in markets where prices have ticked upwards. But the word “sale” can be misleading. In fact, many real estate agents have renamed “short sales” as “long-and-drawn-out sales.” Here’s why short sales often take a long time to complete.

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31003 14th Ave S #C-3, Federal Way, WA 98003

Lakefront Condo just listed this week!

1 bedroom; 671 square feet

Khonaysser - front

Khonaysser - view

Don’t miss this large WATERFRONT end unit! Enjoy sunsets & geese on peaceful Liberty Lake from your living rm & 2 decks. This bright, updated condo features new carpet, vinyl, paint, bath vanity, light fixtures, blinds, heaters & thermostats. It also has an open floor plan w/dining area & breakfast bar, newer counters & refreshed cabinets. This beautiful & well maintained lakeside community has a clubhouse, gazebo, pool, hot tub, sauna & exercise rm. Close to stores, restaurants & main bus line!

$67,800

View the detailed listing information and photos…

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Financing for Foreclosed Homes

Buyers looking for a deal on a foreclosed property have good reason to scroll through the thousands of homes listed by Fannie Mae. In addition to low-down-payment financing and priority status for owner-occupants, the government-controlled mortgage giant has begun offering closing-cost assistance to qualified buyers.

Fannie Mae’s substantial inventory of foreclosed homes is marketed through its HomePath program. Some 31,000 properties are currently listed for sale at HomePath.com. Last year, the agency sold nearly 147,000 HomePath properties, according to recently filed financial statements.

The agency gives an edge to buyers looking for a place to live: When new properties come online, investors are barred from submitting offers for 20 days. During this “First Look” period, owner-occupant buyers (and nonprofit groups) get first dibs. (The First Look logo designates listings still within the 20-day window.)

Read the details…

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Subprime Lending Making a Comeback?

Lenders are returning to the subprime market – although still at only a fraction of what subprime lending was before the mortgage crisis, BusinessWeek reports.

Some subprime lenders that collapsed during the financial crisis are coming back into business with new nonprime loan offerings.

Read more…

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RealtyTrac Outing Location of Sex Offenders, Drug Labs and Toxic Dumps

In a bid to bring transparency in online real estate search to new heights, RealtyTrac has baked a batch of data on unpalatable neighborhood characteristics into its listing detail pages.

Distributed among 108 million addresses, the information — which could be construed as a massive collection of red flags — includes the location and details of environmental hazards such as underground spills, polluters and hazardous waste sites, as well as former drug labs, sex offenders and building permit activity.

Read the article…