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Summit Homes,
Pennsylvania |
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HECM For Purchase : an important mortgage option |
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HECM For
Purchase: an important mortgage option
A
reverse mortgage is an important option that can help homeowners
age 62 and older improve their lives. However, many people
aren't aware that a reverse mortgage can be used to purchase a
home through the Home Equity Conversion Mortgage (HECM) for
Purchase program.
So,
what exactly is a HECM for Purchase? Simply put, a HECM
for Purchase helps you purchase a home by taking out a reverse
mortgage on that home, without the financial impact of monthly
mortgage payments.* Borrowers may, for example, use a HECM
for Purchase to relocate to a home that's closer to family
members, more physically accessible, or "right-sized" for their
needs.
"A
HECM for Purchase is a great option for older adults, because it
can help them attain a house that's right for their needs
without having to go through the traditional mortgage process -
and their credit history and income are not a factor" says
Bill Thomas, Reverse Mortgage Consultant for MetLife Bank.
HECM for
Purchase: the facts
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A
HECM for Purchase enables borrowers to buy an existing one-
to four- unit home or condo by taking out a reverse mortgage
on that property.
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The loan proceeds are applied toward the home purchase.
In one transaction with one closing, the buyer uses cash on
hand to make a substantial down payment (usually 40% to 50%)
that covers the property's sale price and closing costs
minus the HECM proceeds.
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As with any reverse mortgage, the loan must be repaid -
including the principal plus accrued fees and interest -
when the last surviving homeowner permanently moves out of
the home or passes away.
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The borrowers - not the bank - own the home, and can
continue to live in it for as long as they want. The
homeowners must continue to pay property taxes, have
homeowners insurance and maintain the home.
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A
U.S. government guarantee ensures that the borrowers and
their estate will never owe more than home's fair market
value. If the home is sold for less than the loan
balance due, the U.S. Department of Housing and Urban
Development (HUD) will pay the lender the shortfall.
If it sells for more than the amount due, the borrowers or
their estate keeps the net proceeds.
There is
a lot of information and resources available to help you learn more
about the HECM for Purchase process. MetLife Bank offers free,
educational materials to consumers who may be interested in a HECM
for Purchase or would like more details. For more information
about a HECM for Purchase from MetLife Bank, contact at (866)
808-2019.
"A
HECM for Purchase can free up your money for other needs, and
it's a great way to get more out of life," notes Thomas.
Only
applicable for the purchase of a single family unit dwelling to
be occupied as a principal residence.
Program, rates, fees, terms and conditions are not available in
all states and subject to change.
*Although there are no monthly mortgage payments, interest
accrues on the portion of the loan amount disbursed.
All loans are subject to property approval. Certain
conditions and fees apply.
Mortgage financing provided by MetLife Bank, N.A., Equal Housing
Lender.
©2010 METLIFE, INC R0610111506[exp0611][All States][DC]
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Noble's Pond,
Delaware |
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Siena in Summerlin, Nevada |
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As you turn up
the main drive and approach the charming guard-gated entrance
you begin to feel the enchantment of another world. A world
designed for relaxation and rejuvenation. Siena. Take in the
championship 18-hole golf course, its first fairway bordering a
series of pristine lakes with waterfalls.
Wander meandering footpaths past
the Village Center where a lavish spa and Fitness Center await.
Celebrate the setting sun with a
r elaxing sauna, rejuvenating massage, or refreshing repast on the terrace overlooking the green.
It’s a world of glorious ease.
Lushly landscaped grounds and spacious private yards complement
beautifully appointed homes, many of which front scenic
fairways, mountain panoramas or the glittering lights of the Las
Vegas Strip. Prices range from villas as low as $150,000 with
1100 square feet to single family homes on the golf course
priced under $1,000,000 with 3200 square feet. Built buy Sunrise
Colony, Siena represents the latest generation of resort
community design, giving sophisticated buyers an opportunity to
fulfill their dreams.
Siena,
Siena
Golf Club
COMMUNITY AMENITIES
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Two 24-hour
manned guard gated entrances

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Private community
with an 18-hole, championship Schmidt-Curley designed
golf-course
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The 71,000 square
foot Siena Village features the Golf Club, Village Community
Center, and Health & Fitness Center
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The 14,800
square-foot Golf Club includes a spacious full service golf
shop, dual-tiered practice facility, and The Siena Grille, a
casual dining room with a patio overlooking Lake Siena, the
18th green, the 1st and 10th
tees, and the Las Vegas Strip beyond
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The 39,000
square-foot Village Community Center includes a 5,000 square
foot ballroom and stage facility, nearly 9000 square feet of
arts and crafts area, meeting rooms, business center,
computer lab and billiard and card rooms

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The
17,500 square foot Health & Fitness Center offers
state-of-the-art cardiovascular and weight equipment, indoor
lap swimming pool and spa, gentlemen’s and ladies’ locker
rooms, each with its own sauna, steam and massage rooms
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Adjacent to the
Health & Fitness Center are an outdoor resort swimming pool
and spa, a tennis club with four lighted courts and bocce
ball courts
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Lake Siena is
over a quarter-mile long and features 40 feet of waterfalls
Siena is located within the award
winning master planned community of
Summerlin.
Click for more information
on this gorgeous community, or contact Lynn directly:
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Solivita,
Poinciana, Florida |
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Spotlight Communities |
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Spotlight Communities |
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Listening to Van Gogh
: A Coming of Age Retirement Age Novel |
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Listening to Van Gogh: A Coming of
Retirement Age Novel
Retirees
travel the Rhone river to Arles in Provence
where Vincent van Gogh painted. During the
river boat journey, they discuss their
common concerns and approaches to the
retirement transition.
Visit
www.listeningtovangogh.webs.com for
details.
Author’s
email
outsource@mindspring.com
Available
on Kindle
www.Amazon.com/Kindle
(Sept-Dec) |
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i Refuse 2 Age :
Centenarian Role Models |
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Centenarian Role
Models
Michael Brickey, Ph.D
Role models teach us and inspire us. As a kid you
probably had lots of heroes and role models. You need
them as an adult as well. Role models are a short cut
from learning by trial and error. If you want to know
how to age well, look at today’s centenarians.
The New England Centenarian study found that most of the
centenarians they studied were mentally and physically
sharp. Most did not have a disability until the last
four years of their lives. They averaged one
prescription medication. Typically, they died at home
from an acute illness or a fall.
Here are a few of my favorite centenarian role models:
Sadie and Bessie Delany’s father was a slave who was
freed after the Civil War. Their careers eventually took
them to Harlem where Sadie became a teacher and Bessie a
dentist. Neither married. They loved reading, learning,
and friends. They refused to have a television set or
phone at home. When Sadie was 102 and Bessie 100, a
reporter interviewed them. The reporter was so smitten
with their vitality that she persuaded them to write a
book. Their book, Having Our Say, became a best seller
and a successful Broadway play and later yet a CBS
Television movie. They wrote another best selling book,
The Delany Sisters’ Book of Everyday Wisdom. When Bessie
died at home at age 104, Sadie wrote On My Own at 107:
Reflection of Life Without Bessie. At age 109 Sadie died
in her sleep at home.
George Dawson, grandson of a slave, started working at
age eight to help support his family. He “got tired of
writing my name with an X” and learned to read and write
at age 98. At 102 he co-wrote his autobiography, Life is
So Good.
At 89 Selma Plaut started auditing courses at the
University of Toronto. She graduated with a bachelor’s
degree when she was 100. English wasn’t even her native
language as she was a Jewish refugee from Nazi Germany.
Grandma Moses began painting rural scenes for her own
pleasure in her late 70s. Without formal art training,
her work became internationally acclaimed and she was
still painting at 100.
Dr. Henry Stenhouse ran for Congress when he was 100.
Other centenarians teach college, conduct symphony
orchestras, paint, sculpt, dance, and even father
children. One of the best sources for profiles of
centenarians is the book, Centenarians: The Bonus Years
by Lynn Peters Adler. Centenarian role models certainly
illustrate that you are never too old to do what you
love or even to start a new career.
There are few physical traits that distinguish
centenarians. They are physically active, most do not
smoke, and most maintain their same weight throughout
their adult life. About the only thing that
characterized their diets were that most ate a wide
variety of foods.
The centenarian traits that stand out are mental traits.
They are very independent, self-reliant individuals with
a strong sense of purpose. They have a good sense of
humor and are good at dealing with loss and change. They
have a passion for life.
The centenarian spirit is illustrated in a joke--A
centenarian goes to the doctor complaining of a pain in
his knee. The doctor said, “At your age what can you
expect?” The patient replied, “To fix my knee. My other
knee is the same age and it works fine.”
The oldest person with good documentation of her age was
Jean Calment. She lived in Arles, France and died in
1997 at age 122. She was always a physically active
woman who wasn’t overly concerned about others’
expectations. She had a good appetite–not just for food
but for everything. She never had fluctuations in her
weight. She smoked a few cigarettes a day until she was
117 when she quit on her own initiative with no
explanation. She enjoyed port wine and chocolates. She
still rode a bicycle at 100. Part of her “secret” was
that “I never get bored.”
At 109, largely because of visual limitations, she moved
into a retirement home where her diet was unappealingly
institutional. Her biographer reports that she never
adjusted to the facility’s routines nor they to hers.
She would wake herself at 6:45 a.m. and begin her day
with prayer and exercise. Her days were very
self-structured. Although virtually blind, she got
around the facility faster than most of the other
residents. Failing vision and hearing compromised the
quality of her last years. She declined eye surgery for
the severe cataracts in both of her eyes. She might have
lived considerably longer and better if she had taken a
daily vitamin most of her life, did not smoke, and had
the cataract surgery. The surgery would have allowed her
to be more active and mobile. Her life is described in
the biography, Jeanne Calment: From Van Gough’s Time To
Ours: 122 Extraordinary Years.
There is an amusing anecdote about her finances. When
she was 90, she entered into a contract with an
attorney. He agreed to pay her $500 a month (“en viager”)
for the rest of her life and he would own her apartment
in Arles when she died. She lived to 122. He died at the
age of 77 after paying over $184,000 (far more than the
apartment’s value). His widow continued paying after his
death.
George Burns booked his act past his hundredth birthday
to mentally suggest to himself that he would live that
long (and he did). As he put it, “You can’t help getting
older but you don’t have to get old.” He also quipped,
“With a little luck, there’s no reason why you can’t
make it to be 100. Once you’ve done that, you’ve got it
made, because very few people die over 100.” Research
agrees with Mr. Burns. Mortality rates are lower for
people in their hundreds than for people in their
nineties. We all need goals and achievements to look
forward to. Unfortunately, Burns did not schedule a
party for his 101st birthday.
Dr. Michael Brickey is President of the Ageless
Lifestyles Institute and author of Defy Aging. His new
book, 52 baby steps to Grow Young, gives two-page-a-week
practical steps for developing a youthful mindset at
every age. Further information is at
www.DrBrickey.com and
www.52babysteps.com.
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Classified
Advertisements |
WOMELSDORF,
Pennsylvania 19567
Stonecroft Village - 2 yr old 1,624 sq ft home, nice
landscaping, 2 car finished garage, 2 BR, 2 baths, LR,
DR,
ceramic tile in kitchen, baths, and laundry area,
hardwood floors,
oak cabinets and Corian counters, all appliances
included, stone
gas fireplace, gas
line on patio, raised vanity in both baths.
$259,900.
Call B. Bryant at 610-589-4209 or email
babsbee23@yahoo.com.
(July)
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White
Township (Belvidere), Warren County NJ Active Adult
Community 55+ Single family home, 1835 SQ, 2 B/R,
2 Full Baths, Den/3rd B/R, EIK, Great Room, Formal
Living Room & Dining Room, 2 Car Garage, Top of the Line
upgrades, Low Taxes, Maintenance Fee $125 monthly
includes all lawn maintenance, snow removal, trash
collection, clubhouse facilities including exercise
room, billiards, library, heated outdoor pool, bocce,
tennis courts. $419,900 Call (908) 475-4608 /
(908) 797-1790 |
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Links of Interest |
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Newsletter Archive |
NEWSLETTER ARTICLES 2010-2011 -
Click for archive
July 2011
- Stonecroft Village,
Pennsylvania
July 2011 -
Winnapaug Cottages, Rhode Island
July 2011 -
Fieldstone Village, Connecticut
June 2011 -
Southern Meadow, Delaware
June 2011 - Home Towne Square,
Pennsylvania
June 2011 -
Cornerstone
Homes, Virginia
May 2011
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Heritage Shores, Delaware
May 2011
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SaddleBrooke, Arizona
May 2011
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Nobles Pond, Delaware
April 2011
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The Villas of Wake Forest & The Orchard
Villas, North Carolina
April 2011
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Siena in Summerlin, Nevada
March 2011
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The Fairways at Savannah Quarters, Georgia
March 2011
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Active Adult 4 Less Part XXII
February 2011
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Active Adult 4 Less Part XXI
January 2011
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Active Adult 4 Less Part XX
December 2010
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Active Adult 4 Less Part XIX
November 2010
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Active Adult 4 Less Part XVIII
October 2010
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Active Adult 4 Less Part XVII
September 2010
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Active Adult 4 Less Part XVI
August 2010
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Active Adult 4 Less Part XV
July 2010
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Active Adult 4 Less Part XIV
June 2010
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Active Adult 4 Less Part XIII
May 2010
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Active Adult 4 Less Part XII
April 2010
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Active Adult 4 Less Part XI
March 2010
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Active Adult 4 Less Part X
February 2010
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Active Adult 4 Less Part IX
January 2010
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Active Adult 4 Less Part VIII
To view ALL newsletters from September 2006
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