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BUTTE COUNTY LIVING
LOVE’S REAL ESTATE Forward in Reverse
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The reverse mortgage has shifted into a new gear. The loan program that allows people to tap their home’s equity for income can now be used to either buy or refinance a home. The reverse mortgage is backed by the Fair Housing Administration, and was created for people older than 62 to refinance the equity in their home, eliminate monthly payments and use the money as a cash advance or monthly income, with the guarantee that they will never owe more than their house is worth.
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The program now also allows for people older than 62 to buy a home and finance the debt as a reverse mortgage so they have no monthly payments, and receive money instead. “The reverse mortgage completely changed my life,” says Carol Hennison. “After my husband passed, I couldn’t keep our home. The payments and upkeep were too much.” Carol sold her home and with the proceeds made a down payment on her newer, smaller place. She financed the purchase with a reverse mortgage, which allows her the choice of taking cash advances or receiving monthly payments. Carol chose to receive the monthly payments.
“I have no loan payment and I receive monthly income,” she says. “I can’t believe it!” The catch is that Carol’s loan balance grows over time, as she receives payments, and the loan balance could eventually exceed the value of Carol’s home. If that were to occur, though, the lender can never pursue her or her heirs for anything. The reverse mortgage program is designed to keep people like Carol in their homes and the payments she receives will continue until she moves or dies. If there aren’t enough proceeds from the sale of the house to pay off the loan, the lender takes the loss. John Baxton was behind on taxes and insurance for his house, and late on his mortgage payments. “The last thing I wanted to do was sell my house, but it looked inevitable,” he says. “Then my son heard about this program and I was saved.” Baxton refinanced into a reverse mortgage, which ended his house payments and gave him monthly income, as well as cash to bring his taxes and insurance up to date. “Now I can stay here and live very comfortably,” he says. “It’s quite a reversal!”
DOUG LOVE is Sales Manager at Century 21 Jeffries Lydon Email escrowgo@aol.com or call 530.680.0817
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TOWN
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PRICE
BR/BA
SQ. FT.
ADDRESS
$220,000 $194,000 $120,000 $407,000 $334,500 $329,000 $320,000 $305,000 $290,000 $270,000
1/ 1 3/ 2 2/ 1.5 4/ 2 3/ 3 3/ 2 3/ 2 3/ 2 4/ 2.5 3/ 2
1232 2160 1423 2328 1572 1679 1904 1915 2165 1367
770 Lorinda Ln 1012 Frances Dr 217 Tonea Way 1196 Filbert Ave B 1309 Jackson St 287 E 9th Ave 1127 N Cedar St 638 W 1st Ave 200 Sycamore Dr 12225 La Porte Rd
TOWN
PRICE
BR/BA
SQ. FT.
Chico Chico Chico Chico Chico Chico Chico Chico Chico Clipper Mills
$267,000 $255,000 $250,000 $216,500 $195,000 $152,000 $135,000 $123,000 $108,000 $164,500
3/ 1.5 3/ 2 3/ 2 2/ 2 1/ 1 3/ 1 2/ 1 2/ 1 2/ 1.5 4/ 1
1329 1554 1528 1173 1476 1276 832 1071 1248 4070
February 13, 2014
CN&R 35