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Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors - OC Today-Dispatch
Published by OC Today-Dispatch for the Coastal Association of Realtors. Advertising in this publication is limited to members and affiliated members of the Association.
The COASTAL ASSOCIATION OF REALTORS® (CAR) is a trade organization for real estate professionals in Wicomico, Worcester and Somerset Counties on the Eastern Shore of Maryland. Its membership consists of more than 1,000 REALTORs® and affiliate members serving the home-buying and homeselling needs of the public since 1957.
The term REALTOR® is a registered collective membership mark, which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
The COASTAL ASSOCIATION OF REALTORS is located at 314 Franklin Avenue, Suite 106 • Berlin, MD 21811. Phone: 410-641-4409. On the Web: www.coastalrealtor.org
OC TODAY-DISPATCH is the leading newspaper publisher on the Maryland coast, with OC Today-Dispatch publishing weekly on Friday, Bayside Gazette and Ocean City Digest publishing on Thursdays and Real Estate, the Coastal Real Estate Resource publishing key weekends throughout the year.
On the Web: www.octodaydispatch.com
Editor......................................................................... Stewart Dobson Executive Editor................................................................ Steve Green Account Managers....................... Mary Cooper, Renée Kelly, Terri French Classifieds/Legals ........................................................ Pamela Green
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Publisher..................................................................... Christine Brown
A reverse mortgage is another way homeowners can borrow money based on the value of their homes, but it doesn't need to be repaid as long as those individuals are still living in their residences.
from lender to lender.
Differences between traditional mortgages and reverse mortgages
Borrowers considering reverse mortgages should first speak with a qualified financial planner.
Eligibility and basics
A reverse mortgage is an option for those age 62 or older who can borrow money based on their equity, or how much money one could get for the home if sold after what is owed on the mortage is paid off.
At least one owner must live in the house most of the year. Reverse mortgages may be paid as a cash lump sum, as a monthly income or as a line of credit that enables the homeowner to decide how much is desired and when.
Determining eligibility
There is a misconception that a loan that requires no monthly repayment of principal or interest will not come with any eligibility considerations.
To prevent homeowners using reverse mortgages to avoid downsizing due to financial shortcomings, certain eligibility parameters must be met, including a credit history analysis, income requirements, age requirement, and property stipulations. Criteria may differ
Unlike a traditional mortgage where payments are made to principal and interest and the balance goes down over time, reverse mortgage borrowers do not make any payments right away. The loan balance goes up over time and the loan is repaid when the borrower no longer lives in the home. The homeowners or their heirs will eventually have to pay back the loan, usually by selling the home.
However, as the loan balance increases, the home equity decreases. This can affect surviving family members.
The FTC advises homeowners to confirm the reverse mortgage has a "non-recourse" clause, which means that the borrower or the their estate cannot owe more than the value of the home when the loan comes due and the home is sold.
Additional considerations
Due to fees and other requirements, a reverse mortgage may be a more expensive way to borrow money. Other ways to borrow against equity may be a better fit, such as a home equity line of credit. Furthermore, since reverse mortgages are for older adults, scams are prevalent. Some include contractors who approach seniors about getting a reverse mortgage to pay for repairs, or scams targeting veterans
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Md. Housing Market Cooled in September
ANNAPOLIS, MD — September 15, 2025 — Maryland’s housing market continued to cool in September, with home sales falling 9.1% year-over-year. A total of 5,830 homes changed hands compared to 6,411 in September 2024, according to the latest housing data from Maryland REALTORS®.
Despite fewer transactions, prices kept climbing. The average sales price rose 4.5% to $519,410, while the median price increased 2.4% to $435,000. Pending contracts ticked upward by 4.6%, but active inventory dipped slightly (–0.5%), new listings fell sharply (–18.3%), and homes are taking longer to sell: the median days on market jumped to 16, up from just 10 a year ago.
“Maryland’s market is sending mixed signals,” said Cheryl Abrams Davis, 2025 President, Maryland REALTORS®. “Buyers are still competing for fewer listings, which is pushing prices higher, but homes are also sitting longer before closing.
“This mismatch shows why bold action is needed: our state leaders are moving in the right direction, but local governments must step up with zoning
reforms and permit approvals to get more homes built.”
Earlier in August, the Maryland Department of Housing and Community Development announced that in Fiscal Year 2025, the state financed $1.64 billion in new development projects and another $1 billion in acquisition mortgages for first-time home buyers.
Then, on September 3, Gov. Wes Moore signed an Executive Order to address Maryland’s ongoing housing crisis, underscoring the foundational role housing plays in every community. The order tackles several issues, including:
• Reducing and streamlining permitting and review processes
• Identifying state-owned properties
for potential housing near transit hubs
• Working with local jurisdictions to set housing production targets at the county and municipal level
“If you want to create wealth, start with housing,” Moore said. “If you want to create jobs, start with housing. If you want to attract new businesses, start with housing.”
Townhomes in the community of The Landings at Bayside
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Real Estate Attorneys Can Help You Cover Your Assets
The complexities of the law can be challenging to those outside the legal profession. An attorney on one's side can help individuals ensure their assets and livelihoods are protected and even help people avoid costly mistakes.
attorney's fees, underwriting fee, title search fee, taxes, and more.
8 • 121ST STREET UNIT 202A • OCEAN CITY
8•121STST
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With so much money riding on real estate transactions, having a professional real estate attorney in one's corner is wise. Recognition of what these professionals can do underscores how valuable they can be.
A real estate attorney can work for those looking to buy or sell a private home, an investment property, a commercial business, or even guide griefstricken relatives through the process of selling a deceased loved one's home to settle estate obligations.
Who do real estate attorneys work for?
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Roles
of a real estate attorney
The main job of a real estate attorney is to ensure the legal transfer of property from a seller to a buyer. Real estate attorneys will prepare and review documents, ensure that a home title is clear, and facilitate the transfer of funds between parties, according to the online financial resource NerdWallet.
Real estate attorneys will identify any unpaid loans, liens, litigation or other claims against the property, uncover deed restrictions and covenants, and any breaks in the chain of title.
Attorneys guide their clients through searches for obligations like taxes, utility charges and homeowners association fees. Real estate attorneys also will prepare settlement statements showing the charges to all parties and how the funds will be allocated, including commissions,
If the real estate attorney is representing a client's interests only, that lawyer will be an advocate to the client and work in his or her best interests. Various attorneys tend to be involved in real estate transactions. One will represent the buyer and another the seller.
A lawyer may represent the mortgage lender if financing is involved. Another could potentially represent the title company.
Cost of representation
Certain real estate attorneys will charge a flat fee that encompasses a specific series of jobs, including the preparation of closing documents. Others may charge an hourly rate, particularly if the issue is more complex and involves litigation.
When selling or investing in property, real estate attorneys can ensure the process goes smoothly and protect their clients if complications arise.
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