Scura Team Q & A

QI’m in my 60s, retired and living on a fixed income, in today’s environment I’m having difficulty meeting my monthly expenses. I own my home, what are my options?

AA Reverse Mortgage allows you to use the equitiy in your home to pay any expenses anddoes NOT require a monthly payment.

To qualify you must own a home, be at least 62 years old, and have enough equity in your home.

A Reverse Mortgage does not affect regular Social Security or Medicare benefits and there are no medical requirements.

You can choose to receive the money from a Reverse Mortgage all at once as a lump sum, as fixed monthly payments for as long as you live in the home, as a line of credit, or a combination of these.

The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse when there is a couple), appraised home value, interest rates, and in the case of the government program, the FHA lending· limit, which is currently $970,800.

The proceeds from a reverse mortgage can be used for anything, whether it’s to supplement retirement income to cover daily living expenses, repair or modify your home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, cover property taxes, or prevent foreclosure.

If you would like to learn more and explore this option please contact me for a free consultation.

QWhat are the 3 most common mistakes to avoid when buying real estate?

A1. Not having a clear idea of what you want. ‘before starting your search for a property it is important to identify your needs and wants. You should consider factors such as location, size, amenities and budget.

2. Rushing the buying process. Buying a property is a significant investment. Take your time, do your due diligence, and make an informed decision. Rushing the process can lead to costly mistakes.

3. NOT hiring a competent real estate agent. A good agent can help you navigate the complex buying process, negotiate on your behalf and provide valudable insight into the local market.

QA tree in my neighbor’s yard has a very large branch over my yard. I’m really tried of all the extra leaves every Fall and it’s starting to mix in with my power lines. Can I cut the branch?

AFor the record, I do recomment talking to the owner first as a friendly gesture, but you have the right to trim back no further than your own property line and don’t cust it back severly enough to harm the tree. If you kill the tree, your neighbor may have the right to demand compensation for a new one. (And you’ll get the evil eye every time you go outside!)