I often get the opportunity to work with senior clients or clients who have parents who are in need of senior housing. The housing needs that are most often requested is for a bedroom on the main level that offers some privacy for a live in parent but does not occupy the mater suite. There are two other alternatives. The first alternative is a separate detached “mother in law unit”. These typically must be in neighborhoods with lot sizes that will accommodate a separate structure - usually on an acre or more. The second option is a townhouse that is in a senior community – 55 and over. These can be purchased in the low – mid 100’s and are located in Meridian. These offer an investment option down the road as well. More to follow on that subject.
Are you looking to buy and interested in a short sale? Do you have to know when you are going to move in? If the answer is YES then consider an "approved short sale". This is a short sale where the lender has approved of a short payoff already. This is a very rare scenario but nearly assures a closed transaction at the end of the day. Here is an example of an approved short sale in Boise Idaho. Bristol Heights - Approved Short Sale
Luxury living spaces continue to be very popular in the Eagle area. It’s not unusual to find built in fireplaces and commercial grade BBQ’s on many extended patios. What is unusual though is finding the tranquility and privacy of mature landscaping with a modern home. Here is anoutstanding example of both.
Considering estate living in a rural setting for you and your extended family, you must look at this four bedroom house on a park-like acre. It has a separate cottage for Granny complete with a kitchen, full bath, living room, bedroom, and private patio. All just 20 steps from your back door! Granny will be minutes from the Eagle Senior Center where she can join contemporaries for luncheons, bingo, and exercise classes. She can also enjoy knitting classes at the library, lunch at the Blue Moose Café, or trips to Coldstone’s for ice cream with the grandchildren.
Take a virtual tour of this home.
If you have a HELOC (Home Equity Line Of Credit) you may have received a notice that your line has been temporarily frozen or withdrawn. If you haven’t received this letter it is possible that you will. Like many people (myself included) you probably didn’t read the twelve pages of fine print in the loan documents that stated that the bank can freeze your line of credit basically at their discretion. Many banks are exercising this option because the vast majority of defaults just happen to be with people who have a HELOC, so these intuitions are rightly trying to stem the rising tide of defaults and unfortunately some good people get hurt in the process. Also some areas of the country are experiencing value reductions (Southern California, Southern Nevada, Arizona & Florida to name a few) so the high LTV (Loan to Value) HELOCS are also suspect. These lenders know that the lower the amount of equity a person has the greater the likelihood is of a foreclosure. I know of many people who use their HELOC like a bank account. They get paid with bonuses and commissions and pay down their line then draw off it if they have laps in income. This method is obviously no longer advisable. I recommend keeping sufficient reserves in cash and paying down your HELOC as you can. I do expect this situation to resolve itself later in the year and for the lines to be reactivated but if you must have an active line give me a call as there are banks who are actively pursuing this business. Also refinancing your line into a fixed 2nd or combing the 1st and 2nd into one loan may also be a possibility.
If you have a HELOC (Home Equity Line Of Credit) you may have received a notice that your line has been temporarily frozen or withdrawn. If you haven’t received this letter it is possible that you will. Like many people (myself included) you probably didn’t read the twelve pages of fine print in the loan documents that stated that the bank can freeze your line of credit basically at their discretion. Many banks are exercising this option because the vast majority of defaults just happen to be with people who have a HELOC, so these intuitions are rightly trying to stem the rising tide of defaults and unfortunately some good people get hurt in the process. Also some areas of the country are experiencing value reductions (Southern California, Southern Nevada, Arizona & Florida to name a few) so the high LTV (Loan to Value) HELOCS are also suspect. These lenders know that the lower the amount of equity a person has the greater the likelihood is of a foreclosure.
I know of many people who use their HELOC like a bank account. They get paid with bonuses and commissions and pay down their line then draw off it if they have laps in income. This method is obviously no longer advisable. I recommend keeping sufficient reserves in cash and paying down your HELOC as you can. I do expect this situation to resolve itself later in the year and for the lines to be reactivated but if you must have an active line give me a call as there are banks who are actively pursuing this business. Also refinancing your line into a fixed 2nd or combing the 1st and 2nd into one loan may also be a possibility.