Gary Pierpont Blog

Reverse mortgages have become a popular choice among seniors who may be experiencing financial difficulties. Many experts say the product it is a smart option for those with limited alternatives. An online checklist provides a list of tips that may aid in determining if a reverse mortgage is right for you or your family. To be eligible for a reverse mortgage, the applicant must be age 62 or above and have equity in their home. The borrower is still expected to pay taxes and insurance on the home and premiums and closing costs may also be applied. Heirs will also have to buy your property after your death if they choose to keep the home. More here

According to data from the Federal Reserve, the value of home equity in the United States increased by $794 billion in the first quarter of 2014. The report states that this increase will be felt in the housing market in the near future. Several contributing factors include an increase in home equity lending, more lax credit standards, and the refinancing of mortgages into newer, improved rates. The Mortgage Bankers Association reported that mortgage credit availability has risen due to the changing standards. More here

With the arrival of summer heat comes the need for increased air conditioner usage; however this does not necessarily mean an increased energy bill. According to the Consumer Guide to Home Energy Savings published by members of the American Council for an Energy-Efficient Economy, there are countless ways not only to stay cool during the summer months, but also to increase the efficiency of both cost and energy.

Several tips include:
-“….employing cost-effective conservation measures. Provide effective shade for east and west windows. When possible, delay heat-generating activities such as dish-washing until evening on hot days”
-Utilize ceiling fans to keep rooms comfortable even at a higher thermostat setting.
-Have your AC unit checked for proper sizing as well as current energy efficient technology. More here

According to the latest home price index from CoreLogic, the U.S. is approaching 3 years of consistent year-over-year increases. While home price has continued to rise, the pace of appreciation has begun to yield. Data shows that the gains may likely be attributed to the sale of distressed homes, however without these figures the average price did not reflect as significant an increase. “..the data adds to the evidence that looser supply conditions are starting to deliver the slowdown in house price growth we have been anticipating,” said Ed Stansfield, chief property economist with Capital Economics. More here

Buying a home can be a daunting process, especially for first-time buyers. Independent Community Bankers of America offers several tips for simplifying the process. ICBA recommends that potential buyers first closely analyze their earning and spending habits, and then meet with a banker to discuss financial options before beginning to look at homes on the market. Buyers should prepare two years worth of paycheck stubs, W2 forms, tax returns and investment statements in order to expedite any loan or mortgage applications. ICBA also advises future homeowners to be aware of their FICO score and if necessary, take action to improve it before applying for any loans. More here

Moving into a smaller rental property has become a popular trend among retired seniors as it can help cut monthly finances, and also save money on expensive repairs and maintenance. According to 2012’s Census Bureau data, the median gross rent for seniors is approximately $750/month in numerous metropolitan areas making locations like Portland Maine, Providence Rhode Island, St. Louis Missouri and a host of other cities, fairly affordable for retirement living. There are a number of financial options available to help seniors afford to remain in their homes. More here

In an attempt to save money, many people are taking on home improvement projects themselves. While the thought of doing it yourself and saving hundreds, if not thousands of dollars may be an exciting idea, not all projects should be undertaken without consulting a professional. Experts warn that most DIY projects end up taking up more time, and in the long run can cost more than if you hired a professional. There are a few things to avoid when insisting on doing a home project yourself: Be sure to measure correctly when cutting anything, turn off the water when beginning a plumbing project, let the professionals handle all electrical problems as they can be very dangerous, watch an instructional video or take a class, use correct tools, and ask plenty of questions. More here

Fixed rate mortgages have fallen once again, making this the fourth consecutive week rates have dropped. According to Freddie Mac, the average national 30-year fixed-rate mortgage fell from 4.14% last week to 4.12% this week, while the average national 15-year fixed-rate mortgage decreased from 3.25% last week to 3.21% this week. Additionally, the number of Americans signing contracts to buy new homes has increased. More here

According to Remodeling magazine’s 2014 Cost vs. Value study, curb appeal adds significant value to a house. Simple things that make your house more pleasing to the eye can increase the return on investment greatly, and make a positive impression on visitors and potential home buyers. Experts say checking the roof for leaks, damage or missing shingles is a great starting point. Clean your homes siding. Pressure washing is an excellent way to make your house look ten years younger. Popular advice warns against pressure washing windows, trim, doors or screens as it may cause damage. Make sure your gutters are cleaned out and working efficiently. Also, spend time fixing your home’s accessory features such as shutters and trim. More here

The housing market has made positive strides toward recovery over the last few months. Home resales jumped in April, and the supply of homes for sale on the market increased to the highest level since August of 2012. According to the National Association of Realtors, existing home sales jumped 1.3% to an annual rate of 4.65 million units. Although the housing market continues to grow, first time applications for unemployment benefits increased. More here