Home Week

American
S u n d a y, A p r i l 11 , 2 0 1 0

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2 Sunday, April 11, 2010
Preparation eases way for first-time home buyers
By Amanda Schoenberg
Journal Staff Writer
B
uying a home is the biggest
investment most people
make — and that often
makes it the most stressful,
particularly for first-time home
buyers.
Knowing what to expect, from the
time needed to close to the pages of
documents that need to be signed,
will make the process go smoother,
says Blythe Camenson, a Realtor
with Century 21 Camco who also
renovates homes.
First-time home buyers can still
benefit from an $8,000 federal tax
credit if they hurry. First-time
buyers, including people who haven’t
owned a home in three years and
earn less than $125,000 a year,
can qualify if they sign a binding
contract by April 30 and close by
June 30.
As she watched her rent climb
to nearly $1,000 a month last year,
Patricia Latham decided it was
time to buy. Latham, a divorced
grandmother, learned she was
eligible for the tax credit because
she hadn’t owned a home for years.
Working with Camenson, she started
the process in July and closed on her
Albuquerque home in September.
“If I hadn’t ... jumped on it, I think
I would have regretted it,” says
Latham, who works in professional
development at the Center for the
Education and Study of Diverse
Populations at New Mexico
Highlands University.
Even for buyers who miss the
deadline, Camenson says it is a
buyer’s market in New Mexico.
“Once the credit expires, it’s not the
end of the world,” she says.
Get pre-approved
The first step is to get pre-
approved for a home loan by finding
a mortgage broker or choosing a
Realtor who can suggest a broker,
says Camenson.
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Patricia Latham, outside her Albuquerque home, qualified for the $8,000 fed-
eral tax credit for first-time home buyers because she hadn’t owned a home
for years.
“You don’t want to find something
you love and not be able to buy
it,” says Erik Nore, director of
homeownership for the New Mexico
Mortgage Finance Authority, which
provides housing financing for low-
to moderate-income New Mexicans.
There are two options — pre-
approval and pre-qualification. To
pre-qualify, buyers provide limited
information and an estimate of credit
scores.
At Premier Choice Mortgage in
Albuquerque, co-owner and loan
originator Rob Burdick prefers to
skip straight to pre-approval, which
provides a complete assessment of
buyer finances. For pre-approval,
buyers must verify their assets with
bank statements, provide salary
information and authorize a credit
report check.
Most loans require a credit score
of at least 660, Burdick says. For
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buyers worried about credit, Burdick
recommends speaking with a broker
to identify solutions. Many first-time
buyers use a high percentage of their
available credit, he says. One solution
is to pay down debt on credit cards
with low limits. He tells clients not to
open or close credit lines, which can
hurt their scores.
Once buyers are pre-approved, they
will know how much they can afford
and can start looking for a home.
Mortgage brokers also help buyers
decide on a loan. People who have
saved 10 percent to 15 percent of the
cost of their home usually choose a
conventional loan, Burdick says.
To qualify for a Federal Housing
Authority loan, buyers can’t
purchase homes worth more than
$271,050. They also need a 3.5 percent
down payment.
In the Albuquerque metro area,
first-time home buyers who earn less
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than $55,900 for one to two people
may qualify for a first mortgage loan
and down payment assistance from
MFA, says Nore.
First, not last home
When she works with buyers,
Camenson asks them what kind of
house and neighborhood they prefer.
Especially for first-timers, she often
reminds them that this may not be a
dream home but a step toward it.
She also encourages buyers to
consider whether they will be able to
resell the house when they’re ready
to move to a new home. For example,
a Downtown condo may appeal to a
young, single man but not to a family.
“This is their first home, not their
last home,” she says. “You have to
buy smart.”
Camenson advises most first-time
buyers against fixer-uppers that need
major repairs, which can quickly
spiral out of control.
With Camenson’s help, Latham
says she learned to look beyond
aesthetics to evaluate the “bones” of
a home. “She said, ‘Don’t look at the
furniture. Don’t look at the carpet
— look beyond it. Does the home feel
comfortable?’”
Latham used her tax credit to
pay for some renovations, which
Camenson handled.
“I was able to create my little
dream home,” she says.
Negotiations begin
Once buyers find a home they want
to purchase, real estate agents craft
a purchase agreement that must be
signed by the buyers and sellers.
That is far from the end of the
process, says Camenson. There are
three phases of negotiation when
buying a home. The first is the price
of the home, which is determined in a
purchase agreement.
Other negotiations revolve around
the inspection report, which can
turn up unseen problems like that
See FIRST-TIMERS on PAGE 3
 American Home Week Sunday, April 11, 2010 3

First-timers should expect Mortgage

stress as deal nears closure
from PAGE 2
new roof the sellers put off
buying, and the appraisal.
If a home doesn’t appraise
at the price a buyer offers, a
Realtor will renegotiate the
price.
After the purchase
agreement is signed, it
usually takes four to
six weeks to close, says
Camenson.
A few days before closing,
buyers walk through the
home one last time. If they
find a problem, buyers can
always put off the closing, she
says.
Buyers should make
sure gas and utilities are
kept on and turned over to
their name. Water bills are
handled by the title company.
Usually the day before
closing, buyers find out how
much money they need to
bring. But that doesn’t mean
they should run out and hire
$aver first-time
buyer loan
a moving van. Buyers don’t
get keys until funding — To qualify for the New
when a mortgage company Mexico Mortgage Finance
releases funds and the deed is Authority’s Mortgage $aver
recorded, which can happen first-time home buyer loan:
the same day as the closing
or within a few days. 1. Buyers cannot have
As negotiations stretch owned and lived in a home
on and moving boxes loom, for three years.
buyers should expect stress, 2. In Albuquerque, buyers
says Camenson. She advises must earn less than
them to let real estate agents $55,900 for one to two
handle as much of the stress people. file photo
as possible. First-time home buyers can still benefit from an $8,000 fed-
“Know that it won’t last 3. Buyers cannot spend
more than $237,000 on
eral tax credit if they hurry.
forever,” she says.
Burdick reminds buyers the home.
of the sheer number of
4. Buyers must live in the
people involved in any
home after purchasing it. STAFF
home purchase, including
mortgage brokers, real 5. The home must be a Section editor: Judy Giannettino
estate agents, underwriters, single unit; it cannot be Designer: Susan Vogle
appraisers, inspectors and an income-generating Copy editors: Gayle Geis, Helen Taylor
title company people. property.
“That’s a lot of people with ON THE COVER:
their own ideas and needs,” A New Haven Homes house with an outdoor grilling
Burdick says. “You’ve got to Source: Erik Nore, MFA
and living area. Courtesy New Haven Homes
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4 Sunday, April 11, 2010
Alfresco option
Builders accommodate
love of the outdoors with
kitchens, living areas
By Jane Mahoney
For the Journal
I
t’s spring. That means meal
preparation, dining and entertaining
can shift to the outdoors in New
Mexico — and remain there for the
better part of the year.
Custom builders have moved far beyond
installing a gas stub for a barbecue grill
somewhere on the back patio and calling
it an outdoor kitchen. Instead, that grill,
which can cost anywhere from a few
hundred to several thousand dollars,
has become one of several centerpieces
in an outdoor living area that includes
a genuine kitchen alongside dining, and
lounging, spaces.
“Outdoor living areas complete with
outdoor kitchens are one of the most
requested features we include in our
custom homes today,” says builder Bill
Reynolds, president of New Haven Homes.
“In fact, I can’t think of a home we have
built in the last five years that did not
emphasize the outdoor living and cooking
space as a major design feature.”
By kitchen, think beyond the old
propane-powered grill that once churned
out hot dogs and steaks. Today’s outdoor
kitchens, usually positioned under the
protection of a portal or roof, can include
everything from refrigerators to built-in
pizza ovens.
Hardy countertops, storage cabinets,
outdoor sinks and ventilation fans to
whisk away the smoky evidence of grilled
hamburgers have become standard
features in many upscale outdoor kitchens.
The grill itself may include features
such as rotisseries, griddles, side burners
and smokers, and might perform a
multitude of functions ranging from
searing pork chops to baking a cake.
Some folks love family dinners
outdoors; others like the casual
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American Home Week
entertaining options that seem to come
naturally in an outdoor setting. Still
others prefer outdoor cooking in the
summertime as a way to keep the interior
oven turned off and the home cooler.
Larger spaces
Custom builder Jim Madueña, owner of
Placitas-based JG Madueña Homes, says
the mountain and mesa views so sought
after in Placitas have been the inspiration
for what he calls “sub-spaces” within his
company’s outdoor design plans.
Many of his homes have not only
covered outdoor kitchen and dining
spaces, but also additional patio
extensions that open up to the night skies
and invite family and guests to gather
around an outdoor fireplace or fire pit
when the dining portion of the evening
is completed. Madueña has constructed
horno ovens and bancos as well.
Adds Reynolds, “We’ve included
wood-burning pizza ovens, fireplaces,
swimming pools and water features courtesy JG Madueña Homes
to complement the outdoor living and
Outdoor grilling areas include more than just barbecue grills these
kitchen outside. That means that we are days. Sinks, refrigerators and more are common. This is a house by
now designing outdoor living areas large
JG Madueña Homes.
enough to include cooking areas, dining
areas and lounge areas furnished with
outdoor sofas, chairs and tables. Spaces
large enough to accommodate pool tables
or pingpong are also common.
“Just about every outdoor kitchen and
living area now includes a space for the
large flat screen TV along with a speaker
system for music.”
Upscale kitchen features include prep
sinks alongside bar tops for sitting and
eating, refrigerators, freezers and large
work areas. The proximity of the outdoor
living space to the rest of the home should
be a primary consideration, according to
the builders.
“Perhaps the most requested feature
we are including in several of our designs
is a large glass pocket door system,
which when open completely disappears,
blurring the distinction between indoor
and outdoor living spaces,” says Reynolds.
courtesy new haven homes
See WITH on PAGE 12 This New Haven Homes house has an outdoor living area and a view.
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Check references, ask questions
before deciding on a contractor
By Emily Van Cleve
For the Journal
B
urke Denman,
president of the
Santa Fe design and
construction firm
Denman & Associates, likes
to give prospective clients a
packet of information with
letters of reference when he
is approached about building
a new home. He is delighted
when homeowners make
follow-up phone calls to
check on his references.
“Don’t take letters of
reference at face value,”
says Denman, who has
been building homes
in New Mexico since
1971. “Homeowners
should call a builder’s
references, particularly
the subcontractors and
architects. These are the
people working with the
contractor day in and day
out. If they have a good
relationship with the
contractor after repeatedly
going through the building
process together, that says
more than anything else
about the builder.”
Finding a good, reliable
builder takes time and
requires homeowners
to do their homework.
Homeowners need to know
that their builder is not only
highly skilled at what he or
she does but also fiscally
responsible and meticulous
about following the law when
taking care of business.
By asking the right kinds
of questions before signing
on the dotted line, the
process of building a home
can be positive for all parties
involved.
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Once a contractor’s
references have been
checked out, Denman says
it’s time to dig further.
“Talk with the contractor’s
banker,” he suggests. “A
contractor should have a
good line of credit with his
banker. The contractor
should not ask for a big down
payment at the beginning
of the project. If he does, it
suggests he doesn’t have a
good relationship with his
banker.”
Go to the state
Before selecting a
contractor, verify his or
her license number by
contacting the Construction
Industries Division of the
state Regulation & Licensing
Department (www.rld.state.
nm.us/cid). The office is also
a good place to find out if
there are complaints about a
builder.
“You want to be sure that
a contractor or remodeler
carries general liability
insurance (that covers
bodily injury and property
damage during the course
of work) and workman’s
compensation,” says Jim
Folkman, executive vice
president of the Home
Builders Association of
Central New Mexico. “You
also should get a written
lien waiver from the builder.
In case the builder doesn’t
pay his subcontractors,
the lien waiver protects
the homeowner from being
responsible for these bills.”
Folkman has a list of
questions he thinks are
important to ask a contractor
or remodeler before the work
American Home Week Sunday, April 11, 2010 5
begins.
“Find out if the work is
guaranteed and to what
extent it is guaranteed,”
he says. “Ask if all the
necessary building permits
will be obtained, and then
ask to see them. You also
want to know who is in
charge of the job so you
know the person to speak
with if there is a problem or eddie moore/journal
question. Burke Denman, president of Denman & Associates in Santa
“If you’re working with Fe, says homeowners looking for a builder should check refer-
a remodeler, find out how
ences. Denman is shown here near an 18-kilowatt photovol-
your home, children and taic system his company is installing for a home in Santa Fe.
pets will be protected during
the construction process.
Cleanup is important,
especially if you live in a
neighborhood. Ask how the
remodeler or builder is going
to handle the cleanup at the
end of the project.”
Hire a team
Sometimes, homeowners
go through the process
of selecting a contractor
after they begin working
with an architect. Denman
recommends hiring both at
the same time so they can
work as a team.
“I’ve seen architects file photo
greatly underestimate Finding a reliable builder takes time and requires homeowners
construction costs,” to do their homework.
says Denman. “It’s not
their expertise to know
construction costs the way a “Always make changes on Even if a builder has a
builder does.” paper first,” he adds. “Don’t stellar reputation, Denman
The best way to avoid just talk about them and recommends paying
construction cost overrun then make them in the field. attention to intuition when
problems, Denman says, I’ve known homeowners trying to choose the right
is to make drawings of all who thought a construction person for a job.
changes to the original plans change was going to cost “Ask yourself if you think
and get estimates from the $2,000, based on what the you would actually enjoy
builder in writing. After both builder said to them in working with that person,”
parties sign and date the conversation. When they got he says. “There can be a
documents, staple them to the bill, the change really lot of joy in the building
the original contract. cost $12,000.” experience.”
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6 Sunday, April 11, 2010 American Home Week

Survey shows buyers, owners are thinking smaller, greener

The Orlando Sentinel National Association of Later, speaking by

P
Home Builders’ International phone from his office in
lanning on building, Builders Show in Las Vegas, Des Moines, Iowa, he says: New-home outdoor grilling and living area
buying or improving
your home this year?
Nev., this year.
Energy-efficiency,
“When someone says
their highest priority is
trends n 59 percent wanted a home
Chances are you’re organization and comfort an efficient HVAC system, Here are some of the office
thinking smaller, smarter are top priorities of potential you know we’re not living results of Better Homes
and more family-centric.
n36 percent said their next
new home buyers and the same dream as three and Gardens’ Next Home home would be “somewhat
“We continue to see a homeowners planning years ago. That dream was Survey, and some of the
‘cents and sensibilities’ smaller” or “much smaller”
improvements, he says. having a showplace home trends that may influence
approach when it comes “Today’s homeowner is — a McMansion with the new-home building and home- n75 percent said the
to buying or improving a also looking for a home that emphasis on two stories, improvement projects in economy has impacted their
home,” says Eliot Nusbaum, fits the entire family — from big public spaces and an 2010: home-improvement plans
Better Homes and Gardens’ a multi-tasking home office, expensive fit-and-finish
executive editor for home n 87 percent of respondents n 52 percent said now is the
to expanded storage space, kitchen.
design. said a greener, more energy- time to spend on needed
to a living room that can “Now, those things have
Nusbaum made the efficient home is a priority repairs and maintenance,
adapt to advancements in drifted to the back burner.
comment while presenting rather than major home-
home entertainment and Today it’s ‘what I need’ n 68 percent wanted an
the results of the magazine’s improvement projects
technology,” says Nusbaum. versus ‘what I want.’”
Next Home Survey at the

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Gun Club
 American Home Week Sunday, April 11, 2010 7

Clean and simple set stage, right tone for selling a house
By Jean Patteson from her home in San Diego. To decorating ideas. Always keep in to move into a happy place,” says
The Orlando Sentinel increase your chances of making a mind you aren’t decorating for Rinomato.

W
ant to sell your home?
Get out the bucket, mop
and Mr. Clean.
The key to making a
positive first impression is simple,
says Sandra Rinomato, host of
HGTV’s popular “Property Virgins”
show.
“Get it clean, clean, clean.”
“If your house isn’t clean, it
instantly sends up negative thoughts
that the home is not well-maintained.
If your house is spotless, you’re
ahead of the game,” she says.
But don’t stop there, advises
Rinomato in a telephone interview
sale, “stage” the house to make it as
attractive as possible.
Until recently, “staging meant
pulling out all the stops — setting the
dining table with your best china and
crystal, arranging flowers, lighting
candles,” she says. “Now we take
the minimalist approach. Basically,
you want to strip the house to its
bare essentials, depersonalize it, so
potential buyers can superimpose
themselves and their lifestyle on the
house.”
Rinomato offered these tips for
staging a home:
n Visit model homes and examine
shelter magazines for inexpensive
yourself but for the general public.
n Start with the outside. Give the
house a fresh coat of paint, add shiny
hardware to the front door and plant
a few flowers to send a subliminal
message the house is loved and well
cared for.
n Declutter every room to make
it look larger. Get rid of family
pictures, trophies, knickknacks.
Closets and drawers should be no
more than 30 percent full.
n Invest in eco-friendly but bright
lights. Open the drapes or remove
them completely. “Light, bright
rooms give the impression this is a
happy place — and everyone wants
n Feature only a few pieces of
furniture with mainstream appeal.
Pull pieces away from walls to make
rooms look bigger.
n Make sure a room’s primary use
is obvious. A bedroom should look
like a bedroom, not an office, hobby
center or gym.
n Bedrooms and kitchens are
difficult to stage because they are
in daily use, but make the effort.
Clear everything off counters and
nightstands, roll up the rugs and
hide the laundry hamper. Buff the
cabinets with car wax and clean
See TO SELL on PAGE 11

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8 Sunday, April 11, 2010 American Home Week

Steady growth forecast for Albuquerque market

By Melissa W. Sais 51 in February 2009. “You’re getting more for
For the Journal The Albuquerque area’s your money right now, and

S
new listings in February of the tax credit adds fuel to
teady growth in 1,349 dropped 5.93 percent that fire,” Pando says.
Albuquerque area from January’s number of Total homes on the market
homes sales and 1,434. The new listings saw hit 4,929 in February, up
moderate increases a year-over-year increase of from 4,766 in January but
in new construction are 6.05 percent from February down from 5,373 last year.
expected by local observers 2009, which posted 1,272 new
to mark the housing market Jim Folkman, executive
listings. vice president of the Home
for 2010.
February statistics from Builders Association of
the Greater Albuquerque
Prices still down Central New Mexico, says
Association of Realtors Sale prices continued he expects a 20 percent
showed steady growth to decrease. The median to 30 percent increase in
month over month and sale price — the price at new home construction in
year over year in the area’s which half the homes sell 2010. The number of single-
existing single-family for more and half for less — family housing starts in the
detached home sales. Closed was $169,950 in February, Albuquerque area in 2009
sales increased in February compared with $172,240 totaled 1,669, down from
totaling 380, up 8.88 percent in January and $184,900 a 1,874 in 2008. Housing starts
from January’s 349 and a year earlier. The average, have fallen steadily since
10.79 percent jump from last which can be skewed by the 2005, when construction
year’s 343 sales. The average sale of a few homes at price began on 8,815 new homes.
number of days to sell a extremes, was $206,654, up “I think it’s going to be
home was 82, a 14.58 percent from $205,624 in January closer to 2,000 starts in 2010,
drop from last year’s 96 but down from $209,515 a which we can attribute to
average days on the market. year ago. continued good interest
“This is what we want to “Right now is a great rates, continued and
see — nice, steady growth,” time for buyers entering increasing demand and the
says Mark Pando, president the market,” Pando says. home buyer tax credit,”
of the Greater Albuquerque “Interest rates are at an all- Folkman says. “And once
Association of Realtors. “We time low and the deadline to the job market stabilizes,
look to have steady growth get the housing tax credit is the housing market will get
this year and hope to get approaching.” back to a more consistent
back to a normal market in level.”
The federal government’s
2011 and 2012.” Extended Home Buyer Tax Folkman says that the
JOURNAL FILE PHOTO
Yearly home sales in the Credit allows a credit of need to offer competitively
Albuquerque area peaked New home construction in 2010 is expected to increase up to $8,000 to first-time priced homes is driving
in 2005 with 12,943 homes 20 percent to 30 percent this year, according to Jim Folk- home buyers purchasing construction to outlying
sold. That number dropped man, executive vice president of the Home Builders Associa- homes between Nov. 7, areas like Albuquerque’s
to 9,866 in 2007, and by 2009 tion of Central New Mexico. 2009, and April 30. Current West Side, Los Lunas and
sales had plummeted to homeowners selling a Rio Rancho. “The cost of
7,145. a 46.98 percent increase and closed sales during home they have used for a the land has got to be low
Looking up for 2010, compared to February February. The area’s primary residence for five enough to get the price
February’s pending sales 2009 when pending sales pending sales jumped to 149, consecutive years of the down,” Folkman says. “The
bounced to 779, a numbered 530. a 104.11 percent increase past eight and purchasing median home price is down
5.27 percent increase from Rio Rancho made huge from last year’s figure of 73. a home until April 30 can and the average home price
January’s 740 pending strides in pending sales Closed sales bounced qualify for a credit of up to is down significantly, so
sales. The jump represented 37.35 percent to 70, up from $6,500. that’s where the market is.”

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Interest in universal design increases as population ages
Builders and
remodelers attentive
to ‘silver market’
By Vicky Katz
Whitaker
Creators.com
T
hose stairs you ran
up so quickly when
you were 40 years old
can be depressingly
steep at age 70. And then
there’s the pain that wafts
through your wrist and
fingers every time you turn
on the faucet or twist a
doorknob.
Maybe you should take up
that offer to move in with
your children.
Then again, maybe not.
Many seniors can “age in
place,” experts say, provided
they are willing to modify
their homes to recognize and
meet the physical challenges
that can be associated with
growing older.
The earlier you think about
making those changes, the
better.
“Word has gotten out to the
boomers,” says James Joseph
Pirkl, one of the millions of
Americans born in the post-
World War II baby boom who
are now ages 46 to 64.
Pirkl, an internationally
respected design consultant
for the 50-plus market, calls
it “an evolution,” one that is
fueling greater interest in
universal design, a method
of remodeling or building
homes to accommodate those
who want to remain in their
homes even as they develop
age-related ailments.
Builders, home remodelers
and designers are paying
attention, he says.
The perceptions of
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homeowners in their late 30s
and 40s are shifting, too.
The “silver market”
explosion reflects the
country’s changing
demographics.
In the late 1930s, there
were fewer than 7 million
older Americans. By 2004,
more than 3.5 million baby
boomers had turned 55, and
by 2012, there will be more
than 100 million Americans
age 50 or older.
Pirkl is a professor
emeritus of industrial
design and past chairman
of the department of design
at Syracuse University.
He is executive director of
Transgenerational Design
Matters, an organization
that works with builders,
designers, academic
institutions, and public
and private agencies to
create products and shape
environments compatible
with the physical and
sensory impairments
associated with growing old.
Pirkl says he believes the
design community “carries
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American Home Week Sunday, April 11, 2010 9
a pivotal responsibility” in
shaping the next generation
rooms reflect the universal
design theme that can make
option of redoing their homes
or building anew. Moving
of “human-centered design”
in homes, products and the
a home livable “at any stage
of life,” McConaughey says.
in with family might be the
only option for those whose
environment. Not all seniors have the See HOME on PAGE 11
“People are becoming
more educated about home
design,” says Warner “No one else makes an offer like this
McConaughey, whose because no one else makes a vacuum like this.”
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10 Sunday, April 11, 2010
Reverse mortgages let seniors tap into home equity
By Valerie Lemke
Creators.com
G
iven today’s
economic
conditions, more
and more seniors
are finding themselves
without sufficient funds
for basic living expenses,
according to Meg Burns,
director of the Federal
Housing Administration’s
Single Family Program
Development.
“Often when I talk to
seniors, there are many
who are mainly worried
about future access to
funds.”
MEG BURNS, OF THE FHA
“Maybe they face
immediate large medical
expenses, or they don’t
have sufficient funds to
cover the increases in food,
gasoline and utilities,”
Burns says. Whatever the
reasons, sometimes there are
financial needs that cannot
be met on fixed incomes.
Enter the Home Equity
Conversion Mortgage,
or HECM, FHA’s reverse
mortgage program, which
enables seniors to tap into
their home equity to create
additional income. Only
available to individuals who
are age 62 or older and who
own their homes outright or
have low mortgage balances,
the program requires
that borrowers live in the
homes and pay real estate
taxes, insurance and other
payments, such as utilities.
The loans are deferred
until they no longer occupy
the dwellings and then are
repaid through the sale of the
homes or from the estates.
“If there are heirs who
intend to keep the homes,
they are obligated to pay off
the liens,” Burns says.
Is the reverse mortgage
only for seniors in desperate
financial need?
“We say ‘no,’” says Burns,
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who is also the manager of
HECM, which administers
and insures 95 percent of
all reverse mortgages made
today. “Often when I talk to
seniors, there are many who
are mainly worried about
future access to funds. What
if the car breaks down or
the roof blows off? They are
looking for peace of mind. It’s
a great product for so many
people.”
It is also becoming
increasingly popular. Since
its development in 1987,
the HECM program has
provided financial security
to some 500,000 seniors.
Starting the process
The first step in the
process to obtain an FHA
reverse mortgage is to
contact a counselor in your
area. Advice administered
by a trained counselor
is required. A document
certifying you have received
and understand the product
is issued before you visit a
lender to get the loan.
You can contact a
counselor and get a list of
FHA-approved lenders in
your area by calling 800-
569-4287 or going to https://
entp.hud.gov/idapp/html/
hecm_agency_look.cfm.
You will receive a package
from the National Council on
Aging, including complete
information about the
product.
The counseling
appointment, which can be
conducted by telephone or in
American Home Week
person, may cost $125.
The lender will charge
basic mortgage loan costs,
including appraisal, pest
inspection, title insurance,
FHA mortgage insurance
protection and county and
state recordings, all of
which can be paid from loan
proceeds.
Using a formula based on
age and the interest rate
of the loan, the reverse
mortgage counselor and
lender will calculate for you
what you will receive.
Several options also are
available for receiving
reverse mortgage payments.
Depending on your needs
and wishes, you may have
For some
people, their
home provides
the money they
need to retire.
creators.com
monthly payments sent to involvement is a positive
you as long as one borrower addition to the process,”
continues to occupy the Burns says. “In fact, we are
property as a principal seeing more seniors enter
residence, or equal monthly the program at the urging of
payments may be selected for their children.”
a fixed period of time. Finally, what if the loan is
Another option is a line of used inappropriately?
credit. “We do not mandate how
There are also packages the money is used,” Burns
that include a line of credit says. But even when it is
combined with monthly spent in what some might
payments. feel is an unwise way or for a
Should the mortgage nonessential, there often is a
reversal process be a family positive outcome.
affair? “I hear people say, ‘I was
“We recommend that able to visit children and
if seniors trust and are grandchildren I haven’t
comfortable with their seen in years, and it was
children and heirs, their wonderful,’” she says.
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Home modifications can be
useful for many age groups
from PAGE 9
finances or health preclude remodeling,
relocating to retirement communities or
going to assisted-living centers.
In some cases, increases in crime,
neighborhood blight and lack of
transportation are overriding factors.
Don’t be hasty
If you’re a homeowner contemplating
altering or retrofitting your home to
accommodate a parent who must move in
with you, don’t make hasty remodeling
decisions, McConaughey warns, and pay
attention to aesthetics.
“There’s a sense that these things have
to look ugly” and that you will take them
off later, he says. Examples are a poorly
designed wheelchair ramp or bathroom
grab bar.
Something as simple as changing a
doorknob to a lever can be stylish, as
well as effective, not only for an elderly
parent but also for others in the family.
“Retrofitting is not always about older
people,” McConaughey points out, noting
that a levered door can be opened more
easily with an elbow if you’re carrying
packages.
Better lighting, storage to keep
clutter out of the way, and rooms that
have universal use can go far to bridge
generational gaps.
To sell home,
depersonalize it
from PAGE 7
under the sinks. Invest in
pristine white bed linens and
towels.
n Minimize the “pet effect.”
Remove food bowls and litter
boxes to the utility room.
Deodorize thoroughly.
n Organize the utility room
and garage. Hang up the
bicycles, roll up the hose.
Renting a storage locker is
worth the cost if it helps you
sell faster and for a higher
price.
n Once your house is
staged, invite your friends
or real estate agent over and
walk them through to get an
objective opinion.
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American Home Week Sunday, April 11, 2010 11
Learn the lingo to better
your buying experience
n Clear title: property that
By Vicky Katz
is free of liens, defects and
Whitaker
Creators.com
other legal encumbrances.
B
n Closing costs: fees you
uying a home can
will have to pay upfront
be a challenge, at the “closing,” the date
especially if you’re
on which the sale of the
unfamiliar with real property is finalized and a
estate and finance industry
mortgage loan transaction is
jargon. completed. They may include
fees for a loan origination,
Here are some terms to a title search, an insurance
help get you started: survey, an attorney or other
n APR (annual percentage matters.
rate): the cost of a loan or n Condo (condominium): an
other financing as an annual individually owned unit in
rate. a multi-housing complex in
n ARM (adjustable-rate which common areas such as
mortgage): a mortgage with sidewalks, stairs, clubhouses
a floating interest rate — or greenbelts are jointly
usually adjusted annually owned and maintained
— based on and tied to a through monthly fees.
financial index. n Deposit (or earnest money
n “As is”: “What you see deposit): a token amount
is what you get.” The seller of money a potential buyer
makes no guarantees on the gives to the seller to show he
physical condition of the or she is committed to buying
property and will not make the home.
repairs. n PITI: an acronym
n Assumable mortgage: a (pronounced like the word
creators.com seller’s mortgage loan that “pity”) for the four primary
Well-lighted entryways and hallways, such as can be taken over by the components of a monthly
this one in a home by HammerSmith, are helpful home buyer with no change mortgage payment: principal,
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12 Sunday, April 11, 2010
With planning, outdoor areas can be used year-round
from PAGE 4
And even though an
outdoor kitchen may be
self-sufficient with its
own cooking, water and
refrigeration sources,
Madueña often includes pass-
through doors and windows
that connect it to the interior
kitchen as well. Because the
grill is often situated under a
protective roof, a ventilation
hood is included to move
smoke out of the closed-in
area.
The seasonal use of the
outdoor spaces can be
extended and made more
comfortable with the
inclusion of ceiling fans
under the portals, portable
heaters next to the lounge
chairs, and even colorful
roll-down awnings to block
the sun’s angles or the wind.
“Give some forethought to
the winter season,” advises
Madueña. “We always wrap
the pipes in heat tape and
provide water shut-off valves
so nothing freezes.”
Likewise, when designing
an outdoor kitchen, some
materials are better than
others.
Learn about green building on June tour
Journal Staff Report
A week in June will
provide a few opportunities
for New Mexicans to learn
how sustainable homes are
built and why they’re good
for the environment, says
the state chapter of the U.S.
Green Building Council.
The group is putting on
Sustainability Week and
hosting a series of “green”
education events, including
the GreenBuilt Tour,
according to a news release.
The 11th annual
GreenBuilt Tour will take
place June 12 and 13, while a
commercial green building
tour will be held June 16 and
the Green Central Expo and
Green Living Series is slated
for June 19.
The GreenBuilt Tour will
feature 20 to 25 homes “that
have been certified under
Build Green New Mexico or
the LEED for Homes rating
system,” the news release
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American Home Week
Best-sellers at Patio and indication to her that outdoor
Hearth Co. in Albuquerque seating areas for lounging
Many houses
are outdoor furniture and and entertaining may be
built by JG
propane or natural gas- trumping upscale outdoor
Madueña powered fire pits, according kitchens in the battle of the
Homes have to owner Cindy Esch, an budget.
not only
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and dining
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“Appliances typically used elsewhere in the home Analysis & Consultation
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“Floor surfaces tend to
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the home ranging from brick
“Counter surfaces run the floors in a traditional pueblo
gamut from sealed colored design to polished concrete
concrete to tile, granite in a contemporary or modern www.dpwsolar.com
and stainless steel. Often designed home.”
we bring in design accents
says. The tour costs $1 per
home visited.
The Green Central Expo
Hispanic Cultural Center’s
Pete Domenici Education
Center simultaneously with a
Building A Home?
will be a free event featuring Green Living Lecture Series,
businesses with green
products and services and
the news release says.
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