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7 James St., Homer, NY607-428-0708
For Photos and Full Listing Details Visitwww.hometoheritage.com
Corrie OustadAssoc. RE Broker
Rosemary TaboneAssoc. RE Brkr., CBR (c) [email protected]
Dana DeckerPrincipal Broker, GRI(c) [email protected]
Diann Potter Assoc. RE Brkr., CBR (c) [email protected]
Sally Brown KurtzAssoc. RE Brkr., CBR, GRI(c) [email protected]
Marinda MeyersRE Salesperson
Joanne M. SweeneyAssoc. RE Broker
Michelle ReynoldsRE Salesperson
Susan BriggsAssoc. RE Broker
Kaitlin BerryRE Salesperson
Adele FetterlyRE Salesperson
Jenna GregoryRE Salesperson
3 Broome St., Marathon $595,000
CommercialCall Corrie Oustad
MLS# S1058746
2789 State Rt. 26, Cincinnatus $235,000
5-Bedrooms/4-BathroomsCall Susan Briggs
MLS# S341719
6355 Prospect Ter., Truxton $145,000
3-Bedrooms/1.5-BathroomsCall Rosemary Tabone
MLS# S1052475
15 W. Main St., Cortland $119,900
3-Bedrooms/1.5-BathroomsCall Marinda Meyers
MLS# S1066658
1 Monroe Heights, Cortland $109,900
3-Bedrooms/2.5-BathroomsCall Corrie Oustad
MLS# S1056868
84 Cortland St., Homer $299,900
CommercialCall Susan Briggs
MLS# S342692
981 State Rt. 222, Cortlandville $229,000
4-Bedrooms/2-BathroomsCall Dana Decker
MLS# S1061110
5077 Bishop Rd., Homer $139,900
4-Bedrooms/1-BathroomCall Joanne M. Sweeney
MLS# S1064905
104 W. Main St., Cortland $119,900
3-Bedrooms/1-BathroomCall Adele Fetterly
MLS# S1050395
9979 State Rt. 90, Genoa $109,900
Multi-UnitCall Corrie Oustad
MLS# S1023023
925 State Rt. 222, Cortlandville$279,000
5-Bedrooms/2-BathroomsCall Rosemary Tabone
MLS# S1056649
Firelane 13A, Niles $223,000
LotCall Rosemary Tabone
MLS# S1054048
4187 Kinney Gulf Rd., Cortlandville $139,900
2-Bedrooms/1.5 BathroomsCall Corrie Oustad
MLS# S1063073
14 Helen Ave., Cortland $117,500
3-Bedrooms/2-BathroomsCall Corrie Oustad
MLS# S1066158
124 Gorge Rd., Otselic$77,900
4-Bedrooms/1.5-BathroomsCall Joanne M. Sweeney
MLS# S1044375
421 Dryden Harford Rd., Dryden$239,900
3-Bedrooms/2-BathroomsCall Corrie Oustad
MLS# S1066521
3982 Fieldcrest Dr., Cortlandville $219,000
4-Bedrooms/3.5 BathroomsCall Dana Decker
MLS# S1065991
74 Lincoln Ave., Cortland$139,900
Multi-UnitCall Joanne M. Sweeney
MLS# S1032331
6018 Blue Heron Cv., Homer $115,000
3-Bedrooms/1-BathroomCall Dana Decker
MLS# S1059172
2012 Alpha Circle 7B, Virgil $62,500
1-Bedroom/1-BathroomCall Corrie Oustad
MLS# S1064139
2909 Jeffrey Ln., Virgil $235,000
5-Bedrooms/3-BathroomsCall Dana Decker
MLS# S1060750
5763 Telephone Rd. Ext., Cincinnatus$199,900
CommercialCall Dana Decker
MLS# S1066283
6020 Blue Heron Cv., Homer $124,900
1-Bedroom/1-BathroomCall Dana Decker
MLS# S1057437
6776 State Rt. 41, Scott $109,900
3-Bedrooms/1.5-BathroomsCall Corrie Oustad
MLS# S1065761
6902 Grout Brook Rd., Scott $30,000
ResidentialCall Jenna Gregory
MLS# S1062472
Carrie St. PeterRE Salesperson
EstateCortland StandardReal
Thursday, August 17, 2017
Featured Listings
HeritageRealty
HageReal Estate
RealtyUSA
YamanReal Estate
Featured HomeSTATELY CENTER HALL COLONIAL being offered for the �rst time in almost 50 years. This beautiful home has been meticulously maintained. Built in 1825 this home offers 5 spacious bedrooms. 2 full baths, 3 �replaces and 2,580 sq. ft. of living space on almost 2 acres of land. This elegant home is abundant with wonderful charm and character throughout. Manicured landscaping with beautiful perennial �ower beds adorn the exterior. This is your chance to make this YOUR home! Don’t hesitate! Call for your showing appointment today. $279,000. MLS #S1056649. Call Rosemary Tabone, Associate Broker, 607-423-1068, at Heritage Realty. For this listing and more visit www.hometoheritage.com or call Heritage Realty, 607-428-0708.
– 925 State Route 222, Cortlandville
The Cortland County Board of Realtors® — The Voice of Real Estate
August 2017
Eighty-four percent of Americans believe that purchasing a home is a good financial decision, the highest number in 10 years. Yet six in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area. This is according to NAR’s 2017 National Housing Pulse Survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 25 largest metropolitan statistical areas.
“This survey makes it clear that most American’s still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. Yet, Americans consider the lack of affordability as a big obstacle to ownership,” said Jamie Yaman, CCBR President.
Concerns over housing affordability
show clear demographic divides, especial-ly among unmarried and non-white Ameri-cans. More than 50 percent of unmarried and non-white Americans view the lack of available affordable housing as a big prob-lem, compared to only four in ten of mar-ried and white Americans.
Nationally, 44 percent of respondents categorized the lack of available afford-able housing as a very big or big problem. In the top 25 densest markets, more than half see the lack of affordable housing as a big problem, an increase of 11 percent-age points since 2015. Cortland County Board of Realtors states that lower income
Americans, renters and young women most acutely feel the housing pinch. There is also greater concern about affordable hous-ing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent).
The survey found that over half of re-spondents strongly agree that homeown-ership helps build safe and secure neigh-borhoods and provides a stable and safe environment for children and family mem-bers.
“There are many benefits of homeown-ership, and they resonate more strongly as age increases. Over half of Americans between the age of 50 and 64 believe that home ownership is associated with a stable home environment, which also leads to greater educational success for children,” said Yaman. “It’s important that younger Americans also have access to affordable and sustainable homeownership.”
———Please visit our website: www.Cortland-
mls.com to find a local Realtor, check out the local listings, or to see the full Market Report.
2A — Cortland Standard, Thursday, August 17, 2017 Real Estate
» We take the time to learn your needs» We will discuss your options» Find the best mortgage program for you
decisions quickly
1-888-372-9299 l 607-749-7251
Cortland Appointment Center36 Main Street, Cortland, New York 13045
O�ce: 607-257-0800Ithaca Locations: 2333 N. Triphammer Road, Suite 1
and 710 Hancock Street, Ithaca, New York 14850
**Assoc. R.E. Broker * R.E. Salesperson
Warehouse space is a premium in Cortland County. Ideal for distribu-
tion center, access to Route 81.*Mary DeMunnc. 607.345.5031
MLS 310254/S1050742 $695,000
CORTLAND
Bus i n e s s Oppo r t un i t y
Plenty of space, Charm and original detail; ostrich leather lines walls &
stained glass windows. **Amy Cobb
c.607.423.6766MLS 310332/S1052201 $367,000
CORTLAND
H i s t o r i c Home
Two family has wonderful potential for owner occupied or investment
property. Near downtown.*Richard Calalec. 607.423.5233
MLS 310651/s1059267 $119,900
CORTLAND
W onde r f u l Po t en t i a l
DE RUY TER
Am a z i ng P r op e r t y
148.70 lush acres surrounded by Cuyler Hill State Forest. Main & guest
house + a stocked pond.*Shuryl Menapacec. 607.423.3842
MLS 307148/S359118 $298,900
Totally refurbished updated Ranch home. Lrg new deck great for enter-
taining! Full basement too!*Shuryl Menapacec. 607.423.3842
MLS 311005/S1066189 $189,900
DRYDEN
So l i d l y Bu i l t
MLS # IBR/CBR
C O RTLAN D
Updated kitchen, formal dining room, cozy living room, full bath on
each �r, lrg porch & fenced yard.**Amy Cobb
c.607.423.6766MLS 310637/S1058647 $119,900
Gr ea t C i t y H om e
DRYDEN
4 Bdrm w/ 2 car attached garage. Close to Ithaca and Cortland. 15 mins
to Cornell. **Richard “RJ” Calale
c.607.423-5233MLS 311087/S1067258 $163,000
Cen t r a l l y L o ca t ed
2 bdrm home w/ 3+ bay garage. Open �r plan & recent updates. Newer metal
roo�ng on home & garage.**Amy Cobb
c.607.423.6766MLS 310645/S1058645 $110,000
MARATHON
U pda t ed !
Expansive colonial has a chef ’s kitch-en , master w/ marble �ring. Indoor
pool & hot tub! **Amy Cobb
c.607.423.6766MLS 310314/S1052151 $279,000
PREBLE
M i l l i o n Do l l a r V i ews
RealtyUSA is now A Howard Hanna Company, making us part of the 3rd largest real estate company in the country*, with service across 8 states!
*REAL Trends 500, REAL Trends Magazine, April 2016. Rankings of the 500 largest real estate brokers in theUS by 2015 closed transactions.
Hage Featured Property
NEW LISTING! Skaneateles Lake! Rare opportunity – 2 cottages and over 100’ lakefront! Both cottages have been recently renovated, including kitchens, LED lighting, remodeled bath, new retaining wall, exterior paint, windows, baseboard heat, electric and more. Upper cottage features 3BR, open �oor plan, outdoor wood burning pizza oven, deck and more. Overnight guests will love the 1BR lake level cottage offering an open kitchen/LR, 2 decks and dock. A gorgeous place to live the lake life! $447,000 ~ MLS# S1067696. 29 Spafford Landing Rd. ~ Spafford. Call Jason Hage, Lic. Assoc. RE Brkr., c. 607.283.6200, Hage Real Estate. For this listing and others visit www.hagerealestate.com or call 607-753-6766.
Heritage Featured Property
5763 Telephone Road Extension, Cincinnatus. $199,900. Restored back to its original splendor. The current owners of the Bennett Hotel have brought this gem of a property back into a pro�table business. The property consists of a tavern, 2 dining rooms, 7 serviceable hotel rooms, a leased apartment, BBQ pit, and more. With a max occupancy of 175 on the 1st �oor, there is plenty of space to host a multitude of events. The hotel rooms have re-cently been made available to the public again. The old style set up mixed with modern day amenities will have you reminiscing about yesteryear. Don’t miss out on this opportunity to own a piece of history nestled in the beautiful hamlet of Cincinnatus, NY. MLS# S1066283. Call Dana Decker, Principal Broker, 607-428-0708, at Heritage Realty. For this listing and more visit www.hometoheritage.com or call Heritage Realty, 607-428-0708.
Have they seen yourbusiness advertised?
Call the DisplayAdvertising Department
756-5665Cortland Standard
Source: Scarborough Research 2006 Release 2 (Top 50 Market Report)
69% of adults have read the newspaper in the last 5 days... Real Estate Corner
Cortland CountyBoard of Realtors
Majority see home as good investmentYet affordability woes remain nagging concern for many
Smart Sourcecoupons...appearing in the
Look for
Cortland Standard
By HEATHER LARsonBankrate.com
(Tns)Retirees may need an extra
infusion of cash for a variety of reasons.
They could have an unexpected hospital visit, want to refurbish their home, pay down credit card debt, be ready for a vacation or have some other expense.
They often tap the equity they have in their home to get addi-tional funds.
Three common ways to do this include taking out a reverse mort-gage loan, obtaining a home eq-uity line of credit or applying for cash-out conventional mortgage refinancing.
Below, financial experts talk about the pros and cons of each method. When you compare your situation to the possibilities and requirements, you’ll determine which option works the best for you.
REQUEsT A REVERsE MoRTGAGE LoAn
Different types of reverse mortgage loans exist, but to make this simple we are talking about the most popular _ a home equity conversion mortgage, or HECM. The Federal Housing Authority’s reverse mortgage loan program makes HECMs available through lenders.
“It’s a way for people 62 years of age and older to access some of the equity they’ve earned in their home without selling the house,” says Laura Kiel, of Kiel Mortgage in Renton, Wash. “You can receive your funds as a lump sum at closing, paid to you in equal amounts each month, in a line of credit available to you or a combination of all three.”
If you choose a home equity line of credit, that money increas-es over time, she says.
Out-of-pocket fees _ including closing costs, an appraisal and other charges _ vary by mortgage company, but average around $700, Kiel says. There’s also mandatory counseling, which requires a fee, to make sure you completely understand the loan and its terms. That fee usually runs $100 to $200.
FHA insurance is also factored into the reverse mortgage loan amount. When you get a reverse mortgage loan, you no longer have monthly mortgage pay-ments, but you still must pay the taxes, insurance and maintenance expenses on your home.
If you sell your home, the loan is repaid with the proceeds.
APPLY FoR A HoME EQUITY LInE oF CREDITA home equity line of credit, or
HELOC, generally comes from a bank, says Barry Sacks, a practic-ing tax and pension lawyer in San Francisco. Unlike a HECM, there is no restriction on the age of the borrower.
How retirees can tap into their home equity
see EQUITY, page 3A
++
Cortland Standard, Thursday, August 17, 2017 — 3AReal Estate
Brent J. Zogg, Licensed Real Estate Broker & Auctioneer
Z and R Auction Co.Z and R Auction Co.
Structurally sound, multi-level, open �oorplan, one-family contemporary style, 4,000 SF living area on 3.01± A. with spectacular view of Skaneateles Lake. Exterior is completed; inside is un�nished and waiting for new owner’s ideas. Lake access minutes away. Homer School District.
OPEN HOUSE:
For full listing, photos & details, visit:
This is an excellent opportunity to purchase a fabulous home or summer retreat with a gorgeous view of Skaneateles Lake, one of the most scenic areas of New York State!
HOURS:MON.-FRI. 8:30AM-5:30PM
SAT. 9AM-1PM, OR CALL FOR AN APPOINTMENT!
BillWhite
Assoc. Broker745-2754
LindaMuirheadSalesperson423-4256
KarlaService
Salesperson310-625-0115
SteveCinquantiAssoc.Broker/
Commercial Sales423-7800
NickiWynn
Assoc. Broker/Sales Manager745-3942
SandyLudwig
Assoc. Broker745-5181
AnitaBryan
Salesperson220-4727
IngridDunham
Salesperson591-9216
The Premier Name in Real Estate185 Clinton Avenue, Cortland, NY 13045
(607) 753-9644For a complete list of homes for sale, visit:www.yaman.com
Fantastic Colonial on 5 acres, views, like new.
MLS #S1062114$289,000
Call Tim Alger
VIRGIL
JoanPlew
Assoc. Broker275-7072
Master BR suite overlooking the beautiful downstairs.
MLS #S1066234$169,000
Call Tracy Koenig
MARATHON
Great one level homewith in-law suite. MLS #S1066649
$92,500Call Pamela Cullip
CORTLAND
Looking for a truefixer-upper?
MLS #S1066759$35,000
Call Tim Alger
McGRAW
Versatile living area offering many types of living options.
MLS #S1060370$426,000
Call Nicki Wynn
FREETOWN
Updated kitchen on the 1st floor and kitchenette on the 2nd.
MLS #S1040607$135,000
Call Karina Murphy
CORTLAND
Wonderful location w/13+ acres, pond.
MLS #S1065207$104,900
Call Tim Alger
FREETOWN
3 Bedrooms,1 plus baths.
MLS #S1058247$114,900
Call Pamela Cullip
HOMER
Lg. corner lot w/fenced-in yard, many updates, spacious rms. & 2 FP!
MLS #S1060396$144,900
Call Joan Plew
CORTLAND
1849 Farmhouse located in the Homer School District.
MLS #S1059430$115,000
Call Bill White
HOMER
Enjoy hot summer days in the in-ground pool.
MLS #S1059995$154,500
Call Linda Muirhead
Condo sleeps 9–1st floor BR, loft, great view, extras, move-in ready.
MLS #S1068411$109,999
Call Sandy Ludwig
VIRGIL
A one owner home was built with quality.
MLS #S1066775$129,900
Call Sandy Ludwig
HOMER
Contemporary homeon 30+ acres.
MLS #S1055121$276,000
Call Jamie Yaman
HOMER
Easy to maintain home on a quiet dead-end street close to all services.
MLS #S1058729$129,900
Call Bill White/Pamela Cullip
CORTLAND
Well-maintained ranch located on 1.3 acres.
MLS #S1060099$134,900
Call Karina Murphy
DeRUYTER
Farmhouse close to Cortland and Homer w/recent structural, mechanical improvements.
MLS #S1007485$72,500
Call Sandy Ludwig
CORTLANDVILLE
Unique style ranch, open floor plan, tastefully done, lg. lot w/view!
MLS #S1053157$279,000
Call Joan Plew
CORTLANDVILLE
Offers wraparound porch, nice deck.MLS #S1052848
$214,900Call Nicki Wynn
HOMER
Four unit propertymoney maker.
MLS #S1058574$199,900
Call Nicki Wynn
HOMER
Great investment or handyman special.
MLS #S1067952$59,900
Call Ingrid Dunham
LOCKE
Great space,quiet yard.
MLS #S1041091$155,000
Call Pamela Cullip
DRYDEN
KarinaMurphy
Salesperson379-9815
Kathie Wilcox
Assoc. Broker423-2638
TimAlger
Assoc. Broker423-6174
JamieYaman
Principal Broker423-1369
Our mission at Yaman Real Estate is to be the most respected, reliable, and effective real estate service provider available.
NEW
PRICE
AGENTOF THE MONTH
Terry HowellAssoc. Broker 423-2385
Denise B.Allen
Assoc. Broker, ABR280-3151
Over 4,500 square feet living space.MLS #S1065855
$294,900Call Kathie Wilcox
WHITNEY POINT
TracyKoenig
Salesperson423-9745
CORTLANDVILLE
2 Family home in great neighborhood.
MLS #S1061992$87,000
Call Jamie Yaman
CORTLAND
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Pamela Cullip
Salespersonr261-0439
ConstanceMack
Assoc. Broker745-8802 N
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PRICE
“The amount you can bor-row as a line of credit depends on the value of your home, your income, credit rating and the bank’s policy,” Sacks says. “The interest rate for this loan can be fixed or variable, depending on the lender.”
Although your HELOC won’t increase automatically, Sacks says in some cases the borrower can negotiate an increase in the amount available.
But you’ll need to quit dip-ping into the credit line and start paying it back within seven to 10 years. You must repay both the principal and the interest.
The lending bank can cancel a HELOC at any time, and banks did this in a big way during the Great Recession. That can be a significant risk, especially for a retiree who may need the money at just the point in time when the cancellation occurs, Sacks says.
ACQUIRE CASH WHEN YOU REFINANCE
When you apply for a con-ventional cash-out refinancing,
you replace your first mortgage plus get a lump sum of money to help you out with your finan-cial needs. Your new loan is for a larger amount than your exist-ing home loan and ideally at a lower interest rate.
To qualify for this option, a retiree must meet certain credit and income requirements, says Steven Sass, a research econo-mist for the Center for Retire-ment Research at Boston Uni-versity in Chestnut Hill, Mass. These requirements are much stricter than those for a reverse mortgage loan, he says.
You also pay closing costs, which can run into the thou-sands of dollars.
“What a borrower can get is largely determined by the value of the house (as collateral), the borrower’s ability to repay the debt and the lender’s maximum loan-to-value (ratio) on a refi,” Sass says.
Loan-to-value ratio is the current mortgage amount di-vided by the appraised value to a maximum amount of about 75 percent to 85 percent.
EQUITYcontinued from page 2A
By NATAlIE CAmpISIGOBankingRates.com
(TNS)Buying a home is an exciting
process that takes time, research and money. And for people who need a mortgage, it also usually requires a good credit score. If your credit history is less than what most lenders deem accept-able for a home loan, then it’s time to explore your options.
Although rebuilding your credit is one way to improve your chances of qualifying for a mortgage, it can be a lengthy process. Before you even start the application process, use a mortgage qualification calcula-tor to figure out how much you can afford; this will give you an idea of your price range and how much you’ll need to ask the lender for. Many lenders ad-vise not to spend more than 28 percent of your income on your mortgage.
Some folks might want to own a home sooner — because of at-tractive real estate prices or a low annual interest rate — than it might take to boost their credit score. Even if you don’t have
time to make a helpful boost to your credit score, there are still things you can do to help yourself get a mortgage. Here’s a list of alternative strategies to help you figure out how to buy a house when you don’t meet cer-tain requirements.
INCREASE QUAlIFYING INCOmE
When underwriters look at income, they take a pretty con-servative stance. For example, income from your part-time job might not be considered unless you have a history of working more than one job. Rental in-come might take a 25 percent cut right off the top of your in-come, and if you deduct busi-ness expenses that have yet to be reimbursed, your lender will probably also deduct them from your qualifying income. How-ever, sometimes the rules work in your favor.
As required by the Equal Op-portunity Act Amendments of 1976, Public Law 94-239, in-come that the borrower receives from public assistance programs might be used to qualify for a loan if it can be determined that
the income will probably contin-ue for three years or more. This can be helpful in boosting total income.
Here are other sources of in-come that you might not have considered:n Alimony or child supportn Automobile allowancen Boarder incomen Capital gains incomen Disability income — long-
termn Employment offers or con-
tractsn Employment-related assets
as qualifying incomen Foreign incomen Foster-care incomen Interest and dividends in-
comen Mortgage credit certifi-
catesn Mortgage differential pay-
ments incomen Non-occupant borrower in-
comen Notes receivable incomen Public assistance incomen Retirement, government
annuity and pension incomen Royalty payment incomen Social Security income
n Temporary leave incomen Tip incomen Trust incomen Unemployment benefits in-
comen VA benefits incomeCHOOSE A DIFFERENT
mORTGAGESome mortgages have more
forgiving guidelines than oth-ers when it comes to income. VA loans, for example, calculate income two ways _ the standard debt-to-income method and the “residual income” method, which is much more generous.
For people with lower in-comes, a worthwhile option to look into is Freddie Mac’s Home Possible program. To qualify, the borrower must have a yearly in-come that’s either equivalent to or less than the area median in-come for the census tract where the property is located. The only exception to this rule is if the property is in a designated un-derserved area or high-cost area.
The Home Possible rules state that if the property is in a high-cost area, the annual income can
3 ways you can buy a house even if you don’t meet income requirements
See INCOmE, page 4A
By GARY m. SINGERSun Sentinel
(TNS)Q: We are buying a home and
had a “four-point” inspection done for the homeowner’s in-surance. The insurer declined to cover the house due to the brand of the electrical panel fuse box. What gives?
— DanA: Most insurance companies
require a “four-point” home in-spection before insuring a prop-erty. The inspection focuses on the four main causes of most in-surance claims: HVAC (heating, ventilation and air conditioning); electrical wiring and panels; the roof; and plumbing.
Certain brands of electrical pan-els, particularly those installed before 2000, have been found to cause problems and not perform as they should.
If the insurer is denying cov-erage due to a suspect panel, the worst solution, in my opinion, would be to try a different in-surer. Just because another com-pany will give you the coverage doesn’t make the panel any safer.
If you are faced with this situ-ation, speak to the seller about replacing the panel.
Can’t get insurance?
4A — Cortland Standard, Thursday, August 17, 2017 Real Estate
DREAM
At CFCU Community Credit Union we want to help you
m/dream
Triphammer
Our
Dre
am T
eam
Julie Banwell NMLS# 910246
[email protected](607) 257-3282 x3410
Kimberly Rozell NMLS# 340224
[email protected] (607) 257-3282 x3610
Kate Barth NMLS# 1136791(607) 257-3282 x3257
Nicole Cottone NMLS# 906260
[email protected](607) 756-6968
Missy Park NMLS# 335527
[email protected](607) 592-5295
Justin Earl NMLS# 1626314(607) 257-3282 [email protected]
NMLS #299582Federally Insured by NCUA
Neb HagePrincipal Broker
M
2108 S. HILL RD.4 Bedrooms/3 BathsOpen �oor plan w/�replace
Full �nished walk-out lower levelLarge 2 story garage
$219,000 MLS# S1060088Call Jaimie, c. 283-6324
VIRGIL
10 HICKORY PARK RD.3 Bedrooms/2.5 Baths
Open �oor planPerfect for entertainingTerri�c neighborhood
$204,500 MLS# S1064523Call Jerry, c. 423-4278
CORTLAND
JoAnn ZechLic. Assoc. RE Broker
Jerry HartnettLic. Assoc. RE Broker
Jason HageLic. Assoc. RE Broker
Michael “Mike” Gibbons Lic. RE Slsp.
Deanna DaleyLic. RE Slsp.
Helen AckermanLic. Assoc. RE Broker
Rose “Marie” FerroLic. RE Slsp.
Sean MackLic. Assoc. RE Broker
John AspinwallLic. RE Slsp.
2 MILDRED AVE.3 Bedrooms
Spacious breezewayWB �replace, HW �oors
Lower level rec room$127,900 MLS# S1064955Call Jerry, c. 423-4278
CORTLAND
713 McLEAN RD.3 Bedrooms/2.5 Baths
Gorgeous kitchenHW �oors, cathedral ceiling
Beautiful deck and yard$209,000 MLS# S1065682Call Ray, c. 351-2473
CORTLANDVILLE
6846 ROUTE 113 Bedrooms/2 Baths
Spacious eat-in kitchenFormal DR, gas �replace
Cathedral ceilings$139,000 MLS# S1066174Call Mike H. c.423-3685
PREBLE
Team Hage ~ WhereKnowledge and Experience Count!
We Sell Results –Not Promises!
For Full Details on All Available Properties Visitwww.hagerealestate.com
On Your Computer, Your Smartphone or Your Tablet!4070 West Rd. (Rte. 281), Cortland, NY 13045 607-753-6766
434 NYE RD.4 Bedrooms/1.5 Baths
Open �oor planFinished lower levelBeautiful 1+ acre lot
$187,500 MLS# S1068309Call Jason, c. 283-6200
VIRGIL
3882 ROUTE 133 Bedrooms/2 Baths
1st �oor bedroomNice country setting
1.6 acre lot$82,500 MLS# S1054809Call Mike H. c.423-3685
TRUXTON
94 GREENBUSH ST.3 Bedrooms/1.5 Baths
Beautiful updated kitchenWB �replace in LRGreat city location
$112,900 MLS# S1064039Call Sean, c. 745-0200
CORTLANDHOMER
1859 MOUNTAINVIEW DR.4 Bedrooms/1.5 Baths
Spacious eat-in kitchen180’ lakefront
Between Syracuse and Cortland$199,500 MLS# S1033041Call Deanna, c. 345-7036
HOMER
55 NORTH ST.2 Bedrooms
HW �oors, woodstoveBeamed ceiling in LR
Lovely setting$57,900 MLS# S1066916Call Mike H. c.423-3685
CORTLANDVILLE
60 CORTLAND ST.4 Bedrooms
Eat-in kitchenVersatile �oor plan
Hot tub, heated garage$89,900 MLS# S1064203
Call Deanna, c. 345-7036
HOMER
29 SPAFFORD LANDING RD.3 Bedrooms/1 Bedroom
2 cottagesMultiple decks
Woodburning pizza oven$447,000 MLS# S1067696Call Jason, c. 283-6200
SPAFFORD
Mike HartnettLic. RE Slsp.
Jaimie BeersLic. RE Slsp.
Ray Stevens, Jr.Lic. RE Slsp.
CONGRATULATIONSTo The Top Producers for July
Jaimie, Jason, Marie and Jerry!
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Yaman Featured Property
305 McLean Rd., Cortlandville. If you have been looking for privacy, superior quality, large barn, open layout, �nished basement and still close to stores then call for your appointment today. This executive style ranch home boasts quality in the construction and �nishing work, including a fantastic stone entry with professional landscaping. You will enjoy evenings �reside in the awe-some LR or lower FR, that also has full bar with water and cooking station. One of the other great features is the large barn, that has an office... but also used to be an apartment so all hookups are still there. This barn would be fantastic for storage, business, shop, art studio, apartment, or any-thing else you can dream up. All this and close to stores, skiing, golf, Cornell, IC, SUNY Cortland, lakes and hiking. MLS# S1065473. $344,000. Call Tim Alger, Associate Broker, (607) 423-6174.
RealtyUSA Featured Property
24 Morningside Drive, Cortland. An open �oor plan, many windows, 3 spa-cious BRs, a �oor to ceiling stone FP, all situated on a corner lot in a great, family neighborhood welcomes you home! This is not a drive by! Home is much roomier than it appears from the outside. Located in a quiet, very desirable neighborhood, there is easy access to I-81, shopping, bus, restaurants, and a short walk to Yaman Beach and Playground! Full, dry basement is ready to �nish and will make an awesome family room or “man cave.” Fenced dog ken-nel with indoor/outdoor access for your 4 legged family member is an added bonus! MLS 310768/S1061954. $139,900. Call RealtyUSA at 607-257-0800.
exceed the area median income, within certain limits. Likewise, if the property is in an under-served area, AMI requirements don’t apply at all.
Credit might be another option for people who have a history of paying their bills on time, even if they experienced a period of financial hardship. FHA loan qualifications state that these candidates might still be able to qualify for a loan, regardless of isolated cases of late or slow payments.
BRING IN ACO-BORROWER
There’s always the option of bringing in a co-borrower. Extra income allows you to qualify for a bigger mortgage. Co-borrowers can be occupants or non-occu-pants. An occupying co-borrow-er lives in the home with you. A non-occupant co-borrower is more like a co-signer; this per-son doesn’t live in the house but is responsible for the payments.
Lenders are more likely to put restrictions on non-occupant co-borrower loans, such as re-quiring a higher down payment. Government loans come with fewer restrictions.
For manually underwritten loans, the income from a non-occupant co-borrower might be considered as acceptable quali-fying income. This income can offset certain weaknesses that might be in the occupant bor-rower’s loan application, such as limited financial reserves or limited credit history.
———(c) 2017 GOBankingRates.
com, a ConsumerTrack web property.
Distributed by Tribune Con-tent Agency, LLC.
INCOMEcontinued from page 3A
By MARCIE GEffNERBankrate.com
(TNS)The minimum age for homeowners to take out
a reverse mortgage loan is 62. But what about the maximum age? Is anyone ever too old for this type of home loan?
HOW A REVERSEMORTGAGE LOAN WORKS
Reverse mortgage loans allow borrowers to tap the equity in their home. No payments are re-quired until the borrower sells the home, moves out for 12 months or longer, or dies. Then, the loan becomes due in full. The borrower remains responsible for home insurance, property taxes and maintenance.
Common motivations to get a reverse mortgage include wanting to stretch retirement income or needing money for medical treatment or in-home care.
“People’s retirement portfolios aren’t as large, generally speaking, as they were in the previous generation, and-or people have higher expecta-tions for their retirement income than they did previously,” says Rick Wills, the branch manager at Open Mortgage in Silver Spring, Md.
A reverse mortgage loan “can be a means to supplement their retirement portfolio,” he says.
BORROWERS AS OLD AS 101The age “sweet spot” for borrowers is prob-
ably 65 to 75 years, says Eric Meehan, a reverse
mortgage loan specialist at Movement Mortgage in Chula Vista, Calif. One of his oldest customers was 84. Another was 92.
But, back to the question: Are you ever too old? The short answer is no.
Wills’ customers have included a woman over 80 and her 101-year-old mother, who got a reverse mortgage loan together for a home where they’d both lived for decades. Older seniors may not be the norm for reverse mortgage loans, but they’re not unusual either.
“People realize they have a lot of equity in their home and this allows them to stay there in a way that’s more financially stable,” Wills says.
DIffERENT NEEDS AS YOU AGEYounger seniors may be more likely to use a re-
verse mortgage loan for travel, living expenses or financial planning, while older seniors more often have health care needs, says Meehan.
While those scenarios may be common, there are no restrictions — age-related or otherwise — on how seniors can use reverse mortgage pro-ceeds.
Beth Paterson, a certified reverse mortgage loan professional at Reverse Mortgages SIDAC in St. Paul, Minn., recalls a 96-year-old borrower who used a reverse mortgage to hit the road.
“She had a $2 million home, condo in Florida and lot of (other) assets, and she was still able to travel, so she did the reverse mortgage instead of tapping into her other retirement funds,” Paterson says.
UNDERSTANDING A REVERSE MORTGAGE
No mental competency test or medical exam is required to get a reverse mortgage loan. However, lenders are aware that competency can diminish with age.
Loan officers “should not ignore” any signs of di-minished capacity, says Wills, of Open Mortgage. “You have to understand what you are signing.”
Meehan, with Movement Mortgage, asks se-niors to recall short-term information while he speaks with them, to get a feel for whether they fully understand. He also may ask older seniors whether a family member or other trusted adviser can review the loan information with them.
In some cases, a guardian, adult child or other trusted financial adviser given power of attorney may be involved in a senior’s reverse mortgage loan.
Wills says a power of attorney must be accom-panied by a physician’s letter confirming that the authorization was given when the borrower was mentally competent.
fULfILLING THE fINANCIAL ASSESSMENT
All reverse mortgage borrowers must complete
a financial assessment to help ensure they’ll be able to maintain their home and pay their proper-ty taxes and homeowners insurance. A borrower may be rejected on the basis of the assessment, or it may prompt a lender to set aside part of the loan proceeds to pay taxes and insurance on the borrower’s behalf.
The financial assessment may be more chal-lenging for some older seniors.
“Sometimes the older people don’t have part-time jobs but may just be living on Social Se-curity, so sometimes it may be a little bit harder (for them) to qualify under the financial assess-ment,” Wills says.
But here’s something that can offset a set-aside, if it’s required: Older borrowers can tap a larger percentage of their home’s equity. The reason is that their life expectancy is shorter, meaning the expected term of their loan will be shorter, too.
———Visit Bankrate online at www.bankrate.com.
———(c)2017 Bankrate.comDistributed by Tribune Content Agency, LLC.
Are you ever too old for a reverse mortgage?
