The National Association of Home Builders’ Seniors Housing Council recently announced that HUD has provided grants to convert existing multifamily units into assisted living facilities.  These upgraded apartments will be equipped to meet the physical needs of older residents.  In all, the U.S. Department of Housing and Urban Development distributed $54.3 million in grants to 12 states for the actual conversion of the facilities, not for funding services to residents.  The goal is to allow some older adults to remain in familiar surroundings, maintain independence, and not be forced to prematurely move into nursing homes. 

Grants were awarded on a competitive basis, with HUD making decisions on the quality and effectiveness of the proposals.  States receiving grants were Connecticut, Delaware, Florida, Georgia, Iowa, Kentucky, Maine, Massachusetts, Minnesota, New York, Pennsylvania, and Vermont. 

Seniors Housing Council – Dec, 2002  

 According to a recent survey by Candlewood Suites, it’s great to visit the children and grand-children, but having your own space is nice too.  More than 70% of grandparents surveyed say they don’t necessarily want to stay with their families when they visit. 

While almost 75% of grandparents consider their grandchildren a “breath of fresh air,” more than a fourth prefers to experience their grandkids in small doses. 

The majority prefer to stay with their families for a weekend, while more than 12% prefer to visit over a meal only.  Nearly four-fifths say they respect their family’s privacy and limit their visits so as not to impose on them.  Conversely, only one-third say their families respect their privacy.  A small group would rather pitch a tent in a nearby park than stay with the grandkids on their next trip. 

Half of the group surveyed describe themselves as baby boomers.  About 66% have grandchildren under the age of twelve, about 10% have teenage grandchildren and 24% have both.  

In an effort to lure the grandparent market, Candlewood Suites offers a special program in which grandparents get a free night on a major holiday when they pay for a night’s lodging at any of the chain’s 102 hotels the day before or after.  Guests must show a photo of their grandchild when they check in.

Selling to Seniors, Nov. 2002

According to the National Reverse Mortgage Lenders Association, seniors can qualify for larger reverse mortgages starting next year because of new, higher loan limits. 

The increases will affect two reverse mortgage products:  the federally insured Home Equity Conversion Mortgage and the Fannie Mae Home Keeper loan.  Fannie Mae announced that its loan limit for single family mortgages, which includes Home Keeper loans, will rise in 2003 to $322,700 from the prior limit of $300,700.  The loan limit is 50 percent higher for Alaska, Hawaii and the U.S. Virgin Islands.  The loan limits will also increase next year for the Home Equity Conversion Mortgage product, a reverse mortgage insured by the Federal Housing Administration.  Loan limits are pegged to increases in the Fannie Mae/ Freddie Mac loan limit and will vary by geographic region.  

            The loan limit increases could help many seniors address their retirement needs.  A reverse mortgage is a loan that enables senior homeowners 62 or older to convert part of the equity in their homes into tax-free income without having to sell the home, give up title or take on a new monthly mortgage payment.  Borrowers can choose to receive the reverse mortgage funds as a lump sum, monthly income (for up to life), line of credit, or as a combination of monthly income and line of credit.  No mortgage payments are due during the life of the loan and borrowers can use the funds however they want.

 Reverse mortgages are just one more possible answer to the problems and challenges my mature clients face.  As a Seniors Real Estate Specialist, SRES, I have the resources to work with you on all of your real estate needs.  

Inman News Feature – Dec, 2002

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