March 26th 2008 

 
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  • A Loan With No Payments!
  • Focus on Arizona
  • 25 New Active Lifestyle Communities by Lifestyle - PLUS our new RV Communities
  • And don't forget to visit our Featured Arizona and other communities

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Lisa and Stephan LaCount, Susan and Matt Varney

A Loan With NO Payments!


What are the costs associated with a reverse mortgage?

Currently, reverse mortgages charge 4 points to the consumer or senior. For example, on a $150,000 reverse mortgage loan, you can expect to pay $6,000 in fees. Two of the 4 points, or $3,000 of the $6,000, go directly to the Federal Housing Administration. This is somewhat like an insurance policy on the senior so that the value of the loan never exceeds the value of the home. If it should, the Federal Housing Administration pays the difference, and the heirs to the estate have no liability. The remaining $3,000 (or 2 points) goes to the lender. This is the fee the lender charges for providing a loan where NO payments are made for the life of the loan and as long as the senior lives in the house.

There is legislation proposed to reduce the lender fee from 2 points to 1 point. Essentially, in the above example, this would reduce the lender fee from $3,000 to $2,000.  These fees are the same for all lenders; therefore, lenders today should only charge a maximum of 2 points. The other fees associated with getting a reverse mortgage today are as follows:

1)    Appraisal cost generally around - $400

2)    Credit Report - $25

3)    Flood Certification - $12.75

4)    Closing fees - $360

5)    Title Insurance - (Varies on the loan amount and appraised value)

6)    Endorsements - $ 350

7)    Recording Fees - $ 250

8)    Document Preparation - $ 125

Worth noting is that the consumer never pays for these fees out of his/her pocket because it is added to the loan amount and financed into the transaction. Therefore, this becomes a loan with NO payments.  So for the senior looking for cash to improve their quality of life, help to pay the rising cost of healthcare or purchase a new home, a reverse mortgage becomes quite attractive and serves its purpose.

Please feel free to call me today and see if you qualify for a reverse mortgage.

Bill Pearson
Vision Mortgage Capital
790 Penllyn Pike, Suite 304, Blue Bell, PA 19422
Office: (215) 646-8088 ext 205  Cell: (215) 817-1404
E-mail bpearson@visionmortgagecapital.com


Focus on Arizona


While the flavor of the old West is certainly evident with some towns set more in the past than in the present, the trappings of the 21st century are everywhere in Arizona.   And just as the towns are diverse and colorful, the terrain of the state is too.  Most people associate Arizona with a desert.  However, the truth is that more than half the state features mountains and plateaus and the state contains the largest stand of Ponderosa pine in the world.  Of the state’s 118,000 square miles, only 15% is privately owned.  There are 4 deserts. The rest is public forests and park land, recreation areas and Native American reservations.  Arizona is on of the Four Corners states along with New Mexico, Utah and Colorado.  It also touches California and Nevada.  It has 389 miles of international border.

The lower 2/3 of the state is considered to have a desert climate.  That part has mild winters and hot summers.  In summer the average temperature is between 90 and 100, with highs sometimes getting to 120 degrees.  Due to its dry climate, it is not uncommon to have up to 50 degree temperature swings between day and night.   In the winter, the average is a very mild 50 degrees.  In the northern part of the state, the winter temps average in the 20 – 30’s and the summers average in the mid-70’s.  The annual rainfall is 12.7 inches with most of it in the monsoon season from mid-July through August.  It can occur in torrential downpours.  Fortunately, it is rare for the state to experience a tornado or hurricane. 

At one time nearly 25,000 Indians were the exclusive residents of Arizona.  The earliest were the Hohokam who were followed by the Anasazi and then the Mogollons.  The region was shaped by prehistoric volcanism.  The entire region is slowly sinking.  In fact, geologically, the land can be envisioned as tilting downward to the south.   It became the 48th state on Feb. 14th, 1912 and was the last of the contiguous states admitted to the Union.  There is some disagreement over what Arizona means.  The most likely explanations come from the Basque phrase “aritz onak”, meaning good oaks, or from the O’odham phrase “ali sonak, meaning small spring.

The early economy was based on cotton farming and copper mining.  It didn’t boom in the early years due to a lack of water.  That changed in 1911 when the Theodore Roosevelt Dam was completed on the Salt River.  It curbed the occasional flooding and provided irrigation water for Phoenix.  In 1936, Hoover Dam was completed forming Lake Mead – the largest artificial lake in North America.  Once the water became plentiful, large scale industry and agriculture followed.  But by then the Great Depression was in full swing and many of the copper towns went under.  Many of these failed towns then became artist communities and are still so today.  It wasn’t until the 20’s and 30’s that tourism became an economic factor with the introduction of dude ranches, upscale hotels and resorts.  The population grew considerably after WWII in part due to the development due to the development of air conditioning.  The population in 1910 was 294,353, in 1970 it was 1,752,122 and in 2006 it was 6,166,318.   Retirement communities became an economic factor beginning in the 1960’s with Sun City by Del Webb being one of the first to open in 1960.   Today the median age is 34.2 with the age category of 25-59 making up nearly half the population and 60-84 making up nearly 1/6 of the population.

Today, if Arizona were a country it would have the 61st biggest economy – bigger than Ireland, Finland and New Zealand.  Their modern economy is based on copper and cotton but also on cattle, citrus and tourism.  (Tourism is sometimes referred to as climate, so that the economy is based on the 5 C’s).  Their copper output comprises 2/3 of our nation’s output.  The largest employer is the state while the largest private employer is Wal-Mart.  Nearly 8% of the economy is based on high tech industries including software, computers, electronics, and aerospace manufacturing.  The current trend is away from mining and agriculture and towards high tech and service.

The Arizona legislature is bicameral.  Each of the 30 districts has one senator and 2 representatives. They are elected to two year terms with no more than 4 terms consecutively allowed in a chamber but with no limit on the actual number of terms.  When a lawmaker is term limited in one chamber, it is not uncommon for him/her to run for the other chamber.  There is one session per year beginning on the second Monday in January and ending no later than 100 days after the start.  The current governor is a Democrat.  She lives in her own private residence as there is no governor’s mansion.  From the territorial days until the late 1940’s, Arizona was dominated by Democrats.  However, the newcomers brought with them their Republican votes.  Today, Tucson is still largely made up of Democrats and Phoenix is largely Republican.  In fact, Phoenix is considered one of the most conservative urban areas in the nation. 

There are five income tax brackets ranging from 2.87 on up to 5.04 percent.  The latter bracket starts at $150,001.  There is no state sales tax on food for home consumption nor on prescription drugs.  However, some cities do tax food for home consumption. 

About ¼ of Arizona is reservations.  Navajoland north of Flagstaff and on into Utah, is the largest reservation in North America.  In the center of it is the Hopi Indian Reservation.  They have lived on the same site without interruption for more than 1000 years and they have retained more of their ancient traditions and cultures than any other indigenous group.

Culturally, Arizona is a center for Native American art.  It is also a Hollywood film hot spot with several major movies being shot there.  Perhaps the most famous one was the film, “Psycho”.  It is also home to numerous television shows and has a budding music scene.  There are 12 professional sports teams and the state hosts numerous bowl games and PGA tour stops.  It is also home to spring training for many professional baseball teams.  Recreactionally, outdoor recreation abounds with horse riding, mountain biking on old logging roads, skiing, golf and, of course, hiking.  The Grand Canyon offers some of the best hiking in the world.  In fact, it is one of the seven natural wonders of the world.  The state is also home to the Barringer Meteorite Crater, one of the largest and most well preserved meteorite impact sites in the world near Winslow.  One can also visit the Petrified National Forest and the Painted Desert.

Be sure to check out our website at www.activeadultliving.com for a listing of all the active adult communities in Arizona.  I’m sure if you are in the area representatives would be glad to show you around.  Look next month for a look into the state of Maryland.  As usual, be sure to contact me with any questions, comments or requests at Dee@ActiveAdultLiving.com.

 Dee Chandler, Editor

Our Preview of 25 Active Lifestyle Communities by Lifestyle


Active Lifestyle/Age Restricted Communities


State:  Texas
City:  Lubbock
Community Name:  Wilshire Estates
Age Restriction:  Active Adult
Type of Home:  Garden Homes
Home Square Footage:  1319 - 2558 Sq. Ft.
Priced from:  Mid $200's
Number of Homes:  273
Web Site
Amenities:  Clubhouse, Walking Trails, Swimming Pool, Tennis Court, Gated Community, Maintenance Free.
 
State:  Florida
City:  Deland
Community Name:  Victoria Gardens
Age Restriction:  Active Adult
Type of Home:  Single Family
Home Square Footage:  1430 - 2210 Sq. Ft.
Priced from:  $200,000 - $350,000
Number of Homes:  705
Web Site
Amenities:  Clubhouse, Billiard Room, Card Room, Fitness Center, Swimming Pool, Spa, Tennis Court, Close to Golf.
State:  CT
 
City:  Meriden
Community Name:  Bridgefield Commons
Age Restricted:  Active Adult
Type of Home:  Single Family
Home Square Footage:  1835 - 1990 sq. ft.
Price:  Low $300's
Number of Homes:  32
Amenities:  Clubhouse, walking paths

State:  CT
City:  Middleton
Community Name:  Lakeridge
Age Restricted:  No
Type of Home:  Single Family
Home Square Footage:  1154 - 1612 sq. ft.
Price:  High $100's
Number of Homes:  470+
Amenities:  Gated, tennis, fitness center, indoor and outdoor pools, equestrian center
 
State:  CT
City:  Middleton
Community Name:  Sonoma Woods
Age Restricted:  55+
Type of Home:  Single Family
Home Square Footage:  2016 - 2589 sq. ft.
Price:  Mid $300's
Number of Homes:  50+
Amenities:  Hiking/ walking trails, clubhouse, low maintenance
 

Rental Communities

 

State:  Arizona                           (Coming Late 2009)
City:  Desert Ridge
Community Name:  Sagewood
Age Restriction:  Active Adult
Type of Home:  Apartments, Duplexes, Eightplexes
Home Square Footage:  760 - 2400 Sq. Ft.
Priced from:  $300,000 - $1M    $2,000 - $3,700/Mnthly
Number of Homes:  750
Web Site
Amenities:  Restaurant, Fitness Center, Convenience Store, Swimming Pool, Spa.
 
State:  Maine
City:  Camden
Community Name:  Quarry Hill
Age Restriction:  55 +
Type of Home:  Cottages Sales, Apartment Rental
Home Square Footage:  Cottages-1100 - 1632 Sq. Ft.  Apartments-623 - 1292 Sq. Ft.
Priced from:  Cottages $239,000    Apartments $2255/Mnth
Number of Homes:  45 Cottages, 37 Apartments
Web Site
Amenities:  Walking Trails, Gazebo, Close to Fishing, Boating, Tennis.

State:  New York
City:  Port Jefferson Station
Community Name:  Woodcrest Estates
Age Restriction:  55 +
Type of Home:  Apartment Rental
Home Square Footage:  747 - 1118 Sq. Ft.
Priced from:    $938 - $1128/Mnth
Number of Homes:  256
Web Site
Amenities:  Clubhouse, Swimming Pool, Fitness Center, Library, Billiards Room, Gazebo.
 
State:  New York
City:  Middle Island
Community Name:  Stonegate
Age Restriction:  No
Type of Home:  Apartment Rental
Home Square Footage:  747 - 1369 Sq. Ft.
Priced from:  $1445 - $1975/Mnth
Number of Homes:  165
Web Site
Amenities:  Clubhouse, Fitness Center, Business Center, Billiards Room, Swimming Pool, Tennis Court, Basketball Court, Dog Run.
 
State:  New York
City:  Carmel
Community Name:  Hughson Commons
Age Restriction:  55 +
Type of Home:  Apartment Rental
Home Square Footage:  755 - 1002 Sq. Ft.
Priced from:  $558 - $818/Mnth
Number of Homes:  94
Web Site
Amenities:  Clubhouse, Library
 

Condominiums/Low Maintenance

State:  Maine
City:  Westbrook
Community Name:  Stroudwater Landing
Age Restriction:  Active Adult
Type of Home:  Towhomes, Cottages
Home Square Footage:  1025 - 1500 Sq. Ft.
Priced from:  Mid $200's
Number of Homes:  114
Web Site
Amenities:  Close to Shopping, Restaurant, Medical.
 

State:  Maryland
City:  Bathesda
Community Name:  Fox Hill Senior Condominiums
Age Restriction:  60 +
Type of Home:  Condominiums
Home Square Footage:  834 - 2251 Sq. Ft.
Priced from:  $541,900 - $1.8M
Number of Homes:  240
Web Site
Amenities:  Gated Community, Golf Course, Courtyard, Spa, Business Center, Card Room, Library, Fitness Center, Indoor Pool.

State:  New Hampshire
City:  Campton
Community Name:  Owl' Nest Resort & Golf Club
Age Restriction:  Golf Course
Type of Home:  Condominiums, Single Family, Lots
Home Square Footage:  1700 - 15,000 Sq. Ft.
Priced from:  $130,000 +
Number of Homes:  375
Web Site
Amenities:  Clubhouse, Golf Course, Dining, Swimming Pool, Fitness Center, Ski, Canoeing, Kayaking.
 

State:  California
City:  Murrieta
Community Name:  Grand Isle
Age Restriction:  55 +
Type of Home:  Condominium Rentals
Home Square Footage:  548 Sq. Ft.
Priced from:  $1050/Mnth
Number of Homes:  453
Web Site
Amenities:  Swimming Pool, Spa, Clubhouse, Fitness Center, Media Center, Business Center, Library, Game Room, Card Room.

State:  New York
City:  Port Chester
Community Name:  Wellington Greene
Age Restriction:  No
Type of Home:  Condominiums
Home Square Footage:  1137 - 1770 Sq. Ft.
Priced from:  $400,000 +
Number of Homes:  66
Web Site

Amenities:  Fitness Center, Close to Waterfront, Metro Trains, Restaurant, Shopping.
 

Manufactured Home Communities

State:  Florida
City:  Groveland
Community Name:  Woodlands at Church Lake
Age Restriction:  55 +
Type of Home:  Manufactured
Home Square Footage:  1500 - 1560 Sq. Ft.
Priced from:  $100,000 +
Number of Homes:  275
Web Site
Amenities:  Maintenance Free, Clubhouse, Spa, Shuffleboard, Boat and RV Storage, Fitness Center, Bocce, Tennis Court, Putting Green, Close to Lakes, Golf, Fishing.
 

State:  Florida
City:  Sebastian
Community Name:  Sebastian Beach & Tennis Village
Age Restriction:  55 +
Type of Home:  Manufactured
Home Square Footage:  1600 2000 Sq. Ft.
Priced from:  Mid $100's
Number of Homes:  350
Web Site
Amenities:  Fitness Center, Wellness Center, Spa, Beaches, Boating, Fishing, Hiking Trail, Bike Trail, Tennis Court, Swimming Pool, Close to Golf.
 
State:  Florida
City:  Sebastian
Community Name:  Park Place
Age Restriction:  55 +
Type of Home:  Manufactured
Home Square Footage:  1550 - 2100 Sq. Ft.
Priced from:  $140,000 +
Number of Homes:  179
Web Site
Amenities:  Maintenance Free, RV and Boat Storage, Clubhouse, Gated Community, Fishing, Swimming Pool, Fitness Center, Tennis Court, Library, Billiard Room.
 
State:  Texas
City:  Houston 
Community Name:  Pine Trace
Age Restriction:  No
Type of Home:  Manufactured
Home Square Footage:  1216 - 2016 Sq. Ft.
Priced from:  $25,000 - $63,000
Number of Homes:  278
Web Site
Amenities:  Swimming Pool, Tennis Court, Basketball Court.
 
State:  South Carolina
City:  Taylors
Community Name: Pebble Springs MHC
Age Restriction:   55 +
Type of Home:  Manufactured
Home Square Footage:  840 - 2016 
Priced from:  $40,000 - $56,000
Number of Homes:  90
Web Site
Amenities:  Close to Shopping, Restaurant, Medical.

RV Communities

State:  ID
City:  Boise
RV Community Name:  Hi Valley RV Park
Amenities:  192 sites, Full hook-ups available, Bathhouse, Wireless Internet available, Pets allowed
 
State:  ID
City:  Declo
RV Community Name:  Village Of Trees RV Resort
Amenities:  300 sites, Full hook-ups available, Wireless Internet, 24 hour courtesy patrol, On-site store, Pets allowed, Open year round
 
State:  ID
City:  Preston
RV Community Name:  Cub River Guest Ranch
Amenities:  11 sites, Full hook-ups available, Bathhouse, Wireless Internet
 
State:  ID
City:  Grangeville
RV Community Name:  Bear Den RV Resort
Amenities:  22 sites, Full hook-ups available, Wireless Internet, On-site store, Bathhouse, Pets allowed, Open year round
 

Luxury/Golf/Waterfront Communities

 
State:  North Carolina
City:  Sylva
Community Name:  Balsam Mountain Preserve
Age Restriction:  Golf Course
Type of Home:  Single Family, Homesites
Home Square Footage:  1000 - 6000 Sq. Ft.
Priced from:  $400,000 - $1.5M
Number of Homes:  354
Web Site
Amenities:  Golf Course, Equestrian Center, Fishing, Hiking Trail, Gated Community, Biking Trail, Clubhouse, Spa.
 
State:  Texas
City:  San Antonio
Community Name:  Cordillera Ranch
Age Restriction:   Golf Course
Type of Home:  Single Family, Lots
Home Square Footage:  3600 - 7249 Sq. Ft.
Priced from:  $100,000 - $3.9M
Number of Homes:  375
Web Site
Amenities:  Golf Course, Equestrian Center, Tennis Court, Fishing, Valley View, Riverfront, Gated Community, Spa, Swimming Pool.

State:  Georgia
City:  Toccoa
Community Name:  Currahee Club
Age Restriction:  Luxury
Type of Home:  Single Family, Lots
Home Square Footage:  3200 - 6200 Sq. Ft.
Priced from:  $150,000 - $1.8M
Number of Homes:  800
Web Site
Amenities:  Gated Community, Golf Course, Clubhouse, Dining, Tennis Court, Marina, Boating, Swimming Pool, Walking Trail, Hiking Trails, Fitness Center, Fishing.

For many more new communities click here

Sponsors

 
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180 degree view of Coronado Islands / Pacific Ocean, golf course, Marriot Hotel, equestrian center, indoor pool, enrichment classes, walk to restaurants and cafés.  Condominiums from Mid $100's - Mid $300's. 
More details
Featured Communities
Arizona Arizona Arizona Arizona
Ocotillo Fulton Ranch Sunbird Seville Golf & Country Club
Featured Communities

Links

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Meet the Team

Stephan LaCount
Sales Director
Phone: (866) 778-4816
Fax:  (866) 269-4545
Email:
stephan@activeadultliving.com

1785 E Sahara Avenue
Suite 490-440
Las Vegas, NV 89104
 

Dee Chandler, E-Newsletter Editor
Email: 
dee@activeadultliving.com
 

Lisa LaCount, Web Designer
Email: 
lisa@activeadultliving.com
 

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Las Vegas, NV 89104
Phone: (866) 778-4816 Fax (866) 269-4545