Real Estate Options

Whether your home is paid off or you still have a mortgage, for many senior homeowners the question is- "To sell or not to sell?"

To Sell?

For those interested in selling your residence, here are a few important questions to consider-

•   What is the value of my house, condo
    or mobile home?

•   How long will it take to sell?

•   Can I afford "In-home" care or need to
    consider moving to a care facility?

For basic information on "Reverse" mortgages, please go to NCHEC: Basic Q & A or contact:

Stephanie Woodward

Woodward O'Connor Mortgage Associates

(831) 479-3303

www.woodwardoconnor.com

To Buy or Move to a Smaller Residence?

BUYING- Many times elder homeowners cannot deal with the cost and maintenance of their home as their mobility decreases. Good solutions for aging homeowners include- buying a smaller home or condo, or moving into a retirement community. There are many good options in Santa Cruz County.

MOVING TO A SENIOR COMMUNITY- Whether you require the specialized care of a senior nursing facility or simply wish to be part of a community of retirees, there are many alternatives. A helpful way to find a good fit is by determining the following:

     Location? Do you want to live in Santa Cruz County or are

    you open to living options in California or even out of state?

    For some seniors the weather is a determining factor.

     Type of Residence? There are many living options in the

    Santa Cruz area that offer a variety of care services. These

    residences range from large and active homes to more intimate

    settings. For those seniors who require advanced care

    services, there a many quality facilities in California, as well

    as out of state.

Proposition 60 For Seniors

Proposition 60 allows qualified taxpayers to transfer the assessed value of their original residence to a qualifying replacement dwelling. Without this Section of the code the replacement dwelling would be reappraised at fair market value at the time of tranfer. In a sense, this legislation lets older taxpayers downsize without being penalized by higher property tax payments. Click here for to learn more about Proposition 60.

For more information on Real Estate Options for seniors, contact elderly real estate specialist Gregg Camp (SRES) at (831) 464-4423 or by email at GCampRltr@aol.com.