Did you know over 51 Million Americans live in Multigenerational Homes today?
Have you noticed more people around your neighborhood? That long-gone college grad is back across the street, and Grandma's moved in, too. The older couple next door has a full house - their son, his wife and two kids. The ranch a few doors down was just bought jointly by adult children and their parents.
How Does this Save us Money?
The home would be purchased in the name or names of the person’s over the age of 62, with a Maximum of 60% down in cash. Thus giving you more buying power in the size and home you can afford. I.E. you can purchase a $600k home with $360k or LESS.
You will have NO Mortgage payments, only Property Taxes, Homeowners Insurance and HOA fees to pay! This truly helps to alleviate the financial stress, and allows families to live together in a more well suited home. You save on monthly mortgage payments, helping your Adult Children or Aging Parents save their funds for their own future needs. Gives you peace of mind.
What happens to My Family when I and/or We Pass Away?
This is simple. Remember you already have equity in the property. Our Studies show, at an Approximate Annual Home Appreciation Rate of 3% and a 5% HECM loan rate, it would take 20 years for the loan to catch up to the home value! Property Values are Increasing, much quicker due to the current housing shortage we are experiencing.
1. Your heir’s can purchase the home for the balance of the Mortgage.
(You can always pay just the interest monthly to help maintain and maximize the equity in the home for when you pass away to make it eaiser for your heirs to purchase.)
2. Your heirs/family will have 12 months to sell the property. Any and all proceeds will go directly to them or as stated in your will.
Three generations under one roof, known as multigenerational housing, is here to stay.
According to a Pew Research Center analysis of the latest U.S. Census Bureau data, approximately 51 million Americans, or 16.7 percent of the population, live in a house with at least two adult generations, or a grandparent and at least one other generation, under one roof. The Pew analysis also reported a 10.5 percent increase in multigenerational households from 2007 to 2009. And a 2012 survey by national homebuilder, Pulte Group found that 32 percent of adult children expect to eventually share their house with at least one parent.
Builders are now Designing for Multigenerational Living
Builders and remodelers are ready to support the growing trend. Want or need to stay put? The number of certified aging-in-place specialists who help older folks remain safely at home has more than doubled and the construction of new houses has started to get off the ground again.
Some builders have begun offering two master suites, a den or family room that can be converted into a bedroom and bathroom on the first floor, and other "bonus areas" with flexible space that can change with family needs. A two-car garage might shrink to one car and the extra area morph into living space for a grandparent or boomerang kid. Builders and remodelers are offering universal design features (wider hallways and doors, good lighting, few or no steps) that work for a baby stroller or a wheelchair. Some builders are installing infrastructure for future bathroom grab bars and stacking closets for down-the-road elevators.
In 2011, national builder Lennar introduced its first Next Gen house in Phoenix, geared to more than one generation. Now Lennar offers more than 50 Next Gen floor plans in 120 communities in California, Washington, Arizona, Nevada, Minnesota, Texas, New Jersey, Florida, North Carolina and South Carolina.
Next Gen's concept is two houses in one: The main home has three or four bedrooms, and there's an attached unit with its own front entrance, kitchen, bedroom, living space and garage. Perfect for an aging parent (or lucky nanny or guest, or as a man cave), it's
typically one-fifth the size of the main house. An adjoining inner door can be left open so the house can be one big home or, when closed, two residences.
* They want to eliminate monthly mortgage payments.
*They want to maintain their dignity and independence.
*They want to improve their quality of life.
*They are living longer and outliving their income/ assets.
*Medical and prescription costs continue to increase at a staggering rate.
*They want to protect themselves from lost social security and retirement income once the first spouse has passed away.
* They want to have the ability to afford at- home healthcare & avoid nursing home costs.
*They want to fix-up their homes or want cash for needed home repairs.
*They want to buy a new car, truck or motor home to travel and enjoy life.
*They would like to create a larger estate for their heirs with proper estate planning.
* They do not want to be a financial burden on their children.
*To avoid being forced to return to work because of losses in the stock market and/or lack of retirement fund performance.
YES! FHA insures the loan and protects the borrowers, heirs, estate, and lender from an “upside down” situation.
HUD participates in regulating the program and the industry to protect you, therefore, all H.E.C.M. applicants must complete a HUD counseling session.
In 2001, Congress passed legislation making the H.E.C.M. an ongoing government program.
Between us, we have over 40yrs of experience working with Seniors and the Real Estate Market.
Real Estate is a Huge Life Altering Decision!
Most Senior's are unaware of all of their options. While assisting my own Parents, I saw the need for Honesty, Patience & Dedication for all Seniors. I became extremely frustated with the lack of intregity pushing Seniors to make life altering decisions, without educating, having patience and most importantly, truly listening to their needs. In today's competitive market, I finally found a way to give Seniors another alternative to buying their forever home, especially if they have families living with them, have limited funds or want to downsize without putting all their assets in one basket. Give them breathing room to enjoy the rest of their lives without financial stress!
Cheri Foisy relocated to Las Vegas in 1998 from Northern New Jersey. She was previously employed as an Officer of a Bank for 17yrs., as the Retirement Plans Administrator, Bank Secrecy Act Compliance Officer & Floating Branch Manager. She also held her NJ Life Insurance License to sell Tax-Deferred Annuities through the Bank's Subsidiary Investment Co. Given her past experience's she has excellent customer relation skills, sales expertise, strong contractual negoitations ablilities & an extensive knowledge of the Las Vegas Valley's Real Estate Market. She is not your typical Salesperson, she is a Professional Real Estate Consultant. She is committed to excellence, honesty, and is very detail orientated. She genuinely cares about each and every one of her clients. Her goal is committed to suprass her client's needs, expectations, and creates a pleasant Home Buying or Selling Experience! She enjoys a huge referral business and is willing to give you a private, honest consultation when needed.
Limestone Investments LLC
1620 E. Sahara Ave
Las Vegas, V 89104
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Michael A. Birk, MBA, CSA is a Registered Financial Gerontologist, Certified Senior Advisor and Reverse Mortgage Consultant dedicated to providing financial options to seniors since 2004.
As the President of Aging in Place Consultants, Michael was able to utilize his extensive experience in mortgage banking to help seniors assess their personal financial situations and find the solutions that are available to them to achieve their goals. Michael specializes in reverse mortgages, which allow homeowners, 62 years or older to access some of the equity they have in their homes or to be able to purchase homes for a fraction of the purchase price with no mortgage payment owed.
Michael is a graduate of the University of Michigan and received his MBA in Finance from Michigan State University. On a national level, he is a member of the National Reverse Mortgage Lenders Association (NRMLA), the Society of Certified Senior Advisors (SCSA) , the American Institute of Financial Gerontology (AIFG) and the National Advisory Council for Aging in Place.
As a member of the Senior Resource Network of Las Vegas, Seniors and Law Enforcement Together (SALT), the Aging Services Directors Organization (ASDO), and the Alzheimer’s Association Memory Walk Committee, he has an extensive network of professional senior service providers who work together to assist seniors achieve their retirement goals.
As a recognized senior service provider and educator in the community, Michael has been the guest speaker at several community and professional organizations including the National Reverse Mortgage Lenders Association (NRMLA), local senior centers, chapters of The Lions Club and AARP, Las Vegas Senior Lifeline, Wealth Strategies Group, Sierra Health Services Volunteer Training Program, Nevada Seniors Coalition, and as a member of panels in a series dedicated to educating seniors on various aspects of aging.
Michael Birk, MBA
VP of Mortgage Lending /
Reverse Mortgage Specialist, MBA
1120 Wigwam Parkway Suite 100
Henderson, NV 89074
NMLS ID: 180766; CA - CA-DOC180766, NV - 22105
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O: (702) 214-1017 C: (725) 696-2580