http://www.themanhattanrealestate.com Thu, 01 Sep 2011 03:19:22 +0000 http://backend.userland.com/rss092 en Boyce Watkins, a writer and finance professor at Syracuse University, says one often neglected aspect, and downside, of reverse mortgages can be the emotional impact. “You’re facing your own mortality,” Watkins says. In addition, reverse mortgages affect where the homeowners live, how medical bills will be paid and what the future holds inasmuch as financial [...]]]> http://www.themanhattanrealestate.com/reverse-mortgages-101/ Basich believes seniors should consider borrowing against the value of their homes only as a last resort. If there’s no way around it, he says it’s smarter to refinance as a 30-year fixed loan. Here’s how that would work: You own a home valued at $300,000. You find yourself in need of a large amount [...]]]> http://www.themanhattanrealestate.com/refinancing/ Fees, Costs and Payments at Origination Origination occurs when the lender qualifies the borrower to get the loan, appraises the home, processes all the necessary documents and advances the money to the borrower. The fees, costs and payments which a lender may charge when the loan is originated are: Loan origination fee Document preparation and [...]]]> http://www.themanhattanrealestate.com/new-york-reverse-mortgage-closing-costs-breakdown/ The loan may be for a certain number of years which is known as a “term” loan, or for an undetermined length of time which is known as a “tenure” loan. A tenure loan matures upon an event such as when the last surviving borrower dies, sells the home or fails to live in the [...]]]> http://www.themanhattanrealestate.com/revere-mortgage-repaid/ A reverse mortgage is a home equity loan that permits you to convert some of the equity in your home into cash while you retain ownership. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor”, but it is not right for everyone. Equity is the difference [...]]]> http://www.themanhattanrealestate.com/what-is-a-reverse-mortgage/ Reverse mortgages are complex loans typically available only to homeowners older than 61. They permit owners to borrow against their houses. They do not require loan repayment until the borrower moves out of the home or dies. Then the loan is repaid from the proceeds of selling the house. Reverse mortgages can be very expensive [...]]]> http://www.themanhattanrealestate.com/what-to-consider-before-taking-a-reverse-mortgage/ Market-wide pricing for all apartments performed in a steady rate from both Second Quarter 2010 and First Quarter 2011. Re-sales have been stronger compared to last year, with median price up 9% and average price per square foot up 4%. Market-share of new development sales made a 23% increase this quarter, up from 17% last [...]]]> http://www.themanhattanrealestate.com/manhattan-real-estate-2nd-quarter-2011-14/ While there was activity at a few high-end properties, the bulk of new property sales were in developments.  New development pricing decreased 20% in median price and 2% in average price per square foot from Second Quarter 2010. Manhattan Market Trends from Second Quarter of 2010, made a median price increaseof 11% as average price [...]]]> http://www.themanhattanrealestate.com/manhattan-real-estate-2nd-quarter-2011-13/ Market-share of new development attained a 17% last quarter and 19% from 2010. The bulk of new property sales were in developments trying to sell their remaining inventory by offering terrific value to buyers or which came to market post-downturn and were priced competitively for rapid absorption. Midtown West resale jacked up by 8% in [...]]]> http://www.themanhattanrealestate.com/manhattan-real-estate-2nd-quarter-2011-12/ Market-wide sales this quarter was the highest since Third Quarter 2010; volume transactions went high to 3,180 sales during Second Quarter 2011, a15% increase from First Quarter 2011. In comparison to Second Quarter 2010, quarterly sales volume declined by 14%, an average sales growth of 7%. Since the market stabilized in Third Quarter 2009, sales [...]]]> http://www.themanhattanrealestate.com/manhattan-real-estate-2nd-quarter-2011-11/