Windy City Media Group Frontpage News

THE VOICE OF CHICAGO'S GAY, LESBIAN, BI, TRANS AND QUEER COMMUNITY SINCE 1985

home search facebook twitter join
Gay News Sponsor Windy City Times 2021-09-01
DOWNLOAD ISSUE
Donate

Sponsor
Sponsor

  WINDY CITY TIMES

LGBT seniors and reverse mortgages
by Andrew Davis, Windy City Times
2012-04-04

This article shared 8258 times since Wed Apr 4, 2012
facebook twitter google +1 reddit email


An increasing number of elder LGBT individuals are investing in reverse mortgages.

Steve DiMarco—president of Baird & Warner Financial Services and a member of the firm's executive committee—said that the mortgages are "federally insured offerings through HUD [ Department of Housing and Urban Development ] .

"With reverse mortgages, you can't be denied for one of these loans, provided that you're at least 62 years of age. There's a chart based on your age, and the lender will determine at what loan devalue they can finance your home."

"With me, I make a mortgage payment every month. Each payment has two components; one's for interest and the other's for principal reduction. With a reverse mortgage, a mortgage amount is agreed upon and interest accrues against that loan balance, but it's not paid on a monthly basis—and is not really paid at all—until the property is disposed of. 'Disposed of,' in the case of a senior, means that the individual dies and the asset is disposed of in the manner that person dictated. It's at that point that the loan is repaid to the federal government or the HUD program."

DiMarco stressed that while the person lives basically payment-free, "there is no free lunch. It's accruing against the principal balance so, in essence, the loan amount is growing. This is a great vehicle for those on a fixed income."

DiMarco illustrated reverse mortgages with an example: "You're 62 or older. You're free and clear. An appraiser says your house is worth about $400,000. The scale, in that case, would probably bring you up to a 65-percent loan devalue. So 65 percent of $400,000 is [ $260,000 ] . You can choose to put that in your bank account, or they'll give you a checkbook. You can draw on that, and the principal balance will grow accordingly.

"If your heirs were to sell your property after your passing, and sold it for $400,000—with you owing [ $260,000 ] —they'd keep [ the difference ] .

"However, let's say the house sells for $200,000. The heirs are not on the hook for the amount above and beyond what you sold the house for—which is a pretty damn cool feature."

Editor's note: Websites on reverse mortgages are www.GayAndLesbianReverseMortgage.com, www.ReverseMortgageDaily.com and www.ReverseMortgageAdviser.com/illinois.html.

Steve can be reached at steve.dimarco@keymortgageservices.com .


This article shared 8258 times since Wed Apr 4, 2012
facebook twitter google +1 reddit email

  ARTICLES YOU MIGHT LIKE

Gay News

Brad Lippitz, Real-estate expert talks twists, love and politics 2019-06-26
- Like many people's lives, Brad Lippitz's has taken some intriguing twists and turns. In this case, it was a switch from law to (ultimately) real estate that changed his life. Lippitz, a luxury real-estate broker at ...


Gay News

Chicago Architecture Center rolls out events for summer and fall 2019 2019-05-24
- CHICAGO (May 22, 2019) —The Chicago Architecture Center (CAC) is the city's exciting new cultural attraction which is both a hub and gateway to everything architecture in Chicago. The CAC offers an authentic first stop for ...


Gay News

Restored Frederick C. Robie House house opens to public March 29 2019-03-26
- CHICAGO, IL (March 26, 2019) — The Frank Lloyd Wright Trust announced the reopening of the Frederick C. Robie House on March 29, concluding the final phase of a comprehensive restoration at a total cost of ...


Gay News

Legacy Walk passes first round of landmark status voting 2019-03-10
- The Chicago Landmarks Commission unanimously voted March 7 to confer historic landmark status on the Legacy Walk in Lake View. The commision will vote again on the matter in April. After the April vote, the recommendation ...


Gay News

Landmarks Commision set to vote on Legacy Walk designation 2019-03-06
- The Chicago Landmarks Commission will meet on March 7 and discuss whether or not to confer historic landmark status on the Legacy Walk in Lake View. "It's unbelievable that this is happening," said Victor Salvo, executive ...


Gay News

Boystown stretch on the market 2019-03-01
- A stretch of Boystown that encompasses 3501-19 N. Halsted St.—which includes legendary LGBT nightspot Little Jim's Tavern—is on the market for $7.5 million, according to the commercial real-estate site CREXi. ...


Gay News

Dream Town has 'Be You' campaign 2018-09-26
- Real-estate brokerage firm Dream Town Realty has a brand campaign for 2018, "Be You." The new campaign is inspired by the Oscar Wilde quote "Be yourself—everyone else is already taken." The new ad campaign will come ...


Gay News

Open House Chicago: Exploring historical sites for free 2018-09-26
- Ever wondered what it looks like inside the Ukrainian National Museum or downtown architecture gems like the Railway Exchange Building or the Civic Opera Building? On Oct. 13-14, people can take a peek inside these historical ...


Gay News

Architect to discuss local projects Oct. 2 2018-09-19
- Mark Sexton—co-founder of the firm that designed the Millennium Park's Crown Fountain (2004) in collaboration with artist Jaume Plensa—will tell the story behind the fountain and other projects in the ...


Gay News

Renslow building back up for sale 2018-09-12
- A Chicago building once housing the Man's Country bathhouse is back up for sale, according to reports. Developers had originally planned to turn the building into a condominium complex, but the property has been put back ...


Gay News

Leading architecture space re-opens as the Chicago Architecture Center 2018-09-08
- Walking into the new architecture center downtown can at first be overwhelming. A futuristic map of the world with tall buildings and what the future of Chicago might look like grabs one's attention—with a deep blue ...


Gay News

Dream Town starts 'Be You' campaign 2018-08-15
- Real-estate brokerage firm Dream Town Realty has unveiled a new brand campaign for 2018, titled "Be You." The new campaign is inspired by the Oscar Wilde quote "Be yourself—everyone else is already taken." The new ad ...


Gay News

REAL ESTATE The Hampdens--Aiming for luxury living in Lincoln Park 2018-08-08
- Nestled on a quiet side street off of Diversey Parkway, The Hampdens of East Lincoln Park (The Hampdens) will soon be home to 45 multi-bedroom residences. The two boutique-style, six-story buildings, Hampden 53 and Hampden 73, ...


Gay News

Jackhammer, Leather 64TEN proprietors search for new building owner 2018-06-27
- Two prominent North Side LGBT businesses have just under a month to find a new owner for the building they've long called home, or their businesses are in danger of closing. The building at Clark Street ...


Gay News

Village of Homewood gets creative in reaching out 2018-04-26
- The Village of Homewood has launched a new marketing campaign that asks Chicago to "Think Homewood" if they are considering a move. The campaign focuses efforts on commuters and residents on the near south, west and ...


 



Copyright © 2021 Windy City Media Group. All rights reserved.
Reprint by permission only. PDFs for back issues are downloadable from
our online archives. Single copies of back issues in print form are
available for $4 per issue, older than one month for $6 if available,
by check to the mailing address listed below.

Return postage must accompany all manuscripts, drawings, and
photographs submitted if they are to be returned, and no
responsibility may be assumed for unsolicited materials.
All rights to letters, art and photos sent to Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago
Gay and Lesbian News and Feature Publication) will be treated
as unconditionally assigned for publication purposes and as such,
subject to editing and comment. The opinions expressed by the
columnists, cartoonists, letter writers, and commentators are
their own and do not necessarily reflect the position of Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago Gay,
Lesbian, Bisexual and Transegender News and Feature Publication).

The appearance of a name, image or photo of a person or group in
Nightspots (Chicago GLBT Nightlife News) and Windy City Times
(a Chicago Gay, Lesbian, Bisexual and Transgender News and Feature
Publication) does not indicate the sexual orientation of such
individuals or groups. While we encourage readers to support the
advertisers who make this newspaper possible, Nightspots (Chicago
GLBT Nightlife News) and Windy City Times (a Chicago Gay, Lesbian
News and Feature Publication) cannot accept responsibility for
any advertising claims or promotions.

 
 

TRENDINGBREAKINGPHOTOS







Sponsor
Sponsor


 



Donate


About WCMG      Contact Us      Online Front  Page      Windy City  Times      Nightspots      OUT! Guide     
Identity      BLACKlines      En La Vida      Archives      Advanced Search     
Windy City Queercast      Queercast Archives     
Press  Releases      Join WCMG  Email List      Email Blast      Blogs     
Upcoming Events      Todays Events      Ongoing Events      Bar Guide      Community Groups      In Memoriam      Outguide Categories      Outguide Advertisers      Search Outguide      Travel      Dining Out      Privacy Policy     

Windy City Media Group publishes Windy City Times,
The Bi-Weekly Voice of the Gay, Lesbian, Bisexual and Trans Community.
5315 N. Clark St. #192, Chicago, IL 60640-2113 • PH (773) 871-7610 • FAX (773) 871-7609.