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the Chronicle
HOMESA Chronicle Advertising Department Real Estate
Guide
Wednesday, January 10, 2018
This remarkable colonial is move-in ready! Located in a neighborhood setting, boasting 4 bedrooms and 2½ baths. First floor is all hardwood. The eat-in kitchen boasts granite and an island. The family room features a vaulted ceiling,
Featured Home oF tHe Week
beautiFul custom colonial
Call Sondra Reid 860-457-8472, or email: sondra@ferrignorealtors.com
french doors and fireplace. Two car attached garage, vinyl siding, central A/C and an open level lot. Close to shopping and universities. Arrange your viewing today! This home will not last!
18 Adeline PlaceMansfield, CT$374,900
Call: Art Kostapapas 860-428-4368Weichert Realtors Four Corners RE 860-429-9700
ThE “ART” oF REAl EsTATE
Call: Art Kostapapas 860-428-4368Weichert Realtors Four Corners RE 860-429-9700
Art Kostapapas
30 Years of servicing Buyers And sellers of
Real Estate 1987 - 2017
MANSFIELD $299,900
SOLD & CLOSED
WINDHAM $229,900SOLD & CLOSED
1029 Storrs Road, Storrs, CT
CALL ROBERTA CARDINAL
860-477-1500BROKER
Redbird Real Estate
Professional Realtors
Call for Courteous,Expert Advice!
Buying and SellingShouldn’t Be difficult!
www.FerrignoRealtors.com
mansfield $374,900
mansfield ctr $214,900
freedom green
tolland $224,900 mansfield $59,900
willimantic $109,900 ashford $164,900willington $289,900 coventry $449,900
ferrigno realtors will be the Featured Guest at Key Bank's
"Clients Meet Your partners day"
friday, January 12, 10:00 am till 4:00 PmKey Bank Branch, 164 middletown road (route 66), columbia
we'll be on hand to assist you with your real estate needs & answer any questions you may have on Buying, selling or relocating.
We'll help take the scary out of the Real Estate process.
Ferrigno Realtors is not affiliated with Key Bank & there is no obligation to use their mortgage services.If you are currently contracted with another agent or agency, please disregard this message.
StorrS oFFICE • 1734 StorrS road, routE 195, StorrS, Ct 06268 • Ph: (860) 429-9351WIllImantIC oFFICE • 15 manSFIEld avEnuE, WIllImantIC, Ct 06226 • Ph: (860) 456-1554
ferrigno-storrs 860-429-9351 ferrigno-willimantic 860-456-1554ferrigno-storrs 860-429-9351 ferrigno-storrs 860-429-9351 ferrigno-storrs 860-429-9351
ferrigno-storrs 860-429-9351 ferrigno-storrs 860-429-9351 ferrigno-storrs 860-429-9351
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All real estate advertised in this newspaper is subject to the Federal Housing Act of 1968, which makes it illegal to advertise any preferences, limitation, or discrimination based on race, color, religion, sex or national origin or an intention to make any such preference, limitation or discrimination. This newspaper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. Any home seeker who feels he or she has encountered discrimination should contact the HUD, Boston, MA.
(617) 565-5300
EQUAL HOUSING OPPORTUNITY
LOCAL TRANSACTIONS
From The Warren Group, Boston, MAASHFORD
63 Lake Wood Ln, $299,900, B: Thomas S. Smith, S: RCN Ashford LLC
239 Turnpike Rd, $394,900, B: Daniel Smith & Meghan Smith, S: James R. Johnson & Janet L. Johnson
59 Westford Dr, $178,500, B: Tennille M. Waldo, S: Beverly J. Campbell
COVENTRY
783 Babcock Hill Rd, $167,500, B: William Adams, S: Harold C. West
153 Edgemere Rd, $1, B: Wells Fargo Bank NA, S: George Chapdelaine Jr & Wells Fargo Bank NA
17 Ireland Dr, $1, B: US Bank NA, S: Eric E. Trudeau & US Bank NA
103 Nathan Hale Rd, $230,000, B: Peter J. Froment, S: Raymond V. Lemieux & Antoinette J. Lemieux
94 Stonehouse Rd Unit 4, $215,000, B: Thomas P. Kelly, S: Judith V. Klein
192 Mark Dr, $178,115, B: MTGLQ Investors LP, S: Susan E. Mcnamara & MTGLQ Investors LP
92 Wangumbaug Dr, $127,500, B: Tia Shaw, S: Sallie Moore
109 Wolf Hill Rd Unit 27, $125,000, B: Franklin H. Shaw & Barabara A. Shaw, S: First Connecticut Build
LEBANON
Cove Rd, $4,500, B: Dragan Jovanovic, S: John M. Nastasia 3rd
74 Olenick Rd, $151,000, B: Taylor Wenzloff & Samantha Wenzloff, S: Joshua D. Parent
127 Burnham Rd, $34,000, B: Alexander A. Burgos, S: Cheryl A Matthewson RET & Todd A. Matthewson Tr
36 Goshen Hill Rd, $195,900, B: Dean P. Mckusick, S: SI Realty Co Inc
47 Rita Dr, $89,500, B: Daryl Burt & Erin Burt, S: US Bank NA
47 Rita Dr, $29,000, B: Stanley Stefanowicz, S: United Bank Commercial
MANSFIELD
47 Codfish Falls Rd, $115,000, B: Shawn E. Lampron, S: Paul J. Waxman
721 Middle Tpke, $137,000, B: Susan B. Hochgraf, S: Bayview Loan Servicing
N/A, $5,000, B: Bruce E. Hussey & Michelle L. Hussey, S: Kelly A. Fisher
WILLINGTON
10 Moose Meadow Rd, $220,000, B: Baywood Real Estate LLC, S: Patti A. Wright
16 Moose Meadow Rd, $80,000, B: Baywood Real Estate LLC, S: Patti A. Wright
WINDHAM
23 Lewiston Ave, $165,000, B: Zhiyi Chi & Min Yang, S: Justin Algarin
64 Lewiston Ave, $1, B: Natalie Tracy, S: Kathleen Tenedine
165 Main St, $1,990,000, B: Pascap Export Inc, S: Hres Willimantic LLC
33 Old Brooklyn Tpke, $1, B: Wells Fargo Bank NA, S: William F. Mayer & Wells Fargo Bank NA
36 Machine Shop Hill Rd, $1, B: Nationstar Mortgage LLC, S: Gregory A. Lawton & Nationstar Mortgage LLC
241 South St, $210,000, B: Sebastian Randazzo, S: Robert S. Spector & Kathryn A. Spector
MISSION POSSIBLESell your home for more money and less time,
with Carol Webb.Contact me today and let’s get started!
Find out how much your home is worth, how long it will take to sell and how much you will net from
the sale.Ask me about my free staging services!
Carol Webb860-450-8118
cwebb@aol.com
The rules have changed for buying a house with a HECM reverse mortgage
When I wrote about purchasing a house with a HECM reverse mortgage earlier this year, a major issue faced by borrowers was whether to pay a penalty insurance premium in order to maximize the cash draw on the HECM.
A few months after the article was written, HUD eliminated the option of paying a lower premium if the borrower drew less cash. The upfront mortgage insurance premium is now 2 percent of property value regardless of how much the borrower draws.
The advantage of buying a house with a HECM has not changed. It remains the case that the HECM does not impose a monthly payment burden on the borrower. The only disadvantage is that the reverse mortgage will cover only about 50-60 percent of the house price, depending on the borrower’s age, requiring the purchaser to find the remaining needed cash elsewhere. The most common source is asset liquidation.
Seniors who go this route have two decisions to make. First, they must decide whether they want an adjustable rate or a fixed-rate HECM. Second, they have to select the lender offering the best terms. I will
illustrate t h e s e decisions with the case of Char les , who is 72 and wants to purchase a $400,000
house on December 18, 2017.
Fixed Rate or Adjustable Rate?
Most seniors will select the option that provides the larger cash draw. Among five lenders quoting a price to Charles on my website, the largest cash draw on an adjustable rate was $201,800 whereas the largest draw on a fixed-rate was $194,600. The adjustable provided $7,200 more, which could settle the matter.
Or perhaps not. If Charles is concerned with the size of his estate, he will also look at how large his future loan balance would be. Looking ahead 10 years, for example, the balance of the adjustable will be $389,356 compared to a balance on the fixed of $406,386. He will owe $17,030 less on the adjustable.
This is not quite the slam-dunk it may appear, however. The future loan balances are calculated at the interest rates on December 18, which were 3.21 percent on the adjustable and 3.99 percent on the fixed. While the rate on the fixed will remain at 3.99 percent over its life, the rate on the adjustable could rise as high as 8.21 percent if market rates increase. Were that to happen in the near future,
the balance on the adjustable would quickly come to exceed the balance on the fixed. It is unlikely that the risk of future rate increases will dissuade Charles from selecting the adjustable, but it could.
Selecting the LenderThe reverse mortgage
market is extremely inefficient. Except for those seniors who make their way to my website, few try to shop. As a result, the prices of identical transactions can differ materially from one lender to another.
Even on my website, where participating lenders know that their price quotes will be compared to others, price differences are large. For example, on the day my hypothetical house purchaser was quoted an adjustable rate of 3.21 percent with a cash draw of $201,800, another lender on my site quoted a rate of 4.76 percent and a cash draw of $172,005, or $29,795 less. That was the worst quote among five lenders who lend in California. The quotes of the other three lenders were in-between the best and the worst.
Bottom LineSeniors who want to
purchase a house with a HECM and who have no concern regarding the amount of home equity they leave to their heirs can easily shop lenders for the largest cash draw. They can shop multiple lenders with one visit to my site, or by contacting individual lenders one lender at a time. If they shop by contacting individual lenders, the process should be completed within a week ending on a Monday because
HECM lenders reset their prices on Tuesday.
Purchasers who do have a concern for what their heirs will inherit will want to see not only cash draws but also projections of future loan balances that are consistent from one lender to another. My site is the only place they
TheMortgageProfessor
BY JACk GUTTENTAG
will find that.Jack Guttentag is professor
emeritus of finance at the Wharton School of the University of Pennsylvania. Comments and questions can be left at http://www.mtgprofessor.com.
Distributed by Tribune Content Agency
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StatePoint
Affordable housing is in high demand in cities and counties nationwide.
Experts say areas grap-pling with affordable housing issues may find factory-built homes to be a powerful tool in addressing this need.
Built in a factory and deliv-
ered to home sites, this effi-
cient process translates into lower production costs that are passed on to the con-sumer.
The good news is while manufactured homes cost less than site-built homes they are just as high quality. The aver-age new manufactured home costs around $70,600. The cost for a smaller new single-section home can be as low as $20,000. In 2016, manu-factured homes accounted for 80 percent of all new homes sold under $150,000.
Unfortunately, when many
people think of manufactured housing, the old stereotype of a run-down trailer park
enters their minds. However, most of the more than 37,000 manufactured housing com-munities in the U.S. are a far cry from that negative image, boasting amenities like com-munity centers, organized activities and children’s play areas. Other benefits may include:
• The option to rent an
existing home in the commu-nity or place your own home in the community.
• Provided services, which
often include professional property management, care and maintenance of common grounds, as well as resourc-es and amenities like trash removal, community centers, playgrounds, storage and laundry facilities.
• The possibility of not pay-
ing real estate taxes. While it varies state-to-state, residents of land-lease manufactured home communities often don’t pay real estate taxes, but rather, pay a personal-
property tax, offsetting the cost of land-lease rents for the homeowner.
• Affordable homeowner-
ship, along with many of its benefits, including control over home and yard improve-ments, as well as convenient parking.
• A sense of community.
In many communities, there are social or activity clubs, fitness amenities, and friend-ly and caring neighbors. Indeed, “sense of belonging” is among the most frequent responses about why resi-dents enjoy living in a land-lease community.
Newer manufactured
homes come in a variety of architectural styles and exte-rior finishes that will suit most any buyer’s desires, as well as customization oppor-tunities, including interior features like vaulted ceilings, fireplaces and state-of-the-art kitchens and baths.
How to Find an Affordable Home in Today’s MarketThey also feature enhanced
energy efficiency in an era of rising energy costs, thanks to upgraded insulation and more efficient heating and cooling systems than homes from decades ago.
Smart buyers also are turn-
ing to Energy Star-labeled manufactured homes for additional savings.
Modern manufactured
homes are among the saf-est housing choices today, as homes must adhere to strict federal building standards. All aspects of construction are continually inspected by professionally trained third-parties, and homes feature
Photo courtesy of StatePoint Media
smoke detectors, and limited combustible materials around furnaces, water heaters and kitchen ranges, as well as wind resistance in areas prone to hurricane-force winds.
“The need for qual-
ity, affordable housing has never been greater. However, today’s manufactured homes are high-quality and cost up to 50 percent less per square foot than conventional site-built homes,” says Richard Jennison, president and CEO of the Manufactured Housing Institute. “These savings are allowing more Americans to own a home in the face of an ever-widening housing affordability gap.”
Call the Chronicle860-423-8466 TODAY!
Advertise ! Advertise ! Advertise !Advertise ! Advertise ! Advertise !
SOLD!SOLD!SOLD!
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Is this the year you stop dreaming and make a move?
our advertisers are professionals who can help you make it all happen!
the Chronicle HomesEvery Wednesday in
the Chronicle!
Call 860-423-8466 to advertise or subscribe today!
Start Monday, January 29, 2018
REAL ESTATE PRINCIPLES & PRACTICE (P&P) Mandatory in-classroom, 60-Hour Course
Location: Tri-County Alliance of REALTORS®,186 E. Center St. in Manchester
Class schedule: Monday, Wednesday 6–9PM and every other Saturday 9AM–1PM
Class will not meet on February 14, 2018
Exam date: March 28, 2018 Course price: $450
Instructor: Robert Ferrigno, Partner/Broker/Managerof Ferrigno Realtors in Willimantic. Instructor (30 year span) for Real Estate Principles and Practices classes, ”Connecticut’s pre-licensure course,” for UConn, Greater Hartford Community College, and Tunxis Community College.
The two required text books, Modern Real Estate Practice, 19th Edition and Connecticut Real Estate Practice & Law, 14th Edition will be issued the first session at a cost of $90.00.
This course meets the minimum educational requirements as set forth by the Connecticut Real Estate Commission.
For more information or to register call 860-646-2450Cancellation policy. Tuition Refund only before classes start minus 10% service charge.
Mandatory in-c las s room, 60-Hour C ours e
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