If you're on the threshold of a new lifestyle and considering selling your home or buying a new home,
you'll get the kind of assistance you need from the ERA Meridian Real Estate Group family. Your ERA
real estate professional is committed to meeting the unique needs of mature home sellers and buyers.
ERA New Thresholds provides special services and expertise to help you make successful real estate
and home financing decisions. What follows are some of the ERA advantages we've specifically created
to help you target the unique opportunities available to you, as a mature home seller or buyer.
Who do you need to know?
Today a team of specialized experts is the key to a well planned and secure future. Here are some of
the experts you'll want on your team:
ERA MATURE MARKET SPECIALIST
There are diverse groups that constitute the over 50 market. For example, you might be a retiree
looking for your next home, or a pre-retiree considering downsizing to a smaller home. Baby
Boomers are looking for homes with Mother-in-Law suites or vacation homes to eventually become
retirement homes. ERA sales associates are very well versed in each market and its differences.
Many are certified Senior Real Estate Specialists.
ELDER CARE ATTORNEY
The "M.V.P." of your team should be an Elder Care Attorney. A list of such attorneys can be found
at www.NAELA.com. These lawyers specialize in the federal and state laws that will affect your lives.
While they will advise and execute wills, trusts and living trusts, their main function is to assure that
things will happen the way you want them to happen.
CERTIFIED PUBLIC ACCOUNTANT
The tax laws are shifting and are quite individualized. You'll want to make sure you have maximized
your
FINANCIAL PLANNER
Most of us are quite proud of the growth in value of our homes. That value is definitely the keystone in
our asset base. A financial planner with knowledge of the mature market is properly situated to benefit
your total needs. This team member is extremely important for the Baby Boomer who plans a long
future with maybe several moves or providing for their parents.
Additional people who can help you
HOME STAGING EXPERTS
There are thousands of companies in the country that specialize in making your home as marketable
as possible. Once "Your Home" is on the market, it becomes a product, and these professionals
can create magic.
MATURE MARKET MOVING SPECIALIST
Many moving companies understand the special needs of the mature market. They can help with
downsizing and providing contacts for donations or disposal of goods. Servicing can include labeling
and packaging everything smoothly and simply. If you have special needs, such as gifting relatives
they can handle this smoothly as well.
GERIATRIC CARE MANAGER
A Geriatric Care Manager can provide an array of services for caregivers and seniors. They usually
provide a home assessment and a senior care plan recommendation as well. As with any form of
additional service, you are not required to implement any portion of the care plan, but you will have
the necessary tools to understand many of the home lifestyles that are often over-looked. A Geriatric
Care Manager can also help you find community resources or assist with a residential placement.
OFFICES ON AGING
State and federal offices specializing in resources and benefits for the mature market are eager to help
you get things done. They can help you with everything up to the documentation needed for assisted
living.
RESOURCES
Building a relationship with plumbers, electricians, and painters can help you get the best service and
the best price whenever you move.
What are your housing options?
Until recently there were few options open to the 50+ consumer who is selling his or her home. Now
there are many ways you can tailor your move to your immediate needs or plan sequential moves that
will cover your entire future life.
ADULT COMMUNITIES
These are specific housing areas or even towns built for people 55 and over. They offer all the pleasure
of your own single residence without the bother of lawn care, snow removal or other maintenance chores.
CONDOMINIUMS/TOWNHOUSES
There are particularly popular with mature adults who have a child under the age of 18. Common services
with association fees may be included.
MOTHER-IN-LAW SUITES
More and more people are building homes with mother-in-law suites. You might build one to help your
children own a home or if your children are economically fortunate, they may build one in a home for
your benefit.
VACATION HOME/SECOND HOME
Many 50+ consumers are very interested in purchasing a resort property or second home to use as a
"get away," as an investment, or as a future principal residence. A good way to start the search for such
a property is to visit www.resort.era.com.
ASSISTED LIVING
This allows the mature individual to live in a community that provides a safety net of assistance based
on their needs. There are a variety of Assisted Living options, ranging from independent apartment
style housing to totally monitored and medically supervised living.
Assisted Living
Assisted living communities allow you to live in a community that provides a safety net of assistance
based upon your needs. One option in assisted living is to live independently in an apartment style
housing. Meals can, if you wish, be provided either in a cafeteria or delivered to you, and medication
dispensed on a regular basis. Some excellent benefits of assisted living are community-planned
activities, fitness centers and shopping transportation. Depending on your need you may rent an
apartment with all services and no strings attached or you can buy your own apartment with a fee
included in the down payment.
Fully Assisted Living
Fully assisted living consists or a totally monitored environment. You generally have a medically
supervised room. There is a medical staff on site. Your room can be a single or shared as you wish.
Medication is delivered and supervised in the room. Meals may be taken in the room or possibly in
the cafeteria. There are commons areas for socializing if you with to. Fully assisted living
environments have excellent 24/7 security.
What to know about adult communities
An adult community is typically a development, or even a town, designed specifically to meet the needs
and desires of 55+ year old adults. These communities tend to feature single story homes. They tend
to be smaller than most homes, and with the basic amenities. When living in an adult community, you
generally have all the pleasures of living in your own home without the cares of lawn maintenance and
gardening maintenance, trash removal, and maybe even snow plowing and shoveling. An active social
life is usually another benefit of an adult community. There are social directors on-site managing a full
program of events. There are pools, recreation centers, and most probably a state of the art group
fitness center. Finally these communities also offer on-site and to-village transportation making it easy
for shopping, place of worship visits, visiting friends, and playing golf or tennis.
Mortgages and Loans
HOME LOANS FOR SENIORS
There area a range of financing and mortgage programs tailored to meet the unique needs of the 50+
consumer. Whether you want to stay in your current home and refinance, or find the best plan to make
monthly payments on a fixed income, your ERA Real Estate professional will help you find the financing
plan that is in YOUR best interest.
BRIDGE LOAN
A Bridge Loan lets you use the equity in your current home to help buy a new home. The loan is paid
off in full once your old home closes, and you can then close on you new home, while still in your
old home.
INTEREST ONLY LOAN
Available in a variety of adjustable mortgages. This type of mortgage can allow you to buy a larger home,
while holding down the monthly payments.
HOME EQUITY LOAN
This is a low cost loan with a fixed rate and fixed payments that is paid back within a specified period.
It is often used for home improvements. In most cases the interest is tax deductible.
CONVENTIONAL MORTGAGE
There are also more traditional mortgages available to the Mature consumer as well. A Fixed Mortgage
involves a fixed monthly payment for the life of the mortgage, while an Adjustable Mortgage has a fixed
rate for a set period after which the payment can then adjust to market conditions.
REVERSE MORTGAGE
This is a loan against the property that is often used by Mature homeowners who need extra money to
stay in their home. The loan formula suggests that the older you are and the higher the debt value of
the home the better the reverse mortgage works. Repayment is not due until the owners of the home
decide to sell it.
Other Financing Options
Where there was once a short list of financial options when purchasing a house there are now several
options developed for mature purchasers.
HOME EQUITY LINE OF CREDIT
This is a low cost, flexible source of credit that can provide significant tax advantages. You withdraw
the money as needed and pay interest only on the actual amount you withdraw from your credit line.
Because it's a mortgage, the interest is usually tax deductible, unlike other forms of credit such as
personal loans and credit cards.
1031 TAX DEFERRED EXCHANGE
This tax program allows you to sell a current investment property and re-invest without experiencing
a high capital gains tax at this time. This is not for your primary residence. Funds must be held
by an intermediary and you must identify a new investment property within 45 days. Nevertheless,
this would make a great tax opportunity.
CASH
A great way for a 50+ consumer to buy a home is paying for it with cash. All you have to concern
yourself with are taxes and monthly upkeep. A cash buyer may be able to make a sharper deal.
As you get older living costs will be cheaper since you are not bound by a mortgage. Finally,
you can always use the value of the house to fall back upon if conditions demand it.