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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