A reverse mortgage is a special type of home loan based on age, equity, interest rates, and the value of your Richmond VA home, a reverse mortgage allows you to not only forego paying monthly mortgage rates but also to receive money (as long as at least one borrower lives in the home) on a continuous monthly basis, for a fixed period of time, or in unscheduled installments as needed.

To qualify for a HECM, the FHA requires that you own your home outright or have a low mortgage balance that can be paid from the loan’s proceeds, be at least 62 or older, and that you continue to reside in your Richmond VA home. Single family homes and 1-4 unit homes with one unit occupied by the borrower are eligible. The same holds true for HUD approved condos and manufactured homes that meet FHA standards.

A reverse mortgage differs from a home equity loan in that you do not make monthly payments, and it is available to you regardless of your income. The amount of the HECM is based on your age, the current interest rate, and the appraised value of your Richmond VA home.

When you or the last surviving homeowner moves from the house or passes away, you or your estate has approximately 12 months to repay the loan amount, with fees and interest, to the lender. Any remaining equity after a sale will belong to you or your heirs. If the proceeds of the sale are not enough to cover the loan, the lender, not you or your heirs, must take the loss.

        There are four ways to receive your money:

1. Lump sum--all the cash at closing.
2. Tenure--equal monthly payments as long as the house is the principal residence.
    
3. Term--equal monthly payments for a fixed number of years.
4. Line of credit--funds available to draw on at any time.

Note: the borrower can “mix and match” any of the above plans and can use the money for any purpose.

As with all government programs, you need to give careful consideration to all of your options. In fact, potential HECM borrowers are required to receive some type of consumer pre-counseling about the program. You can find an HECM counselor online at or by calling 1-800-569-4287. You can also contact the National Council on Aging at 1-800-510-030 or online at. BEWARE of reverse mortgage companies who charge a fee to refer you to a lender! It is best to work only with lenders who are members of the Better Business Bureau and the National Reverse Mortgage Lenders, organizations which adhere to a strict code of ethics and standards. 

9506 Brading Lane Midlothian, VA

MLS# 1023660

Exceptional Home With Plenty Of Upgrades In The Sought After Community of Collington. Cobble Stone Veneer Sets This House Apart. Huge 1st Floor Master With Beautiful Master Bath With Oval Jacuzzi Soaking Tub And Seperate Shower. The Eat-In Kitchen Has Hardwood Floors And Is Open To The Living Room With Gas Burning Fireplace And Hardwood Floors. Upstairs Offers 2 Very Large Bedrooms And A Full Bath. There Is Also A 15 X 11 Deck Perfect For Relaxing And/Or Entertaining And A Two Car Garage. All This With The Community Amenities Including the Pool, Community Club House, Splash Pool, Tennis Courts, and Basketball Courts!

Learn more about 9506 Brading Lane and other Richmond Virginia real estate for sale by visiting TheGitsGroup.com.

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6 Reasons to Buy Rather Than Rent Richmond VA Home:

1. Buying doesn’t always cost more.
The Associated Press reports the gap between buying and renting has decreased $550 in the last three years.

2. Affordability is at an all-time high.
Nationwide, prices have declined by nearly 20-40%.

3. Tax benefits for home ownership saves money.
The biggest tax break is the mortgage interest deduction. Most of your mortgage payment goes to interest which is tax deductible. Property taxes and mortgage insurance are also tax deductible.

4. Many loans require no down payment.
Veterans Administration (VA) loans and many first-time home owner loans don’t require a down payment.

5. Mortgage rates are at all-time lows.
Mortgage interest rates are the lowest we have seen in 30 years.

6. You own it.
There is nothing like pride of ownership…and you can do anything you want to do. You can paint it any color you want, make improvements, and landscape to your own taste..

Get more information on buying a Richmond VA home.

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1303 Elon Road, Henrico VA

MLS# 1022797

Please come see the total transformation of this lovely home.  Current owners have meticulously updated and upgraded the entire home.All 3 baths have designer ceramic tile, new fixtures and flooring.Master bath has a spa tub & an oversized jetted shower which is highlighted by the natural light.Further improvements include a newer roof, new water heater installed in 2010,new vinyl and gutters in 2008 on the main house,new vinyl on screened porch in 2010, and hardwood installed on 2nd floor.Just move into this well planned and perfectly executed renovation and have plenty of time to enjoy the state of the art recording studio in the garage.Recording studio is sound proof and fully heated and cooled and includes plumbing rough in for a bath. All of these amenities for such a low price!!

Learn more about 1303 Elon Road and other Richmond Virginia homes for sale by visiting TheGitsGroup.com.

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1. MAKE RESERVATIONS EARLY

            a. Arrange for a moving van or rental truck EARLY! Hopefully, you have already done this as summer is the busiest season for both services.

            b. Book hotel rooms if an overnight stay will be necessary.

            c. Make transportation arrangements (plane, train, bus, taxi)

            d. Need pet accommodations in either location? Reserve space NOW!

2. GET ORGANIZED

            a. Gather all moving materials you will need--include boxes, packing tape, scissors, newspaper, bubble wrap, and marking pens.

            b. De-clutter and clean out. Now is the time to recycle or discard unneeded items so that you don’t have to pack them or pay to transport them to your new location--where you won’t need them either!

            c. Label each packed box clearly as to contents and identify which room in your new home.

3. FOLLOW THE PAPER TRAIL

            a. Cancel newspapers, lawn service, and the like.

            b. Notify banks and utilities of your move.

            c. Gather school and medical records to take with you and/or arrange for them to be forwarded.

            d. Keep all important papers in a secure place and keep all moving-related documents together.

            e. Return library books, movie rentals, and other borrowed items.

            f. Transfer prescriptions.

4. PACK AN “OPEN ME FIRST” BOX

Include items you will need upon arrival at your new Richmond VA home. Include toilet paper, paper towels, toiletries, a flashlight, pet food dishes, first night linens, and basic cooking/eating supplies.

5. PLAN FOR THE CHILDREN’S NEEDS

            a. Talk positively about the move and their new Richmond VA home. Adopt an air of adventure! Listen to their concerns and share their excitement.

            b. Encourage them to pack a separate box of things that are important to them.

            c. Arrange for supervision for them on moving day--a friend or a sitter--or, if that’s not possible, give them specific tasks to involve them and have a game or two--and snacks--at the ready.

            d. Take time during the day to spend with them and soothe any anxieties.

6. DON’T FORGET THE PETS

            a. Consult with a vet about the best way to transport them.

            b. Take them to a pet sitter or boarding facility the day of the move.

            c. Bring food and water supplies with you.

7. CARRY YOUR VALUABLES AND MEDICATIONS WITH YOU

8. TAKE TIME TO EXPLORE YOUR NEW SURROUNDINGS

            a.. Discover parks, libraries, pools, and sporting facilities

            b. Visit the children‘s new schools.

            c. Get acquainted with neighbors.

            d. Take a deep breath and RELAX. The worst is over!

9307 Oak Trail, Ashland VA

MLS# 1022182

Remarkable home for a great price! Make sure you treat yourself to a tour of this customized home.Large,open 1st floor living spaces that open up to a deck, brick and stone patio complete with a fountain and hot tub that creates a private, custom detailed courtyard that overlooks the  large wooded lot. Home includes privately situated in-law suite, heated and cooled garage.It also boasts a custom wine cellar complete with mahogany and river rock detailing with antique chesnut entry doors.  Custom touches also include wrought iron and brass bannister, marble in baths, granite in kitchen, expansive 3rd floor rec room, cherry & pine floors.In-law suite includes a eat in kitchen complete with stove, refrigerator, microwave and cabinets along with a full bath, all overlooking the courtyard! 

Learn more about 9307 Oak Trail and other Richmond Virginia real estate for sale by visiting TheGitsGroup.com.

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So what does this mean for you? If you purchased your Richmond VA real estate by the April 30^th, you now have until September 30^th, 2010, to close on your property. (Note: the new legislation applies only to those who did so. The purchase deadline was not extended.) Other than date changes, the terms of the original program still apply, allowing tax credits of up to $8000 for first-time buyers and $6500 for repeat buyers.

Included in the current bill are special provisions for members of the U.S. military forces, the foreign service, and the intelligence community. For those who fall into these categories and have been ordered on an extended (90 days or more between after December 31, 2008, and before May 1, 2010) tour outside the United States, the new extension allows for a binding contract to be in place on or before April 30, 2011, and a closing to take place on or before June 30, 2011. In addition, a person who is forced to return to the U.S. for medical reasons before completing the 90 day tour may qualify for a one year.

10221 Old Camp Road, Richmond VA

MLS# 1016782

Beautifully maintained 4 bedroom, 2.5 bathroom colonial in historic Bon Air! This stately home commands attention with quaint flower boxes, and a screened porch on which to relax! Hardwoods throughout the first AND second floors! Spacious, eat-in kitchen! Formal rooms include dining and living with great moldings, which make for elegant living spaces! The master suite, and it's truly a suite, includes a huge bedroom with hardwoods, as well as a connecting sitting or office! There's even a fully tiled master bathroom and spacious closet! The walk-up attic which is part of the second bedroom is perfect for all of your storage needs! When you are ready to relax at the end of the day, you can stay in the shade and comfort of the screend in porch or take to the sun and read on the deck!  SUBJECT TO RELEASE OF PRIOR CONTRACT.

Learn more about 10221 Old Camp Road and other Richmond Virginia homes for sale by visiting TheGitsGroup.com.

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1. Research before you look. Decide what features you most want to have in a Richmond VA home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of Richmond VA home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.

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4907 Newbys Mill Court, Chesterfield VA

MLS# 1020581

This is a beautiful 2 story Transitional open floor plan that has formal living and dining rooms with pleasing interior paint colors.  All rooms and bedrooms are spacious including the large Morning room off of kitchen and family room.  Master bedroom has sitting area along with master bath with soaking tub.  This is the perfect home for a growing family!  MUST SEE!

Learn more about 4907 Newbys Mill Court and other Richmond Virginia real estate for sale by visiting TheGitsGroup.com.

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There were 2,260 Richmond VA foreclosure homes for sale with 143 new foreclosures in May 2010. The average selling price of a Richmond VA home was $213,555 in May and the average foreclosure selling price was $134,669, a savings of $78,887, according to RealtyTrac.com.

Richmond VA Foreclosure Activity by Zip Code

Richmond VA Foreclosure Geographical Comparison

Richmond VA foreclosure activity in May was lower 0.03% lower than national statistics, 0.03% higher than Virginia statistics, and 0.06% lower than Chesterfield numbers.

Richmond VA Foreclosure Activity by Month

The number of Bank-Owned Richmond VA homes decreased from 77 Bank-Owned homes in April to 30 in May. The number of Auctioned homes increased from 83 to 113. The six month foreclosure trend is rising.

Are you or someone you know behind on your mortgage payments and facing a Richmond VA foreclosure? You do have options. A foreclosure is not the only way. A short sale may be the answer to saving you, your family and your home. I have the training, knowledge and experience needed to help save your home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.

Learn more about selling your Richmond VA home by visiting our website.

9609 Tracy Court, Henrico VA

MLS# 1010001

WOW! Spacious colonial in the West End with a large fenced in backyard!! 4 bedrooms/2.5 bathrooms! Newer roof-2008! Woodburning fireplace with brick surround! Formal dining room and foyer have elegant hardwoods! Kitchen includes a large pantry! Family room includes french doors leading to a great deck for entertaining!

Learn more about 9609 Tracy Court and other Richmond Virginia homes for sale by visiting TheGitsGroup.com.

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Thunderstorms

The summer season brings some of the most deadly weather of the year. Severe thunderstorms and scorching heat often interrupt summer plans.

• Severe thunderstorms, containing violent lightning and roaring thunder, are a major safety risk.
• When storms are rolling in they can sometimes be heard before they are seen. Lightning can strike when it is up to ten miles away from the area getting rain, even if it is not visible.
• People should follow the rule, if you can here thunder; you could be stuck by lightning.
• The best thing to do in these situations is seek indoor shelter away from doors and windows, avoid use of water, electronics, and only use cordless phones or cell phones.
• Heat related illnesses, caused by extreme heat, are one of the most common hazards.
• Wear breathable, lightweight, light colored clothes, since dark colors absorb more energy from the sun.
• Drink plenty of water. Avoid dehydrating drinks like alcohol and caffeine.
• Avoid strenuous activities. Frequently take time to rest from physical activities.
• Apply generous amounts of sunscreen every two hours. Use a minimum SPF of 15.

Water Activities

Summertime’s most popular activities always involve water, which can be dangerous.

• Learning and knowing how to swim is the best way to avoid dangerous situations.  
• Always swim with a buddy; never swim alone
• Swim in areas supervised by a lifeguard.
• Pay attention and obey all rules and posted signs, especially flags indicating water conditions at the beach and depth markers at pools.
• Children or weak swimmers should wear a U.S. Coast Guard-approved personal floatation device while in and around the water. Set water safety rules according to a person’s swimming abilities. For example, set boundaries for children at the beach so they don’t go too deep or too far down the coast.
• Observe the water and the surrounding environment and become familiar with any potential risks, such as shallow areas, currents, changes in depth, and location of exits.
• Do not consume alcohol before of during swimming, boating, or driving.  The side effects severely impair swimming and driving skills.
• Become educated on water safety.

Other favorite summer activities out of the water carry potential safety risks too.

• Fireworks may be a pretty sight but they can result in severe burns and destructive fires. Attend local fireworks displays done by professionals instead of using fireworks at home.
• Playgrounds are a popular spot for young children to play. Use common sense in making sure the area looks safe, make sure all equipment is sturdy and intact, make sure metal slides are not too hot, and make sure children cannot come in contact with moving parts that might pinch or trap part of the body.
• Many people use bicycles in the summer as a way of travel, exercise, and entertainment. Proper fitting helmets, form-fitting clothing, and protective shoes should always be worn, no matter what. Also, only use bikes that are the proper size.
• As grass is continually growing in the summer, lawn mowers are constantly in use. Always use a lawn mower that cuts off when the handle is released. Do not allow the mower to project objects, pick up and clear the yard prior to mowing. Children under age twelve should not be allowed to operate a lawn mower. 

Have fun and be safe this summer!

6613 West Franklin Street, Richmond Virginia

MLS# 1007294

WOW!! Brand new air conditioner is to be installed 6/14/10! SUPER cute brick cape in a phenomenal location!! Close to The Village Shopping Center, I-64 and U of R! Newer windows throughout the house! Professional landscaping! Hardwoods in great condition! Kitchen was completely renovated within the last 1 1/2 years w/stainless and tile! Full bathroom upstairs and 1/2 bathroom have also been completely updated with fresh tile, tub/shower, sinks, etc! The master and upstairs bedroom are HUGE! Backyard has a fence surrounding it, with a large deck too!   MUST SEE!

Learn more about 6613 West Franklin Street and other Richmond Virginia real estate for sale by visiting TheGitsGroup.com.

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1. Insist on an in-home survey and estimate. Movers have to actually see what needs to be moved and be aware of items requiring special attention, such as pianos or valued art pieces. In addition, by meeting the mover’s representative in person, you can get a feel for the way customers are treated by the company. It is also important that you disclose at this time any details, such as elevator availability, street restrictions, etc., to avoid unpleasant surprises on moving day.

2. Beware of too low a price. While price is certainly a major consideration in making your selection, you need to question a low-ball estimate, Are there hidden charges? Is the firm reliable? Does it value your business? Is it a licensed, insured mover? Check the web at www.protectyourmove.com for this information and for a record of customer complaints.

3. Avoid the busy season. Good moving companies are especially busy in the summer and in the first and fourth weeks of the month. Plan ahead and reserve early to get the mover and time frame you want. Remember that the best deals can usually be found in the winter and in the second and third weeks of the month.

4. Sign a contract. Do not begin a move without first signing a binding agreement which spells out all the services you are to receive and the total amount you’ll be expected to pay. Do you have insurance options? What is the charge for that? If you’re not comfortable with the document, trust your instinct and don’t sign!

5. Have a budget. Be informed and realistic about your overall moving costs. Be sure to include travel to your Richmond Virginia home, any hotel and meals expenses, auto transport, and insurance.

6. Do unto others… Your movers will respond well to smiles and a positive attitude

They also appreciate offers of coffee, water, soft drinks, and tips for quality service.

The city has many reputable and reliable moving companies who want your business and will work with you to make your moving experience as stress-free as possible. By following these six steps, your relocation to your new Richmond Virginia home can actually be rewarding!

1648 Laurel Top Drive, Midlothian VA

MLS# 1017571

Beautiful Eagle Construction built home in Poplar Creek! Formal dining and living rooms, as well as foyer all include elegant hardwoods! Spacious eat-in kitchen also provides a pantry for storage! The like-new family room is light filled thanks to large skylights! This home even has wood burning fireplace with brick surround! Four nicely sized bedrooms make up the second floor! Including a master bath with a soaking tub, double vanities and a separate shower! The master includes a walk-in closet as well as a walk-up attic for all of your storage needs!

Learn more about 1648 Laurel Top Drive and other Richmond Virginia homes for sale by visiting TheGitsGroup.com.

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Richmond VA Foreclosure Activity by Zip Code

Richmond VA Foreclosure Geographical Comparison

April Richmond VA foreclosure activity was lower 0.01% lower than national statistics, 0.04% higher than Virginia statistics, and 0.02% higher than Chesterfield numbers.

Richmond VA Foreclosure Activity by Month

The number of Bank-Owned Richmond VA homes decreased from 85 Bank-Owned homes in March to 77 in April. The number of Auctioned homes increased from 180 to 185. The six month foreclosure trend is rising.

Are you or someone you know behind on your mortgage payments and facing a Richmond VA foreclosure? You do have options. A foreclosure is not the only way. A short sale may be the answer to saving you, your family and your home. I have the training, knowledge and experience needed to help save your home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.

Learn more about selling your Richmond VA home by visiting our website.

13801 West Bay Drive, Midlothian VA

MLS# 1014046

Don't miss your chance to tour this spacious, like-new, 5 bedroom colonial in Woodlake!  Professional landscaping front and back with an extensive deck for entertaining. Inside offers one of a kind hardwood throughout the entire first floor. Freshly painted, neutral colored walls! There are formal dining and living rooms with dentil molding and chair railings! The family room is spacious and has a wood burning fireplace with brick surround and dentil molding. The like-new kitchen with updated, white cabinets, new beveled edge countertops, island, and breakfast bar, and a new stove and microwave! Upstairs is spacious and has 2 full bathrooms with tile flooring! Master Suite includes large walk-in closet and bath with sunny sky lights. Neighborhood amenities include strolling/jogging trails, boat docks, and tot lot, Woodlake sponsored concerts!

Learn more about 13801 West Bay Drive and other Richmond real estate for sale by visiting TheGitsGroup.com.

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603 27th Street, Richmond VA
MLS#   1017049

This is your chance to own "The Billiups House", orignally built by one of Church Hill's oldest families! The home is a true Victorian with stained glass windows, box bay windows, and ornate fireplaces throughout! Included in the sale is 605 N 27th Street, which is a large, homesite to the left of the home! The front living room boasts hardwoods and a fireplace as well as a box bay window w/ stained glass at the top! The formal dining room allows for elegant dining! The period chandelier creates an authentic Victorian feel to the room! Included in the dining room is also a great walk-in closet!  The entire second floor boasts hardwood flooring, a woodburning fireplace, & fully tiled bathroom! The back and side yards are an oasis for relaxing and entertaining w/garden & hot tub!

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Two top housing economists forecast some encouraging but tempered predictions for the housing market over the next few years during an economic session at the National Association of Realtors® Midyear Legislative Meetings & Expo today.

Top housing economists, Lawrence Yun, NAR chief economist, and Mark Zandi, chief economist and co-founder of Moody’s Economy.com, forecast some encouraging but tempered predictions for the housing market over the next few years. Both agree that job creation is key to an economic and housing recovery, with an improvement in job creation as 2010 progresses. However, they differed somewhat on the impact that foreclosures will have on home price stabilization. Yun expects a slightly stronger demand for housing and a fairly even level of foreclosures. Zandi forecasts an improving demand for housing with foreclosures rising later in 2010 before easing in 2011. Both economists project mortgage interest rates will remain historically low, the availability of jumbo loans will improve and home sales will rise over the next few years.

Is the market improving locally? Let’s take a look…

Let's look at look at the Richmond Metro real estate sales for April 2010 compared to April 2009 to see how the recovery is progressing in Richmond.

The Richmond VA area home sales saw sold listings increase by 9% the 1st quarter 2010, when compared against the 1st quarter 2009.  Pending sales saw a 22% increase and the average sales price decreased by 1% to $223,921, and the median sales price decreased by 4% to $190,067.

For the latest Richmond VA real estate market conditions in your area, please call me at 804-545-6648 or visit TheGitsGroup.com.