Just listed is this beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 - 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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Normally, lenders price loans on the assumption that borrowers will include taxes and insurance premiums in their monthly mortgage payments. These payments are placed in an escrow account under the lender’s control. On a payment date, the amount due is paid by the lender. Its purpose is to force borrowers at the outset to confront their ability to afford the major expenses of home ownership, and this purpose would be served by an escrow requirement that applied only to the first year. After that, borrowers should be allowed to opt out if they want to.

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For Bob and Judy Bartlett, a 4,700-square-foot home on two acres in Durham, N.C., no longer made much sense after their two children had long since moved out. Meanwhile, the retirees were spending more time at a second, lakefront home. So several years ago, they began thinking about selling their primary house and buying something smaller. But it wasn’t easy to make the break; the couple had called the Durham property home for three decades and were unhappy about the prospect of moving away from close friends.

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A bill in Congress would increase the amount of money seniors can borrow when they take out a federally insured reverse mortgage. The increase would be good for people in the Bay Area and other high-cost markets who want to take as much equity as…

Escrow is not an absolute requirement. To make escrows the norm in the subprime market would require that escrows be made mandatory for all mortgage borrowers. Escrows can’t be required for only subprime loans because that term can’t be precisely defined. And if the law requires simply that escrows be offered to borrowers, loan officers and mortgage brokers could work around it. But the requirement for an escrow could be short-term. Its purpose would be to force borrowers at the outset to confront their ability to afford the major expenses of homeownership. This would be served by an escrow requirement that applies only to the first year. After that, borrowers should be allowed to opt out if they want.

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How are baby boomers who are still carrying hefty first and second mortgages going to pay them off? Millions of homeowners refinanced during the “refi boom” years of 2003-04 and took out new loans with 15-year or 30-year terms. Some boomers now in their late 50s and early 60s have big mortgages with terms running for another quarter-century. When monthly payments on those mortgages begin to weigh …

For many seniors, home equity is roughly 30-40 percent of their net worth. If you and your spouse are both at least 62 years of age and have significant equity in your home, a reverse mortgage can turn that equity into tax-free cash without forcing you to move or make a monthly payment.

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Genworth Financial Inc. is buying local reverse mortgage company Liberty Reverse Mortgage Inc. for $50 million in cash.

Late payments on home equity loans climbed to a 1½-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt. After a five-year boom, the housing market tanked last year. The combination of rising interest rates and falling house prices clobbered some homeowners — especially those with tarnished credit histories and adjustable-rate mortgages. Late payments and new foreclosures for those borrowers spiked to all-time highs in the first quarter, according a separate survey by the Mortgage Bankers Association, released last month.

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