Vacation property, an investment for retirement or a permanent residence, this Lake James waterfront home may be your dream property.

The beautiful water front home is located in a private community with spectacular views of the Blue Ridge Mountains. It has a double deck boat dock, an enclosed boat garage and a private ramp to launch your own watercraft. The home was built originally in 1972 and totally renovated in 2002. A four car detached garage was built in 2002.

There is a total of 264 ft. of water front. Beautiful three tier sea walls accent this elegant home. Hard wood and tile floors, modern appliances and vaulted ceilings are only a few of the amenities that capture you with this home.

Private dock permit.

List Price: $1,800,000
Flexibility: Willing to finance
Acreage: .75 acres
Type: Waterfront

Floors: 2
Bedrooms: 4
Bathrooms: 4
Sq. Footage: 3700
Garage Size: 4.0
Year Built: 1972, totally renovated in 2002
School District: Nebo

Suitable Use: Residential

Topography: Rolling
Road Frontage: Private Road
Location: Lake James, Burke County, NC

Amenities: Waterfront, Fireplace, Central AC, Alarm, Wood Floors, Gas Range, Patio, Wheelchair Accessible, Nature/Bike Paths, Boating, Controlled Access, Spa/Jacuzzi

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search for : Lake James waterfront home, Blue Ridge Mountains, Lake James, Burke County, NC

Loan limits for conventional mortgages recently were raised with the passage of the Economic Stimulus Act of 2008. However, seniors hoping to tap into additional home equity via the nation’s most popular reverse mortgage are stuck with the same loan ceilings.

Currently, loan limits will retain the existing “floor” of 48 percent of the conforming loan limit or $200,160, as well as the “ceiling” of 87 percent, or $362,790. Those areas in between are limited to 95 percent of the local median home value.

There are many seniors who have been waiting for the higher figures to be in place so that they could obtain a reverse mortgage or refinance an existing reverse mortgage. Many prospective borrowers believe they can qualify for a reverse mortgage equal or close in size to the value of their home, or at least the local FHA loan limit. This isn’t the case. (more…)

search for : Economic Stimulus Act, reverse mortgage

As of late last year, delinquencies on HELOCs were up 47% according to Economy.com. And, the numbers are expected to be worse in 2008.

In response, Countrywide has already suspended an estimated 122,000 lines, many in high-foreclosure-rate states, and USAA has frozen or reduced some 15,000 accounts.Bank of America (BAC, Fortune 500), Chase (JPM, Fortune 500) and Citibank (C, Fortune 500), among others, are following suit.

While not all HELOCs will be frozen or downgraded, lenders will surely scrutinize every account, including yours.

Areas where housing prices have fallen by 10% or more are prime targets for a lender to consider freezing their funding of additional HELOC draws. Because of new lending standards, your HELOC could also be in danger if you bought your home in the past few years with little money down. (more…)

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Beautiful Wilkes County NC Timber Frame Home and Mountain Property.

MLS Number: 51166, List Price: $898,500

2 Bedrooms, 2 Baths, 2 half baths, 2 car attached garage, full basement, and a barn on 5 acres of land.

These terms are used to describe thousands of homes and yet some things just can’t be described, they have to be experienced. This is one of those homes that really has to be seen to be appreciated.

This majestic Timber Frame home of the Bob Timberlake genre is not just another house, it provides a feeling of home that is not about walls and floors and windows and doors. It creates a feeling of the flow between your outdoor and your indoor environment that is seamless. Everywhere you look there is a view. Everything you touch feels natural and beautiful in a way that cannot be described, only owned.

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

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Starting as a slump in home building, new home sales, and rising delinquencies on shaky mortgages has morphed into a financial crisis which just may precipitate a recession.

United State’s lawmakers are scrambling to respond in an appropriate fashion, or at least make “political hay”, often at the expense of the home-owning populace.

Washington “insiders” say that while the Federal Housing Administration guarantees mortgages for up to 100,000 homeowners, many of these homes are now worth less than they owe on their mortgages.

The United State’s Senate recently passed a package of measures including a tax credit for buyers of foreclosed properties, funds to state and local governments to buy and rehabilitate foreclosed homes, and tax breaks for home builders.

However, many experts contend that the enthusiasm in both political parties for expanding homeownership in the past helped precipitate the crisis by encouraging people to buy homes with mortgages they ultimately could not afford. (more…)

search for : slump in home building, new home sales, rising delinquencies, shaky mortgages, home builders

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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In most areas of the United States, property tax is determined by the assessed value of a home and the property tax rate. A change in your property values could warrant close scrutiny of your property tax bill. Some property tax offices will make the adjustment for you but most only move your rate up or they’ll wait for the property to change hands before adjusting the tax.

Even where adjustments are automatic, you still may not be satisfied and will need to appeal the deal. Over valued or over assessed property is perhaps the most common and successful grounds for challenging your tax bill.

Signs your property tax could warrant an adjustment include errors in the description of your property on the tax bill, compatible homes in the area that have sold for less than your appraised value, and neighbors with lower assessments on similar houses.

Keep in mind that some homes retain the same assessed value for years and assessed values often don’t rise or fall in step with market values or home sale prices. Increasingly, as municipalities struggle to maintain tax revenue, many governmental bodies are seeking ways to increase your property tax bill. (more…)

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A reverse mortgage allows borrowers over the age of 62 to convert their home equity into tax-free income without leaving their current home or making mortgage payments. Borrowers do not need an existing income to qualify.

There are different types of reverse mortgages, however all of them are similar in certain ways. With a reverse mortgage, you are the owner of your home just like when you had a regular mortgage. You are still responsible for paying your property taxes and hazard insurance and for making your own repairs.

When the mortgage is over, you or your heirs must repay all of your cash advances plus interest. Most reputable lenders don’t want your house; they want repayment.

One danger of a reverse mortgage is when you no longer use it for your primary residence. This means if you have to go to a hospice, nursing home or intend to live in another home and use the house as a second home the bank will call the debt due.

Another fact to ponder is that most reverse mortgages are almost exclusively offered with adjustable interest rates. Adjustable rates are still standard practice and you are almost certain to be offered this option to begin with. However you are much better off with a fixed rate mortgage. There are fixed rate programs available and at today’s rates adjustable rates are only going to go up in the future.

Finally, be aware that if you do not maintain your insurance and taxes as they deem responsible they can call the loan or force an escrow account on you. (more…)

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$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

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

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search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

Reverse Mortgages tend to be generally favored for those homeowners older than 62 who tend to be house-rich and cash-poor. The greying of American baby-boomers continues. For many, their home is their most significant asset as they head into retirement.

With a reverse mortgage, the lender makes payments to the borrower; i.e., the reverse of a normal mortgage. The loan is repaid from the proceeds of the estate when the borrower moves or passes away.

Those considering a reverse mortgage are wise to consider the following:

* understand that often adult children help their senior parents secure the loan,
* how to keep your second home deed in your and your spouse’s name,
* what are the property requirements and financing fees of the loan,
* how to select among a multitude of lenders,
* spending the proceeds and estimating leftover equity,
* understanding how to sharing the decision making process with family members.

While a reverse mortgage provides a guaranteed source of tax-free income for the rest of the homeowner’s life, the loan can be very expensive. Costly fees, interest rates, mortgage insurance, and closing costs may apply to acquisition and maintenance of the loan.

Also, while the loan allows the recipient to remain in the home, a reverse mortgage reduces the home equity amount left to the heirs.

And, although the homeowner is relieved of the responsibility of making a monthly mortgage payment, a reverse mortgage is more expensive and binding than establishing a home equity line of credit. (more…)

search for : Reverse Mortgages, baby-boomers, tax-free income