Our go-to gal, Nova Home Loan’s Sr. Loan Officer, Jeannie Bolger,  mentioned Reverse Mortgage’s the other day and I thought you’d all appreciate some insight into them.

Like the name implies, a Reverse Mortgage is a product that allows you to convert some of your home’s equity, from all those mortgage payments you’ve been making over the years, into cash without the need to sell your home or pay additional monthly sums. The only point of entry is age: You must be 62 or older to be eligible for a reverse mortgage. And if the state of your credit is on the rocks because it has “issues”? Get this: no credit check required.

If you’re still reading, you’re eligible, you know someone who’s eligible, you’re not so far from being eligible, or I’m just a captivating blogger who you read because you know you’re gonna’ hear something good. Whatever the reasons, having extra money for home improvement, taking care of healthcare expenses, paying off your current mortgage, or adding to your retirement income are all common reasons why people apply for a Reverse Mortgage.

Word on the street, is that there are numerous restrictions on how someone who qualifies for a Reverse Mortgage can use the funds, but Jeannie Bolger gives us the facts:

“The senior can use the proceeds anyway that they wish with one exception: they cannot pay someone simply for advising them to get a reverse mortgage. Seniors can use the money for:

• Medical expenses
• Travel
• Pay property taxes or insurance
• Purchase an equity or long-term health coverage
• Large purchases (RV, a second home, etc.)
• Early inheritance distribution
• Normal household expenses
• In-home health care
• Home repair or improvement
• Eliminate an existing mortgage payment
• Anything you want or need

And according to the Department of Housing and Urban Development’s FAQ on Reverse Mortgages, “Unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.”

You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 or   downloading their free booklet, Use Your Home to Stay at Home, a guide for older homeowners who need help now.

The Federal Housing Administration’s HECM reverse mortgage eligibility guidelines require that you:

• Be a homeowner 62 years of age or older
• Own your home outright
•         or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan,
• You must live in the home.
• Your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. (HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.)
• You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan.
• You can find a HECM counselor online or by phoning (800) 569-4287.

The difference between a reverse mortgage and a home equity loan.

“With a second mortgage, or a home equity line of credit, borrowers must have adequate   income to qualify for the loan, and they make monthly payments on the principal and interest.  A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments.  With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.”

~ HUD

The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to understand how reverse mortgages work, the types of reverse mortgages available, and how to get the best deal. See this link and Get the Facts before Cashing in on Home Equtiy

See Jeannie Bolger, Sr. Loan Officer for your direct connection to a Reverse Mortgage.

Licensed Mortgage Consultant #194387
Nova Home Loans
2850 E. Camelback Road, #270
Phoenix, AZ 85016
602-550-8674  Mobile
602-385-4812  Office
602-464-7322  Direct Fax
jeannie.bolger@novahomeloans.com
http://www.novahomeloans.com/jeannie.bolger

Thank you to Wayne Rainey of monOrchid for hosting the June Get Your PHX. Special thanks to Michael Popescu of MojoTree for bringing the Pichuberries and to Dwayne Allen and Danielle Leoni of Rum Bar for contributing their brand new recipe for the Pichuberry Punch. Many folks walked out of this last event wondering where they could get that drink again. (I know I did.) Drop by and try this new drink at Rum Bar.

Thank you also to Jonathan and Erin Carroll of the Song Bird Tea and Coffee House for contributing to the food, the prizes and sharing their new space with us and to Troy Benjamin for his food creations using Pichuberries. Troy, I think you have a new calling.

This July 19th we are celebrating 180° Degree Automotive, which just celebrated its grand opening a brand new shop at 545 W Mariposa.

See the Facebook invite page here.

180° Automotive is a unique venture, started in another location in the Melrose District in 2009 by Bogi Lateiner, a former law student – turned celebrity mechanic. Bogi garnered a lot of attention in recent years because she is a female mechanic, business owner and all-around great lady. She has also managed to fit in time to co-star in the Velocity Channel’s auto-repair “MacGyver-like” problem-solving show “All Girls Garage.”

But as if that were not enough, we are dedicating this event to celebrate four other inspiring women business owners in CenPho. Why are we celebrating these five women? Because each and every one of them not only inspires us, but has also grown their respective businesses during the recession.

Heidi Abrahamson — Heidi is a recognized jewelry designer who has shown all over the United States and in Europe. Her jewelry is, as she says, “modern architecture for the body.” Heidi and her husband, Doug, own Phoenix Metro Retro just off 7th Ave and Hazelwood. Heidi recently got nation-wide attention for the cat hair jewelry that she created with Kate Benjamin.

Kate Benjamin — Kate is best known for Modern Cat Design, a newsletter, website and source for chique accessories and furniture for the modern cat and their people. In 2009, Kate launched Moderncat Studio, a line of modern cat products that includes handcrafted toys, beds and scratchers that are all carefully tested by Kate’s nine felines at their Phoenix, Ariz., home. Some of Kate’s chic creations were recently featured in an annual design episode of CBS Sunday Morning.

Christine Cassano — Christine is an artist and designer, who has taken the medium of concrete to a new level (come see the front counter at 180° Automotive). We know Christine because she is the inspiration behind the Phoenistivus Market publicity designs. Christine has taken up residence next to the 180° “compound”, where her work can be seen. Christine is one of those behind-the-scenes champions who helps drive the energy and connections in the business community in CenPho.

Tracy Perkins — Of Strawberry Hedgehog has proven that you CAN make vegan, plant-based bath products, which are attractive to men and women, alike. Further, Tracy has proven that these products are attractive to national retailers, such as Whole Foods.  Tracy also works out of the 180° Automotive neighborhood, where she makes her soaps in small batches by hand.

July 2012 Get Your PHX
Thursday, July 19th at 5:30
180° Automotive
545 W Mariposa St.,
Phoenix AZ 85013  Map it

In a June 5, 2012 letter to Mayor Greg Stanton, Phoenix’s Environmental Quality Commission (EQC) recommended the language for the Solid Waste Collection Ordinance be updated from “The City does not provide” to “The City may provide” waste and recycling services to commercial, industrial and multifamily customers.

“We believe updating this ordinance is congruent with achieving the Environmental Quality Commission’s goal to help city leaders identify environmental issues and advise the City Council on opportunities to protect Phoenix’s natural and urban environment.” ~ Kate Gallego (Chair) and Jessica Catlin (Member)

The most common complaint the EQC hears from Phoenix residents is that they have insufficient access to recycling services. The letter to Mayor Stanton goes on to say:

“Phoenix should have the flexibility to study whether the Public Works Department can meet these customers’ needs by expanding its popular recycling program.”

The EQC letter include goes on to suggest that:

• Allowing Phoenix to explore service options that might result in innovative partnerships with the private sector. This might help expand service and lower rates for solid waste and recycling services.
• An expanded recycling program may help the city simultaneously create a new revenue stream and achieve its diversion goals.
• Removing the barrier to explore this service provision is one significant but simple step Phoenix can take in its efforts to become a more sustainable city.

Why hasn’t Phoenix had a recycle presence in these areas?  

In my quest to answer that question, I found out that obstacles to having recycling bins at multi-family housing units is not the same as reasons some people cite for why it won’t work.

For example, in 2006, The Arizona Republic reported, “Valley cities say they don’t offer recycling to apartments and condos because those residents won’t take advantage of the service. They also fear that contamination (regular garbage mixed with recyclables) would be too high because of the anonymity that shared trash bins offer. They also say there is simply no demand.”

Another interesting tidbit from the article:

Terry Feinberg, president of the Arizona Multihousing Association, said recycling won’t work at apartment complexes because scavengers would rummage through containers. He also said existing dumpster corrals are difficult to enlarge to make room for separate recycling bins.

“Even on new construction, the extra space required can lead to elimination of parking spaces, which can put the property out of zoning compliance,” Feinberg said.

If the state was serious about requiring multihousing to recycle, Feinberg said, officials would offer financial incentives to the industry or allow complexes to retrofit and waive code penalties.

That was in 2006. Where are we now in handling these situations?

“I can’t speak to why Phoenix has not been in the business of recycling in the past, but here is what i do know. Residents and businesses want better service, and other cities across the country have much more robust programs, so there must be a way to meet this need. Changing the language allows our city to explore those possibilities.”

~ Jessica  Catlin, Phoenix Environmental Quality Commision

Now that’s what I’m talking about: Proactive, forward-leaning momentum. Enough talk about change. Be the change. 

—The EQC plays a leadership role on a number of environmental topics, including greener neighborhoods, renewable and solar energy projects, land use policies, air and water quality, sustainable building codes, urban heat island, recycling initiatives, climate action plan goals, the Phoenix General Plan, and other key city efforts.—

Devour Phoenix and Waste Not are joining forces together with local restaurants to raise money for hungry Phoenix children, July 17th – 31^st.

Devour Phoenix members will use local food producers such as Scheriener’s Sausage, Crooked Sky Farms, Chili Acres, Schnepf Farms, MJ Bread, The Meat Shop, Seacat Farms, Desert Blossom Honey, Queen Creek Olive Mill, McClendon’s Select,High Spirits Gin to raise funds for Waste Not.

Devour Phoenix is a city-wide, non-profit coalition of selected, independent restaurants operating under the umbrella of Local First Arizona. Waste Not works behind-the-scenes to rescue cooked, perishable foods that would otherwise go to waste and through a logistical marvel they get nourishment to those who need it most.

Believe it or not, 1 in 4 Phoenix children go to bed hungry. “By teaming up, [Devour Phoenix and Waste Not] hope to feed 100,000 people in the Phoenix area,” said journalist Danielle Verbrigghe in a  recent Phoenix Business Journal article.

“This is one pick up in my ride along. We picked up another 48 gallons of milk, 160 pounds of meat and about 300 pounds of bread, pastries and dry food,” said  Devour Phoenix Coordinator, Margaree Bigler.

“It was incredible. They are an amazing organization and the restaurants are happy to collaborate for such a great cause. I went on a ride along with one of the trucks and the sheer quantity of food rescued was incredible. It’s a very efficient operation– food is picked up and distributed the same day. The effects are immediate. ”

Check out this 3-minute video and see how every $1 of Devour Phoenix and Waste Not fundraiser will go to feed hungry Phoenix children.

Energize Phoenix (not to be confused with the ever creative Ignite Phoenix) and Phoenix Mayor Greg Stanton will unveil “Go Green Like Your Grocer“, a community energy efficiency showcase at AJ’s Fine Foods on Central Avenue and Camelback Road from 11 a.m. to 1 p.m.  this Saturday, June 30.

Why should you attend the Go Green Like Your Grocer event?

Other than hearing the Mayor’s announcement that rebates are doubled, up to $3,000, for the rest of the program?

“We are thrilled to showcase AJ’s commitment to energy efficiency and officially name them an Energize Phoenix Energy Saving Superhero,” said Mayor Stanton.  “Our goal is to encourage residents within the Energize Phoenix Corridor to complete a free home energy check-up so they can save money by saving energy and contribute to a sustainable community.”

What is Energize Phoenix?

“The city of Phoenix was awarded a $25 million federal grant from the U.S. Department of Energy Better Buildings Program and the American Recovery and Reinvestment Act (ARRA) to launch, in partnership with Arizona State University and Arizona Public Service, “Energize Phoenix,” a project that will save energy, create jobs and transform a diverse array of neighborhoods along a 10-mile stretch of the light rail line.” ~ energizephoenix.com

In addition to being a visible support of our great Phoenix community, applauding the energy saving efforts of Mayor Stanton, Energize Phoenix, and fine examples like AJ’s, you’ll be energizing your own awareness of the cool savings to be had this  monsoon season and through the year.

“Did I mention APS will be on-site giving away a free CFL bulb to attendees, as long as supplies last? Or that in a lot of cases double rebates will pay for 100% percent of energy efficiency project costs?” ~ Ken Clark 

(If you can quote yourself, you know you’re onto something good, right? 🙂

Energize Phoenix offers cash incentives and financing to help pay for energy saving projects for homes and businesses located within the Energize Phoenix Corridor, a 10-mile stretch (PDF) along the light rail line.

Get the full skinny in the Energize Phoenix Press Release.

Many of you know the role that monOrchid played in the establishment of First Fridays over 13 years ago, back when people still hosted raves and Clinton was still President.

You could not do First Friday without stopping first at monOrchid.

The recession slowed business for a while, but owner Wayne Rainey powered through with a rag tag fleet of artists, architects, designers and the like. Now he is announcing new additions and new incentives to his “creative  co-lab.”

First, for the uninitiated, a creative co-lab is a space where you can have office space at a great price and access to other folks in your industry. While you don’t necessarily need to be an award winning photographer, for instance (I’m not and I’m in here!), being here gives you access to folks with whom you can collaborate, market and create new ideas.

You also have free access to the conference room, wireless and a kitchen. Soon to come is a media room where you can print, cut, copy and touch-up. You can also have access to the industry standard cyclorama and event space.

The folks over at Co-Hoots have proven recently that there is a huge market demand for this and we all share the same vision for a creative hub in downtown.

So, what is new? First, the Songbird Coffee and Teahouse plans to open by July 9th, which will greatly increase foot traffic and give you the much-needed caffeine to get through your busy day.

Second, a bunch of us are moving in to help make this dream a reality: Get Your PHX, Stacey Champion and Cesar Chaves Design are the most recent.

Third, the massive loft spaces, which can be broken up in to affordable creative stalls, are available with a new price structure.

Finally, if you sign a contract between now and August 30th, you will get 25% off event space and studio rental for a year.

This is your chance to get inexpensive bricks and mortar in a reinvigorated downtown establishment.

See this link for floor plans, availability and prices.

Please call me at 602-456-9388 or ken@getyourphx.com for more information.

According to our friend Jeannie Bolger, Sr. Loan Officer for Nova Home Loans:

Back in April the Federal Housing Administration announced they were going to change the requirements for all FHA buyers with $1000 or more in collections–anyone with unsettled, unpaid, or unresolved disputes–must be paid in full.  The requirement was scheduled to start this Sunday, July 1st. But as of HUD’s June 15 Mortgagee Letter, they have rescinded the requirement.

What was the new July 1 requirement going to mean to home buyers who plan to use low-down-payment FHA financing, other than making it more difficult for everyone to get FHA loans? For one, it was going to complicate the process of qualifying for an FHA loan. (As if borrowers did already have enough problems with approval delays!). It would have likely reduced the qualifying amounts.

Unfortunately, many lenders wrongly pre-approve borrowers because the loan officer wasn’t paying close enough attention to things like these new, often overlooked collections requirements. This leads to borrowers getting denied on purchasing a home while they are still in escrow. Which means their earnest money is in danger of being lost.

All because of something most people are unaware  of that’s tucked away in their national credit bureau files: Medical bills, old student loans, retail purchases, any debts reported as unpaid. It wouldn’t have mattered if these debts were incorrectly reported to collection agencies, or if the borrower had currently high credit scores and income.

“Fortunately, these new collections requirements have been rescinded. The current guidelines are as follows”,  said Jennie Bolger.

Collections:

Manually Underwritten Loans

Collections indicate a borrower’s regard for credit obligations, and must be considered in the creditworthiness analysis. The lender must document reasons for approving a mortgage when the borrower has collection accounts. The borrower must explain, in writing, all collections. FHA does not require that collection accounts be paid off as a condition of mortgage approval.

TOTAL Scorecard Accept/Approve Recommendation

Collection accounts trigger neither an explanation requirement nor a hypothetical monthly payment to be used in qualifying borrowers. The presence of collection accounts in the borrower’s credit history already result in lowering the credit bureau scores used in TOTAL and, thus, no further information need be provided by the borrower.

Disputed Accounts:

TOTAL Scorecard Accept/Approve Recommendation

If the credit report reveals that the borrower is disputing any credit accounts or public records, the loan must be downgraded to a manual underwriting review by a DE underwriter–

–unless any of the following circumstances apply to the disputed account:

o It has a zero balance

o It’s marked as “paid in full” or “resolved”

o It’s less than $500 and more than 24-months old

Nova Home Loans has a Credit Services Department that can—for free–assist you with any Collection, Charge-off, Disputed Account and Judgment questions; and help you get your FHA/HUD loan approved.

Please call Jeannie Bolger, Sr. Loan Officer for assistance. 

Jeannie Bolger, Sr. Loan Officer

Licensed Mortgage Consultant #194387
Nova Home Loans
2850 E. Camelback Road, #270
Phoenix, AZ 85016
602-550-8674  Mobile
602-385-4812  Office
602-464-7322  Direct Fax
jeannie.bolger@novahomeloans.com

I was recently introduced to the 2012 Centennial Edition of the Bicycle Map and Phoenix Historic Neighborhoods  (PDF).

It was created under the guidance of Joseph Perez, the city of Phoenix Traffic Safety & Bicycle Coordinator (May 31, 2012 video), so I had high hopes for what Joe might bring to the mix.

I’m hoping people using the map will see the close proximity of the historic districts, bike trails, canal paths, and light rail stops, and think, ‘I should move here. It’s so close to everything,’  Perez told me when I asked him about it.

As it turns out, I live in the Campus Vista historic district and own a bike, so I felt endowed with certain unalienable rights to… put this map to the test.  Campus Vista is one of the 35 historic districts profiled, colored, numbered for easy recognition in this unique little fold up map. My neighborhood (light blue, #4):

Campus Vista. The opening of a new campus for Phoenix College in 1939, just outside city limits, created a demand for nearby housing. Bordering on the eastern and northern campus, the homes in this district represent a heterogeneous collection of mid-20th century domestic architectural styles.

Eager to start my journey, I head east on Thomas until I reached the yellow dots at 5^th ave and head south. This dedicated bike lane takes me through a dark orange neighborhood, one of my favorite places to buy and sell homes, and one of the most popular historic areas to walk, drive, or bike through: the Willo District.

Showcasing a wide variety of home styles including Tudor, Spanish Revival, Bungalow and Ranch, Willo is one of the largest historic neighborhoods, with majority of construction having taken place during the 1920’s-1930’s. Significant architectural changes in Willo can be marked  in the neighborhood starting with the earliest development near McDowell, and progressing north toward Thomas.

As I leave Willo, I cross south at McDowell and enter the Roosevelt District,

The first Phoenix neighborhood to be designated a historic district… A typical “Streetcar” neighborhood, its narrow and deep lots often showcase both California and Craftsman Bunaglow.

It’s a wonderful ride and I slow my pace even though it’s over 105 degrees out. (One has to have priorities, you know.)  A bit later, I follow the dedicated bike path over the I-10 freeway, then stop as I’m struck by the proximity of the majestic Kenilworth Public School building (and not just because I see my name is in it).

View Phoenix Historic Districts in a larger map

I’ve reached Fillmore. The map shows my path as orange dots, a “Bike Boulevard” that leads east through central Phoenix to 7^th street and the Garfield Historic District–- “modest bungalows, Period Revival homes, turn-of-the-century structures and a concentration of Pyramid cottages.”

A bike boulevard is designated visually on the road by ‘sharrows’, two white parallel arrows over a large white bicycle that make it obvious the road is to be shared with bicyclists. This summer, the Bike Boulevard (begun in a public meeting in 2010) will be completed when it reaches the Grand Canal Trail at 33^rd street, leading bicyclists from there into Tempe. (Read the full story here.)

SRP has plans to install a pedestrian bridge this year,” said Perez.  “To help connect the boulevard to the Grand Canal Path immediately east of Indian Trail but seperate because of an irrigation ditch.” [update: the bridge is now complete at Garfield & indian Trail!]

If you’re a bit skittish about sharing the road with cars, like I am, you might reconsider when you read Taz Looman’s Blooming Rock post, “Why I Converted from a Sidewalk Cyclist to a Street Cyclist”.

Well…Bike Boulevard and the land of Garfield awaits…I’m off!

 (Photo: Jaydec)

You’ve probably already heard about this Frank Lloyd Wright home, designed for his son, David, in 1950, that was scheduled for demolition. You likely know the current owner had plans to split the lot in half, effectively demolishing the house in the process. Odds are, you read about this at AZcentral.com last Thursday, June 14 or on the front page of the Arizona Republic on Friday, June 15th (Is Phoenix home designed by Frank Lloyd Wright in peril?“).

It was the Frank Lloyd Wright Building Conservancy that came across an application to split the property and who immediately,

…sought landmark designation and historical-preservation status for the home with the Phoenix Planning Commission in an attempt to fend off any threat to the Gladys and David Wright House, which was originally sold in 2009 by Wright’s great-granddaughters,” reported the Republic’s Philip Haldiman.

 The day the story was published, hundreds of people left comments below the article, protesting the demo plans. On Friday, June 15th, azcentral.com ran a brief story, “Outcry saves Frank Lloyd Wright house“:

[Frank Lloyd] Wright fans feared new owners planned to demolish the home. They packed a Phoenix Planning Commission meeting to protest. Hundreds more mailed or e-mailed their objections.

The new owners heard. Developers Steve Sells and John Hoffman had indeed planned to demolish the home, not realizing its significance. They told Arizona Republic reporter Philip Haldiman that they’ve since learned more about the house, including that its spiral design would later be used in one of Wright’s most famous works, the Solomon R. Guggenheim Museum.

After the loud community protest, the demolition plans were dropped.

And on Friday, June 15, the Republic declared, “Frank Lloyd Wright home buyers will work to preserve it“.

This is good news.
Great news.
Of course, it is.

But there’s a Frank Lloyd Wright-like attention to detail at work here. Something I don’t want you to miss. Before the press revealed it. Before Wright fans promoted it. Before emails and voices protested it. It’s the reason this home was even capable of being saved.

Recall that the new owners of the two-acre lot had filed an application to split the property in two. And it was the Frank Lloyd Wright Building Conservancy that came across that application. Before they sprung into action and made a move to stop it, they had to discover it.

Unless I’ve got my facts wrong, looking through applications isn’t very sexy. Who knows how many applications this person looks through on any given day? Day after day after week after week, nothing to report. And then, one day, someone noticed. And it’s because of that one person that what followed, followed.

This Thursday, June 14th, is Yoga in the Park.

We got some great goings on here in the land of the PHX. Check these out….

Every Thursday night in June, July & August, from 6:30 – 7:30pm, you should bring your Yoga mats for the FREE All Ages Yoga Classes at Civic Space Park‘s A.E. England Gallery. (It’s inside, behind the walls where they hang the art. There’s a a huge room for things like this. Cool, huh?)

(photo: Michael | Ruiz)

Oh! And bring a blanket, too. Cause afterwards, from 7:30 – 9pm, Walt Richardson will be playing a FREE concert. I’m assuming you know who Walt is–if you’ve lived in Phoenix metro for any significant length of time, you know, but just in case you don’t, check out his website at his link and this the 2000 feature article, “Harmony Grit“, from the Phoenix New Times.

For more info, check out the Yoga in the Park flyer.

This Sunday, June 17th, 2012, is Father’s Day.

Are you taking your father/grandfather on the FREE LIGHT RAIL this Saturday, the 16th, to the Van Halen Concert at US Airways Center? (No, no, not everyone goes free on the light rail. Just those going to the concert.)

If that’s not your speed, why not take dad/grandad to the Arizona Science Center (ASC) for FREE GENERAL ADMISSION, 10am – 5pm? Yep. Completely free. In honor of Father’s Day, the ASC is also handing out 200 family 4-packs of tickets to their upcoming feature exhibition of Raytheon-sponsored, MathAlive!

(photo: public domain)

This unique exhibit debuted in March of this year at the Smithsonian and is “designed to excite students by making real-world connections between math and the activities students already love to do,” said Raytheon Chairman and CEO William H. Swanson. “Our goal is to engage and inspire today’s students to remain interested in math and science so that they have the opportunity to become the engineers and technology leaders of tomorrow.”

The Arizona Science Center is also participating in WIRED Magazine’s National GeekDad Day this coming Sunday. I get Wired. This Geek Dad issue was a great idea!

Dads and kids will be able to take part in these special hands-on activities :

– baseball dissection
– light stick dissection
– saltwater batter exploration
– build an art bot
– make electric play-doh