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Older homeowners have an overwhelming preference to age in place , but these circumstances can also come with unique challenges. Feelings of isolation and loneliness rank highly among these issues, but a recent study suggests that aging in place with a pet can make a big difference. The study, highlighted in Psychology Today , also noted that having pets in later life can come with its own set of unique challenges , according to Ann Toohey, one of the authors of the study who is based at the University of Calgary. The study followed initial interviews conducted in 2015 by examining how owning a pet impacted the lives of older people aging in place in their homes. According to the study, several takeaways emerged, including that the companionship of a pet makes a difference in their owners’ lives. While the companionship provided is understandably different from what is offered by another person, it also came with other potential social benefits for the seniors who owned pets. “As it happened, most of the people in this study were single,” the report in Psychology Today noted. “Having a dog, in particular, was a good way to get to know other people, so pets could also increase the size of participants’ social networks.” Finding pet-friendly housing can be an issue, according to the respondents. While the subjects were committed to keeping their pets, the housing challenges that pets can present made for a unique challenge. “Because people did not want to give up their pets, they sometimes had to accept housing that was less than ideal or even not safe due to other people in the home,” the report explained. Pets can also have other impacts on an older person’s mental well being, the study found, particularly if an older pet owner endured certain health-related challenges. “As people got older, they sometimes had difficult circumstances to deal with, such as serious issues with their own health,” the report said. “Caring for their pet provided meaning through these hard times, and a sense of things continuing to be the same, at least in some regards. In this way, the pet helped them to cope with the challenges.” Toohey added that while the seniors profiled in the study were generally committed to keeping their pets, the potential housing challenges that pet ownership can present for some older people seeking housing need to be addressed. There is a lot of potential for what she calls “companion animal relationships” to promote health in “many ways that are salient to aging.” These include spurring physical activity by walking a pet, companionship and potential involvement in pet-centric social activities with other pet owners. But certain challenges are also a factor, including the cost of pet supplies, a lack of affordable support if a pet owner becomes ill, and the need for veterinary care. There are also housing-related challenges, which could include “the prevalence of no pet rules to size restrictions to extra fees,” she said. In terms of housing policies tied to aging in place, these barriers could have the most impact, according to the report. “Greater availability of seniors’ housing that allows pets would be very beneficial and would make it easier for people to age in place with their pet,” the report said. “This would benefit those who aren’t seniors too, as more pet-friendly housing would help a wide range of people.”  This is on top of other well-documented challenges older people can face when trying to age in place. These include the high cost of long-term care , a need to create more walkable communities and housing supply illus trates that impact prospective homebuyers of all ages.

Older homeowners have an overwhelming preference to age in place , but these circumstances can also come with unique challenges. Feelings of isolation and loneliness rank highly among these issues, but a recent study suggests that aging in place with a pet can make a big difference. The study, highlighted in Psychology Today , also noted that having pets in later life can come with its own set of unique challenges , according to Ann Toohey, one of the authors of the study who is based at the University of Calgary. The study followed initial interviews conducted in 2015 by examining how owning a pet impacted the lives of older people aging in place in their homes. According to the study, several takeaways emerged, including that the companionship of a pet makes a difference in their owners’ lives. While the companionship provided is understandably different from what is offered by another person, it also came with other potential social benefits for the seniors who owned pets. “As it happened, most of the people in this study were single,” the report in Psychology Today noted. “Having a dog, in particular, was a good way to get to know other people, so pets could also increase the size of participants’ social networks.” Finding pet-friendly housing can be an issue, according to the respondents. While the subjects were committed to keeping their pets, the housing challenges that pets can present made for a unique challenge. “Because people did not want to give up their pets, they sometimes had to accept housing that was less than ideal or even not safe due to other people in the home,” the report explained. Pets can also have other impacts on an older person’s mental well being, the study found, particularly if an older pet owner endured certain health-related challenges. “As people got older, they sometimes had difficult circumstances to deal with, such as serious issues with their own health,” the report said. “Caring for their pet provided meaning through these hard times, and a sense of things continuing to be the same, at least in some regards. In this way, the pet helped them to cope with the challenges.” Toohey added that while the seniors profiled in the study were generally committed to keeping their pets, the potential housing challenges that pet ownership can present for some older people seeking housing need to be addressed. There is a lot of potential for what she calls “companion animal relationships” to promote health in “many ways that are salient to aging.” These include spurring physical activity by walking a pet, companionship and potential involvement in pet-centric social activities with other pet owners. But certain challenges are also a factor, including the cost of pet supplies, a lack of affordable support if a pet owner becomes ill, and the need for veterinary care. There are also housing-related challenges, which could include “the prevalence of no pet rules to size restrictions to extra fees,” she said. In terms of housing policies tied to aging in place, these barriers could have the most impact, according to the report. “Greater availability of seniors’ housing that allows pets would be very beneficial and would make it easier for people to age in place with their pet,” the report said. “This would benefit those who aren’t seniors too, as more pet-friendly housing would help a wide range of people.”  This is on top of other well-documented challenges older people can face when trying to age in place. These include the high cost of long-term care , a need to create more walkable communities and housing supply illus trates that impact prospective homebuyers of all ages.

A condo questionnaire is a critical document that lenders use during the mortgage approval process for condominium purchases. It provides detailed information about the condo complex's financial health, rules, regulations, and overall condition. Problems with the condo questionnaire can create delays or complications during the closing process. Here are some common issues that might cause problems: 1. Financial Health Concerns High percentage of owner-occupancy: Many lenders require that at least 50% (or more) of the units in the complex be owner-occupied rather than rented. If a condo complex has too many renters, it could impact the lender’s willingness to approve a loan. Reserve fund issues: Lenders typically want to see that the condo association has sufficient funds in its reserve account for future maintenance and emergencies. If the reserve fund is too low or non-existent, it raises concerns about the financial stability of the association, leading to potential loan rejection. Delinquencies in condo fees: A high rate of delinquencies in the condo association fees can signal financial instability, which lenders may view as a risk. This can delay or halt the approval process. 2. Insurance Coverage Problems Lack of adequate insurance: Lenders require that the condo association carries specific types of insurance, including property insurance and liability coverage. If the condo association's insurance policy doesn’t meet the lender's criteria, the loan may be delayed or denied. Insufficient flood insurance: If the condo is in a flood zone, the association is required to have flood insurance. A deficiency in this area can cause significant issues with closing. 3. Pending or Recent Litigation Ongoing lawsuits: If the condo association is involved in a lawsuit (e.g., against contractors, residents, or local authorities), it can be a red flag for lenders. Lawsuits can create financial and legal uncertainty, so lenders may hesitate to approve a loan until the matter is resolved. History of litigation: Even if the condo association is not currently involved in litigation, a history of legal problems could still concern lenders and complicate the approval process. 4. Non-Compliance with Condominium Guidelines Failure to meet FHA/VA guidelines: Some buyers are using FHA or VA loans, which have specific guidelines regarding condo developments. If the condo does not meet these criteria (for example, not having enough unit owners, or a commercial component taking up too much space), it can prevent the buyer from securing the loan. Non-compliant rules or by-laws: If the condo association's rules or by-laws are outdated or do not comply with lender requirements (such as restrictions on renting out units), it can create issues. 5. Discrepancies or Incomplete Information Incomplete or missing information: If the condo questionnaire is not fully completed or there is missing information about the financials or maintenance issues, lenders may hold up the approval process. Incorrect or inconsistent data: Discrepancies between the information provided in the questionnaire and the condo association’s financial statements can raise red flags, requiring additional clarification or investigation. 6. Excessive Commercial Units or Mixed-Use Properties High commercial occupancy: If a condo development has a high percentage of commercial space or mixed-use properties (residential and commercial), lenders might view this as risky. Lenders prefer predominantly residential complexes since they have a lower risk profile. 7. Special Assessments Upcoming or recent special assessments: If the condo association has recently passed a special assessment (a fee charged to condo owners for unexpected repairs or improvements) or plans to do so in the near future, it can lead to concerns about the financial health of the complex and may affect the lender's decision to approve the loan. 8. Age of the Building Older buildings with deferred maintenance: Lenders might be cautious about approving loans for condos in older buildings that have not been well-maintained. They may require detailed maintenance records or a building inspection to ensure that the property is in good condition. Conclusion Issues with the condo questionnaire that could cause problems during closing typically revolve around the financial stability, legal status, and physical condition of the condo association and its property. It's important for both the buyer and the seller to address these issues early in the process by working with the condo association to provide accurate, complete, and compliant documentation to the lender. By messaging ChatGPT, you agree to our Terms and have read our Privacy Policy. Don't share sensitive info. Chats may be reviewed and used to train our models. Learn more tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

Closing in December: Tax Deduction for Current Year: If you close in December, you may be able to deduct property taxes and mortgage interest on your current year’s tax return. This can reduce your taxable income and potentially lower your overall tax liability. Pro-rated Taxes: At closing, you’ll typically reimburse the seller for property taxes they’ve already paid for the portion of the year you’ll own the property. This means a smaller tax payment upfront, but you assume responsibility for the next year’s taxes sooner. Year-End Benefits: Closing before year-end allows you to claim homeowner tax benefits for the entire current year. Potential Rush: December closings can be rushed due to holidays and year-end demands on lenders, inspectors, and title companies. Closing in January: Tax Deduction Delayed: By closing in January, deductions for property taxes and mortgage interest won’t be available until the next tax year. This delays potential tax benefits. Budgeting Advantage: You won’t owe property taxes until the next payment cycle. This could ease your initial cash flow needs. Avoiding Holiday Rush: January closings may be less hectic, allowing for smoother scheduling and fewer delays. Aligning with Annual Financial Goals: Closing at the start of a new year may align better with budgeting or investment planning. Key Considerations: State and Local Tax Timing: Check when property taxes are due in your area and whether payments are made in arrears (for the past year) or advance. Tax Planning: Consider whether you need deductions this year or prefer them next year based on your financial situation. Market Conditions: Interest rates and property prices may vary at year-end or beginning, which could influence your decision. Consulting with your real estate agent, lender, and tax advisor will help you decide based on your specific financial and tax situation. tune in and learn at https: //www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329 

After spending their entire career in the “accumulation” phase of wealth building, retirees who then have to transition into the “decumulation” phase — spending down their assets with no additional employment income — is a source of stress for nearly half of American retirees. This is according to a study conducted by the Alliance for Lifetime Income . The study used a targeted respondent pool of 2,516 people between the ages 45 and 75. The majority of respondents singled out inflation and the cost of living (82%) as the key issues impeding their retirement savings plans. Health care costs came in second at 70%. But the decumulation phase is a clear source of anxiety for retirees, the results of the survey explained, since it involves acting in the opposite way about finances when compared to a disciplined savings plan that may have been in place for decades. “Not having a clear plan for drawing-down savings and knowing how to generate income in retirement are major contributing factors to people’s anxiety,” the survey results explained. “Alarmingly, fewer than a third of respondents (32%) said they have a specific income plan in place for retirement. 41% said they don’t know how to stage withdrawals from their accounts, and fewer than half (49%) know how to handle required minimum distributions or minimize taxes, both essential pieces to sound retirement income planning.” Three tasks emerged for respondents as nearly equally difficult or confusing when it comes to creating plans for retirement spending — prioritizing what to spend money on, determining how much must be set aside to cover health costs, and how to optimize a pattern of withdrawals from accounts. Adding to the anxiety for many older Americans is the poor condition of the Social Security trust fund and the lack of political will from lawmakers to adequately address an expected 2035 shortfall in benefit payments. “Over a third (37%) of consumers have already started claiming Social Security, with 67% saying they did so because they are disabled or needed income, while 28% started early withdrawals out of fear Social Security will not be available or their payments will be cut, or they will die before reaching full retirement age,” the survey results stated. The decision to begin claiming these benefits is primarily based on personal judgment. Nearly three in four (73%) of respondents decided on their own to begin claims compared to only 9% who did so on the advice of a financial adviser. Jean Statler, CEO of the Alliance for Lifetime Income, emphasized the emotional issues that could stem from realizing that a paycheck from work is no longer coming and being “left with a lump-sum of money that has to last for what could be 20, 30 or more years,” she said.  “If there’s just one thing you can do to prepare and lower your anxiety, it’s having a clear retirement income plan,” Statler said. “And the most important thing in that plan is having enough protected income between Social Security, annuities, or a pension, to cover your basics — those essential expenses you have to pay for like housing and food.”

Predicting interest rate movements in 2025 depends on various economic factors, including inflation, employment trends, central bank policies, and global financial conditions. Here's a general overview: Key Factors Affecting Interest Rates: Inflation: Central banks like the Federal Reserve adjust interest rates to manage inflation. If inflation stays high, rates may remain elevated. If inflation moderates, there could be a case for lowering rates. Economic Growth: Strong economic growth might keep rates steady or higher, while signs of economic slowdown could lead to rate cuts to stimulate activity. Central Bank Policy: In 2023 and 2024, many central banks raised rates to combat inflation. By 2025, they might shift focus depending on how well inflation is controlled and economic growth sustains. Labor Market: A robust job market might delay rate cuts, while rising unemployment could prompt reductions. Global Conditions: Factors like geopolitical events, commodity prices, and trade dynamics will also play a role. Expert Predictions: Economists and financial analysts have varying opinions, often influenced by current data and expectations about future trends. Many anticipate that rates could stabilize or decrease by 2025 if inflation is tamed and the economy requires additional support. If you'd like more up-to-date insights or analysis closer to 2025, let me know, and I can provide the latest expert views. tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

After spending their entire career in the “accumulation” phase of wealth building, retirees who then have to transition into the “decumulation” phase — spending down their assets with no additional employment income — is a source of stress for nearly half of American retirees. This is according to a study conducted by the Alliance for Lifetime Income . The study used a targeted respondent pool of 2,516 people between the ages 45 and 75. The majority of respondents singled out inflation and the cost of living (82%) as the key issues impeding their retirement savings plans. Health care costs came in second at 70%. But the decumulation phase is a clear source of anxiety for retirees, the results of the survey explained, since it involves acting in the opposite way about finances when compared to a disciplined savings plan that may have been in place for decades. “Not having a clear plan for drawing-down savings and knowing how to generate income in retirement are major contributing factors to people’s anxiety,” the survey results explained. “Alarmingly, fewer than a third of respondents (32%) said they have a specific income plan in place for retirement. 41% said they don’t know how to stage withdrawals from their accounts, and fewer than half (49%) know how to handle required minimum distributions or minimize taxes, both essential pieces to sound retirement income planning.” Three tasks emerged for respondents as nearly equally difficult or confusing when it comes to creating plans for retirement spending — prioritizing what to spend money on, determining how much must be set aside to cover health costs, and how to optimize a pattern of withdrawals from accounts. Adding to the anxiety for many older Americans is the poor condition of the Social Security trust fund and the lack of political will from lawmakers to adequately address an expected 2035 shortfall in benefit payments. “Over a third (37%) of consumers have already started claiming Social Security, with 67% saying they did so because they are disabled or needed income, while 28% started early withdrawals out of fear Social Security will not be available or their payments will be cut, or they will die before reaching full retirement age,” the survey results stated. The decision to begin claiming these benefits is primarily based on personal judgment. Nearly three in four (73%) of respondents decided on their own to begin claims compared to only 9% who did so on the advice of a financial adviser. Jean Statler, CEO of the Alliance for Lifetime Income, emphasized the emotional issues that could stem from realizing that a paycheck from work is no longer coming and being “left with a lump-sum of money that has to last for what could be 20, 30 or more years,” she said.  “If there’s just one thing you can do to prepare and lower your anxiety, it’s having a clear retirement income plan,” Statler said. “And the most important thing in that plan is having enough protected income between Social Security, annuities, or a pension, to cover your basics — those essential expenses you have to pay for like housing and food.”

The trend line for mortgage rates has been the same for several weeks, even as some of the uncertainty surrounding the 2024 election is fading. The cost of a home loan continues to move in a negative direction for U.S. consumers and housing professionals alike as the downward movement that started in August has been erased entirely. At HousingWire’s Mortgage Rates Center on Tuesday, the average rate for 30-year conforming loans was 6.99%. That was up 4 basis points (bps) from a week ago and 75 bps higher than when rates bottomed out in late September. Meanwhile, the 15-year conforming loan rate — which had been as low as 5.57% less than two months ago — stood at 6.98% on Tuesday.  The pace of increases is moderating. “Mortgage rates are expected to be lower today as bond yields have been decreasing throughout the night and early morning, slightly dropping further following the recent softer housing starts data,” HousingWire Lead Analyst Logan Mohtashami wrote on Tuesday.