New Assistance for Homeowners Facing Foreclosure

Toledo and Lucas County Homeowners May Benefit

On Monday the Obama administration announced that Ohio will receive $172 million in new funding to help prevent mortgage foreclosure foreclosures. The funds come from a program designed to assist the states most impacted by high unemployment.

According to Governor Strickland, Save the Dream Ohio and the Ohio Housing Finance Agency (OHFA) www.ohiohome.org will work to direct the funds to assist home owners in local communities including Toledo and Lucas County.

Homeowners facing foreclosure can contact Save the Dream at  888-404-4674  888-404-4674 .

Ohio Home Owners Offered Appliance Rebates and Energy Savings

  Ohio home owners and tenants have an opportunity to replace old household appliances with new and more efficient Energy Star rated models under the Ohio Energy Efficient Appliance Program begun on March 26, 2010. Qualifying buyers will receive rebates on qualifying purchases ranging from $100 for a refrigerator to $250 for an electric heat pump water heater.

 Eligible appliances and rebate amounts include:

 Refrigerators  $100

• Clothes washers  $150
• Dish washers  $100
• High-efficiency gas storage water heaters  $100
• Electric heat pump water heaters  $250

 The rebate program is scheduled to end on April 19, 2010 for refrigerators, dishwashers and clothes washers. Purchasers of water heaters must make purchases by May 24, 2010. Retailers expect brisk sales and it is possible that the program will end early if the funds for the rebates are exhausted.

 Funded by the State of Ohio, the program expects to issue rebates totaling $10.4 million.

Many Ohio appliance retailers are participating in the program. More information is available here  including lists of the appliances qualifying and estimates of the energy savings associated with Energy Star appliances.

5928 Fallen Leaf just off Holland-Sylvania between Central and Bancroft has just been listed.

• This lovely 1638 sf home near Toledo Botanical Gardens has it all...
• located on a quiet street with well maintained homes built in the 1980'2
• 3 bedroom and 1 1/2 bath
• a living room and large family room; year-round sunroom, 2 tier deck and a 2 car garage, & fenced backyard

The sellers have taken exceptional care of the home and are including all the newer appliances as well as many items like sunroom and deck furniture that could be a big help to 1st time home buyers.

Check out the interior pictures.

Call me at 419-654-0059 to arrange a private showing.

The Home Equity Conversion Mortgage (HECM) is a new FHA insured reverse mortgage that can benefit Toledo, Ohio area seniors wanting to downsize into a more suitable retirement home by allowing them to purchase a new home with a reverse mortgage in one closing transaction and have no monthly mortgage payments. The program is a little hard to understand though.  Let me list the features...

• A homeowner would sell an existing home and put part of those proceeds into a new home combined with 1/3 to 1/2 the cost of the new home from the HECM Reverse Mortgage.  Or pay for the new home outright and receive monthly payments like how the older reverse mortgage program worked.
• The homeowner can live in the home until they pass away, move or sell the home.  Then, the reverse mortgage is repaid and it would not be more than the sale value of the home. 
• If a home would eventually sell for more than the amount of the reverse mortgage, fees and accrued interest, the balance stays with the seller or estate.
• People need to be 62 years of age to qualify, but no income or credit score restrictions apply.
• HUD financial counseling is required to make sure people understand this type of loan and understand if this is their best financial option.

Please give me a call at 419-654-0059 if you'd like more information on the HECM and a referral to a local lender working with this program.