About Pickens County, GA

This week the mountain real estate report focused in part on reverse mortgages. I am also including a link to a blog I wrote about this topic this week. Take a moment to read it. Those who did found some ways to use this product for their clients and their business.

link to blog is http://activerain.com/blogsview/1253492/a-reverse-mortgage-for-what-

Many of you saw the pictures of the relentless Rain in the Southeast. Atlanta was devastated in many areas. We in Big Canoe, only 45 miles to the North of the suburbs had a lot of rain too. Many of you have seen the pictures and the terrible damage. We have all contributed to help those who are flooded. But in the mist of devastation there is also beauty.

The picture below captures the beauty of the Upper Falls at Big Canoe. So along with the tragedy come blessings as well. The roar of the water was amazing

Here are some things to think about when talking to folks about a reverse mortgage. These things can HELP you in your efforts to find folks a home and add value to your service.

Quickly, remember must be 62 years old or older. Must have equity in the home. Currently pretty much FHA is the only one doing these today. You can never owe more than the value of the home So here goes;

1 A reverse mortgage can be used on a primary residence. A person is behind in their payments. Or they are all paid up and living on a fixed income. If that income is not adequate for repairs and living in general a reverse mortgage can supply needed funds.

2 A person moving to be closer to family or into any type of 55 plus community can use a reverse mortgage.

Buyer Bob has sold his house and wants to be closer to the grown children. He has been in the house for 35 years and is a widower. He is totally paid on his mortgage and is walking out with 225k in cash from the sale of his home. Problem is all the 55 plus communities near his children have homes starting at 250k. Bob does not want a mortgage. So Bob can either buy something for less money OR do a reverse mortgage. If Bob is 75 then the equity on 250k home would be about 140k today. Bob only needs 110K of his walking away money, plus closing costs, to buy this home. He WILL NEVER HAVE A PAYMENT. What this means for Bob is he bought a house that he would not normally have been able to buy without a mortgage, AND he did not use his entire nest egg. So he has money left over to be independent with. Have you made Bob happy ?

3 Buyer Bob and Wife Susie would love a second home in the Mountains. But they cannot afford a Mortgage. They love there home of 30 years . What can a reverse mortgage do for them ?

Bob and Susie have their eye on a 150k cabin in the mountains. Their home is worth 250K. They are all paid up. They take a reverse mortgage for 150k in equity. They buy the cabin for cash. They still do not have a mortgage payment on their primary home. Nor do they have a mortgage on their vacation home since they paid cash. They now own 2 homes mortgage free. Yes that's right If you are in a vacation or retirement destination it is important to know this

These are 3 examples, 2 of which can boost your business using a reverse mortgage. You can also provide high quality service to your clients. Call us at All Mountain Realty here in the North Georgia Mountains. We are your Real Estate professionals

STATE OF GEORGIA

OFFICE OF THE GOVERNOR

Sonny Perdue
GOVERNOR

For Immediate Release Contact: Office of Communications

Thursday, September 17, 2009 (404) 651-7774

Statement of Governor Perdue Regarding the Department of Human Services Contract with ACORN

ATLANTA Governor Sonny Perdue issued the following statement today regarding the Department of Human Services contract with ACORN which expires this month:

I want to thank Sen. Rogers and Reps. Graves, Keown and Setlzer for bringing the Association of Community Organizations for Reform Now (ACORN) contract to my attention. In July, I directed my office to review all consulting contracts the state has with outside vendors to look for budget savings; that review did not identify the ACORN contract, because it does not involve state funds. The State of Georgia will not renew the contract, which expires in 13 days. Further, I have issued an Executive Order that prevents executive branch agencies from doing business with ACORN in the future and calls for a review of any existing contracts with ACORN.

The text of Governor Perdues Executive Order is below:

Whereas: O.C.G.A. § 50-5-50 states that it is the public policy of the State of Georgia that contracts and other procurement activities be conducted with integrity and in a manner that will increase public confidence; and

Whereas: Although it is always important that the State does business with organizations with integrity, in this current budget environment it is especially vital to monitor the use of our scarce resources; and

Whereas: To date, 70 employees of the Association of Community Organizations for Reform Now (ACORN) have been convicted of crimes committed in the course of their work for the organization; and

Whereas: There are numerous investigations, indictments, and prosecutions currently pending against ACORN and its staff throughout the nation; and

Whereas: As a result of recent actions by ACORN, the U.S. Census Bureau ended its relationship with ACORN on September 11 and the U.S. Senate voted 83-7 to cut off federal funding from ACORN on September 14; and

Whereas: Recent acts of ACORN employees and agents resulted in ACORN subjecting itself to an internal review of its acts and practices;

Whereas: ACORNs current acts and historical conduct make clear that financial involvement with organizations such as ACORN is contrary to the public policy of the State of Georgia and the best interests of its citizens.

Now, therefore, by the power vested in me as Governor of the State of Georgia, it is hereby

Ordered: That all state departments, agencies, boards, bureaus and commissions including without limitation the Board of

Regents and the University System of Georgia as defined in O.C.G.A. § 50-5-77 and within the executive branch

(hereinafter Agencies or Agency), are hereby prohibited from entering into any future contracts with ACORN or its

subsidiaries or affiliates.

It is further

Ordered: That all Agencies are hereby directed to cease all existing funding for ACORN or its subsidiaries or affiliates unless such funding is legally obligated. If an Agency determines that such funding is legally obligated, that Agency is directed to inform the Executive Counsel to the Governor of its determination.

It is further

Ordered: That all Agencies are hereby directed to provide to the Executive Counsel to the Governor a copy of all existing contracts

or other agreements between the Agency and ACORN or its subsidiaries or affiliates no later than September 23, 2009.

It is further

Ordered: That no later than September 23, 2009, all Agencies are hereby directed to provide to the Executive Counsel to the Governor a copy of all existing contracts or other agreements between local governments and ACORN, its subsidiaries or affiliates that involve state funds.

This 17^th day of September, 2009.

The Big Canoe and Jasper North Georgia Mountain real estate report is heard every Thursday on Wyyz Radio 1490 Am in North Georgia. We also have a copy of the report on www.allmountainrealty.com. Looking for property in North Georgia and want to know what is going on. Tune in or listen here to this weeks show.