The Arizona RepublicFri Feb 21, 2014 3:54 PM
Baby Boomers considering buying in metro Phoenix’s newest community for people 55 and older will have four homebuilders from which to choose: Lennar, Maracay Homes, Standard Pacific and T.W. Lewis.
The builders recently completed deals worth about $41 million overall to buy land in the Victory District within Verrado in Buckeye. About 417 home
lots are planned on the land sold.
lots are planned on the land sold.
Scottsdale-based developer DMB hired architects, universal-design experts and kitchen and bath designers to coach the homebuilders on how the lifestyle, needs and motivations of Baby Boomers differ from traditional homebuyers.
Design plans for the houses are being completed now. The first phase of houses will be for sale in January. Sizes will range from 1,400 to 3,000 square feet on four different-size lots.
are being completed now. The first phase of houses will be for sale in January. Sizes will range from 1,400 to 3,000 square feet on four different-size lots.
Victory home prices are expected to range from the $200,000s to more than $500,000.
“By collaborating with multiple builders, Victory plans to offer its residents more choice, quality and personalization than other communities constructed by a single homebuilder,” said Nick Taratsas, DMB senior vice president and general manager of Victory. “No other developer has spent this kind of time and attention to educate builders on the specific needs of Baby Boomers.”
Victory is going up on 1,200 acres within the 8,800-acre Verrado.
Some cautionary advice about reverse mortgages
Reverse mortgages can be a viable option for anyone older than 62 facing foreclosure. But home-loan experts advise borrowers to be careful because they still can lose their home with a reverse mortgage.
New mortgage rules could offer more protection.
Homeowners looking at tapping the equity in their house through a reverse mortgage need to investigate all fees, interest rates and options involved with one of these loans before signing on the dotted line, said Don Frommeyer, national president of the Association of Mortgage Professionals.
“In premise the reverse mortgage sounds ideal, as older Americans can pay off any outstanding debt and have an additional source of funding,” he said. “I think one of the main issues with reverse mortgages is that people don’t realize how expensive they are. There is an origination fee, an upfront mortgage-insurance fee and a variety of additional fees that can result in a significantly smaller lump sum than expected.”
New rules for reverse mortgages, recently set by the Federal Housing Administration, are supposed to ensure borrowers have enough income to afford the loans. That income can include Social Security payments and savings.
Reverse-mortgage brokers in metro Phoenix advise people thinking of taking out one of the loans to make sure they can still afford property taxes and other costs to maintain their houses.
For More Information on Buckeye Homes and Goodyear Homes for Sale, Contact Rodney Barnes Real Estate at 623-217-7548.
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