IT’S A BRAVE NEW WORLD!

MORTGAGE NEWS

The fall election brought about many changes, not the least of which was an immediate increase in interest rates, resulting in a .5% to 1% bump in mortgage rates across the board. So far, we haven’t seen much effect on home prices, which seem to be holding at a steady increase, albeit at a slower pace than the last few years.

The attention to Reverse Mortgage financing is building as more and more aging baby boomers reach the age of 62. There are many uses for reverse loans, not the least of which is to access untapped equity in your home, or to purchase a new home. They are gaining in acceptance as consumers realize they do still own the home, and may will it to their heirs, but can live without making a payment against the mortgage. Oftentimes I set these up as a line of credit to be used in the future for emergencies, or basic living expenses. More financial advisers are encouraging clients to take out a reverse loan soon after turning 62, as a way to boost their next egg. The credit line available to them (and unused) grows over time and can provide substantial monthly income in later years.

NOW FOR THE FUN: TRAVEL AND FAMILY NEWS

Last June saw me in Dallas for some fun in the Arts District. Always great restaurants!

July 4th Steve and I ventured back to King’s Beach in North Lake Tahoe, where we were married the year before. We stayed in the same home on the waterfront, and had a wonderful visit with dear friends, each of us taking turns cooking dinner. We kayaked, swam, read listened to music and drank a lot of Rombauer Chardonnay.

And, we were treated to two nights of fireworks on the Lake, both Sunday and Monday. The level of the lake was really low, so I’m so glad to hear the level is back to pre-drought levels after all our rain this year.



Near the end of July my daughter Katie flew out from Michigan to visit for a baby shower—for her---with friends. Then we took all the family to Catalina for the day and rented two cabanas at Descanso Beach club. What a blast! All 14 of us!

August saw us attending the Pirate and Wench party at the Yacht club. They love dress-up parties.

Then at the end of the month we went camping to our favorite place, El Capitan State Beach north of Santa Barbara. Steve loves to paint while we are there…and I just relax.

There have been lots of weddings and Birthday celebrations in between and around.

The BIG news…I flew to Ann Arbor for the birth of my granddaughter in September. It was very exciting!

I stayed for two weeks to act as maid, cook and general bottle washer (for real) and was so sad to leave. The kids have been out to visit a couple of times, including an extended stay over the holidays.

We rang in the New Year at the Yacht club, and by early January were on our way to Florida to watch my one and only SISTER Katie tie the knot with her beloved Luke.

They are living between their homes in Florida and northern Michigan, and loving retired life. Their new home in Florida is gorgeous!


Here we are on the Coast at Sunset after the ceremony. We had a lovely dinner at Roy's to celebrate.

We spent the weekend in Dallas before heading to Florida and did all the “right” cultural things…a visit to the Fort Worth Kimball museum for the Monet exhibit; then to the Stock Exchange to watch them bringing the cows home, and a visit to the Perot Science museum in Dallas. That is a MUST SEE! Very impressive! All in all, we were very smart afterwards!

That’s all for now. We’ve lost more friends the past year, it just gets harder. I guess that is part of growing older. You take the bad with the good.

New Mortgage Guidelines Take Effect; Football Season in the Heat of Summer!

RATES:

Interest rates have been fairly stable this year with some ups and downs but we still see very attractive rates in the low to mid-4’s with no points. The Fed keeps telling us they are going to raise rates by Year-End. We’ll see. That was the party line last year. It has been a great year for homeowners in terms of rising property values, especially in most parts of California. This has made it easier for many to refinance.
The purchase market was a bit slow this summer, likely due to the high temperatures in SoCal. We expect a brisk fall once things cool down.

TRID: (TILA-RESPA Integrated Disclosure)

Effective October 3rd new regulations went into effect which will cause some temporary waves in the closing process--meaning borrowers are going to have to be even more patient with the process and its extended time frame. The Good Faith Estimate and Truth-in-lending forms, along with the HUD closing statement have been eliminated. The new initial loan disclosure form is the Loan Estimate and will include all costs associated with the transaction. The new closing form called the Closing Disclosure will include all closing costs and must be received by the buyer/borrower three business days prior to closing. And nothing can change on it, or a new 3-day waiting period begins again. Know I'm here to help you through this new loan process which can be frustrating. It should be fun!

FAMILY NEWS:

Our Christmas was especially fun with a house full of (adult) children, lots of music and games. We think it was our best ever! This coming holiday season will be more quiet with many of the family alternating to other family locales. Sigh!

We welcomed my second grandchild, Miss Poppy Lou Card , into the world on January 2nd. She is growing fast and looks to be prepping to outgrow her big brother Theo, who will turn three in December. Watch out! I’ve had a grand time babysitting Theo for a couple of overnights this year, but I will say I am exhausted afterwards! This is why children are born to the young. 

Steve and I married (finally!) on August 8th in Lake Tahoe. Just prior to our big day, we took the entire family up to Rock Creek in the Eastern High Sierra for four days, where we were joined by my sister Katie to say goodbye to my mother and spread her ashes with those of my father.

We did lots of hiking and fishing, and had great card games at night...all 16 of us in four rental cabins. www.rockcreeklakesresort.com Then we set off for Lake Tahoe where we stayed four nights in a huge historic home on the North Shore, on Speedboat Beach. There we hosted a small party to witness our vows and celebrate with us. It was a great evening full of fun and dancing-- of course.

My youngest son Kenny started a PhD program at UCLA in September, in Urban Planning. He is living in Hollywood with his partner Moselle. We are thrilled to have him back in Southern California. Only one more to go!

TRAVEL:

I’ve visited Dallas a number of times with Steve; Museum Tower continues to impress and sales are moving briskly. Steve and I visited my daughter Katie and her husband Paul in Ann Arbor during the summer and rented a pontoon boat, hiked in National parks and listened to great music at their outdoor music festival.

In May Steve and I flew down to Cabo San Lucas for a trip with our dear friends Cynthia and Bill. We stayed in San Jose del Cabo for two nights, to attend their Art Walk, and thoroughly enjoyed ourselves. Friday evening we had dinner at Flora Farms. Outstanding. Steve wants them to open a restaurant closer to us. Please! www.flora-farms.com

Next we drove to the village of Cabo Pulmo for a week, where we dove daily on their reef system. This park offers an abundance of fish and wildlife. Great diving! www.cabopulmo.com We stayed in a beachfront home with fabulous views where Steve would paint in the afternoon.

It was a very quiet and relaxing trip…except for the rather large cockroaches, and the scorpion I stepped on. We were living wild! The boys went fishing one day and brought home some great fresh fish we feasted on for days. They have great snorkeling on the reef close to shore, although it was a bit windy when we were there.

Finally, we just returned from a weekend in Lompoc for a wedding. We stayed in a rented home with our sons Drew and Kenny, Drew’s wife MaryGrace, and my grandchildren Theo and Poppy. We had an absolute blast. Lots of hamburgers and laughs! The wedding was held at the Jalama Canon Ranch and was a stunning setting under old oak trees.

The drive out to Jalama Beach is long and windy, but well worth it to see. Go to www.sbparks.org/reservations for camping or cabin reservations. The Jalama Beach Store and Grill is famous for its hamburgers. Hence all the burgers we had on this trip.

YACHT CLUB

We have spent a lot of time this year dining and playing at the Dana Point Yacht Club. www.dpyc.org Our new friends are all adventurous and interesting. It is a great place with fabulous food, views and parties. Great fun for all!

IN MEMORIAM

I lost my dear friend Susan Green on Labor Day. We did lots of traveling together over the years, shared all kinds of adventures, and worked together as well. It is still a fresh loss to me. Lucky for me, she attended our wedding but fell ill after she returned home. I have plenty of marvelous and funny memories of her. And I know she will always be with me.

We also lost our beloved cat Bagheera who was age 17. He is still missed.

Happy Fall to all! Remember to live life to its fullest every day! And, Go Trojans! Find a new coach quick!

Karen