NEW TO MARKET! 413.301.4614

82 S Maple St U:44 Westfield MA 01085
This Westfield Condo has everything you could possibly want if you are down-sizing from your current home or looking to purchase your first home!
This condo has many features including tons of storage, 2 big bedrooms, OPEN concept floor plan, A/C, balcony on front AND back…. On-site private Storage unit, NEW ROOF (2017), ample parking, PET-Friendly, and 5 minutes gets you anywhere you need to be!

This is a 2nd floor, single level (garden-style) condo. As a bonus it is also an END unit!
And you won’t believe the price! $68,000 !
That means you can own/ finance this unit for around $600 a month… what?? really?!? YES! add the condo fee and you are looking at less than half what local rents are charging in this area… and- the Condo fee includes your HEAT AND HOT WATER – when do you ever see that?!?
If you sell your current home all you pay is the condo fee – interested in hearing more on this process?
Give me a call and I’d be happy to talk about it further!
Let’s get you into a home that’s just the right size for your current needs!
Tori Denton, Realtor – Helping you make the right MOVE – One HOME at a time! 413.301.4614 #westfieldforsale #parksquarerealty#forsaleMA #condoforsale #toridentonrealtor

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Condominium Insurance 101 – Part 3 – Master Insurance

What is Master Condo Insurance?

A Master Condo Insurance policy is needed by any Condominium Trust or Condominium Association in order to cover the building(s) and the liability of the Condo Association or Trust. A Condominium Association or Trust’s bylaws will dictate the levels of coverage and any extra coverages that are required to be on the policy.

The Basics Of A Master Condo Insurance Policy

Below are a list of some coverage’s that are available on most master condo insurance policies and a brief description of what they cover. This is for information purposes only. All, some, or none of these coverage’s may be on your current policy. If you have a question about your current policy please call the agency.

  • Liability Coverage – This is the amount of liability coverage that a condo association or trust is insured for. Typically, this limit is a split limit of 1 million I 2 million, but, can be increased. The split limit means that the insurance company will payout a maximum of 1 million per occurrence and a maximum of 2 million in any given policy term.
  • Building Coverage – This is the coverage that is placed on the condo building. This is the maximum amount that the insurance company will payout for any property loss to the building. For example, if your building is insured at 500K and it was to burn down, the maximum amount the insurance company would payout, if they paid the claim, would be 500K.
  • Deductible – The deductibles typically available on a master condo policy are $500, $1000, $2500, $5000, and $10000. The higher your deductible is the lower the cost of the insurance policy.
  • Wind/Hurricane Deductible – Sometimes if a condo is in close proximity to the water a company will add a separate deductible onto the policy. This is usually in the form of a percentage. For example, you may have a 1 %, 2%, 5%, 10% or more wind/hurricane deductible on your policy. A hurricane deductible will apply only if a loss occurs due to a named hurricane. A wind deductible will apply in the event that a loss occurs due to wind, regardless of it being a hurricane or not. For example, if you have a 2% hurricane or wind deductible on your policy and your coverage A limit on the building is $800,000; the deductible would be $16,000 (2% of $800,000).
  • Ordinance & Law Coverage – Ordinance & Law coverage is to protect your building against changes in codes, laws and ordinances in the town or city where you live. In the event of a loss, there could be things that need to be upgraded to conform to the codes or laws of the city and having coverage for those issues is dependent on having ordinance and law coverage on the policy. Especially for older buildings, this coverage can be very important to have.

This coverage is split into three parts:

  1. Loss to Undamaged Portion of Building
  2. Demolition Cost
  3. Increased Cost of Construction
  • Employee Dishonesty (Fidelity Coverage) – This coverage protects the condo association from an employee or trustee from embezzling funds from the condo association. This is included on most master condo policies and is required by many master condo docs.
  • Directors & Officers Coverage – This coverage helps to protect the trustee’s of a condo association from being sued. This is available on most policies for an additional premium.
  • Flood Coverage – Flood coverage is not typically covered on a master condo policy. In most cases the condo association or trust must purchase a separate flood insurance policy to have this coverage.
  • “All-In” Coverage Endorsement – This means that if there were a property loss and the entire building needed to be re~built the insurance company would re-build the inside walls and fixtures of the condo. Without this endorsement the coverage is generally subject to the bylaws set forth by each individual condo association or trust. This endorsement is only available on some policies, not all companies offer this. For more information regarding this particular endorsement please contact us directly.
  • Earthquake Coverage – This coverage will cover damage to your building in the event of an earthquake.
  • Back Up of Sewer or Drains, or Sump Overflow – This coverage will pay for the loss or damage to building caused by or resulting from:A. Water which backs up through sewers or drains;
    B. Water below the surface of the ground including water that exerts pressure on or flows, seeps, or leaks into a building, foundation or other opening.

Cheap Business Owner Insurance

Whether you live in an apartment, single family house, or Condominium – be sure you are covered.

Interested in BUYING or SELLING your home or Condominium???

Contact me today to schedule an appointment!

Interested in Condo Living – Contact me today!

Tori Denton, REALTOR®


Bold Facts about Reverse Mortgages: Risks and Dangers

The Hidden Truths About Reverse Mortgages

Source base: Carolyn Rosenblatt – Forbes on-line

The ads make them look so great. Vacations, living a great lifestyle, happy couples, smiling at their good fortune. Rewards are repeated again and again.

Sincere movie stars of a certain age make the commercials believable. You can get cash now. It’s so easy. Just get your reverse mortgage and your problems will be solved. Pay off debt. Have fun.

What’s wrong with this picture?

A reverse mortgage is more debt and one of the most expensive forms of credit you can get.

At the San Francisco 7th Annual Conference on Elder Abuse, a panel spoke on this subject, drawing back the curtain that cloaks the truth: reverse mortgages are not for just anyone and they can create some new problems the broker isn’t telling you about.

Here are a few of the issues the panelists discussed.

The risks and dangers of reverse mortgages:

The Elder Might Need A Care Home in the Future
If you incur the debt of a reverse mortgage, or your aging parents do, it’s ok as long as they can live in that home. What happens when they have to move out of the home into assisted living or a nursing home? The mortgage becomes due. Now, there is the expense of paying it off, besides the high cost of the assisted living or nursing home care. It can leave an elder homeless.

It Can Affect Any Dependent in the Home

If the elder who needs care in a facility has non-borrowing family members in that home, the loan is still due. Anyone left in the home must move out, go to a care facility or be taken in by someone else. Those displaced if a borrowing elder has to go to a care facility can include a non-borrowing spouse, child or grandchild. They are “tenants” according the the rules of reverse mortgages and they have to leave when the elder does.

It Can Go Into Default
If an elder with a reverse mortgage fails to pay property taxes, to keep up insurance on the home, or fails to maintain the home, he is in default. The lender can then foreclose. Lenders are in a good position to purchase such properties cheaply and then flip them for a good profit. Elders who are low on cash may fail to pay home insurance premiums or property taxes. If they are getting forgetful, they might not maintain their properties.

When the Elder Dies, the Heirs Must Pay Off the Loan

The entire principal, plus accrued interest and service fees must be paid in full to the lender before the heirs can rightfully take possession of the home. This debt may exceed the actual market value of the home. If they can’t pay the debt, the lender has the right to foreclose and sell the property. Low wealth heirs are not likely to be able to pay the debt and those homes fall into foreclosure. Goodbye inheritance.

The Amount the Lender Will Loan is Limited

There are seemingly irrational formulas used to calculate how much a borrower can get on a reverse mortgage.  If an elder lives into one’s 90′s, becoming more common these days, there is a risk that the amount loaned will not be enough to sustain the elder who needs long term care at home.  The elder can run out of money to make the loan payments, go into default and end up homeless and impoverished. This is a real risk, particularly for anyone who thinks it’s a dandy idea to take out a reverse mortgage to pay for home care providers.  If the elder borrows, say, $200,000, and ends up needing care 24/7, that reverse mortgage cash she got will be exhausted in about two years or less.  Then what?  Default, foreclosure and Medicaid paid nursing home.

According to Norma Paz Garcia, Senior Attorney for Consumer’s Union of the United States, there is no suitability standard for reverse mortgages for seniors. We need standards.  She warns that all seniors need truthful counseling to warn of the negative consequences and potential harm of reverse mortgage products.  She urges borrowers to consider any other possible alternatives to raising cash such as a forward mortgage equity lines, inter-family loans, local government loans or public benefits.

 Consider a reverse mortgage an option of last resort.

If you or your aging parent gets charmed by the TV ads, get advice from a competent financial planner and elder law attorney before doing anything.  Recognize that your aging loved one might not be in perfect health to the end of her days and that care at home might cost more than a reverse mortgage could cover, especially over a period of years.  There just might be less costly, smarter ways to deal with the need for money when funds run low.

If you need a quick property value estimate, contact me and I will provide you with comparable sales to help you judge the validity of the reverse mortgage lender’s estimate.

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