The Daily Chronicle from De Kalb, Illinois • Page 28

C4 DAILY CHRONICLE, Friday, August 1 1 2000 Reverse mortgages: How they are helping senior-citizen homeowners move forward Commercial real estate and the Net exactly the opposite. A reverse mortgage pays the borrower either a lump sum, monthly payments, establishes a line of credit, or a combination of the three based on the requests of the borrower. Plus, the loan does not require repayment of any kind until the home is sold or the homeowner permanently leave their home. The minimum age requirement is 62 and the amount of money the senior is able to secure is based on age, value of the home and current interest rates. recourse loan, the lender can only derive repayment of the loan from the proceeds of the sale of the property.

The borrower 6r their estate will never owe more than the loan balance or the value of the property, whichever are less and no assets other than the home need be used to repay the debt. Also the borrower' heirs are not responsible for repayment of the loan other than the proceeds of the home sale through the estate. Mortgage insurance will protect the lender from any deficiencies. DES PLAINES Senior Homeowners across the nation are now turning to a new source for cash income: their homes. From paying for home maintenance, healthcare costs, paying off credit card debts or taking that once-in-a-lifetime vacation, now, more than ever Reverse Mortgages are providing the means for seniors to move forward in life.

Unlike a traditional mortgage, which requires a monthly repayment from the borrower, the reverse mortgage works How safe are reverse "There are many reasons to feel safe and secure about reverse mortgages," explains Phyllis Stephen, vice president for Unity Mortgage Corp. The homeowner's name remains on the title they still own the property; however, a lien is placed on the property for the amount of the loan. The loan will need to be repaid when the homeowner sells the property or when the estate sells the property upon the senior's death. And since the reverse mortgage is a non Moving decisions made easy for Chicagoans DeKALB Ixcal commercial and industrial real estate developers are now finding the Internet a useful way for marketing their properties. The DeKalh Area Association of Realtors has directed all of its agents to place listings on the new Web site, www.nihomes.com.

Both commercial and residential listings are available on the site from participating DAAK realtors. In addition, commercial realtors are now using Loopnet, a national listing service for commercial, industrial and investment properties. The new site is www.loopnet.com. You will find listings for Milner Associates and Adolph Miller Real Estate. For many of the other real estate companies, oftentimes the franchise of the real estate office, or the real estate office itself, has an Internet-based listing service.

Some commercial listings for industrial properties are: www.sycamorein-dustrialpark.com; ww.sycamoreprairie. -com (Sycamore Prairie Business Park); www.dekalbassociates.com (Park 88); www.albertlgriirith.com (Griffith Industrial Park); www.pgrt.com (Prime Group Realty Trust's DeKalh Business Park near 3M and Goodyear.) In addition, residential properties for southern DeKalh County listed with the Tri-County Board of Realtors are now listed on the MLS of Northern Illinois site, www.mlsni.com. on more than 300 markets can be found by accessing Coldwell Banker's Web site at www.coldwellbanker.com (click "info Homeowners can use the Web site's calculator to key in the value of their current home, pick where they are moving to and the site will do the rest by figuring out the home's new value in the desired location. The HPCI grid is also available in brochure form from any Coldwell Banker Residential Brokerage office (see Web site for locations). Coldwell Banker Residential Brokerage is the No.

1 real estate services firm in the Midwest with 80 offices and 4,000 sales associates in Chicagoland, Milwaukee, northwest Indiana and southwest Michigan. NRT the parent company of Coldwell Banker Residential Brokerage, is a leading owner of residential real estate brokerages in the United States with over 690 offices and more than 35,000 sales associates. Coldwell Banker compares costs of homes from various areas of the country allows homeowners to directly compare what their present home would cost if it were located in another suburb or city. "Moving is a tough decision for anyone involved in the process and requires weighing many options," said Kim Martie, vice president of Cold-well Banker Residential Brokerage. "Since one of the biggest factors is price, homeowners now have the ability to see what they will be paying before they start looking in a new area." The expanded information from the HPCI DES PLAINES Your boss just made an announcement that the company will open new offices in Juneau, Ala.

and Palo Alto, Calif. If you decided to move from your Naperville home, how will a similar home in Juneau or Palo Alto compare? Coldwell Banker Residential Brokerage offers an easy-to-read chart that makes changing locations easy to solve. For example, the chart lists average home prices for a city like Lincoln Park compared to other suburbs in Illinois and major cities in the United States, Canada and Puerto Rico. It shows that your current house in Naperville at $242,500 will cost you a reasonable $235,151 in Juneau and an astounding $974,898 for a comparable house in Palo Alto. The chart, called the Home Price Comparison Index (HPCI), compares the price of a foot, single-family dwelling with four bedrooms, two and one-half baths, a family room and two-car garage.

In addition to listing the average home price, the survey assigns a HPCI number to each city, which E-maii articlesrlo mcarisonpulitzeV.not NEW LISTING UPDATED AND READY TO MOVE Mima it jn.Zl tS DeKalb Sharp 3 bedroom 2 bath ranch in Bradt Park. Beautifully landscaped lot fruit trees, etc. Asking $145,000 for quick sale. Too New For Photo I JWFc rlfNAINLirNU American mortgage I A Subsidiary ol American National Bank of DeKalh County CALL FOR DETAILS I Todd Madden, Brian Schrader, Karen Hoyle I s. 815-787-2285 Charming ranch 405 Home well kept, with fireplace in den, 3 BR eat-in kitchen, laundry room, retiled bath, recent new roof and furnace, formal LR, 3 season porch.

Large lot $1 17,000 (a great buy). Adolph Miller Real Estate 815-756-7845 DeKalb Executive home on 1 12 acre lot pool 2900 sq. ft. 3 bedrooms -2 baths 2 fireplaces, many, many extras -priced at $312,000. Adolph Miller Real Estate 815-756-7845 I li Certain restrictions apply yw re, invited! WEEKEND OPEN HOUSES It ii II it I 406 Condominiums 415 Houses for Sale 601 Apartments for Rent 615 Duplexes for Rent No Downpayment Move-in Condition Fireplace $89,900 Purchase Price, 360 Monthly Payments of $670.52 At 8 12 APR Hostess: Tracey Blanch ard Move-in Condition Townhouse 3 Bed, 2 12 BA Tiled Foyer Lookout Basement $129,900 Host: Max Heide New Construction 3 Bed, 2 12 BA Full Basement 2 Car Garage $142,500 Host: Max Heide Creston: Ig.

3 BR, appl. turn. Avail DeKalb: Newer duplex 3 BR, 2.5 Aug. Lease, sec. dep req.

S575. BA, FP, 2 car alt. gar. No CaH815-732-4603x pets. By Golf course 756-2359x 2 Bed 1 BA Remodeled Bath Newer Carpeting Furnace Fenced Yard $92,900 Host: Perry Spohn (815) 895-5738 617 Rooms for Rent Rooms for rent.

Close to campus, very convenient for students. Competitive rents. Available summer, fall spring. FSBO: 3026 Fairway Oaks all on level, adjacent to Kishwau-ke Country Club: S197K. Call 754-9846.

415 Houses for Sale 3 BR, 1 34 8A raised ranch in Vfoodgate. Premium lot location. Newly remodeled interior Realtors Welcome $144,500. 899-2616 DeKalb: 1204 Stafford SI. 3 BR expanded ranch, huge 1st Mr.

great room, hdwd firs. carpet. FP, lots ol windows, fully finished professionally upgraded with lots ol amenities, near Lincoln QLIDDEN MANOR TOWNHOME Spacious 3 BR, 2.5 BA, loft, living room, dining room, fireplace, tg. deck, lull near NIU (815) Rochelle FSBO: Custom built ranch 3 BR, 2 34 BA, An. vaulted ceilings, many nice extras, must see to appreciate.

Realtors welcome. CaH 815-562-8145 Sycamore: Oakland Drive, woods and wild flowers borders this 4 BR ranch on double lot. 2 12 BA, 2 FP, FR, LR, OR and screened in porch. Quiet streets, close to schools. $210,000.

Call 418 Commercial 4 "Hi m. i'iai. 1 1 1 li it 9060 sq. ft. building on 3 lots in Malta.

Concrete lloor, 3 phase power, can make changes to suit buyer. Asking SI 75,000. Call 815- School, appro. 2000 sq. ft.

S185.0O0 DeKalb: 3 BR, BA, 2 car Ig shed, fenced yard. CA, FP, kit appl. laundry room oft close to shopping i school, S99.800. DeKalb: 4 BR ranch. 175 BA.

large living room, eat-in lull bsmt. partially completed, de Wooded Corner Lot DEKALB UNIVERSITY DEVELOPMENT CORP. Twombty Road. DeKalb DeKalb: Studio, 5 houses from campus, $375mo. util.

Call 606 Business Property for Rent Office, Retail; Medical Rt. 23 Gateway Dr. Sycamore. 900-4500 sq. immediate occupancy, plenty ol parking.

Brokers welcome. Call 758-31 54.x 610 Houses for Rent Creston: small 2 BR house, S600 mo. util. Call DeKalb: 3 BR, 1 BA, wood-burning stove, fenced yard, gar. No pets.

$800mo. utrt 756-5395x DeKalb: 5 BR, 3 BA. Avail Aug. last sec. Call Rural Shabbona: 2 BR, AC, stove, frig.

WD hook up in bsmt. Detached gar. No pels smoking. Lease. $650mo.

sec. dep. util. Send letters or interest recommendations to: Daily Chronicle P.O. Box 587, Drawer 707, DeKalb.

IL 601 15x Rural Shabbona: 4 BR, stove, frig. No petssmoking. Lease. S675 mo. sec.

dep. util. Send letters ol interest recommendations to: Daily Chronicle. P.O. Box 587, Drawer 708, DeKalb, IL 601 15.x Quality New Formal DR.

Construction $195,000 3 Bed 2 12 BA Host: Dennis 6 Panel Doors Lanthrum Oak Kitchen No $1 12,900 Purchase Downpayment! Price 360 MontJily Remodeled Payment of Home $846 06 at 8 12 Sunroom A1R Hostew: Tracey Blanchard PUBLISHER'S NOTICE: EQUAL HOUSING OPPORTUNITY LRW.th Andersen Windows 1st Fl. Laundry $159,900 Hostess: Jana Whelan Woodburning Fireplace AU real estate advertis ing in this newspaper is subject to the Fair NEW LISTINGS Housing Act which makes it illegal to advertise "any preference limitation or discrimina FSBO 10.000 sq. ft. building. 1.3 acres, 100 parking.

Office: Retail; Restaurant or Medical. Rt. 23, Sycamore. Brokers welcome. Call 758-3 154.x Office lor rent on State Street in Sycamore: 320 sq.

445 sq. 740 sq. ft. Ample parking. 815-899-7590X 420 Lots Acreage 1.4 Acre lot with many trees and bushes located in Ander Wood subdivision at the southwest corner of Baseline Road and Route 23 two miles south of Genoa.

Asking www.forsalebyowner.com 9997273. Ted River Oaks subdivision, wooded lot 3.7 acres with 450 ft. moreless of Kishwaukee River, S85K. CaH tached backs to park area. SI 34,900.

For private showing 0-235-3377 or 630-514-1362 Open house Sundays til sold 1-4 608 E. Roosevelt DeKalb: 809 N. 10th, 2 story brick siding 3 BR. 3 BA, CA, 1 5 Ig. lot, hdwd.

new windows, pi. fin. quiet neighborhood. Many updates. MUST SEEI S131.710.

748-3121 appt.K FSBO 3063 Fairway Oaks. De-Klb. 4 BR, 3.5 BA. FL. sunroom, fin.

high ceilings wet bar. Call 756-7507 or 761-3484 FSBO: Quiet Sycamore location, dose to schools, 3 BR, new sunroom, CA, hdwd. lin. maintenance free. $134,000.

Call tion based on race, 3 'I 3 Bed 2 BA Ranch" Vaulted Ceiling Oak DoorsTrim 1st Fl. Laundry $138,000 Call Kelly Miller Sycamore Location FR With Fireplace Oak Cabinets Trim Finished Lower Level $184,900 Call Tracey Blanchard 815-899-7033 NEW PRE-OWNED HOMES. Get results with the Daily S40K-S80K. 815-756-1299, Chronicle Classifieds! SOUTHMOOR ESTATES. 787-7861 417 Investment Property 417 Investment Property Affordable 3 Bed 1 12 BA Corner FP CA Fully Applianced $97,500 Call Matt Schmitt Once you get that great new job, you're going to need a bigger house! Look in the Prime Country Section each Friday for new listings in the area! color, religion, sex, handicap, familial status or national origin, or an intention to make any such preference, limitation or discrimination." Familial status includes children under the age or 18 living with parents or legal custodians, pregnant women and people securing custody of children under 18.

This newspaper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby Informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. To complain or discrimination call HUD ton-free at 1-800-69-9777. The toll-free telephone for the hearing impaired is ERA Dekalb Realty, Inc: JjSOLD ERA lit MUM ERA aiu lirtTi 1957 DeKalb Sycamore Open 7 days a week! 756-2557 895-4990 E-mail: eradekalbtbcnet.com 25 sr.jui imsTess rca r.EUESTAnrrjSTcnsc:.::? Seller will finance 25 shares for investment in 1 46 acres on Plank Rd. Sycamore in path of development.

$5,000 down. $311.13 per mo. interest only. Principal of $37,336 not due for 10 yrs. or at time of zoning change.

Only 25 shares will be sold. 895-7808 Broker owned rzzr ii tHA.com I Cjjromcle.