Chillicothe Gazette from Chillicothe, Ohio • 25

Saturday, July 6, 2002 Chillicothe Gazette 5 Housing By Robert J. Bruss Tribune Media Services DEAR BOB: My father, age 82, recently suffered a stroke. Since my mother died almost five years ago, he has been living alone in his large house. Now I have hired a college student to live in the house and assist him. But my father is a very stubborn, independent man.

He thinks he has plenty of money, but he really doesn't. I want him to move to an assisted living care residence, but he refuses to leave his home of the last 36 years. A visiting nurse and a physical therapist visit several times a week. Needless to say, this care is expensive, and very little is paid by Medicare and his supplemental health insurance. Thankfully, his free-and-clear house is worth at least $400,000.

How large a reverse mortgage can he get and for how many years? Frank G. DEAR FRANK: A reverse mortgage would be ideal for your father's situation. However, if he permanently moves out of his residence, then the reverse mortgage "matures" and becomes payable. There are three major reverse mortgage lenders: FHA (HECM), Fannie Mae and Financial Freedom Plan. The most popular is the FHA plan.

But it has the lowest limits (which vary by community). Fannie Mae's nationwide loan limit is $300,700 (but higher in Alaska and Hawaii). Financial Freedom Plan has the highest limit, up to $1 million. Each reverse mortgage lender offers a credit line, lump sum, monthly payments or combination of these. To compare the plans for your father's situation, go to the online calculators at www.financialfreedom.com.

More details are in my special report, "Reverse Mortgage Tax-free Income Pros and Cons for Senior Citizen Homeowners," available for $4 from Robert Bruss, 251 Park Burlingame, CA 94010 or by credit card at (800) 736-1736 or www.bobbruss.com. DEAR BOB: You got my attention recently with your excellent article about unlimited tax deductions for realty investors What is the source of the tax rule requiring at least 750 hours per year spent on rental properties? My CPA never told me about this. I am an airline pilot, but I have eight rental properties on which I spend at least 25 hours every week. I am the full-time handyman and CEO, except when I'm at my airline job. Please provide more details.

James D. DEAR JAMES: Your CPA should have informed you about Internal Revenue Code 469 and its regulations, which provide the 750- hour rule. If your "regular job" were as a real estate professional, such as a broker or salesperson, you would have no trouble qualifying for unlimited tax deductions from your rental properties. However, since I presume you earn much more from your airline pilot job than from your rental properties, I'm not certain if you can qualify for unlimited deductions from your rental properties. But any unused rental property losses, usually from the depreciation deductions, can be "suspended" and saved for future use, such as when you make a profitable sale of one of those properties.

For more details, please consult your tax adviser. DEAR BOB: Your recent response to a reader's complaint about having to buy flood insurance as a result of a map revision was incorrect. Flood maps are continually updated, not because the Federal Emergency Management Agency needs more money, but to reflect changing flood hazards, often the result of new development. Property owners newly determined to be in a high-risk zone sometimes object; those whom a map revision has removed from the floodplain do not. But flood risk differences are rela- FOR SALE BY OWNER Well maintained 4-5 BR ranch home with family room on main floor.

Home features hardwood floors, ceramic tile luxurious carpet as well as finished basement. Economical gas hot water heat new central air. Unioto Schools. Priced to sell! 775-3265 or 774-2779 REMY'S Homes UH SECTIONAL HOMES Starting at $29,995 REMY'S REMY'S NUBILE HOME MOBILE HOMES 8T REF 00 too 9-6 Sat. 9-3 Mon.

Sat. 9-6 740-596-4024 663-2222 tive, not absolute: Onefourth of all flood insurance claims comes from properties outside the designated high-risk zones. Regarding flood insurance for condominiums, a master policy that protects all commonly owned interests is the best way to insure these buildings and obviates the need for an individual unit owner flood policy. If I can provide additional information, your readers can contact me at howard.leikin(at)fema.g ov. Howard FEMA deputy administrator for insurance DEAR HOWARD: Thank on you for FEMA's viewpoint.

Thousands of homeowners find it difficult to understand why the FEMA flood maps can be suddenly enlarged to include vast areas of older homes that are now subject to flooding when there is no flood history in the en- this prior tire area. Condominium owners, especially those on upper floors, find it difficult to understand why their mortgage lenders require them to suddenly buy flood insurance just because some government bureaucrat redraws: a flood map. Sorry, but we'll have to disagree. JOHN E. LLOYD 56 E.

2nd 775-1115 2 GERZ 772-5873 GERZ 772-5873 OTHER FINE LISTINGS 4 BRS 2 BAS 3400 sq. ft. REDUCED TO JUST $55,900 3 BRS 2 BAS Fireplace in the SAME AS NEW INSIDE! 3 31x16 sunroom with bar AND READY TO OCCUPY 2 kitchen Central air CALL: BRs 1 BAs Many updates CALL: PAULETTE GERZ to 3 BRs 2 car CALL: JOHN LLOYD 703-6755. in 2001 CALL: KELLI COFgarage 772-5873 LYNN JONES 773-2464 FEY 779-3098 7 MULTI-LEVEL HOME with GORGEOUS 4 BR, 2 BA BRICK RAISED RANCH with 4 SUPER NICE 3 BR RANCH on newer 2 tiered deck 3 BR 2 next to the Jaycee Golf Course BRs. 3 full BAs, screened porch double corner lot Full basement BA home on wooded lot CALL Immaculate move in condition and on a double lot CALL: New sunroom CALL: LYNN LYNN JONES 773-2464 CALL: PAULETTE GERZ SHERRY JONES 773-2464 772-5873 REED 774-1238 VERY COMFORTABLE 3 BR, 2 PRICE REDUCED TO ONLY SPACIOUS 4 BR, 2 BA NEW WINDOWS, NEW CENBA HOME on a cul-de-sac Full $102,000 for this all brick 3 BR, COLONIAL STYLE HOME TRAL AIR New roof new finished basement and nicely land- 2 BA ranch and a full acre with wonderful deck and yard for appliances plus 1 car garage scaped yard CALL KELLI CALL: LYNN JONES 773-2464 summer activities CALL: and all in condition CALL: COFFEY 779-3098.

PAULETTE GERZ 772-5873 KELLI COFFEY 779-3098 ROAD Come out and 276 BR, 2 BA home on 4 acres stone barn Oversized 2 car room of workspace Huge an acre HOSTESS: PAULETTE FEY PIKE thirty three wooded acres for hunting or hiking. Building site with unattached 14x70 mobile. EDWARD CARTER 663-4388. EASIER located near Central Center for convenience, this two bedroom home has large rooms, hardwood floors and an updated kitchen. There's a full basement for storage.

NEW 14x70 mobile home is on two level acres. There's a large metal barn for parking or storage. It's near Paint Creek Lake. STARTER three bedrooms in this home just south of town. Some updates in progress and the price is $45,000.

SHELLEY DELONG 663-5682. Century Doles Realty, Inc. NEW enjoy the view from the deck of this cabin on Paint Creek. There's over an acre and it's just across EDWARD CARTER 663-4388. PRICE this 3,000 square feet building could be a meeting hall, showroom or small retail store.

Gravel parking and located off U.S. 23. MARK MURRAY 947-7990. To New For Photo JUST 1.4 acres with this 1994 singlewide south of town. There's a 24x24 garage and possession is at close.

EDWARD CARTER 663-4388. To New For Photo JUST Investment potential in this four bedroom home. It's located near McArthur Elementary and the asking price is $34,500. EDWARD CARTER 663-4388. 83 W.

Each office Ed Carter Mark Murray 703-8804 or Waverly 663-4388 947-7990 Whether Buying Or Selling, We'll Do The Paper Work en For You. For A Worry Free Transaction, Call The "Hometown" Real Estate REALTY Professionals At John E. St. EQUAL OPPORTUNITY HOUSING MLS. Lloyd Realty, Inc.

PLEASE JOIN US FOR THESE GLEN DR. Minutes west is this 3 and brick ranch with full basement, with wet bar, den, 1 car garage and corner lot HOSTESS: KELLI 779-3098 MOVE IN AT this three bedroom, two bath home has central air, a fenced back yard and a main floor utility area, EDWARD CARTER 663-4388. HE PEACE AND can be yours. This four bedroom one-owner home is nestled in four wooded acres south of town. MARK MURRAY 947-7990.

STARTING this three bedroom home has vinyl siding, replacement windows and new carpet. The back yard is fenced and has a large deck. RAISE on the five acres or earn income from the mobile site. This two bedroom home has many recent updates. EDWARD CARTER 663-4388.

Main Street is independently www.dolesrealtychillicothe.com Sharon Tackett 773-0186 773-4638 owned and operated Michael Betty Shelly Horner Doles DeLong 773-4638 703-4638 663-5682 FEATURE HOME DREAM HOME Perfect in every way 4 BR, 3 BA brick home with all the extras 16x16 sunroom 3 car garage Beautifully landscaped Full basement Fenced yard CALL: LYNN JONES 773-2464 OPEN HOUSES 1687 WINDY RIDGE see this wonderful 3 with pond and old garage with plenty owner's suite BR 257 BRAEWOOD LANE rec BR. 3 BA 1 home on on Stone fireplace 1st floor COF- Private guest suite with full Immediate possession Very spacious 5 wooded corner lot office Wood floors kitchen and full BA CALL: PAULETTE.