But they should weigh the pros and cons carefully to decide if that's the best move.

"Buying your rate down, or 'paying points,' means you're paying an extra fee on top of standard loan fees like appraisal, underwriting and a credit report to get a lower rate," Julian Hebron, executive vice president of sales and marketing at RPM Mortgage, tells CNBC. That means your clients will need to bring more cash to closing. A point is 1 percent of the amount of a loan. So for a $200,000 mortgage, a borrower paying 1 point would bring $2,000 more to the table.

"If you were getting a 30-year fixed loan of $325,000, you might get two options with and without points," explains Hebron. "Today, the option with zero points might show the rate as 4.25 percent, and the option with 1 percent in points – equal to $3,250 – might show the rate as 4 percent. Paying $3,250 at closing to lower your rate by .25 percent lowers your payment $42 per month and lowers your interest cost $68 per month."

Before your clients start paying points, however, financial experts say they should think about how long they expect to be in the home and what their savings would be. Matt Weaver, vice president of sales at Finance of America Mortgage, says he can help borrowers consider it with a simple calculation.

"We can calculate this figure by taking the dollar value of the buy-down and dividing it by the monthly savings from the lower interest rate, then dividing that figure by 12 months," Weaver says. "So as an example, let's say our prospective homebuyer will need to pay $2,000 in buy-down to generate $30.00/month in savings. If we divide $2,000 by $30, we would conclude it would take 66.7 months, or 5.5 years, to recoup the cost of the buy-down. Now you can ask yourself, 'Do I reasonably foresee myself staying in this home for at least 5.5 years?'"

Source: "Rising Mortgage Rates Making You Nervous? Here's How to Lower Yours," CNBC (Dec. 29, 2016)

© Copyright 2017 INFORMATION, INC. Bethesda, MD (301) 215-4688

“Nicky made our buying experience the best we ever had. She and Lesley communicated regularly and stayed on top of all the details. We give her our strongest recommendation and she we be our first call if we needed a realtor. Thanks Nicky you rock!”

-Steve and Sandi Bryan

With more than one in five people in the U.S. expected to be 65 or older – one in three households headed by someone in that age group by 2035 – the population growth of older adults is increasing the need for a greater inventory of affordable and accessible housing, stresses the report, Projections and Implications for Housing a Growing Population: Older Adults 2015-2035.

"The housing implications of this surge in the older adult population are many and call for innovative approaches to respond to the growing need for housing that is affordable, accessible, and linked to supportive services that will grow exponentially over the next two decades," says Chris Herbert, managing director of the Harvard Joint Center for Housing Studies.

As the baby boomer generation ages, the U.S. population aged 65 and over is forecasted to increase from 48 million to 79 million. The number of households headed by someone over the age of 65 is expected to rise by 66 percent to nearly 50 million, according to the report. That growth is expected to increase demand for housing that boasts universal design features, like zero-step entrances, single-floor living, and wide halls and doorways. Currently, only 3.5 percent of homes offer those three features.

Low-income renters may be particularly vulnerable as they age, according to the report. By 2035, about 8.6 million renters will be paying more than half their income for housing. By that time, an estimated 7.6 million older adults will have incomes that likely qualify them for federal rent subsidies – a 90 percent increase from 2013, according to the report.

"Right now, more than 19 million older adults live in unaffordable or inadequate housing, and that problem will only grow worse in the next two decades as our population ages," says Lisa Marsh Ryerson, president of AARP Foundation, which provided funding for the report. The report "not only calls attention to important trends but also helps point to the kind of solutions – requiring cross-sector collaboration between the housing industry, policymakers, and public, private and philanthropic organizations – that will fulfill older adults' ardent desire to continue living independently at home with security and dignity."

Source: Harvard Joint Center for Housing Studies

© Copyright 2017 INFORMATION, INC. Bethesda, MD (301) 215-4688

American Advisors Group, Reverse Mortgage Solutions and Aegean Financial reached consent agreements with the Consumer Financial Protection Bureau (CFPB) after the regulator's investigation found they used ads whose scripts featured similarly misleading though reassuring claims:

"Can I lose my home? No, you cannot lose your home."

"I can show you how to use a government-insured program that allows you to save money, get cash and live payment-free as long as you live in your home."

Consumers with reverse mortgages can "live in your home for the rest of your life" "stay in your home forever" and "never ever be forced from your home."

Separately, American Advisors Group touted the financial advantages of reverse mortgages in ads that featured the late Fred Thompson, a former Law and Order TV drama actor and former U.S. senator, who characterized the product as a "safe, effective financial tool."

Reverse mortgages are special home loans that enable homeowners aged 62 or older to draw on the equity they've built up in the dwellings and receive money through lump-sum payments, monthly payments or lines of credit.

However, consumers who get reverse mortgages typically must pay for property taxes, insurance and maintenance costs. They can default and lose their homes if they fail to comply with the loan terms, the CFPB said.

"These companies tricked consumers into believing they could not lose their homes," CFPB Director Richard Cordray said in a statement issued with the consent orders. "All mortgage brokers and lenders need to abide by federal advertising disclosure requirements in promoting their products."

Reverse Mortgage Solutions, based in Houston and licensed in 48 states, said it was pleased with the settlement and "will continue to focus our efforts on improving our procedures for the future."

American Advisors Group, licensed in 49 states and the District of Columbia, said in a formal statement it takes its regulatory responsibilities seriously and has made a significant investment in its compliance and legal infrastructure to conform to all marketing laws and rules.

Representatives of Aegean Financial, licensed in California, Louisiana, Oregon, Texas and Washington, did not immediately respond to messages seeking comment.

Along with paying the financial penalties, the companies are required to make clear and prominent disclosures in their reverse mortgage ads and use internal oversight systems to ensure they are obeying all laws.

The findings follow a June 2015 CFPB study that found many consumers were confused about reverse mortgages and warned those who consider the products should determine "how long their loan proceeds will last them given the loan's interest rate, their living expenses, home equity balance and age."

Copyright 2016, USATODAY.com, USA TODAY, Kevin McCoy

Most Floridians know that the big theme parks have special entertainment for New Year’s Eve, but do you know there is also a variety of other fabulous things to do in Central Florida to ring in 2017. Whether you’d like to dress up like James Bond or have a romantic five-course dinner, we’ve compiled a list of 9 unique ideas to make your last night of 2016 one to remember forever—even after the champagne!

Enzian’s James Bond New Year’s Eve Party
Are you a long time James Bond fan? Or maybe you love the beautiful, independent theater, The Enzian in Winter Park. Either way, this event is for you. Spend your NYE dressed to the nines as your favorite Bond or Bond Girl, and you may even win a prize! General admission starts at $99 which includes an open bar, light hors d’Oeuvres, a live DJ, and a confetti cannon ball drop at midnight! VIP table reservations are available, and doors open at 8pm!

N.Y.E Bash with Tom Segura
Want to laugh in the New Year? Tom Segura is performing live at the Orlando Improv. Their NYE package includes party favors and a champagne toast with strawberries. They also have a special menu available for the evening. The show starts at 10pm and tickets start at $55!

New Year’s Eve Ball
If German culture and polka music interests you, definitely consider the German American Society of Central Florida’s New Year’s Eve Ball “Aquatic Dreams,” featuring The Alex Meixner Band, with Grammy nominated accordion player, Alex Meixner! Come to listen, dance, and eat an authentic German dinner buffet. You can also enjoy their OPEN BAR, a midnight champagne toast, and something called Feuerzangenbowle (German NYE Fire Punch). This party gets started at 6pm, and tickets start at $60.

The Coca-Cola Orlando Eye
If you’re looking for something exciting and memorable, but a little more low-key, head down to I Drive and view Central Florida from the Orlando Eye! On December 31, the wheel will be open for an extra hour, so you have the opportunity to bring in 2017 with a bird’s eye view of your favorite city.

New Year’s Eve en España
If you like the idea of a Spanish-themed international-style NYE, then you may be interested in a New Year’s Eve en España! Tapa Toro is featuring a romantic $110 package that includes a five-course dinner, open wine/beer bar, a midnight champagne toast, and flamenco entertainment throughout the evening! The evening begins at 10pm.

The Classic Albums Live 2017 Rockin’ New Year’s Eve Party
How about rocking in the New Year to the greatest hits of the Rolling Stones and Creedence Clearwater Revival? King Center for the Performing Arts in Melbourne is hosting the 2017 Rockin’ New Year’s Eve Party, featuring The Classic Albums Live. The concert starts at 10pm, but you can get there by 8pm to start eating, drinking and being merry! Regular tickets are $30, but additional party packages start at $102, with lots of goodies. They even have perks for those who elect to be designated drivers!

“Rock The Clock” New Year’s Eve Celebration
Old Town Kissimmee is hosting a “Rock The Clock” New Year’s Eve Celebration featuring live music and fireworks at the end of the night, along with all their outstanding rides and attractions! Just $10 to join, or for the $75 “VIP Rockstar Status” get a five-course buffet dinner, dessert, reserved seating, a champagne split, and an exclusive front-row view of the music and fireworks! The fun starts at 8 pm.

New Years Eve at the Cork and Fork
If your preference is jazz and an early evening, then enjoy New Year’s Eve at the Cork and Fork in East Orlando. They’ll have live jazz, food specials, and prize giveaways (including bottles of wine!). This event goes from 7pm – 10pm and there is no cover charge!

Streamsong New Year’s Eve Experience
One truly elegant choice is a Streamsong New Year’s Eve Experience, which is sure to be unforgettable. The wonderful Streamsong Resort & Spa is located just south of Lakeland, but don’t worry about the distance—this package includes luxury guestroom accommodations at the lakeside Lodge for the evening, with a guaranteed late checkout! The package also includes a reception with hors d’oeuvres, a gala dinner, live music, and a champagne toast at midnight. You also get 15% off all spa treatments and recreation. This wonderfully romantic package is $695 per couple, and is sure to be a romantic evening you and your partner will remember for years.

If you are looking for more options, check out this list, which will continue updating throughout December, for even more options. They even have a few “Recovery Brunch” spots to help ease any New Year’s Day hangovers you may experience. Don’t forget the earlier you register/buy tickets for an event the better deal/seats you’ll get!

Tiny homes are usually between 200 to 600 square feet. They can be on wheels or on a foundation. They tend to be more affordable than traditional homes. However, the growing movement of tiny homes is often centered more on the idea of simplifying your life and even sustainability.

Tiny home neighborhoods are springing up in areas like Texas, Florida, and Colorado. For example, in Spur, Texas, town officials changed ordinances in 2014 in order to make claims to "America's first tiny house friendly town."

"Most of America is struggling with affordability," Alexis Stephens of Tiny House Expedition told CNNMoney. "We can activate existing land and create housing that is affordable by design."

In Spur, tiny home residents are able to buy land in the city to build on.

"This is a fairly new concept in the tiny house world: ownership of a house and land in a subdivision," says Danny Schallenberg, a tiny house builder and developer in Spur. About a mile from the downtown, there will be an entire area for tiny homes that will sit on two acres with 22 homes, priced between $30,000 to $50,000.

In Rockledge, Fla., plans for another tiny home community consisting of 13 homes is currently underway, after city officials made a change to its zoning laws.

Source: "Tiny House Living Is Having a Moment," CNNMoney (Nov. 14, 2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

"Florida's housing market continues to experience fewer sales of distressed properties and a restricted supply of homes for sale," said 2016 Florida Realtors®President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "A shortage of new listings could impact home sales in the long run. When you look at the state's tight inventory of homes and a decline in the median time it takes for a home to sell (go under contract), it shows buyers are still in the market. However, they're not finding as many potential options as they'd like."

Home sellers continued to get more of their original asking price at the closing table in October: Sellers of existing single-family homes received 96.1 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.8 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $220,000, up 11.7 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in October was $161,000, up 8.1 percent over the year-ago figure.

In October, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 59th month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less.

Accordingto the National Association of Realtors®(NAR), thenational median sales price for existing single-family homes in September 2016 was $235,700, up 5.6 percent from the previous yearthe national median existing condo price was$222,100.In California, the statewide median sales price for single-family existing homes in September was $514,320; in Massachusetts, it was $350,000; in Maryland, it was $266,294; and in New York, it was $250,000.

Closed sales data reflected fewer short sales and cash-only sales in October: Short sales for single-family homes declined 39.4 percent while short sales for townhouse-condo properties dropped 37.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"It's hard to say at this point what may be behind the weaker sales numbers in October – trends are difficult to spot based on one-month's worth of data," said Florida Realtors®Chief Economist Brad O'Connor. "While it's tempting to consider the possibility that Hurricane Matthew or the imminent (at that time) presidential election played a major role in October's sales figures, let's remember the typical property sale that closed in October probably went under contract a month or two prior. And in the particular case of Matthew, the decline in October's sales did not uniformly appear to be any worse along the Atlantic coast than anywhere else in the state.

"Of course, a limited supply of for-sale homes, coupled with rising median prices, are two factors to consider when looking at closed sales data."

Inventory dipped to a 4.2-months' supply in October for single-family homes and was at a 5.9-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.47 percent in October 2016, significantly lower than the 3.80 percent average recorded during the same month a year earlier.

For the full statewide housing activity reports, go to Florida Realtors Research and Statistics on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.

Related: NAR: Existing-home sales jump again in Oct.

© 2016 Florida Realtors®