You need to know in the massi memo because information is power. And the property man has got you covered. [ woman vocalizing ] thanks for joining us. Im bob massi. There comes a time when most people wanna change something about their home. It could be before you even move in or years down the line. But remodeling your home can either add tremendous value or turn into a major nightmare. Its critical to do it right. Well, mike christensen, he runs peak one builders and restoration, a veteranowned and operated general contracting company. A lot of the remodeling is high performance, Energy Efficiency, reducing costs. I asked him to bring me by a few of his homes. So, mike, youre going to show me actually two homes. One youre working on now, that actually has been gutted out. And then another home thats already finished. Yep, two different stages. So weve got, uh, basically, a house thats predrywall. And, uh, its still in the roughin stage. And then were gonna go to a finished home that is an energyrated home. Remodeling projects usually come about when someone wants to update or change the layout of a home. Energy efficiency is not usually something they think about. We get asked the questions, you know, were only doing a remodel. Does it make sense to update the portion of the house in a High Energy Efficiency manner . We know that the rest of the house isnt being touched. And the answer is yes. What was this room . Uh, this used to be part of the old bedroom that was here, a very small bedroom that we are now turning into a laundry room. Anytime you change something in your home, its an opportunity to update what you dont see. Think about whats behind the walls. One of the things that always concerns me with remodels is the plumbing part. Yes. I cant tell you how many times ive had people come to me where they come home and they did a remodel and theres, you know, the the wooden floor is ruined. Some a pipe broke. Yeah, so your general contractor should be running cameras down the drains to understand what hes dealing with before he gets into the the actual remodel. The more planning up front, the better of a streamline process and the better experience that that homeowner is gonna gonna have. You might be updating an outdated bathroom. What that means, well, youve got some outdated things like plumbing, ductwork band insulation. Youd be surprised at what we find when we tear drywall off. So, when you came in and you had the sheetrock taken off, you start looking up at this insulation. What are some things you noticed . Uh, right away, we noticed that the insulation that was installed here clearly was a problem. Because youve got gaps. Uh, you shouldnt see any any space for air to escape up into the attic. Because anytime you have that, youve got a, you know, energy loss. Which costs the homeowner more money. A lot more money. Particularly in the desert yes. In the summer. No question about that. Insulation is one of the easiest yet most overlooked things to improve. You really need to understand how buildings work. As mike says, how a structure performs. Building science is more looking at the entire envelope, the structure itself, and how it goes together and how it breathes and and prevents air infiltration but also prevents heat loss and, um, losing your air conditioning out your windows or out your walls or out pipes that are going through the ceiling. When we talk about Energy Efficiency, the first thing we look at is how we, uh, seal those structures up. Obviously, windows are as important as anything else. Tell us about this window. Windows play a very Important Role in the structure itself. This is thick, man its a its a very wellbuilt window. Um, the thing thats important about this window is that the frame itself is whats called a thermally broken frame. And that means that the frame is actually split in two. Theres an air gap in between that allows for, uh, less heat loss from the outside in. Remodeling is a process that really requires planning and expertise. Its extremely important that the homeowner does their due diligence. This is not the time to call your cousin because he owns a couple drills and a saw and needs to make some money. And you cant just hire any contractor. Really get involved with the contractor whos who has the experience, whos licensed, bonded and insured, and has the experience in in doing wholehouse renovations or or wholekitchen renovations. You gotta have a consultation to make sure they get your priorities straight. Thats one of the initial things that we talk to our customers about, understanding what the wants versus needs are. One of the biggest concerns ive seen over the years are change orders on any type of project. If youre gonna ask that contractor to change something from the original architectural plans, make sure its in writing. And make sure you know exactly how much it costs. On the peak one website, mikes got a list of questions that every homeowner should ask before signing anything. Is the contractor licensed and insured and bonded . What other similar jobs have they done in the area . Does he have experience doing these things while youre living in the house . Because not everybody has the opportunity like this where theres nobody living in the house the entire time, so it makes it easier on everybody. Now were gonna go see another house thats finished. Yes. Thats energyefficient. Thats correct. Lets go take a look at it. Talk about remodel, by the way. These doors are pretty serious. Beautiful room. Yeah, its a great entertaining area. Because the kitchens right off the great room. This is where people are gonna spend most of their time. One of the complaints that you hear a lot of times when you have high ceilings like this, how do you properly insulate . How do you balance the air conditioning . Yeah, these rooms definitely become a challenging point to keeping the Energy Efficiency throughout the building itself. But this area is probably the most important part of the house. Um, so we get back to the building envelope itself and trying to seal the entire building by spray foam insulation and then batt insulation put up against that. So, if its done properly, it saves the homeowners money, number one. And, number two, theres an easier balance of ventilation in the house whether it be heat or whether it be air conditioning. Absolutely. Its a beautiful remodel. Up next on the property man, most properties i visit, well, theyre pretty easy to get to, but not this one. But, considering there might be 125 million worth of gold buried there, its probably worth the trip. [ woman vocalizing ] we all depend on trucks. Chevy, chevy, chevy trucks. We think its because chevrolets are the most dependable dependable dependable trucks. Built to last a long long time. With durable durability and rugged ruggedness. I like the extra power hauling power maxi power and quality. Seems they make them strong extra strong mile after mile after mile. Chevrolet Money Managers are pretty much the same. All but while some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. Clearly better money management. Copdso to breathe better,athe. I go with anoro. Go your own way copd tries to say, go this way. I say, ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators, that Work Together to significantly improve lung function all day and all night. Anoro is not for asthma. It contains a type of medicine that increases risk of death in people with asthma. The risk is unknown in copd. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. Tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. These may worsen with anoro. Call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. Ask your doctor about anoro. Go your own way get your first prescription free at anoro. Com. Thanks for joining us. Im bob massi. If youre feeling adventurous and have a couple of extra Million Dollars handy, well, you could buy a piece of history in your very own gold mine buried under these mountains north of scottsdale, arizona. Gold in the desert theyve struck it rich the prospectors havent found gold, but gold was here all the time. Now, its all for sale, including the rights to six patented gold claims located within it. I asked realtor Preston Westmorland to show me around. So, you know, this is quite a ride, my friend, to get up to this gold gold mine. Oh, its unbelievable. And what were gonna see is the main discovery tunnel, where they tapped in on the vein, went all the way into the middle of the mountain. And they carved it out. Lets take a look. Lets do it. In 1874, a chance discovery here sparked a gold rush. And the Gold Hill Mine was opened on this beautiful 117acre property. Fantastic. There, you see the main vein they tapped into, right there. The whole hill was claimed. And thats why they call it gold hill. But it was one of the most active mining areas in the state of arizona at that point. Its one of the more remote locations in scottsdale. Theres no cell service. You cant see anything. Its like youre 100 miles from any major city, yet youre a couple of miles from luxury golf courses and people sipping pinot in a wine bar. Walk through the nearby town of cave creek and you could still feel that gold rush vibe today. The ore, it was so rich, they took it out by burro to cave creek, then trucked it to prescott on a wagon. They went on a train to san francisco. And then they shipped it all the way to england for smelting. And they still make money on it. But, not long after the discovery came, a worldwide economic downturn. They canceled all the plants. So it became a very, very small worked mine. There were 14 guys and a Blacksmith Shop here. Interest has been ignited a few more times over the decades, 1937 and again, 1963, when a geologist wrote that, if properly handled, it is destined to become one of the profitable mines of arizona. Okay, were gonna go inside now. But, before we go in, lets get some helmets on. All right. Might be little Falling Rocks once in a while. There you go. Never know. Okay. And you see that these are where Railroad Ties used to be. And you see these little blue pieces . This is where the Mining Companies did assays. And theyd mark that with a location as they mapped the mine. One factor you have to look at is that the early miners got the easiest gold and the richest gold first. And anything else takes a lot more work. Well, were in the middle of the mountain, where, apparently, the early miners found unbelievable wealth of gold ore. This is, apparently, where they found the most gold. Because they have hollowed out the mountain. You cant even see the top. And theres all kinds of tunnels that go off each side. A lot of this was dug out in the 1880s and 1890s, probably, all of it by hand. But, even though testing has estimated that there could be hundreds of thousands of tons of gold ore buried here, no actual mining has been done since the 1930s. Its amazing the work they did by hand back at the turn of the century. Mine shut down about 1935. Never been mined by modern, commercial standards. Well, the price tag has come way down. But its still going to be a bit out of reach for the average buyer. For 2. 9 million, you get a whole gold mine. And i think the big question has always been, below this ore body, is there another ore body . And some of the geologists ive talked with seem to believe there is. But owning a gold mine has always comes with a lot of risk. And sometimes you get a nice reward. But its the chance that youd have to take. The land is zoned to allow the construction of one home per acre. Normally, when you show a house as a realtor, you go in and you you hope that the toilets are flushed, theres no food on the sink. When i get a call to show the Gold Hill Mine, you might make sure theres no rattlesnakes in the tunnel, the bobcats are not anywhere nearby, you dont run into mountain lions. And its just a whole different, uh, realm of of real estate property. I its quite exciting. I like it. Amazingly enough, this isnt even the only gold mine preston has listed for sale. Eighty miles west is octave, arizona, and the octave gold mine. Was a party of men back in 1863. And they saw gold all over the rocks. And and the story is that one guy pried 300 ounces of gold in one day off the rocks. From 1895 until 1925, the 25 miles of tunnels at octave produced more gold than most mines in america. What my seller did was quite brilliant. He bought the entire octave vein from the bottom of the desert floor to the top of the mountain. More than 200,000 ounces of gold and 75,000 ounces of silver were pulled from the ground here. And theres likely to be much more still buried. Its one of arizonas most historic properties. And, for the right price, all 266 acres can be yours, along with its patented gold claims. Two livein caretakers protect the site and its minerals. And the land comes with an 1,100squarefoot home. It depends on power from Wind Generation and solar cells. Theres a tv tower on the site. And the rental income from that produces enough to pay all the taxes. The road continues all the way to the top of the mine, where theres about a 300foot cleared area. Could be a helipad or a place for a a really neat house that borders a national forest. All that plus a gold mine. Up next. Did you know that you could actually buy a home using a reverse mortgage and never make a mortgage payment on it . Im gonna tell you how. [ woman vocalizing ] the next era belongs to those who help ensure the next energy to power our dreams, will be american energy. The open Enrollment Period is here. The time to choose your medicare coverage. Begins october 15th and ends december 7th. So call unitedhealthcare to learn about. A plan that could give you the benefits youre looking for. Its the aarp medicarecomplete plan insured through unitedhealthcare. 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Start getting the benefits of an aarp medicarecomplete plan insured through unitedhealthcare. With 40 years of medicare experience, unitedhealthcare offers more than great benefits. You can count on us to answer any questions, help schedule your appointments. And with renew by unitedhealthcare, our health and wellness experience, you can earn rewards for making healthy choices. Open enrollment ends december 7th. To learn more about the only Medicare Advantage plans with the aarp name, call unitedhealthcare now. Or visit us online. We make it easy to enroll, too. So call or go online today. [sfx mnemonic] welcome back. Im bob massi, the property man. You know, weve talked on this program before about reverse mortgages and how they could be a good way to refinance for some homeowners who are over 62. Now, there are people who are actually buying homes using reverse mortgages. So i called my good buddy, reverse mortgage expert josh shein, to help me explain how this works and introduce me to some folks who went through it. Josh, how you doing, buddy . Hey, bob. How are you . We meet again, huh . Good to see you. Good to see you, sir. Were gonna talk all about reverse mortgages. First, lets head in and meet a couple who used one to purchase their home. And its a beautiful home. Youre gonna love em. kay, lets do it. Starla and carl kramer downsized last year after carl retired. Starla has been a licensed realtor for over 25 years. I was at an open house. And a gentleman came in, was telling me about reverse mortgages. And i really wasnt familiar with the concept. And so we researched it, asked questions and decided to buy this little 1,841squarefoot home. They sold their 3,200squarefoot home for 500,000. They were able to put down 143,000 in cash. And they used a reverse mortgage for the rest, a single transaction with no payments. This allowed them to keep the rest of the money in their pocket, use that money for whatever else they wish. Many people dont realize that, in 2009, hud introduced the hecm for Purchase Program to allow seniors to buy a new home. We kept the rest of the proceeds from the big home to invest in other things. So how does it work . Well, it allows you to obtain a reverse mortgage with some of the proceeds from the sale of your previous home or from other savings and assets and buy your next home in a single transaction. This is a traditional loan. The difference is, instead of you balance going down and you making payments every month, the payments you would be making are being added to the balance. And the balance is going up a little bit every month. No matter how long you live in the home or what happens to its value, you only make one down payment, and thats it. For as long as they remain in the home, they will never have to make a payment. Carl, were sort of oldschool. We pay your mortgage every month. This whole idea of you mean were not gonna have a payment . How did you react to that initially . I didnt have a problem with not having a payment. Exactly. Thats just fine. Weve had a mortgage for so many years. Every month, on the 15th, a big chunk of cash would just automatically go out of our bank for autopay. And now on the 15th of the month, we kinda go, wow, lets go to a movie you know. And whats nice is weve had some equity gain in the house in the last year. Now, five years ago, ralph and mary, they did a reverse mortgage on their 550,000 home. And i thought, wow, what a way to leverage your your money. Parker turk was their mortgage broker. And it was during that process that we started to explain in the future how he could downsize using a reverse mortgage to purchase the next home. And thats when they came back to you, about a year and a half later . They sold their big, nice house, were able to, you know, recognize a really nice gain. I immediately called parker, and we initiated the sale of this home the same way. Through the hecm for Purchase Program, they bought the new house with a reverse mortgage, keeping the leftover cash for their daytoday expenses. If the market tanks, youre gonna lose the equity in your house. But even if you own your house and the market tanks, its exactly the same thing. What youre doing is receiving your equity up front, which is, i think, a smart move, if you have a plan. So what are the rules . Well, the youngest title holder must be 62 years or older. At that age, youll be able to borrow approximately 50 to 52 percent of the value of your home. As your age goes up, your ability to borrow increases. Someone who, for example, is in their mid to late 80s can get up to 60, 65, even 70 percent. The home must be a primary residence. It has to be a singlefamily home, two to fourunit home, or an fhaapproved condo. The borrower must complete a hudapproved counseling session ensuring the borrower and consumer understands what theyre going into, understands that they still own their home, understands that their balance is going up a little bit, and understands, most importantly, that theyre responsible for paying taxes and insurance and maintaining the home. She would ask several different ways during the interview to make sure we were really clear on that our equity would go down as years went on. One of the perceptions is that those who are concerned about leaving their children something, they feel that their kids basically will get nothing. As with any any mortgage you have, the bottom line is you look to sell the home. Whatever you sell it for less the mortgage payoff, that difference, that equity is left to the family, left to the kids, left to the heirs. Clients, when i try and explain the benefits of a reverse mortgage, they say, oh, no, i think they come and take your house away. Well, weve lived in our home free for 12 months now. And we havent made a payment. And our home would sell for about 30,000 more than we paid for it. Wed get all that equity back. And its a nonrecourse loan, meaning that they cannot come after you personally for any of the debt. If the value does drop and the balance of the loan becomes higher than the home value, no ones ever responsible for paying the difference, not the homeowner and ultimately not the heirs down the road. And ive got much more on reverse mortgages coming up in the massi memo. [ woman vocalizing ] six in the morning. She thought it was a fire. It was worse. A sinkhole opened up under our museum. Eight priceless corvettes had plunged into it. Chubb was there within hours. They helped make sure it was safe. We had everyone we needed to get our museum back up and running, and we opened the next day. Your body was made for Better Things than rheumatiod arthritis. Before you and your rheumatologist move to another treatment, ask if xeljanz xr is right for you. Xeljanz xr is a oncedaily pill for adults with moderate to severe ra for whom methotrexate did not work well. It can reduce pain, swelling and further joint damage, even without methotrexate. Xeljanz xr can lower your ability to fight infections, including tuberculosis. Serious, sometimes fatal infections, lymphoma and other cancers have happened. Dont start xeljanz xr if you have an infection. Tears in the stomach or intestines, low blood cell counts and higher liver tests and cholesterol levels have happened. Your doctor should perform blood tests before you start and while taking xeljanz xr, and monitor certain liver tests. Tell your doctor if you were in a region where fungal infections are common and if you have had tb, hepatitis b or c, or are prone to infections. Xeljanz xr can reduce the symptoms of ra, even without methotrexate. Ask your rheumatologist about xeljanz xr. Time now for the massi memo. Earlier, we met some couples who had actually purchased their home using reverse mortgages. They put down a large down payment and took out a loan for the rest of the Purchase Price and never have to make another payment again. This is important for you to understand. You, as the homeowner, continue to own and maintain the title of your home for as long as the property remains your primary residence. All too often, the optics and the perception of reverse mortgages are you give up your title. You do not. The question i get the most about reverse mortgage is, what about the fees . As with all loans, there are fees. And this is where you need to shop around and compare. There are mortgage insurance premiums. Theres origination fees, servicing fees and other thirdparty charges. All too often, however, people spend the end of their lives with little or no cash flow and lots of equity in their homes that really does nothing for them. Its important to evaluate your individual situation and decide what is right for you. Thats all the time we have today. As always, check out our website for more information foxnews. Com propertyman. And send us your property stories and questions at propertyman foxnews. Com. Im bob massi. And ill see you next week. [ woman vocalizing ] lou good evening, everybody. President trump addressing what may be the bigest scandal in american history. Shocking implication with the Obama Administration and the clintons in a multimillion racketeering scheme that involved russian purchase of uranium one and gave moscow control of a fifth of american uranium. Uranium is a big subject. If the Mainstream Media would cover the uranium scandal and that
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