The Los Altos-based PowerFlex Systems – which installs electric-vehicle charging stations with adaptive charging network technology in the community – was recently acquired by international company EDF Renewables, whose North American headquarters is in San Diego.
After bringing Aussie-style, all-day breakfast and lunch to Los Altos for two months, Bluestone Lane recently secured a liquor license and has put its twist on a traditional favorite: happy hour.
When Fremont Bank opens in The Village at San Antonio Center early next year, local residents will already know its name – or at least that’s the hope of Brian Hughes, the grandson of the corporation’s founder and executive director of the Fremont Bank Foundation, a charitable giving program.
A mortgage and personal finance adviser discussed reverse mortgages, an option that can provide cash for some senior homeowners, at a Silicon Valley Association of Realtors district meeting in Mountain View last month.
Andy Block of Opes Advisors explained to realtors how a reverse mortgage works. A reverse mortgage is a loan that allows homeowners 62 and older who have accrued considerable equity in their home to convert part of the equity into money that can be used for a variety of purposes. It’s the reverse of a traditional mortgage in that no monthly payment is required. The senior homeowner can receive funds as a lump sum, fixed monthly payment or line of credit within certain guidelines. The entire loan balance becomes due and payable when the borrower dies, moves away permanently or sells the home.
Borrowers need to be aware that they are responsible for paying property taxes, insurance and maintenance, just as one would with a traditional mortgage. Many have fallen into the trap of not paying the fees and are then forced into foreclosure.
To qualify for a reverse mortgage, borrowers must be at least 62 years or older and must occupy the property as their primary residence and have considerable equity in their home. The home must meet minimum Federal Housing Administration property standards, and borrowers must meet Financial Assessment guidelines and complete a counseling session with a Housing and Urban Development-approved counselor.
Block said a reverse mortgage is an option for seniors who want to remain in their home but are short on funds to pay for monthly expenses. The loan also can be used to purchase a new home due to relocation, downsizing or even upsizing. Borrowers can use the funds to pay off a traditional mortgage or to build a safety net for unplanned emergencies, home repairs or health-care expenses.
“A reverse mortgage is not the right solution for everyone,” Block said. “However, if a senior needs cash to handle daily living expenses, enhance their quality of life and/or maximize their retirement savings while wanting to remain in their own home, it is certainly a viable option worth considering.”
Borrowers should be aware that by taking equity now, there would be less equity for heirs down the road, Block said.
The Silicon Valley Association of Realtors provided information for this article. For more information, email Rose Meily at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit silvar.org.
62 Chester Circle, Merlo Trust to S. & C. Tseng for $2,900,000
941 Highlands Circle, C. Zhang to R. & N. Dattachowdhury for $2,630,000
609 Hollingsworth Drive, Waddell Family Trust to Rehak Trust for $3,610,000
110 Lyell Street, Nelson Trust to G. & D. Miljkovic for $1,200,000
1230 Patlen Drive, M. Kojo to S. & N. Shankaran for $3,600,000
1035 Ray Avenue, M. Gibbs to N. & N. Lui for $2,500,000
14554 Debell Road, Lewis Trust to H. & G. Setlur for $3,600,000
25055 La Loma Drive, Somekh Investments LLC to M. Ringler for $7,500,000
14945 Page Mill Road, Bru Trust to S. & Z. Liu for $4,900,000
12251 Stonebrook Drive, J. Kim to S. Uppal for $4,100,000
108 Bryant Street No. 9, Yee Family Trust to C. King for $1,325,000
327 Cherokee Loop, San Luis Avenue LP to M. Wang for $1,625,000
1304 Cuernavaca Circulo, Seppeler Trust to T. & A. Guha for $1,675,000
646 Ehrhorn Avenue, Schmitz Trust to Sf19G LLC for $1,825,000
736 Emily Drive, Harwood Trust to Sf19G LLC for $1,200,000
157 Irene Court, D. & J. Maltzer to Z. & C. Wang for $1,330,000
130 Kittoe Drive, Cipolla Trust to Cali Dreams LLC for $1,775,000
751 W. Middlefield Road Unit E, J. & F. Chen to K. Zesmaa for $1,100,000
1945 Mount Vernon Court No. 15, Granholm Trust to N. Li for $848,000
105 Promethean Way, R. Wilson to K. Wu for $1,810,000
3218 Pyramid Way, Head Invs LLC to Hao Trust for $1,680,000
915 San Marcos Circle, Vincent Trust to Y. & S. Liu for $1,890,000
42 Sherland Avenue No. 3, Xchange Solutions to Pablo Properties for $2,700,000
1825 S. Springer Road, Slaughter Trust to Peter J. & Sharon D. Fiekowsky for $2,650,000
721 Tiana Lane, Worthy Trust to A. & S. Paranjape for $2,200,000
Total sales: 6
Lowest sale: $1,200,000
Highest sale: $3,610,000
Average sale: $2,740,000
Total sales: 4
Lowest sale: $3,600,000
Highest sale: $7,500,000
Average sale: $5,025,000
Total sales: 15
Lowest sale: $848,000
Highest sale: $2,700,000
Average sale: $1,708,900
– Cal REsource
Some of us grew up watching “Mister Rogers’ Neighborhood.” That was the good old times, when we knew our neighbors and what was happening around our town.
