Dan Dolan Homes


News Articles
“Why cookie-cutter housing no longer cuts it for today's retiring seniors"
“Reverse Mortage Editoral" - June 19, 2008
“Area getting 89 green homes" - June 10, 2008
“Retire in Place" - New Dan Dolan Town Homes coming to Clinton - February 29, 2008

“Mr. Dolan, did you say I can buy a new home and maybe receive a monthly check from my bank?” - Yes Let me explain. We’ve talked in these columns in the past about the frequent “gap” that arises when one sells an existing home to buy a new home—often a retirement home. For instance, the existing home might sell for $125,000 and the new home costs $175,000 creating a financial shortfall of $50,000. Traditionally, the buyer might take those funds from savings or secure a home mortgage of $50,00 to fill the need. Today, those options remain the best solutions for many buyers. They are fairly simple to execute and they are easily understood. But there is an alternative that is gaining in popularity that meets the needs of many families considering retirement. It’s generally called the “reverse mortgage.” A borrower with a regular mortgage makes a monthly payment to the lender, typically a bank. A borrower with a reverse mortgage receives a check from the lender—monthly, in one lump sum or in periodic amounts. 99% of seniors want to age in their own homes Recognizing that some 99% of seniors would prefer to age in their own homes, but that some may lack the funds to do so, Congress passed legislation to allow seniors to apply the equity built up in their existing homes to help facilitate that. Thus, reverse mortgages came into being. Lenders can issue funds monthly, in one lump sum or periodically to help pay taxes, make home repairs or to make home modifications such as a new bath or kitchen. …but for some seniors, the existing home isn’t functional Regrettably, some older homes do not lend themselves to the needs of their owners in spite of reasonable improvements. For example, some homeowners may need all amenities on one floor but their two-story or tri-level split may not allow for this. Or the home’s location may be too far to allow for visits by family or friends. Or the existing home may be too large or too expensive to maintain. So, realistically, a more user friendly home in a more convenient location may be “what the doctor ordered.” Possibly no cash needed to buy the new home Selling the existing home, buying a new one and securing a reverse mortgage may be a viable solution to allow seniors to “age in place” without the need for additional out-of-pocket cash. Moreover, it may also be possible to receive a monthly or periodic check from the lender, if desired. Here’s essentially how the system works: 1. As you prepare for the sale of your existing home you secure a reverse mortgage for the new home based on the estimated sale price of your home and the planned purchase price of your new home. We can help you identify lending sources for this financing. 2. When the lender approves your reverse mortgage, you apply the proceeds from the sale of your existing home to the purchase of the new home. 3. If you advised the lender of a possible “gap” between your sale proceeds and the estimated purchase price, that will likely be covered by the reverse mortgage without your adding cash to the transaction. 4. Depending upon the value of the new home and your equity in it, the reverse mortgage may also allow you to receive a monthly check to cover your taxes or other expenses. 5. You make no mortgage payments for the time you remain in the home. 6. Upon your eventual moving from the home, the home is sold and the mortgage borrowings are repaid using the proceeds of the sale. Any funds left over are paid to you or your heirs. 7. Regardless of how long you live in the new home, you or your heirs never owe more than the value of the home. “There’s no place like home” There are certain costs associated with putting a reverse mortgage in place. And this form of financing might not appeal to all buyers. However, it’s many advantages may very well allow you to move into the kind of home that you want without spending any cash up front. And for many, the ability to age in place is very appealing versus the need to enter a nursing home. The old saying of “there’s no place like home” certainly has merit. Visit any of our open houses on weekends. Hours are posted on our web site at www.DanDolanHomes.com. The host Realtor will be happy to review the process with you and, of course, you can always reach me at 563-570-1460 or contact Don Gibeault at 563-650-8007. Consider taking advantage of this unique tool to allow you to age in place in your own new home. **************************************************
Area getting 89 green homes - Chris Rhatigan • Iowa City Press-Citizen • June 10, 2008 Dan Dolan is an Energy Star builder, meaning that his homes are constructed to meet a set of guidelines on energy efficiency. And he thinks Iowa City is the perfect place to construct an environmentally friendly product because of its highly educated citizenry. That's the impetus behind his new project, Heritage Village, which will include 89 new homes on the southeast side of the city. The first phase of 29 homes is being constructed, and Dolan said three have sold. The first phase will take two years, Dolan said. Two more phases of 30 units will be constructed after that. Dolan said he's chosen to build so-called green homes because of consumer demand combined with government-financed rebates. He added that with the continual rise of energy prices, more people are aware that the initial investment for an energy-efficient home is worth it in the long term. "In my mind, the wild card right now is energy," he said. "The more we can conserve energy, the better off we'll be." The development includes high-efficiency water heaters, high-performance windows and high-efficiency appliances. According to Energy Star's Web site, homes built to their standards are 20 percent to 30 percent more efficient than standard housing. Local environmental advocate Mike Carberry praised Dolan for building to the Energy Star standard. He said more than one-third of all energy is used by homes. "Historically, we're pretty inefficient. Building green is definitely the way to go," he said. Dolan said creating accessible homes also was important. There are no stairs going into the homes, a feature Dolan said is important to attract both senior citizens and parents with young children. The homes sell for $190,000 to $230,000. The development is on Sherman Drive, which is off Gable Street. Dan Dolan Homes, which is based near the Quad Cities, also is constructing residential developments in Clinton, Muscatine, Davenport and Blue Grass. Dolan said that despite problems in the national real estate economy, his company is doing well. "The rest of the nation is having more of a housing problem," he said, "but I'm as busy as I've ever been. I'm really bullish on Iowa." He said a strong ethanol and soybean market could only mean positive economic flow for the state. Lepic-Kroeger Realtor Jeff Dill said green building isn't just for the high-end market anymore. He added that he's seeing more builders across the board using environmentally friendly techniques. **************************************************
New Dan Dolan Town Homes coming to Clinton. Will allow more local seniors to “retire in place” starting this month. The excitement has been in the air for months, ever since Dan Dolan Homes announced the coming to Clinton of the highly regarded town homes and single family residences that have been so well received in Davenport, Blue Grass, LeClaire and other eastern Iowa communities. And now, with all the t’s crossed and all the i’s dotted, construction can begin. In March, In Clinton, Adjacent to Emma Young Park. And families can begin moving in this summer.

We at Dan Dolan Homes are proud and enthused to be part of the exciting growth blossoming in Clinton that’s been stimulated by the major commercial and industrial capital investments being made here. And we are delighted to fill that important desire for local seniors to “retire in place.” Empty nesters will now have more local options Historically, many local seniors and “empty nesters” wanting to sell off their bigger homes or farms in the area and wanting to move to smaller more manageable homes here couldn’t find what they wanted. Many felt that they had to move elsewhere. Some looked to the Quad Cities. Some went even further south to enjoy their “golden years.” Regrettably, for others the only viable options included assisted living or nursing facilities because fashionable handicap accessible homes with wider doorways, no-step entry, step-in showers, higher toilets, lever door handles, etc. were simply not available in this market. No more. We now offer empty nesters in Clinton all those options and more to let them age in place in comfortable, efficient, accessible and affordable homes. The same kinds of homes so many of their peers in other eastern Iowa communities have come to enjoy. No more need to break family ties and local relationships Most seniors in the area have ties to family and friends and many have a favorite church or doctor (or hairdresser) here that they don’t want to give up. Having to relocate elsewhere makes those relationships difficult or impossible to maintain. And starting new relationships elsewhere can be difficult for many. Of course, some do find the transition to a new town or even to the Sun Belt a refreshing experience and elect to remain there. But that should be an option and not a necessity because the desired options are not available back home. But according to national research, fewer retirees now want to move away and many who do it, return “home” after a year or two. Even retirees thinking of relocating south are re-thinking that option. Recent storms in Florida convinced many that life in the Sun Belt could be too challenging. Would the next hurricane be “it” many wondered? The thought of going through a storm and rebuilding afterward was more than some seniors cared to deal with. Dramatic increases in homeowner’s insurance and rising land and building costs in many parts of Florida likewise discouraged many retirees thinking of relocation south. A recent buyer of a Dan Dolan town home in Davenport was amazed at the town home she could buy here for $190,000 compared to the smaller home with no basement that would cost her more than that in Florida. And she would miss her friends and relatives while having to rebuild new relationships in her Florida location. “How could I possibly replace my doctor of over 20 years,” she asked me? She decided to “retire in place” in a Dan Dolan town home in her old hometown—a decision she has never regretted. “Everybody is old in Sun City, Arizona” Another couple that bought a Dolan town home in the Quad Cities cited a somewhat different complaint. “Everybody is old in Sun City (Arizona) the wife said.” She went on to add that she preferred a community where there were younger people, growing children and a wider range of events. She added that after a while, bingo, shuffleboard and the early bird specials at The Senior Coral Restaurant (in Arizona) wear a little thin. By contrast, she added that the programs at local Iowa colleges and theatres offered a range of more stimulating options. And she could attend the events with lifelong friends. Preferred sites will go fast Now is the time to pick out your preferred home site at the new Dan Dolan homes at Mill Creek Crossing. Construction will begin in March with occupancy beginning in August. Each home will feature all the amenities plus a wide range of options to allow empty nesters to “age in place” in comfort, style and safety. All our town homes are handicap accessible with stepless entry, main floor laundry, full basements, vaulted ceilings and along with many other features, the exclusive insulated concrete Dan Dolan Silent Wall™ between homes. Until our first home is completed in Clinton, you can visit our furnished model at 814 Hartz Ct. in LeClaire. We are open weekends there and by appointment for your convenience. Call me at 563-570-1460 or at our sales center at 563-381-4088 from 8 AM to 5 PM weekdays. Our choice home sites will sell out quickly so visit with us soon to get your preferred location.