Laserfiche WebLink
7L14D D-Jub 314 KuiA•k.r r _s <br />' • - a L <br />EXHIBIT iia <br />How the Sale of a Senior's Nome in the Primary Market Area Increases the <br />Number of Age and Income Qualified Households <br />1 1997 Estimated Median Home Value , $ 95,000 <br />Il. Assume Net Home Equity Proceeds Upon Sale @ 90% $ 85,500 <br />III. Assume Equity Proceeds Can Be Invested @ 6% Z $5.130 /Year <br />Pre -Tax Increase in Investment Income <br />IV. Required Qualifying CASH FLOW Income Criteria <br />$40,000 <br />$45,000 <br />$50,000 <br />(Before Home Equity Conversion) <br />• Less Increase in Equity Investment Income <br />$5,134 <br />$5,130 <br />$5,130 <br />V. ,Home Equity Cash Flow Lowers Quali!yinq Income Criteria to: <br />$34,870 <br />$39,870 <br />$44.P-6 <br />_Age 75+1 Income <br />Screens <br />- 40,640 <br />45600 <br />50,000 <br />VI. NET Age 75+ Qualified Households t <br />6,572 <br />6,572 <br />6.572 <br />Vll. ADDITIONAL Age Qualified Households that <br />Became Income Qualified <br />294 <br />289 <br />289 <br />rill. Percent of Age 75+ HOMEOWNERS in the PMA '@ 86.8% <br />Net Increase in AGE/INCOME QUALIFIED Homeowners 255 251 251 <br />Due to Home Equity Conversion Impact , Additional Households <br />Converting (Selling) home equity results in increased savings, <br />poiffelio value and investment income. This increases the number <br />of ago/ income qualified households. <br />Refer to t=xhibit 1-4b for a more detailed explanalion of this analysis. <br />Source: Moore Diversified Services, Inc. Analysis <br />` «Based on 1 '90 Census Date for Seniors and an analysis of residential /ware sales statistics, <br />tAverage over a throe (3) to four (4) year period. <br />►Sae Frhibit Ft•f for NO Agn Ovif,red Households <br />J?afer to page C-5 of the detailed durnographics in Appendix C to this report. This factor represents <br />the percent of age 65+ households who k e in owner occupied units in the PMA - based cit <br />available census data. This factor was applied to age 7$+ households for this artarysrs - most 65+ <br />Sen cvs do not self their home vitcept for the reasons of mortality and morbiddy. <br />9Et3+As'flAN, n IINVIAN RIVER COUNTY <br />t -t? <br />