Morning News • Sunday, February 2, 1997— 7F BUILDING PERMITS The following building permits uere issued by the city of Savannah for the week ending Jan 24 projects of more than $25,000. list ed by address, applicant, contractor, use and appraised value. • mv.i Oneechee Road. Hoy L Tyler, same, new commercial, $27,000 Places to lean more about home-equity conversion programs: Savannah AModatfonof • 270-274 Ham Court, Mark One. Mark One Construction, residential. $188,903.55 fihaUiaitt County • 807-811 Hitch Drive. Mark One. • 80 Village Drive. Robert Burk. Mark One Construction, residential, jo$ier Electric Company, mobile $161,063.35 home, $31,000 • 812-818 Knox Court. Bldg 8H. • 18 Village Drive, Joey Shellman. Mark One, Mark One Construction, same, mobile home, $44,509 residential. $221356.48 • 4 Lake St.. McAllaster and • 813-819 Knox Court Bldg 9H. Alfpciates, CJL Hall Construction, Mark One. Mark One Construction, new commercial. $901,000 residential. $221,356.48 • 785 King George Blvd., the • 271-277 Ham Court Mark One. Adams Group. Adams Construction Mark One Construction, residential. Co.. commercial addition. $40,000 $210,087.87 • Brevard Court, Steve Thompson. • Chatham Parkway and U.S. 17, New Foundations Homebuilders, Brian Haggerty/Adams Group, new residential. $8&500 Adams Construction, business, • 800 Quacco Road, Oespina Ell. $500,000 Aladdin Electric Company, mobile • Savannah International Airport home. $49500 . J. Turner, J.t. Turner Construction • 840 Wilmington Island Road, Co.. dead storage, $546,939 Glenn C Wood. Myrick Marine • 801-805 Bldg 1A Hitch Drive. Construction, residential dock. Mark One, Mark One Construction, $40,000 residential, $187,152.40 • 5 Prestbury Lane. Ed and Jo • 1915 E. Victory Drive. Ted Ann Borton. CA. Griffin. Inc.. new Herbert, same, assembly, $65300 residential. $250,000 • 5110 Waters Ave.. Al S. Bacon. • 114 RunneV Road. Hallmark D.L Moore Inc., business. $80,000 Homes of Savannah Inc., Hallmark • 2705 Gregory St., Kurt Oelschifr Homes, new residential. $61,191 same, business/greenhouse. $150,000 • 8720 Ferguson Ave.. Mac and. • 5354 Reynolds St.. Vernon Renee Newell, Old Masters, new res- Purcell, Candler Hospital, business. idential. $157287 $28,000 • 114 Goette Trail. Ricky Duffy, • Old Savannah Airport Terminal E.C. Johns Construction, new resi- Bldg.. Richard Stack, Hudgins & Co., dential. $145,000 Inc.. business. $6332 AARP has a Home Equity Information Center that provides information packets that include a 45page booklet. "HomeMade Money," and a list of reverse mortgage lenders. Address: 601E. Street, N.W.. Washington, D.C.. 20049. Phone: (202) 434-2277. ,The nonprofit consumer group publishes the free brochure, "Retirement on the House," and "Your Retirement Nest Egg: A Consumer Guide to the New Reverse Mortgages," which costs $24.95. Address: 7373147th St. W., Suite 115. Apple valley, Minru 55124. Phone: (800) 247,6553. How tofund retirement with your home cash to the original homeowner A tax deferred annuity bought with to use >our home to help fund the down payment provides income once mortgage payments cease. Those 55 or Loans against older get a one-time tax exclusion of up the equity in a ho**, which usually don t to $125,000 in capital gains. • Deferral Payment Loans. Low or no have to be repaid until the owner dies or interest loans available in some states sells the property . usually age 62 or older. and communities to qualifying elderly residents for home repairs and improveaap sum cash or month The h i owner typically ments or k) pay property taxes. The loans will nVnu owe man than the value of the don't have to be repaid until the* homeowner dies, moves or sells the home. -be forced to leave . Transactions • Home Equity Loans. Second mortsold, usually to rela- gages that provide cash in lump sums or tives, and rented bark, freeing incomes installments, which can help handle like property taxes large, sudden debts like medical bills or pay off higher-interest debt. Tlehnjurt down pajmiint and the difA key advantage is that the interest is • rent and the buyers usually fully tax deductible, but homesupplies additional owners put their homes at risk if they House Continued from page 6F hoateowpeomeision as approach retireuncertainty- about Ike future of Social Security aad other u m i n i i t f entitlements "They're a lot ante comfortable with said Belling of the baby boon gentke oldest of whoa turned 50 last will turn baby The CPI check prices, but when she arrived, a receptionist insisted she talk to the Continued from page 6F "Were just tracking inflation," Palmadesso explained. "Oh. I never knew.' the manager replied. The day's last stop: a service station.'You want to know about a minivan this time?" the manager volunteered. "The same thing." Palmadesso said. "The price of an alternator. Standard. 90 amps. For a 1991 Chrysler Caravan. Three liter." The manager.grabbed a phone with a grubby hand and called his parts supplier. Palmadesso tallied the price: $190.40 for the rebuilt alternator, $56.50 for labor and $1235 for the shop charge. "They haven't changed their prices." he said. "Not a penny." she replied, and snapped another price sheet into her binder to send to Washington. manager. economic health. One criticism of the current system is that it doesn't reflect the consumer practice of substituting items — buying hot dogs rather than hamburgers when ground beef is too high, for example. Factoring in this buying practice could push the CPI down by as much as a quarter of a percentage point. For now. the Bureau of Labor Statistics' commissioner. Katharine Abraham, says that's the only way the CPI could be changed and still be a timely index. Despite the monthly ritual, many Americans have never heard of the CPI. Palmadesso had clearance from a department store's headquarters .to Mae). The agency's public information office has free brochures, inducing, "Money From Home: A Consumer's Guide to Home Equity Conversion Mortgages," and "The Home Keeper. It Pays to Keep You in Your Home." Address: 3900 Wisconsin A v e Washington, D.C., 20016. Phone: (800) 732-6643. (HUD*. The agency has a housing counselor' referral line: (800) 569-4287. widely publicized home strategy is the reverse Mrs. McChire obtained about th RMs work much like a standard ntortbarkward. With standard equity in a property rises as the loan balance falls, while in reverse equity falls as the balance ire also a bit higher d Mortgages. Many types of RMs are offered prhrateh; or through government-sponsored programs like the Federal National Mortgage Association, or Fannie Mae. and the Department of Housing and Urban Deretopmrnt. The Federal Housing Administration backs several kinds of BMs under its Hone Equity Conversion Mortgage program, available to liugli fMailj home and condominium oier 62 years of age. Private hare other age require»far certain plans. Some mortgages . are also guaranteed by annuities. Borrowers receive either a lamp sum or monthly payments in exchange for giv• or aH of the equity in their Should they t h e longer than their life expectancy, they'll never owe more than the value of the home or be forced to leave. (Of course, the lender comes out ahead if they die sooner than their life expectancy.) That's something that appealed to Mrs. McClure. of San Diego, who says she plans to stay indefinitely in her $175,000 three bedroom town house, enjoying the pool, hot tub and other amenities offered in her development. "If I hadn't had the extra income I wouldn't be living in this house." said Mrs. McClure. who receives $344 a month in exchange for promising up to 80 percent of the town house's equity to her lender. Financial Freedom Senior Funding in Irvine. Calif. She retains ownership as long as she lives in the home. Elderly homeowners also can supplement their income and remain in their homes through lesser-known home saleleasebacks. The homeowner sells the property, often to a family member, and rents it back. Typically, the seller has a lifetime right to live in the home. "We're seeing more multi generational housing." said Peter G. Miller, a Washington. D.C.. housing expert and author of "The Mortgage Hunter." noting that in some instances two families will share the same house after the transaction is completed. Income is freed for the retiree, who no longer has to make repairs or pay property taxes and insurance on the home. The down payment and the difference between the buyer's mortgage payments and the rent provides regular income for the retiree. The down payment often is used to purchase a tax-deferred annuity that provides income once the mortgage payments cease. Those 55 or older can take advantage of the one-time federal income exclusion can't repay Some seniors ina\ not meet income qualifying guidelines • Home Sale. A good way to raise cash and slash costs The profit from the sale can be used to buy a smaller, less expensive home 'and invested in annuities, bonds, certificates of deposit and mutual funds, which can generate regular income. The capital gains exemption can apply here. too. • Home Rental. A good way to supplement income and retain ownership. Homeowners can either rent out the entire property and invest the income in a second, more affordable home, or rent out a portion and continue living in the home. Homeowners can gain companionship and possible help*wiih repairs and maintenance if a deal with the tenants can be struck. of up to $12&000 in capital gains on the sale. While the big advantage is that the property can be kept within a family, there are potential drawbacks. The interest portion of the mortgage payments is considered taxable' income, unlike reverse mortgages, where the income is a loan and not subject to taxes. Also, income from the sale could jeopardise a sellers eligibility- for Medicaid coverage or nursing home care, experts say. Similar plans include: life estate sales, in which owners sell a home at a discounted price that reflects the right to live in the house indefinitely, and charitable gift sales, in which owners transfer title to a charitable group in exchange for income and the right to stay in the home for a lifetime. Sometimes, the main obstacles for seniors remaining in a home can be costly repairs and high property taxes. That's where deferred payment loans, or DPLs. can come in handy. Low or no-interest loans are available in some states and communities to qualifying elderly residents for home improvements or to pay taxes. The loans don't have to be repaid until the homeowner dies, moves or sells the property-. The property tax deferral programs are available in 16 states. Most charge interest of between 6 percent and 8 percent and place a lien on a home until the loan is repaid. While staying in a home may seem like the safest most desirable choice, careful consideration must be given to its practicality. it's just isn't always economically viable." said Miller. "Sometimes the best choice may be to move to a place that's . less expensive and more (physically) accessible." "Flexible work.arrangements have been available to federal government workers since 1978., It is high time that the workers in the private sector of this .country enjoy the same benefits." Work Continued from page 6F the federal labor law.) "Flexible work arrangements have been available to federal government workers since 1978." Ashcroft said. "It is high time that the workers in the private sector of this country enjoy the same benefits." The provisions in Ashcroft's bill would only apply if the employer and employee agreed. The bill would: •Allow* employees to choose timeand-a-half comp time instead of overtime pay. Unused hours would be cashed out after the end of the year, for the same money employees would have received if they had taken overtime pay. ..ft Allow employees and employers to,,,schedule any combination of hours within a two-week. 80-hour period — instead of the traditional 4iVhour week. Employees could vary sorting times, lunch breaks and quitting times — or work more than eight hours a day in exchange for a day off. About half of federal workers are now on flexible schedules. • Allow employees to request extra work hours in a given week so that later on they could accommodate a medical visit, school activity or some other personal priority. That way. workers could avoid loss of pay. The AFL-CIO's Taylor said Ashcroft's bill "totally destroys the concept of the 40-hour work week." Taylor acknowledged flexible sched i •*<••• i Son. John uling seems to work for federal employees, but she said government service differs from private industry. "You don't have the profit motive driving employers to squeeze the last dollar out of employees." she said. With powerful allies like Sen. Edward Kennedy. D-Mass.. labor may be able to block any legislation. Republicans, business groups, and some independent consultants on work and family say labor's concerns are overblown. The GOP bills would make flexibility an option, not a requirement. There are penalties for employers who commit abuses. "We cannot not make this law because of the 5 percent of employers who might abuse it," said Seitel of Work & Family Connection. A few private companies now use flexible scheduling, including Bechtel, the giant international construction company. But they must go to great lengths not to violate the 40hour week established in the Fair Labor Standards Act. It usually means scheduling the official start of the work week in the middle of the day on Fridays. Glenette Alston works for Bechtel in San Francisco, setting up and running corporate training programs. Because of flexible scheduling, she is able to take every other Friday off: Instead of a 45-minute one-way commute, she can take her two stxthgraders to school in the morning, and pick them up in the afternooa. Sometimes she volunteers at the school. "For me the most important thing is that I'm not an absent parent.' she said. To get every other Friday off. she works one week of nine-huar days. then three nine-hour days and one eight-hour day the following week. "Sure. I have a nine-hour work day." said Alston. "But I know when I'm working those nine hours that I have that other Friday coming. I have friends at other companies who have to work ever}- Friday; and they envy the fact that I hive two Fridays a month off." Tim Green, a senior personnel manager for Bechtel, said the extra legal work required beeps moat companies from setting up flexible schedules. "If this legislation is passed, you wont have to go thrangh a huge administrative burden to put something like this in place." he said. :: «*:»J ;.»•.*•< We would M. to thank the following companiesfor choosing the Savannah Park of Commerce THOMAS & HUTTON ENGINEERING IKON OFFICE SOLUTIONS HEALTHSOURCE GEORGIA HOCK INVESTMENTS REDD REFRIGERATION FERGUSON ENTERPRISES SOMMERS COMPANY >ws INCORPORATED JONES COMMUNICATIONS C AND C MANAGEMENT SWINSON AND HAYNES CRIMSON TIDE INVESTMENTS nftCt9$B§ ACCOUNT EXECUTIVE TRAINEE Dean Witter, one of the nation's largest financial services firms, has an opening for an Account Executive Trainee. You'll receive personal attention and constant support through our in-depth training program. This training will help you develop and maintain a profitable client base; create specific investment strategies; and keep current on financial products, trends and regulatory issues. 1 Business experience (3+ years) and excellent sales and communications skills are required. Please fax resume with salary history in confidence to: Beverly 912-353-5225 DEAN WITTER Dean Witter is an Equal Opportunity Employer. O1997 Dean Witter Reynolds, Inc. - '"•^^mfm PIONEER CONSTRUCTION Fritfiy, FthraaTfZI, 1H7lr*-t; tl 4 * p.m. The Second Anniversary of Inc.; 2 C.I Suite 421 m Cmtt H5MI 8 hours of CPE Tilt r-ti. i i , 1W7. cfcfttv nut If you ptoMt caR Britn I A P R O J E C T OI" PI \ I i i ' l ' M i M A S S O r i ATI'S, INc Chatham Parkway and 1-16 Contact KM1 Commercial • 236-4646 "What A Beautiful Site"