Reverse mortgages are not for everyone. A reverse mortgage allows a homeowner to cash out part of the equity in their home without having to pay it back until they sell the house, permanently move out, or die. The amount you can borrow depends on your age, the value of your home, your current equity, and the current interest rates.
A few years ago, my mom and dad (both nurses) were in a tough spot financially. Living off of a small pension and an even smaller Social Security Check, they were having trouble keeping up with their bills.
Why real estate downturns don’t hurt cash flow investors like they do speculators.
Safe real estate investing rule: If you have cash flow you can hold on until prices rebound. It just isn’t that risky if you never made rising prices a part of you profit plan.
In fact, rents in some areas have continued to climb as the prices of real estate have fallen 20% and more. This makes sense if you think about it a bit. The banks are less inclined to lend money, and certainly not so easily as they did at the top of the bubble. Fewer people are able to get a mortgage, which means what? More people renting! That holds up rental rates or even pushes them higher.
With the economy in decline and retirement savings dwindling, many seniors are considering reverse mortgages. Unfortunately, myths about these home loans prevent some seniors from receiving the funds that could make a big difference in their lives. Here is the truth about the top 5 reverse mortgage myths.
Myth 1: The bank takes the house OR the borrower can lose the house.
Are there benefits to the current housing slump? Here are several.
When it comes to the current real estate situation (2008), perhaps the last thing most people think about are the benefits of the housing slump. It is easy to see the problems, ranging from difficulty getting loans to being “upside down” on ones mortgage (owing more than the home is worth). But there is a bright side to the dropping prices.
During the current market many homeowners property value has gone way down. While there property value has dropped significantly there property taxes have stayed the same, or in some cases they have actually increased. Even if property owners pay their mortgage on time every month they are still at risk of losing their home if they fail to pay their property taxes.
Many homeowners have been taken by surprise when the value of their home suddenly seemed to hit freefall. However, it would certainly seem as though there should be one advantage to dropping home prices. Many homeowners assumed that when the value of their homes fell, their property taxes would as well. This has not been the case in many areas though.
Buying a home for the first time can be a very overwhelming experience. After all, we were once first-time home buyers, and we remember buying our first home. Add our personal experiences to the experience we’ve had helping first-time buyers, and you’ve got quite a bit of useful information. So, we’ve made a list of tips for those of you considering buying your first home.
The general Charleston area is made up of three counties: Charleston County, Berkeley County, and Dorchester County. These three counties vary in tax prices. If you were to compare two houses that were identical in price ? one in Charleston County and one in Dorchester County ? you would pay considerably more in taxes for the Charleston County home.
The general Charleston area is made up of three counties: Charleston County, Berkeley County, and Dorchester County. These three counties vary in tax prices. If you were to compare two houses that were identical in price ? one in Charleston County and one in Dorchester County ? you would pay considerably more in taxes for the Charleston County home.
The general Charleston area is made up of three counties: Charleston County, Berkeley County, and Dorchester County. These three counties vary in tax prices. If you were to compare two houses that were identical in price ? one in Charleston County and one in Dorchester County ? you would pay considerably more in taxes for the Charleston County home.
Paying too much in property taxes? Here is how you get them reduced.
A few years back, I bought a rental and decided that my property taxes were too high. I paid $16,000 for the place (remember those prices?), but the county assessor had the property pegged at a market value of $18,400. Each spring the county had a day when one could appeal the assessment in person, so I made my case to one of the designated “judges.”
