Category: Mortgage
“Federal law, under the Equal Credit Opportunity Act, forbids discrimination in the mortgage market on the basis of age. Nonetheless, loan officers say older borrowers often don’t realize they can get loans with terms that will expire on their 110th, 120th or nearly 130th birthdays.” A senior loan officer with a mortgage company in Florida […]
“Depending on whether you are the only beneficiary, or you are buying out other beneficiaries, you could move in, rent or sell.” There are choices when someone inherits a house. However, they depend on several factors. Are there other siblings who also have inherited portions of the ownership of the house? Is there another owner […]
“When it comes to your money, be careful who you listen to. Taking advice from an uninformed person can cost you dearly.” We call it “the brother-in-law” effect. Most families have a brother-in-law who likes to think he knows everything, and he’s more than happy to share his wealth of knowledge. Trouble is, most of […]
A will can prevent a tough situation from occurring. There is a type of estate scenario that is described in the My San Antonio article, “Using power of attorney in daughter’s estate“, that demonstrates the importance of having a will, no matter how old you are. The challenge is untangling a house title, a mortgage […]
What position is a spouse in if they do not have a legal claim to property? A kind-hearted practice is often to allow a surviving spouse, who does not own the property, to remain in the home after their loved one has passed away. However, that can sometimes be a challenge, says The Union in […]
Strong finances and a full social life can often be the keys to success. There can be happy retirements and there can be challenging and perhaps even unhappy retirements. However, the state of those years is often created long before retirement age arrives, according to U.S. News & World Report in “Retired and Loving It? […]
You can better protect your heirs if you take into consideration that your mortgage might outlive you. If you inherit a house you can end up with problems because it is often assumed you can continue the mortgage payments or refinance with the lender but, unfortunately, neither is the case in all situations. And, as […]
The details are still unknown, but family limited partnerships and family limited liability companies are being scrutinized by the IRS and the US Treasury and changes are coming. The IRS is looking to close a loophole that has worked very well for many years for wealthy families. The IRS is about to get tough on […]
Future generations of homeowners should remember the frustrations and family struggles that were caused by the housing bubble being burst and exercise sounder judgment when it comes to buying their next home. Were you planning on using your home to fund your retirement? That strategy may not be as sound as it may have been […]
Borrowing from a trust can be an alternative to taking a jumbo mortgage, defined as above $417,000 in most markets and $625,500 in some high-price areas such as New York and San Francisco. In some cases, a trust can buy the home outright. A mortgage tends to be a necessary evil to purchase a home. […]
