What happens to your debt when you die?
Debt doesn’t typically die when we do. A number of factors dictate what happens to debt when you die, including whether anyone co-signed on the loan, if the debtor had assets at death and what type of debt they held. The laws also vary from state to state. Generally speaking,…
Use a Reverse Mortgage strategically for deductions when needed and grow the Line of Credit simultaneously ; Excerpts from “The Street” website (see link below)
Reverse Mortgages (RM) are most often used to eliminate monthly mortgage payments, although borrowers are required to continue to make their home insurance and property tax payments. Occasionally, a retiree may only want to lower their monthly mortgage payment to one that is more comfortable for them and they may…
Are you getting a 2nd Stimulus check?
The Health and Economic Recovery Omnibus Emergency Solutions (HEROES Act) has already passed the House of Representatives and is set to go through the Senate for a vote. If it passes, it is likely President Trump will sign the Act. He was cited by his aides that he is “largely supportive of sending Americans another round of stimulus checks, expressing the belief that the payments will boost the economy”. This would qualify families for up to $6,000 per household.
Public & Private benefits checkup program
The Federal government is constantly growing and expanding. In a 2015 Senate Judiciary Committee hearing, Chairman Chuck Grassley (R-IA) noted: “The Federal Register indicates there are over 430 departments, agencies, and sub-agencies in the federal government.” How is a retiree supposed to be aware of all of the possible programs…
How much money is left to your kids after a Reverse Mortgage?
Have you ever thought about a reverse mortgage but worried you wouldn’t leave an inheritance for your kids if you got one? If you tell one of your friends you are thinking about getting a reverse mortgage, you might hear, “Don’t do that, they will take your home.” Even trusted…
Social Security changes for 2020
The money seniors have paid into social security (SS) during a lifetime of working is significant and this monthly payment is often a cornerstone of income for retirees. For those considering a reverse mortgage or those that already have one, keeping up on these changes is crucial. There is a…
Create family experiences and a legacy with help from a Reverse Mortgage
You have spent a lifetime building your family and creating a safe home for your kids and grand-kids to enjoy together. As your family has grown and gone out into the world they may have separated from you in distance or in closeness but there are things you can do…
Downsize to apartment or smaller home in retirement? Look back 15 years to anticipate the future
I recently met with “Helen” as she was in the process of selling her home she had purchased in LA County 30 years ago. Her home value went up a whopping $600,000 of which she will be able to keep about $300,000 after paying off mortgage and realtor fees. Helen…
HERO/PACE loans can now be paid off with a reverse mortgage
The United States has bet heavily on solar power, to the tune of 39 Billion in annual solar subsidies. California has also heavily invested in solar power with over $250 million dollars spent helping homeowners to install solar panels on their rooftops, energy efficient windows and doors, heating and cooling…
The Good, the Bad, and the Ugly of HERO home improvement loans
I have some clients that had a broken down A/C unit in their home. They live in the desert and had to make a decision quickly with Summer fast approaching. They came across the HERO program and found it as an easy way to pay for a brand new system…
