Category: Elder
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My Dad Put My Nickname on the Deed: What Should I Do?
My dad passed away. His name and mine are on the home deed I just inherited from him. Here’s the issue. He put my nickname, Kathy, on the deed — though my actual name is Katherine. Do I need to change the deed? If so, can you tell me how? This kind of situation arises…
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Lost Deed to Inherited Mineral or Oil Rights. What Should I Do?
From time to time we’re asked what to do if a deed is missing to mineral or oil rights. Can you recover your interest in these rights if you’re missing the deed? And how are these rights exercised? In this article, we take the questions one at a time.
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Seniors’ Advocates Urge States to Ban Predatory ‘Cash for Listing’ Contracts
States are outlawing listing agreements that bind homeowners to specific companies to sell their homes in the future. In the last two years, 30 states have acted to prevent businesses from taking control of people’s property by recording brokers’ contracts against their deeds. The agreements can result in restrictions, liens, or even stealth mortgages recorded…
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I’m a Senior, Looking for a Mortgage. Will I Be Treated Fairly?
Great question. The first thing to know is that the Equal Credit Opportunity Act is on your side! Under this federal law, lenders may not consider an applicant’s age as a reason to approve or turn down your application. Simply stated, seniors can get mortgages if they demonstrate their ability to make the monthly mortgage…
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A “Silver Tide” of Boomers Will Pass Their Deeds Along — And It’s Rolling
Freddie Mac is planning for nine million baby boomers to let their homes go — gradually. Freddie Mac’s recent analysis predicts just 300,000 boomer-owned homes will be released to the market this year. Larger numbers will follow, though, increasing year by year. Freddie Mac’s report shows the silver tide has begun to roll. Expect the…
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Reverse Mortgage Scams? What Seniors Need to Know.
If you or someone you care about is 62+, you’ll know it’s important to avoid sketchy financial offers targeting older adults. But what about reverse mortgages? From time to time, media outlets point to scams or high-pressure tactics involving reverse mortgages. And it’s true that reverse mortgages are designed for senior homeowners. But are these…
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Is Moving to a 55+ Community a Good Decision?
You or someone you know may be one of the generation of people aged 55+. And you might be thinking about downsizing or moving to a 55+ community. Here, we orient curious readers with the pros and cons, and go over the deed restrictions to understand before and after buying in.
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Multigenerational Homeownership: How the Deed Is Vested
Millions of U.S. households have multiple adult generations. How do they divide up the worth of their home and the upkeep that goes into it? Who pays the mortgage, insurance, and property taxes? What happens if an owner leaves the home, or passes away? A lot comes down to good deed planning. In this discussion…
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Locked Out: Less Than 5% of U.S. Housing Is Accessible to Older, Disabled Residents
Tens of millions of U.S. residents have a problem. There aren’t enough homes for the elderly and disabled population. One in four of us — more than 60 million people — have a disability. And our older adult population is rapidly growing. As a general matter, the United States needs something between 3 million and…
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Property Tax Breaks for Older Homeowners (New Changes for NJ, PA, and MD Seniors)
For some seniors and people with disabilities, property taxes can feel like the proverbial last straw on the camel’s back. On the other hand, local governments need funding. They tax their residents to fund resources like emergency response departments, schools, and libraries. How much will you owe in property taxes? It depends on what your…
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Warning: When Not to Sign Over Your Deed
Transferring the deed to your home is a simple matter. Generally, you just have to find the current deed to your home, then get the right deed form to write up your new deed to convey to another party, and take the document to a notary. Then your signature can be notarized and the deed can be…
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Welcome News: Some States Are Helping Seniors Defer Their Property Taxes
Taxes keep going up, following property values. But some homeowners — and buyers — can tap into county or state property tax breaks. Some states exempt seniors from property tax. Some states let eligible homeowners put off paying property taxes — in many areas, for as long as they own the home. An exemption doesn’t…