Elder Archives - Deeds.com

April 3, 2024April 25, 2024

Buying My Grandmother’s Home. What’s My Game Plan?

Your grandma is selling her paid-off home. Perhaps your grandparents have moved into a retirement home and you’d like to buy their home.

Or perhaps your grandparents have passed on, and you are purchasing the home from a grandparent’s estate. Very often, an estate sells a home to young relatives of homeowners who’ve passed away.

If relatives are on board with your interest in buying a grandparent’s home, then you should have no problems moving ahead with the idea. Still, you have plenty of questions. So, let’s do a Q&A.

April 1, 2024April 25, 2024

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 baby boomers to convey deeds to more than 9 million homes between now and 2035, says Freddie.

March 13, 2024April 25, 2024

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 loans deceptive? Let’s take a look.

February 28, 2024April 25, 2024

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.

January 29, 2024April 25, 2024

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 of vesting a multigenerational home, we check out the intersections of people’s lives and deeds.

November 13, 2023April 25, 2024

What’s Best in Retirement: Owning or Renting?

To transfer the deed or keep the deed? That is the question. And it tends to come up when retirement age approaches.

This phase of life often involves downsizing — to lower the household tax, insurance, and maintenance costs.

Paying off the home mortgage can net longtime owners enough to unlock some great options. Rent a nice space at a 55+ apartment property? Downsize? Explore life-plan properties? Or just stay home?

Let’s sort out some basic issues and questions related to each of these alternatives.

August 23, 2023April 25, 2024

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 6 million homes, according to Republican Senator Mike Braun of Indiana, who sits on the Senate’s aging committee. Bob Casey, the U.S. Senator and former governor of Pennsylvania, notes how disabled home seekers are doubly disadvantaged in this market. They need homes they can afford and homes they can navigate safely, despite their disabilities.

Casey, who chairs the Senate Special Committee on Aging, recently proposed a federal bill. It would require the Low-Income Housing Tax Credit Program to fund homes with accessibility features.

Will Casey’s proposal get support? Will other laws be proposed? We’ll have to see. We’re certainly expecting a heightened interest in this issue nationwide.

August 16, 2023April 25, 2024

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 state and local governments decide. If you’re a senior or have a disability, most states offer reductions. To offset the pain of inflation, some states have raised income thresholds this year, making tax breaks available to more seniors.

Read on, as we look at some highlights. We start with New Jersey, which taxes its homeowners more than any other state in the nation.

May 29, 2023April 25, 2024

How Middle-Income Earners Considering Retirement Housing Get “Trapped in a Gap”

It’s a great time to sell a home at a profit, but…not the easiest time to downsize. Across the United States, attractively priced homes are hard to find.

And opting for a retirement community keeps getting pricier, too. As an article in Forbes recently put it, “There just doesn’t seem to be anything affordable for middle-income seniors.”

How can these older adults navigate their possible futures? Some are downsizing creatively. And some are finding ways to house themselves in mutually beneficial arrangements. Let’s take a look.

April 7, 2023April 25, 2024

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 filed.

But it’s best not to rush in. Some homeowners later regret signing over their deeds.

Let’s look at reasons not to transfer deeds too quickly — and how best to proceed when you do.