Category: Elder
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Reverse Mortgage Problems: When to Stay, and When to Walk Away
Reverse mortgages are designed for senior homeowners. They’re advertised as a super power available to longtime deed holders. The idea? When you’re low on cash, tap into your many years of equity-building. Draw financial strength from your property’s value. Sounds good, and yet pitfalls await the unwary. Reverse mortgages allow borrowing to increase, and home equity…
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Life Estate Deed or Living Trust: Which Path Is Right for Your Home?
It’s never too soon to plan out the transfer of your deed after you pass. One way to do it? The tried-and-true method of writing your last will and testament and including your home in it. You have other choices, though. The life estate deed and the living trust are popular vehicles for a deed…
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What Is a Senior Citizen Tax Work-Off for Property Taxes?
There’s a trend taking shape across the country. Seniors are working off part or all of their property tax bills. Some jurisdictions, like Pennsylvania, have passed laws to encourage local tax collectors to set up work-off initiatives in their cities or counties. In other cases, a school district might set up these programs on their…
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The Compass Real Estate Company Is About to Open a New Division Just for Boomers
Compass is launching a new division to guide and serve senior clients. The agents who sign up will be certified by the Society of Certified Senior Advisors. Here’s the latest.
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Senior Deed Transfers: Is Capacity In Question?
When an older adult transfers property, sometimes questions come up about whether the deed holder had legal capacity to transfer it. Did the person grasp the meaning of the transfer? Was the transfer voluntary? A court could undo a problematic deed transfer in a quiet title action. But deeds are presumed valid. If they’re properly…
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Does Starting a Mortgage Later in Life Make Sense?
Some older adults might wonder. They also might wonder if the bank will want to lend to them. There are plenty of good reasons for older adults to buy homes. People over 60 make up about a third of the population of home buyers. That’s because starting a mortgage and acquiring a deed can be…
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Selling Your Home in Retirement: How to Manage Deed and Title Transfers
Retired and thinking of selling your home? If so, you’re not alone. According to the National Association of Realtors, baby boomers are the largest group of both home sellers and buyers in the country. Here are some considerations for handling your deed and title transfer during your home sale.
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Time for an Estate Planning Review? Check for 9 Common Deed Mistakes
Creating an estate plan is a wonderful thing to do for your loved ones. And it’s actually never too early to do your estate planning. Every homeowner should be confident that their intentions will be carried out, according to clear, effective documents. So, let’s briefly go over nine common mistakes to look out for when…
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When Parents Won’t Let Go: Micromanaging Homes in Family Trusts
Family trusts can be helpful estate planning tools. A trust can protect a household’s assets, and effectively pass wealth along to family members. Those who receive income or assets from a family trust are called beneficiaries. But some of the people who are supposed to benefit may not entirely appreciate the gesture. They might resent…
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St. Louis County Deed Holders: Submit Your Property Tax Freeze Application Now
St. Louis County’s senior property tax freeze has begun. Rejoice! The program halts real estate property tax increases for eligible seniors. From now until June 30, 2025, you may submit the online application that covers 2024. You’re eligible for this money-saving initiative if you: Of course, you can only claim your Senior Property Tax Credit…
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Selling the Family Home to Fund Retirement: Get It Done in 5 Steps
Thinking about the financial and practical aspects of selling your family home to fund your retirement? Wondering where to even begin? It’s a major milestone. And it’s best approached one step at a time. Here are the steps in the process of navigating the real estate market as a senior, selling your home and starting…
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As You Get Older, You May Need Medicaid. Protect Your Deed.
Medicaid is a popular program, funding healthcare needs. For millions of eligible people, these needs include nursing home stays. First, the good news. Most people don’t have to sell their homes to qualify for nursing home funds. Now, the not-so-welcome news. The state could record a lien on your title and collect from your estate…
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When a Co-Owner Has Dementia: What’s Ahead?
Do you co-own a home? Then you could one day be asking if your deed can be signed over to someone else if either co-owner develops dementia. You might even want to transfer the deed entirely, and move to a place that will be easier on one or both of you. Let’s take a look…
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Seniors Under Pressure: Could Someone You Love Sign a Deed Away?
It’s an all-too-common story. You’re caring for your parent, who’s a deed holder. And when you’re not looking, another person persuades the senior to sign over the deed. Who puts pressure on elders to give away their homes? It could be a renter. Maybe an acquaintance or relative. Maybe a health assistant or handy person. …
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Estate Planning for Seniors With Multiple Properties
Seniors who own multiple properties have unique estate planning challenges. It’s a good problem to have. But if you’re in this situation, you’ll need to develop a strategy to pass your valuable assets after your passing. You’ll want to know the basics about deeds, wills, and trusts. Tax implications? Yes, those too. You’ll want to…
