Category: Elder
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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…
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How a Durable Power of Attorney Works for a Home Deed—And How to Create the POA in 8 Steps
Have you thought about estate planning and your home? One tool you should know about is the durable power of attorney. A durable POA can help a senior deed holder manage property and money, even when they’re losing the ability to do this personally. The document names your agent(s) and lays out their continuing authority…
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When a Homeowner Dies, What Happens to the Home?
What happens when a homeowner dies depends on whether there’s a will, the level of debt left behind, and how members of the deceased person’s circle think about others who could be beneficiaries of the estate. Understanding these factors can help a homeowner write a will that works. And if you stand to inherit an…
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Understanding Life Estate Deeds: Benefits and Drawbacks
It’s possible to deed your property into a co-ownership with the person who will receive your home after your life. Perhaps you plan to leave your house to an adult child, or even a friend. A life estate deed is one option. It keeps you in your home for life. After your life, your home bypasses probate,…
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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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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.…
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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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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…
