Category: Elder
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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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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…
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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…
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In the News: Struggling and Elderly Homeowners Targeted by Deed Fakery
Imagine a licensed real estate broker — of all people — accused of taking other people’s homes and selling them. Imagine someone deciding to fake a deed to steal the house of an elderly homeowner who’s ill and in a nursing home. These are both real stories, now unfolding in Florida.
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Heirs, Protect the Seniors in Your Life From Deed Theft
A 91-year-old Floridian recently sent a payment to his insurer. Then the agent called to say the company wouldn’t be able to renew the homeowner’s policy. The deed had been transferred. The home was now legally owned by another person. Some days later, from his bedroom, this shocked and disoriented senior heard three people come…
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Living at Home as an Older Adult? Caring for Someone Older? Home Tech Can Help
On October 1st, Tesla revealed a model of its Tesla humanoid robot, Optimus. Some viewers think it might have retail potential, as a robotic home assistant. Tesla seems serious about the project. The company even sidelined the creation of an affordable ($25K) electric car to focus its expertise on robot technology. But Optimus is still…
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What Today’s Senior Home Buyers Should Know
Retirees and seniors are active in the U.S. real estate market — and everything else! Turning 65 once meant retiring on a pension. Today, for many, it means financial independence, self-actualization, and enjoying life for a few more decades. How does this impact an older adult’s real estate plans? Is it better to rent or…
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Unlocking Your Home’s Equity Without Selling: A Guide for Retirees
Options at Retirement Age and Earlier The closer we get to retirement age, the more we start thinking about how to avoid pulling from our retirement accounts too early or too much. For many homeowners, home equity is starting to look like a key retirement planning resource. What’s the best way to tap into it?…
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Buying Versus Renting for Active Adults
The baby boomers are now driving a booming business. Retirement real estate is a big part of what marketers are calling the longevity economy. Sure, many seniors just want to live where they already are. But not everyone wants to (or can safely) age in place at their long-time homes. That’s especially true when the…
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Should Your Child’s Name Be on Your House Deed?
Compare the Alternatives Thinking of putting your child’s name on your house deed? If that’s the person who will get the home after you pass in any case, it might seem sensible. And maybe it is, in certain circumstances. After all, probate can be time-consuming, and even contentious. But before making this decision, do you…
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Hold On, Maine Seniors. Property Tax Relief Is Coming
Maine will cover property taxes for homeowners aged 65+ who have annual incomes under 40K. Thousands of homeowners — most of Maine’s residents who receive Social Security benefits — will be eligible for the benefit. The provision, LD 1638, takes effect on Oct. 18, 2021. There is a catch for these eligible owners, though. Here’s…
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After You’re Gone, Does Your Mortgage Live On?
You might be wondering about that house or condo you’ve left in your will. Often, after a homeowner passes on, the real property is sold from the estate to pay off debts. But maybe you have a relative who would like to have and keep your home. For the sake of exploring the question, say…
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Should a House Be in an Irrevocable Trust?
A home can go into an irrevocable trust. But giving up control over a primary residence is not something most owners want to do. The owner lets go of the “incidents of ownership” and the house goes under a separate tax ID, with taxes filed by a trustee. The owner might continue living in the…
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Is It Time to Place Your Home in a Living Trust?
With a revocable (living) trust, you can assume the role of trustee, and stay in control of your real estate during your lifetime. After you pass away, your living trust becomes a substitute for probate. This is especially helpful if your estate would otherwise face multiple probate processes because you have real estate in several…
