Tag: home equity conversion mortgage
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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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Recent Changes in Florida Reverse Mortgage Taxation: What You Need to Know
Recent changes in Florida’s tax laws have impacted the way Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECMs), are taxed. These changes are based on Florida Statute 199, FDOR Tax Information Publication (TIP) No. 24B04-02, and Section 18, Chapter 2024-158, Laws of Florida. For those who are involved in real estate transactions, understanding…
