Tag: Home Equity
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Deed Theft Can Happen to Anyone—Even More So to Senior and Black Homeowners
Deed theft can happen to anyone. It affects wealthy or modest households. It can happen to a city penthouse or a farm in the country, a beach house or an unbuilt lot. But today, most of all, the targets are homes of older people and Black families. Swindlers especially zero in on the homes where…
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Transfer Current Deed When Moving to Senior Care: Wise Move or Not?
You’re thinking of transferring the deed to your home and moving to an assisted living community. Is this a good idea? Can it keep the deed from being taken over to pay for care? Is it the best way to get the deed to your chosen beneficiaries and keep the transfer from becoming a probate…
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Older Adult Deed Holders at Work: We See You
Working past “retirement age” has gone mainstream. Twelve million people aged 65+ continue to work. Many hang onto their deeds. And this includes deeds to every kind of home. Baby boomers without children present now own more 3+ bedroom homes than millennial parents with children. In the past year, for the first time ever, the…
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When Your Starter Home Becomes Your Forever Home: How to Weather the Lock-In Effect and Make the Most of Your Deed
Who wants to sell a home when they have a low-rate mortgage and land in a market where interest rates are twice as high? No wonder so many people are just sitting on their deeds. It’s the lock-in effect. We’ve been in it for four years… and counting. Make no mistake: deed holders are fortunate…
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The Deed Holder’s Ace in the Hole: Home Equity in an Emergency
Deed holders are racking up debt these days. Fuel, electricity, and food all cost more. And don’t get us started on insurance premiums and property taxes. All it takes is one surprise—a tree falling on a roof or a broken pipe—to push a hardworking person over the financial edge. But the cash-strapped deed holder might…
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If I Can’t Age in Place, What Are the Options?
Most older adults want to live in their own homes as long as possible. Sometimes it’s possible. Sometimes, workarounds are needed. When charting the path ahead, consider these alternatives.
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Got Wealth? Deed Holding Beats Renting at Every Age, Federal Reserve Finds
Buying a home is expensive. But the investment in a deed can pay off as equity increases. Holding a deed is a pillar for household wealth-building, according to the Federal Reserve’s Survey of Consumer Finances. It’s not surprising that the Fed has confirmed this. Yet it’s interesting to see how the U.S. central bank lays…
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Older Adults Are Holding Record Amounts of Home Equity. Can Their Heirs Afford to Keep It?
Older adults are poised to pass along roughly $19 trillion in home equity over the next two decades. But the wealth is unevenly held. Many seniors struggle to preserve the equity they have. And even if they can, will their heirs be able to do the same? More than a fourth of homeowners aged 65+…
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Illinois Tax Sale Reform News: What Deed Holders Now Must Know
A new court ruling, plus a new state law, is strengthening Illinois deed holders at risk of losing their hard-earned home equity because of unpaid property taxes. It’s about time. Thousands of Illinois deed holders have lost their homes and all of their home equity over relatively minor tax debts. Consider the Kidd household. After…
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Avoid the $20K “Age Penalty”: Maximize Your Home Equity and Sell for Full Price
Statistics show that, all other things being equal, older homeowners tend to receive lower sale prices. Why? And, more to the point, how can you—or a senior in your life—buck that trend?
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Could Your Home Equity Help Your Adult Child Get a Deed?
Hard to believe 30-year, fixed mortgage rates were under 3% six years ago. Today’s rates are well over 6%. And, according to new Census figures, home prices are averaging above a half-million dollars as we go to press. So if your adult child is struggling to save for a home, well… no wonder. Meanwhile, perhaps…
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Struggling With Your Mortgage Payments in a Harsh Economy? Not All Promises of Help Are Legit.
There are deep problems in the U.S. housing economy—including for deed holders. And today, for many households coping with inflation, oil price surges may be the last straw. This financial pressure will likely create many more targets for the grotesque business of promising mortgage relief in order to snatch equity from homes. You might have…
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Cashing in the Deed and Moving to Retire
A deed is a key asset as you approach retirement. If you opt to sell your home, you’ll have the equity at your fingertips. You might opt to downsize, or you might decide to rent at a retirement community, or move downtown for the culture and convenience. Here are a few points to consider—and an…
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More Deed Holders Slip Under Water. Lost Equity Risk Varies by Region.
The average deed holder is doing OK—sitting on $299K. But as high as home values are, across-the-board homeowner equity is down from its 2024 highs. Home equity belonging to the average U.S. deed holder went down by about $13K last year. In 32 states, people have been losing equity. Most strikingly, the number of mortgage…
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HECM: Can It Ease a Senior’s Financial Stress?
A home equity conversion mortgage (HECM) is a lesser-known financial tool designed for seasoned deed holders. At essence, it’s a reverse mortgage. Backed by the FHA, it allows qualified seniors to reach some of their home equity while holding onto the home.
