What is a Reverse Mortgage?
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment.
More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies.
Since this is a new product, some people have misconceptions of what a reverse mortgage is.
The bank doesn't give you money and take your house.
Let's look at some of the most common questions.Are reverse mortgages for desperate people?
No.
It is an excellent financial planning tool used from people of all walks of life.
How do I qualify?
You must be 62 or if both parties are on the mortgage, then you both must be at least 62.
And, you must have equity in your home.What if I still owe on my home?
You may still qualify even if you have a balance on your first mortgage.
The proceeds must be used to pay off the mortgage, first.
How much can I get?
This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.Is it just monthly payments?
No.
You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit.But, won't I have to pay taxes on these monthly payments to the government?
No.
The funds are tax-free.
Its your money, not additional income.
Should I seek a lawyer or receive some counseling before I get a reverse mortgage.
Yes.
You must be counseled before receiving a reverse mortgage.
You don't have to talk to a lawyer or accountant, but it would be advised.Who owns the title to my house?
You still own the title.What happens when I die?
Once your home is passed on to your heirs, the mortgage becomes due.
Your heirs may pay the mortgage and keep the home or sell the home and pay off the home.
They may keep any excess sales proceeds.What if I owe more than the house is worth?
You can't.
Your repayment amount will never exceed the value of the home at the time the loan comes due.
Also, there are no prepayment penalties.
What if I move?
If you move, then the mortgage becomes due and must be repaid.
Where can I learn more?
The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org.
Try it out at:http://www.mortgage-refinance-review.com/calculator.php
Governor Rick Perry Sued; Lawsuit claims Governor Lacks Authority to Privatize and Toll Already Tax-Funded Public Highways
Austin, TX (ContentDesk) October 6, 2005 -- People for Efficient Transportation, Inc. filed a lawsuit today in the District Court of Travis County, on behalf of taxpayers throughout Texas against Governor Rick Perry. The lawsuit takes Gov. Perry to task, as the state's Chief Planning Officer, for allowing unlawful Metropolitan Planning Organizations (MPOs) to allocate federal dollars, which includes allocating funds for Perry's plan to privatize and toll already tax funded Texas public highways.AUTHORITY TO ALLOCATE FEDERAL FUNDS IN QUESTIONGovernor Perry has mandated that MPOs shift the publics freeways into tollways across the state; however, the lawsuit claims Perry's MPO simply have no authority whatsoever to dispense funds for such an unpopular and unconstitutional scheme. That includes allocating tax dollars to Gov.
Perry's unelected, therefore unaccountable Regional Mobility Authoritys (RMAs) who will set the toll rates for already tax funded public highways. It's important...
Governor Rick Perry Sued; Lawsuit claims Governor Lacks Authority to Privatize and Toll Already Tax-Funded Public Highways
Tax help > Governor Rick Perry Sued; Lawsuit claims Governor Lacks Authority to Privatize and Toll Already Tax-Funded Public Highways
President of PayrollonaBudget.com, Recently Interviewed on 'Heartbeat of America,' Offers Tax Tips
Lewisville, TX (ContentDesk) December 21, 2005 -- December marks tax time again for small businesses and, as such, many business owners are turning to the Internet in search of ways to reduce the painful bite they are about to experience. One such Web site is PayrollonaBudget.com. Recently featured on the news television series, "Heartbeat of America," this Web site provides business owners with helpful tips, advice and services to legally cut their business' payroll and taxes. During his interview, Charles J. Read, President of PayrollonaBudget, was asked to discuss problems that business owners face in handling their payroll while maintaining compliance with the country's burdensome tax regulations.
The eight-minute episode aired November of 2005.Read is now offering several tips to the public on how to avoid paying estimated income tax and estimated tax penalties."For those business owners who haven't yet made the estimated tax payments they should have made and are looking...
President of PayrollonaBudget.com, Recently Interviewed on 'Heartbeat of America,' Offers Tax Tips
Tax help > President of PayrollonaBudget.com, Recently Interviewed on 'Heartbeat of America,' Offers Tax Tips
Contact Center Management Seminar Headed to San Juan, Puerto Rico
Essential Skills and Knowledge for Effective Incoming Call Center Management, a 2-day public seminar, is coming to San Juan, Puerto Rico, on May 10-11, 2005. This dynamic course was developed specifically for contact center supervisors, managers, and directors. Attendees will learn how to plan and manage call center resources, handle a growing variety of customer contacts, effectively use reports and measurements, and establish and meet performance objectives."There is an increased need for professional call center, help desk, and telecommunications training in Puerto Rico," says Nina Kawalek, President of the Chicago-based Resource Center for Customer Service Professionals. "More and more US-based companies are learning that they can outsource customer service operations off-shore to Puerto Rico without losing the security of our US borders and business practices."With an increasing Latino population in the US, bilingual spanish-english customer care operations are becoming necessary....
Contact Center Management Seminar Headed to San Juan, Puerto Rico
Tax help > Contact Center Management Seminar Headed to San Juan, Puerto Rico
IRS Fails as a Tax Adviser
The Internal Revenue Service conducted a study of the quality of telephone advice it provides to taxpayers. It found that only 27% of callers actually received complete answers to their questions. Almost three quarters of callers were denied service, told to call back later, or had an excessive waiting time and simple hung up before speaking with a representative. Of those few callers that received complete answers, the answers given by IRS representatives to tax law questions were correct only 50% of the time. Taxpayers are often surprised to learn that they are not protected by relying on advise from an IRS employee.
Only a private tax adviser can warranty the reliability of their advice, and the warranty is limited to the specific remedy offered by the adviser. This might be representation at no additional charge to resolve an issue in dispute or a return of the fee. A taxpayer can rarely be protected from tax liability due to incorrect advice..
IRS Fails as a Tax Adviser
Tax help > IRS Fails as a Tax Adviser
Tax Certificate Investors Make More Money If They Know "The Basics" of Property Descriptions!
Tax Certificate Investors Make More Money If They Know
"The Basics" of Property Descriptions!
There are 3 basic systems of describing real property. They range from the time the USA was founded? up to the stream-lined present day systems. Knowing them will let you into the "exclusive code" of the tax assessors and collectors. They set the rules for ALL Tax Certificate and Deed auctions.
In colonial days they used obvious physical features (hills, rocks, rivers, forest, etc.) and a system called "Metes and Bounds". Just the Metes and Bounds System (A description of land by property lines ? with terminal points and angles) is still used by all states at present.
"Metes and Bounds" requires extensive study and serious knowledge of land and geography.
At present, the "Block and Land" system is preferred and very easy to understand! The major plot of land is simply divided into smaller lots and blocks that show the streets with their individual...
Tax help > Tax Certificate Investors Make More Money If They Know "The Basics" of Property Descriptions!