As you get older you may be trying to think of ways to supplement your income. One way to supplement income in retirement is a reverse mortgage, but that works only for homes that are nearly paid off. If you still owe money on a mortgage for your primary residence you won't be able to get a reverse mortgage.
If you're an employer who has recently laid people off you may be interested to learn about how the U.S. Internal Revenue Service treats COBRA payment...
A property owner does not pay his property tax after an error is detected. The owner needs to get down to the county tax collector and speak to someone in the office who can help to redeem the properties. At this point, they may just have to pay all of the tax, even if one of the tax bills has an incorrect amount listed on it.
A homeowner wonders if they should continue to make mortgage payments even though their house is for sale. Ilyce answers absolutely the home owner should make mortgage payments on time, even though the house is up for sale. If the home owner does not make payments on time, the lender could put the house into foreclosure, and you could completely trash your credit history.
Is a mortgage lender's offer to roll all of your credit card debt into a refinanced mortgage legitimate or a scam? Some predatory mortgage lenders offer a scam to roll all of a person's credit card debt and other loans into one big loan through a refinanced mortgage. The homeowner can't afford the payments on the bigger loan and home goes into foreclosure because of the predatory lender's scam.
Is it worth it to sell your home before living there 2 years and pay the capital gains tax - especially if you're living in a skyrocketing housing market. Despite the capital gains tax, if the market value of your home is increasing drastically, it might be worth it. But, if you have not lived in your home for 2 years, the capital gains tax would be 15% of the profits.
You may want to refinance your mortgage but because high debt like medical bills, getting a home equity loan may be the better option. Home equity loans are often faster and cheaper to get than going through the process of refinancing your mortgage.
A first time home buyer wants to know whether he can roll the closing costs into his mortgage by increasing the purchase price. Ilyce explains the pitfalls the first time home buyer may face by rolling the closing costs into the mortgage. The first time home buyer could be accused of pulling a scam if he increases the purchase price and rolls the closing costs into the mortgage.
A home owner wonders if they should down size to a smaller home to avoid capital gains tax. Ilyce suggests they consider which of their options has a bigger profit potential despite the capital gains tax. Ilyce explains the possibilities of profit potential from both houses to help the home owner decide whether to sell the larger home and move to the smaller home to avoid the capital gains tax.
A new home buyer is looking for a lender they can trust and meet with in person, rather than giving personal information over the internet to websites that do mortgage pre-approval. No matter whether you walk-in, or apply over the internet, mortgage loan approval requires sharing personal information including credit history, income and other personal finance details.
