Category: Reverse Mortgage
If an owner of a home with a reverse mortgage dies, does the family have to leave? I am often asked this question by clients and their family members considering a reverse mortgage. As far as this issues is concerned, reverse mortgages are somewhat similar to traditional mortgages when it comes to certain aspects and [...]
Reverse mortgage first started in Great Britain in the 1930s. In the United States, reverse mortgages have been available to senior citizens in various forms for the past five decades. The first reverse mortgage was given in 1961 by Deering Savings and Loan to a Maine resident named Nellie Young. She was a widow struggling [...]
A Home Equity Conversion Mortgage (HECM) most commonly referred to as a reverse mortgage is a special type of home loan that allows you to convert the equity in your home into cash. The equity that you built up over years as you made your mortgage payments can be paid to you in a lump [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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