“A reverse mortgage means you don’t make any payments, and the loan balance increases each month,” says Steve Hill, a mortgage broker at SBC Lending in Redondo Beach, California. “So, the loan balance gets higher each month instead of lower — it goes in reverse.” The money that a...
“A reverse mortgage means you don’t make any payments, and the loan balance increases each month,” says Steve Hill, a mortgage broker at SBC Lending in Redondo Beach, California. “So, the loan balance gets higher each month instead of lower — it goes in reverse.” The money that a...
In most cases, the proceeds of a reverse mortgage are not taxable. It is important, however, to discuss your particular situation with a tax professional. The interest on a reverse mortgage is not deductible until the loan is repaid. As with any kind of mortgage, a reverse mortgage will co...
Is In-Home Care Tax Deductible? As a loved one paying for a caregiver or a family member caring for an older adult on your own, you have a number of tax breaks available to you. Here are a couple I’ve learned about during my years as a professional caregiver. Child and Dependent Ca...
your home, and you can use the funds for any purpose. This option can be ideal if you have a specific large expense or debt to pay off. It also comes with the stability of predictable monthly payments. If you use the funds to remodel your home, the interest might be tax-deductible. ...
Another thing to keep in mind is that the interest you pay on an EEM is tax deductible. Check Out:Tips for Refinancing With a High DTI Ratio What are upgrades that can be financed with an energy-efficient mortgage? EEMs can be used to finance the purchase of a home that’s already ene...
A tax refund is as much an asset as a diamond ring, and just as some thieves target jewelry stores, others specialize in stealing taxpayers' identities in order to create fake tax returns that provide large refunds. The IRS is on the lookout for this kin
Unlike HELOCs, homeowners get second mortgages in a lump sum. That also means the payback period begins immediately and homeowners will have two monthly mortgage payments until one of them is paid off. Are interest payments tax deductible?
A crypto winter has set in for cryptocurrencies, causing significant losses to many investors’ holdings. Selling for a loss can result in tax consequences unique to cryptocurrency. Investors who believe in the long-term potential of cryptocurrency can still use this downward market movement to lower...
I was even copied on emails to that effect, but when I went to the clerk’s office after her death, I was told the deed was not in my name. It turned out that there was no money left, and the current guardian told me they were therefore going to do a reverse mortgage on the ho...