IRA Pitfalls to Avoid While contributing to an IRA offers tax benefits, some savers may face problems if they're not careful. For example, exceeding the contribution limit can lead to penalties, although it’s possible to reverse an over-contribution if you catch it before your tax filing dea...
Single-purpose reverse mortgages limit the purposes for which borrowers can use the payments they receive. For example, lenders can insist that funds go toward the maintenance and upkeep of the home or cover typical costs that are in the lender’s interest, such as property taxes or homeowners'...
Parham cautioned that retirees must be aware of tax brackets and potential pitfalls like the income-related monthly adjustment amount, a Medicare surcharge that increases Part B and Part D premiums for higher-income beneficiaries. Retirees should also consider the tax implications of divid...
Fannie Mae and Freddie Maccan't buy just any mortgage product. The two GSEs have federal rules that limit the purchase of loans deemed relatively risk-free. These loans are conforming mortgages, and banks like them precisely because they will readily sell....
A line of credit can be a useful tool when you need to access cash regularly, just as long as you’re aware of the pitfalls. Before making any decisions, speak to your current lender, a financial planner or amortgage broker. Pros ...
Home equity lines of credit let you turn your home into a flexible source of cash. Limit your borrowing to what you can afford to repay and make sure to use your HELOC for the right reasons, and you’ll avoid many of the common pitfalls related to HELOCs....
A lot of bad real estate advice turns from a myth to reality in some people’s minds. If you fall into the trap of believing some of these falsehoods, you’ll only increase your likelihood of disappointment. Avoiding these pitfalls will leave you better positioned for a successful real esta...
Is it possible for someone who owns the home to give it as a gift and get a land contract with me to own the home. I do a reverse mortgage and give the equity to the owner who I did a land contract with? Are there any pitfalls involved with this as far as back taxes?
Financial literacy gives an individual the tools and resources they need to be financially secure throughout their life. The lack of financial literacy can lead to many pitfalls, such as overspending and accumulating unsustainable debt burdens. This, in turn, can lead to poor credit, bankruptcy, ...