Other types of reverse mortgages are less restrictive but more costly; however, single-purpose loans are also harder to come by. Understanding Single-Purpose Reverse Mortgages A single-purpose reverse mortgage allows homeowners ages 62 and older the ability to turn existing home equity into a steady...
We are in the 4th Industrial Revolution and the gig economy is booming! It’s a period of rapid change spurred by automation, and is transforming the way we do business. Now, is one of the first times disruptive technology is truly benefiting everyone at the table. Upwork, one of the...
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?
When you are financially literate, you have the essential foundation for a smart relationship with money. This can help start a lifelong journey of learning about the financial aspects of your life. The earlier you start to become financially literate, the better off you'll be because education ...
Investors looking to write off any capital losses need to beware of wash sales, which can derail their attempt to claim a deduction during tax time. A wash sale is one of the key pitfalls to avoid when trying to take advantage of tax-loss harvesting to reduce your taxes, and in falling...
to make sure that borrowers will be able to repay their loans. When you apply, you’ll have to show your lender that you can handle the monthly payment on a HELOC. The lender may ask for things like proof of income and examples of other debts and bills, such as your mortgage payment...
VA loans were designed to make it easier for the returning serviceman or women to buy a home. The program makes it more affordable for the veteran because it allows them to buy with no money down, and without the requirement for private mortgage insurance. Zero-down loans are virtually impos...
setting fair interest rates, promoting responsible lending, educating consumers, and strengthening oversight, regulators can protect borrowers and ensure a healthy credit environment. This not only helps individuals avoid the pitfalls of debt but also supports the integrity and sustainability of the lending...