Category: Elder
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Elders and Real Estate Fraud: A Burgeoning Problem
Evelio and Milagros Esteban are in their 70s and they’ve been homeowners for years. But recently they ran into trouble paying their mortgage. That was when they mistakenly transferred their home deed to another Miami resident, who offered to help them rent out their home. Thinking they were signing a Section 8 housing application —…
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What Happens If the Mortgage on Your Home Outlives You?
Mortgages can span decades. Naturally, not all homeowners outlive these long-term loans. Here, we discuss what happens when a homeowner passes away with a loan still on the home. This can be a tough topic to confront, but reviewing the potential scenarios will help you prepare for the possibility.
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If You Inherit a House, Act. A Cautionary Tale About Putting Off Probate
Five years ago in Texas, John died, willing his house to a nephew, A.W. Today, A.W. wants to get ready to sell the house, and pay off some debt. Here’s the rub. The will never went through probate, and a different relative of John’s has been living in the home all this time. Who gets…
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When a Spouse, Partner, or Relative Dies: What’s Next for the Home?
Homes are complicated assets. When a homeowner dies, this becomes obvious. When loved ones are experiencing grief and loss, the real estate details can border on overwhelming. If someone in your life died holding an interest in real estate, here is some general guidance. You might have some actions to take, depending on the situation.
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Age-Restricted Communities: How They Affect Your Real Estate
Looking at homes in a 55+ community? You might wonder: Will I be able to leave my age-restricted condo home to my children? Before buying your new home in an age-restricted community, check the homeowners’ association rules on inheritance. Your realtor might have mentioned two pertinent guidelines these communities follow: the nationwide 80/20 rule, and the property’s own minimum age rule. We’ll…
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Medicare and Medicaid: Can They Take Your Home?
States can go after the assets of people 55 and older who have relied on government-funded medical services. Do states actually wield this authority? If they do, can people protect their homes from these recovery actions? Here are the basics to explore with your estate planning expert.
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Homeowner Estate Planning: Real Estate Tips
Ready to move estate planning to the front burner? Homeowners, especially, need to have a plan in place. If there is no will, and no other arrangements for the home to pass to a co-owner, it will pass according to the state intestacy provisions. That’s not an estate plan. There’s no better time than the present to…
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Should You Get a Reverse Mortgage? Consider This.
Time to start a new chapter in your life? A reverse mortgage can be an option if your goals include: Getting a degree. Helping someone else through college. Covering major dental or medical expenses. Starting new creative projects or business ideas. Enjoying recreation and travel. Having funds to tide you over until you qualify for…
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The Golden Years, With a Paid-Off Mortgage
We’ve talked about scams, and the risks that can be involved in delegating a power of attorney to another person. Now, let’s uplift the mood. Visualize the day you submit that very last mortgage payment. Congrats! Your debt is satisfied. Your certificate of satisfaction can now be recorded in the county where your home is. If your…
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Fraud, Scams, and Power of Attorney Problems
More than a third of the U.S. population is now in the over-50 set. As the seniority trend continues, expect the rate of financial exploitation to rise accordingly. Be aware. Keep tabs on what elders need to look out for. Here, we review the kinds of financial manipulation happening on a large scale today.
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Should You Remove a Deceased Owner from a Real Estate Title?
When someone who owns real property dies, the property goes into probate or it automatically passes, by operation of law, to surviving co-owners. Often, surviving co-owners do nothing with the title for as long as they own the property. Yet the best practice is to remove the deceased owner’s name from the title. Here, we review some common scenarios, and reasons to…
