Real Estate

 

 

In the good old days, a real estate lawyer or a real estate attorney was someone who represented you at the closing of your house. There is much more to this story. Your home is your castle, it’s not just mortar and bricks. It is your largest financial investment and it represents the even larger emotional investment you have made in your family. Your home represents the manifestation of the American Dream, of owning your own plot of earth and throwing down roots.

At Vincent J. Russo and Associates, P.C., as your Long Island real estate attorney, we have the knowledge and the experience to help you safeguard your castle.

How Can I Save the House?

Many people come to us in crisis because a loved one needs nursing home care. They want to know how the house can be saved. There are many techniques that can be used to save the house, from re-titling the property to the right person, to sophisticated legal trusts. For example, parents can transfer their home to their children and keep a life estate (see below).

We take great care to make sure that nothing is done that may endanger Medicaid nursing home benefits. Unless you are intimately familiar with Medicaid and the new changes that happened in 2006 under the Deficit Reduction Act, saving your house is not a do-it-yourself project. With an experienced real estate lawyer on the legal team of Vincent J. Russo & Associates, P.C. on your side, we can help you save your house.

Reverse Mortgages

With a traditional mortgage, you back pay the bank, month by month, and eventually you own the home free and clear of debt. A reverse mortgage is the exact opposite of a traditional mortgage: the mortgage company pays YOU, the homeowner, each month. You do not have to pay the reverse mortgage back until some later time. A reverse mortgage allows homeowners who are at least age 62 to tap into their home equity to supplement their retirement income.

You may have heard that reverse mortgages are the next best thing since sliced bread, or you may have heard that they are a rip-off. Like most sophisticated financial solutions, the answer isn’t black and white and having the right real estate lawyer is important. There’s one very important thing for you to know with a reverse mortgage; as long as you are alive and living in the home, you will not have to repay the loan.

A reverse mortgage doesn’t make sense if you plan on moving soon, or if you have other cash available to tap into first. It can be a wonderful solution for someone who is “house rich and cash poor.”

A real estate attorney can help you evaluate whether a reverse mortgage makes sense for you or not, and then we can help you find a reputable reverse mortgage lender. We will make sure that it fits in your overall estate plan.

Life Estates

Would you like to give your house to your child, but have the peace of mind that, as long as you are alive, you can stay in the house? If so, a life estate may make sense. As with any other planning technique, there are pluses and minuses. We will explain the Medicaid and tax benefits of a life estate. We will also help you determine if this strategy makes sense for you and your family. Then, we will make sure that the paperwork is properly drafted and executed.

Real Estate Closings

The world of real estate has become more complicated over time. Whether you are downsizing into a smaller home, helping a parent sell a house, or selling a house after a parent’s death, the law firm of Vincent J. Russo & Associates, P.C. can help you. With four convenient locations on Long Island, a real estate attorney on our team will help you through the maze of paperwork and decisions that are a part of every real estate closing.

Call the law firm of Vincent J. Russo & Associates, P.C. at 516-683-1717 for a complimentary telephone review and assessment to see whether meeting with a real estate attorney can help you.

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