Can a Bank or Mortgage Lender Call In the Mortgage if…?
… My spouse died, and I am the surviving tenant by the entirety of our house? … My parent died, and I am the surviving joint tenant of our house? … I inherited a house from a relative and now…
How Does the Mortgage Interest Deduction Work?
The mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on a loan that is secured by their principal residence or secondary residence. Starting in 2018 the Mortgage Interest…
Sidestep the “Money Pit”: Research Real Estate Properties Before Signing a Contract
Thinking about buying real estate property as a home or investment? Before you negotiate the terms and sign a contract, there are some important things to consider. By doing some simple, preliminary research, you will make informed decisions and circumvent avoidable issues.
Looking Forward with a Reverse Mortgage
Reverse mortgages have become more popular in recent years. For many of Long Island’s seniors, the ever-increasing cost of living on a fixed income is a daily challenge. Often seniors look to the equity in their homes to relieve some of their financial pressure.
A reverse mortgage is a secured loan on your home. It allows you to convert a portion of the equity in your home into cash. It is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The payout may be received as cash, an income stream, a credit line, or any combination of the three.