What species of taxes/fees are included into the price of buying a house?
I live in Canada, and I'm currently renting. Renting noticeably sucks and I should be getting a small inheritence soon that I'd like to use as a down expense. Right now I'm looking to buy a place within B.C. Specifically one of those mobile homes in a trailer park because that's adjectives I can afford. I understand here are 'pad' fees in owning one of those buildings, but I'm only just wondering what kind of taxes or fees I might be looking at within buying one of these homes?Answers: You won't be subject to any taxes other than sale tax when you buy a mobile home. The wad fee is rent for the space your mobile home sits upon and the broad maintenance of the park. You will credible have to earnings yearly insurance premiums but specifically about it.
Is anyone renting...?
an apartment in norwich ct? my fiance and i are looking for a place. we'd settle $140 per week.Answers: http://geo.craigslist.org/iso/us/ct
http://www.rent.com/
http://www.apartments.com/
Does anyone enjoy any information on a reverse mortgage?
Is it a good deal? what are the advantages and disadvantages?Answers: NO, it is a fruitless deal. You are pretty much giving your house away and you could extremity up with no assets and frequent more years to support yourself.
Over 62 and it cost a fortune but your estate pays the cost not you unless you ever want to move again.
The older you are the more you can draw from, you pay a lofty upfront loan cost and interest and borrow against the house every month. You are guaranteed the money for life even if you owe more than the house is worth.
It cost your heir so many don't want to owe as much as the house is worth when they die. They can never win more than the house.
The trouble is if you take it at 62 you might resolve to down size at 75 and not be able to afford to also you locked within a monthly amount at 62 and if you house doubles in 15 years you are still gone with like peas in a pod low payment. But your estate would enjoy more left after the house be sold to pay past its sell-by date the reverse mortgage.
AARP and HUD.GOV have information.
I don't hold heirs so if I be 80 and didn't have money for tablets and food I would take one but if I don't have need of the money I wouldn't since it is very expense and I would fairly leave money to charity than lenders.
Here's the treaty:
1) They pay a set amount for the rest of your existence.
2) When you die, your house is theirs.
Granny has a $250,000 house, get a $1,000 per month reverse mortgage and dies the following month. The company just get a $250,000 house for $1,000.
If Granny has a paid-for house and doesn't vigilance about any of her relatives, it's other for her. She has guaranteed shelter and income until she dies, and it's not resembling she can take the money near her.
good direction, first answer. i would just affix you have to be 63 to qualify a reverse mortg.
I show, have you ever spent time at a retirement community? I'd a bit cruise at home.
Bill,
You're wrong. When you die, your estate/heirs can pay stale the mortgage and keep the house. In your situation, it would really work resembling this:
1. Granny takes out a $250,000 reverse mortgage that have interest due of $1000 per month.
2. Granny dies one month later.
3. The house pass to her heirs.
4. The heir refinance the mortgage, now $251,000, which would be effortless since the house would have to be worth $450,000 to find a $250,000 reverse mortgage.
5. The heirs keep hold of the house or sell it.
If Granny lived much longer, the interest would be credited with and make the loan payoff high. If the loan balance done up being more than the efficacy of the house, the house would belong to the bank. However, reverse mortgages are usually not done short 40% equity or more. The interest accumulates at more or less 7.5% per year. Average appreciation rates over the past decades work out to 5% per year, so the heir lose 2.5% (+/-) per year. However, Granny has no mortgage payments and her social deposit check can actually take-home pay for all of her central needs, instead of using partially of it for a mortgage payment and asking the heir to make up the difference contained by her bills.
In Canada, you can go to CHIP Home Income Plan (www.chip.ca), have calculator, testimonials and all. If you do not involve the equity out of your house for other uses -- eg. you have no heir or don't intend to bequeath the house or its cash plus, etc -- and you want to and are capable of maintain your independence contained by your home, this may not be a bad hypothesis.
Be sure you update your will to reflect this renovation.
The most popular Reverse Mortgage is the Home Equity Conversion Mortgage (HECM) which account for over 90% of Reverse Mortgages done to date. The HECM is Federally regulated and insured (FHA---HUD) They set the rules and regulations. AARP merely released a study
(12-12-2007) here's the web address that will knit you directly to the report on AARP website...
http://www.aarp.org/research/credit-debt...
You can also go directly to www.HUD.gov to research Reverse Mortgages. Seeing it's their program why not walk right to the source. Part of the Reverse Mortgage process is that you have to agree to an independent HUD approved third party counselor to brand sure you understand the program and that it be explained to you correctly. (government safeguard). There is no charge for this and you can do this anytime you want. Just another avenue to answer your questions. I hope these resources facilitate in your judgment making. If I can be of any other assistance let me know. For disclosure purposes...I enjoy been contained by the Reverse Mortgage business for over 2 years and I am a Reverse Mortgage Consultant for EverBank Reverse Mortgage, feel free to contact me near any other questions you enjoy.
Regards,
Stephen