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Archive for the ‘Reverse Mortgage’ Category


TRANSFERRING TAX BASE FOR OVER-55 BUYERS CAN SAVE LOTS OF MONEY

Thursday, August 12th, 2010

Knowing the tax laws can allow homebuyers and the Realtors® that assist them to make a move confidently and to save lots of money. California Propositions 13, 60, and 90 can positively affect people over 55 years of age.

Proposition 13:

    Under Proposition 13, the value of a home, for property tax purposes, is reassessed to the new market level (the new purchase price) whenever a change in ownership occurs. This usually results in higher property taxes.Prop 60:

      Proposition 60 allows a transfer of base-year value of the principal residence sold of a senior citizen (55 and older) to a replacement dwelling of equal or lesser value within the same county.

    Prop 90:

      Proposition 90, enacted in the November of 1988 in California, and otherwise known as the “local option law”, provides an avenue for property tax relief to owners 55 and older who sell their principal residence and purchase a replacement home of equal or lesser value in another county.

      The County Assessors will require a copy of the tax bill from the other county and a copy of the applicant’s birth certificate to be included with the application. Also, include a copy of the grant deed for the new purchase and a copy of the closing statements of both sale and purchase.

    SUMMARY OF ELIGIBILITY REQUIREMENTS:

        The seller of the original residence, or a spouse residing with the seller, 55 years of age or older, as of the date that the original property is transferred.
        The replacement property must be of equal or lesser “current market value” than the original.
        The tax base year of the original property cannot be transferred to the replacement dwelling until the original property is sold, BUT (and this is the cool part) the replacement property must be purchased or newly constructed within two years (BEFORE OR AFTER) of the sale of the original property. This allows the property owner to take advantage of a low market, like the one we’re in, and sell when things are selling more briskly or vice versa. This just means that the homeowner will be taxed on the new property at the assessed rate until the sale is made on the original property and the proper paperwork is filed with the county. The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.
        This is a one-time-only filing. Proposition 60/90 relief cannot be granted if the claimant, or spouse, was granted relief in the past.
        Proposition 60/90 relief includes (but is not limited to): single family residences, condominiums, units in planned unit developments, cooperative housing, corporation units or lots, community apartment units, mobile homes subject to local real property tax, and owner’s living premises which are a portion of a larger structure.
        The taxpayer is not eligible for the tax relief until they actually own AND occupy the replacement dwelling as their principle residence.
        If the buyer is moving to another county, it is essential that you call the co-operating County in question, to verify that they are currently accepting the value transfer under Proposition 90, and what their requirements are. If you have any questions, the property tax office in Sacramento for all counties in California may be reached at (916) 445-4982.

      Contact me for more information.

      Photo of John Easterbrook

      John Easterbrook
      (916) 486-6969
      jeasterbrook@teamvitek.com



$8000 Tax Credit Extended for Members of Uniformed Services

Friday, July 2nd, 2010

Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.

The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!

John Easterbrook
John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com


Reverse Mortgage Saves 90 Year Old from Losing Her Home!

Friday, June 18th, 2010

There come along certain times in your life when you feel truly honored to have had the privilege of helping someone in need.   Recently, I had one of those very opportunities.  One of my fellow VITEK mortgage loan originators contacted me about a senior whose home was being foreclosed on.  Karen Holbert, a friend of the senior’s family, and a Realtor®, saw the home’s notice of sale in the newspaper and immediately contacted us to see if VITEK could help.

I contacted the ninety-year-old woman and her granddaughter to see if there was anyway we could be of service to help save her home.   After meeting with both ladies, I found out that the granddaughter had recently gone through some hard times, and poor health and a growing pile of bills consumed her and the home became delinquent.  During our conversation, I was able to discuss with them the option of a government regulated and insured program that could save the home.  This program, called a Reverse Mortgage, would allow her to remain in the home and eliminate the home’s mortgage payments altogether.

Karen Holbert, the Realtor®, was able to negotiate a hold on the sale of the home to provide enough time for us to process the necessary paperwork for the Reverse Mortgage.  Through everyone’s hard work and dedication, we were able to get the loan expedited and closed quickly.  I am so thankful for the speed, dedication and professionalism that everyone provided throughout the process.  Best of all, we helped a wonderful woman be able to say in her home!

“Thank you again for all the hard work you’ve done for our family, Esther. You’ve helped guide us through this confusing process, and to expedite it all as well…once again, I can’t find the words to thank you enough.”

As a Reverse Mortgage Specialist, I am here to answer all of your questions and talk with you about the benefits of the program.  If you, or someone you know, is sixty-two or older, and would like to learn more about eliminating your mortgage payments, contact me today so we can discuss if a Reverse Mortgage is right for you.

The information in this website is not from HUD or FHA and was not approved by HUD or a government agency.
Esther Fuller
Esther Fuller
(916) 715-7244
efuller@teamvitek.com


Calling All Realtors®!

Thursday, October 15th, 2009

THE ZERO PAYMENT LOAN!
FOR PURCHASE OR REFINANCE

Sound too good to be true?
It’s not thanks to the government insured reverse mortgage.

Make More Money!
Generate More Listings and Sales!
Make a Difference in People’s Lives!
Create More Referrals and Repeat Business!

Do You Know Seniors That …?

• Want to downsize, move closer to family, or a senior community?
• Want to put dormant equity to work by buying an investment property?
• Want to help children or grandchildren with their down payment to buy a home?
• Want to eliminate their current mortgage payment?

To learn more please attend our Reverse Mortgage Seminar
October 22nd
VITEK Corporate Office (Click for directions)
9:30a.m. – 11:00a.m.
Please RSVP by October 20th. Seating is limited.

Call our Reverse Mortgage Division Manager Roxanne McAlpine to reserve a seat today!

The information in this website is not from HUD or FHA and was not approved by HUD or a government agency.