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By Inman News Feed

An end to property tax deferrals?

Some senior advocates fear other states will follow in Oregon's footsteps Tom Kelly Inman News® One common misperception of reverse mortgages is that prospective borrowers can qualify for an amount equal to the value of their home, or at least the Federal Housing Administration (FHA) loan limit. The actual reverse mortgage amount is substantially less than both those numbers, ensuring that there will likely be sufficient equity left in the home when the loan comes due. This cushion between the value of the home and actual loan amount has become a hot topic, especially for seniors who have been deferring their property tax payments in housing markets that continue to go downhill. For example, last year the Oregon Legislature passed several changes to its property tax deferral program, including the elimination of any tax deferral if the homeowner has a reverse mortgage. The consensus was that since the deferred taxes were paid by the state until the home seller died or moved away, not enough money would be left over after the reverse mortgage was satisfied to pay those taxes. "There wasn't much notice, and that surprised a lot of seniors who had...

Posted Feb. 8, 2012

REAL ESTATE

By Inman News Feed

Avoid costly garbage disposal fixes

Steps to take the next time your unit malfunctions Bill and Kevin Burnett Inman News® Q: We had a small disaster on Christmas Day. While peeling potatoes for the mashers, I turned the garbage disposal on. It ground for a little while, and then the water level started to rise in the sink. I turned the disposal off and waited a few moments. The water level remained. I turned the disposal switch on, then nothing. I checked the circuit breaker in the garage. It wasn't tripped. Fortunately, I was able to get dinner on the table and the dishes done by using the laundry sink. I had to work the next day, so I had the neighbor let the plumber in. He didn't replace the disposal and left a message with the neighbor about "something happening with the trap," along with a bill for $120. My question for you guys is: What happened? And did I send $120 down the drain needlessly? A: That's bad news any time, but especially when preparing Christmas dinner. Kevin had a similar experience in his younger days: One Thanksgiving, the disposal refused to work but...

Posted Feb. 8, 2012

REAL ESTATE

What's Your Home Worth?

The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing.