A look at recent trends affecting real estate and the law ► Mortgages for ‘do-it-yourselfers’ are spiking There’s been a big increase recently in a special type of mortgage for people who are buying land and then building their own home on it. These “hybrid” loans function as construction financing during the building phase. Essentially, they act as a line of credit, which borrowers can tap each time they need to make a construction payment. During
The federal government has tightened the rules for reverse mortgages, making it harder for some seniors to get these types of mortgages and reducing the amount of a home’s value that can be tapped. Reverse mortgages allow elders who are house-rich but cash-poor to use their housing equity. Homeowners who are at least 62 years old can obtain a loan that doesn’t have to be repaid until the homeowner moves, sells, or dies. The homeowner receives a
Most homeowner’s insurance policies don’t protect owners against flooding. For this reason, many people in flood-prone areas obtain insurance through the federal government’s flood insurance program. This year, flood insurance premiums had been scheduled to increase dramatically for many people. But Congress has just passed a law that will eliminate or delay many of these increases – a move that not only will save homeowners money, but will also make it easier to put many properties
Atty Hart represented us when we recently purchased a house. She exhibited best professionalism anyone would expect. Professional, knowledgeable, and very responsive, she answered questions with clarity, patience, and in a timely manner. In particular, Mary is a warm and easy-going person. We had great experience working with her in the past couple of months and would recommend her without reservation. ~Y. Ma, a Real Estate client
If an estate plan isn’t kept current, it can become useless. You always want to make sure your will is up-to-date with your wishes, your financial circumstances, and current tax and other laws. However, it’s important to keep in mind that changing a will is not a “do-it-yourself” process. Generally, any changes to your will must be made with the same formalities as the will itself, including witnesses and signatures. In the past, some people have
Caregiving is hard work, and it’s easy for caregivers to become exhausted. Adult day care centers provide care and companionship in a group setting to seniors who need supervision during the day, allowing their caregivers to go to work or take a much-needed break. There are about 4,600 such programs in the U.S., according to the National Adult Day Services Association. They typically operate Monday through Friday during business hours, and are often affiliated with another
An advance medical directive gives instructions on the kind of medical care you would like to receive should you become unable to express your wishes yourself, and it often designates someone to make medical decisions for you. This is an extremely important document – but it won’t be of much value in an emergency if it’s tucked away in a safe deposit box or in a file cabinet where no one can easily find it. It’s a good
The median cost of a private nursing home room in the U.S. is now $87,600 a year, an increase of 4.4 percent over last year, according to a study by the Genworth Financial insurance company. The median cost of a semi-private room is $77,380, up 2.6 percent. For assisted living facilities, the median rate is now $3,500 a month, according to the study. The national median rate for home health aides is $20 an hour, up 1.6
A lot of health care providers still don’t know that the law has changed, and that Medicare now covers many skilled nursing, home health care and therapy services even if they simply maintain a person’s health and don’t improve their condition. Although the government launched an educational campaign about the change earlier this year, a large number of providers are still in the dark and are refusing to provide treatment on the grounds that Medicare won’t
Medicare gets a lot of news coverage, but its cousin Medicaid remains something of mystery to most people. The Medicaid program is the largest single source of funding for nursing home care in the U.S., but there are many myths about exactly who qualifies for it and what coverage it provides. Here are five common misperceptions, followed by the real story: 1. I don’t have to worry about Medicaid, because Medicare will cover all my nursing
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