Renting out your condo on Airbnb might seem like a great way to make some extra money. But before you jump on the opportunity, it’s wise to check your condo association bylaws. In most cases, you’ll find that the bylaws include restrictions on “leasing.” For example, the rules might state that no unit can be rented for less than 6 or 12 months at a time, or they might state that a unit can’t be used
When a bank goes through a merger or agrees to buy or sell mortgage loans, certain notices must be provided to borrowers before and after the transaction closes. Federal law states clearly what notices are required and how they must be worded, but sometimes the legal rules conflict with each other. It’s helpful to have an attorney review any notices you receive to ensure that they are in compliance with federal law and evaluate how they
If you’re buying a house, the total price you’ll end up paying is more than meets the eye. Usually, a buyer pays between 2 percent and 5 percent of the home purchase price in closing costs. Lenders often disclose these costs, but they aren’t the only hidden fees you need to consider. Other fees to keep in mind include payments to appraisers, home inspectors and settlement agents, as well as the cost of title insurance, homeowners’
At the closing for your home purchase or refinancing, you are required to sign a promissory note that says you’ll make the mortgage payments every month. That agreement remains in effect even if your house burns down. You’re also required to report any loss to the lender and your insurance carrier promptly. But a reprieve is still possible. For example, a lender might allow a borrower to suspend mortgage payments for a defined period of time
Subscribing to a credit monitoring service to keep tabs on your credit score can be a helpful way to manage and protect your credit. But did you know that the score you purchase isn’t always the same as the one the lender obtains from a credit reporting agency? That comes as a surprise to many borrowers. But the real questions are why is this the case and what can you do about it?
Seniors with pricier homes now have an increased ability to get a bigger reverse mortgage in order to raise cash for retirement. As the housing market has improved, so-called jumbo reverse mortgages are becoming more popular even though they carry some risk. Reverse mortgages allow homeowners who are at least 62 years of age to borrow money on their house. The homeowner receives a sum of money from the lender, based largely on the value of
A durable power of attorney is an extremely important estate planning tool, often more important than a will. If you become incapacitated due to dementia or some other reason, this crucial document allows a person you appoint (your “attorney-in-fact” or “agent”) to act in place of you (the “principal” ) for financial purposes. The agent under the power of attorney can quickly step in and take care of your affairs. But in order to execute a
For young families, life insurance can be a great help in replacing lost income. But as people get older it can also serve as part of an estate plan. Historically, one main reason to buy life insurance as part of an estate plan was to have cash available to pay estate taxes. Now that the estate tax exemption is so big (in 2016, estates could exempt $5.45 million per individual from taxation), most estates don’t pay
The term “life estate” often comes up in discussions of estate and Medicaid planning. Life estates can be used to avoid probate and to give a house to children without relinquishing the ability to live in it. They also can play an important role in Medicaid planning. But what, exactly, does the term mean and how are life estates used? A life estate is a form of joint ownership that allows one person to remain in
Those who have reached age 65, the typical age of Medicare eligibility, often have more time to spend traveling. Although Medicare coverage is generally not available when beneficiaries are overseas, the news may be better for those exploring destinations closer to home. If you have the original Medicare, the answer is simple: You can travel anywhere in the U.S. or its territories and receive health services from any doctor or hospital that accepts Medicare. (“Territories” includes
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