Getting the right professional advice is critical in anything related to real estate. The legal and financial implications of doing something wrong - or missing a golden opportunity - can be enormous.
There are many things you can do to save money, reduce taxes, find financial support for housing related needs, purchase or lease real estate and maximize your financial benefit from a real estate transaction. But, you must have knowledable professionals assist you with many of these task.
1031 Exchanges: What are they and why should you care?
If a property has appreciated since it was purchased and you are planning to use the proceeds of the sale to purchase another property, look into the possibility of a 1031 Exchange as a way to defer taxes and let Uncle Sam help you pay for the new property.
There is a way to defer taxes on the sale of your, or your parents, property by rolling over the capital gains into the purchase of another appropriate property. But, it must be done correctly and you must use a qualified intermediary. Click here to learn about 1031's and how to select a qualified intermediary.
Reverse Mortgages: A Potential Source of Money for Staying in Your Home or Purchasing a New Home
You can use a reverse mortgage for living expenses or home modifications so you or a loved one can continue to live at home. Also, if done properly, you can use a reverse mortgage to purchase a new home. But, you should get the facts before cashing in on your home's equity.
Reverse Mortgages - Get the facts before cashing in on your home's equity. This is a great primer about the pros, cons and how reverse mortgages work.
FAQ: Ten Things to Know if you're interested in a reverse mortgage
- What is a reverse mortgage?
- Did you know that you can use a reverse mortgage to help purchase property?
- Can the lender take my home away if I outlive the loan?
- How much money can I get from my home?
- Do I have to take the money as a lump sum?
Using a Reverse Mortgage (Home Equity Conversion Mortgage, or HECM) for Purchase. HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.