benhcs

Proposition 19, titled “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act,” was a measure on the November 2020

A version of this article was first published by Jon Coupal on the Apartment Owners Association of California Inc’s blog.

A reverse mortgage is a loan against your property. Homeowners age 62 or older can tap into the equity in their home and receive monthly payments or a line of credit.

When a loved one passes away and leaves money or assets to others, a process must occur for those items to officially transfer ownership. Unfortunately, trust obligations and personal needs do not wait.

Since many probate estates have limited liquidity, they’re often difficult to manage.

Over the last few decades, many homeowners thought that applying for a reverse mortgage was something to be done only in the most dire and desperate of times.

Proposition 19 (also known as ACA 11), which will go to a vote on November 3, calls for the repeal of Prop. 58 and Prop. 193, leading ..

In 1986, California voters approved a constitutional amendment under Proposition 58, allowing the exclusion of property tax reassessments when parents transfer property to their children.

The general concept of a trust is relatively simple – a formal arrangement where a party (trustor) assigns control of their property or assets to a second-party (trustee) on behalf of a third-party (beneficiary).

Before getting into the details on reverse mortgage payoffs and how they work, it can be helpful to understand what a reverse mortgage is and why a loved one might get one.