When a person in Illinois owns a piece of property, whether it be public or private, they are given specific rights. These may include some of the following: The right to use the property how they see fitThe right to earn income from the operations that occur on the propertyThe right to enforce the privileges they are entitled to for owning the propertyThe right to transfer ownership of the property to others However, these rights can vary drastically depending on where the real estate is … [Read more...]
Illinois property: What is the difference between private rights and public rights?
How does a reverse mortgage affect your heirs?
A woman in Florida chose to sign over the rights to her home to her husband, which would enable him to qualify for a higher reverse mortgage loan amount. According to the Buffalo News, the 62-year-old man took died shortly after taking out the loan. As chief among the man’s heirs, the wife inherited the home but had trouble getting her name on the deed. The loan requirements mandated that she qualify for a refinance in order to pay back the reverse mortgage, which is something she struggled … [Read more...]
Calculating your future mortgage payment
Whether they are purchasing their first home or buying an investment property, those looking into buying property in Illinois should understand what their mortgage payment will be once they have made this purchase. Doing this prevents buyers from running into problems in the future with their finances. Factors that impact mortgage payments While the price of the property plays a large role in what a homeowner will pay every month on their mortgage, this amount also depends on several … [Read more...]
Buying property: Why pre-approval is a good idea
A mortgage pre-approval differs from a mortgage pre-qualification because during the pre-approval process, the lender checks a buyer’s credit and verifies their documentation to approve them for a specific loan amount. Although obtaining pre-approval for a loan may not be a priority for some buyers in Illinois, there are several reasons why going through this process is a good idea. Why is it important? The preapproval process takes the risk out of property buyers finding the home that … [Read more...]
Stretching your IRA
A father named his son the beneficiary on his IRA, which was worth roughly $100,000. According to the Huffington Post, the son, who was 53 at the time of his father’s death, chose to receive the minimum distributions out of the Roth every year instead of taking the lump sum. As a result, the policy continued to grow over the years. As an added bonus, the distributions were not subject to taxes because the account was a Roth IRA. The people who set up the IRA may not be able to control how … [Read more...]