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Read your governing documents to determine how many owners must be of a certain age or older.
Some communities require that a large percentage of owners be of a certain age or older; rarely is the number 100%, but it is possible.
Then determine how an owner at age 42 became an owner.
If the owner is the surviving spouse of an owner who qualified to own, your governing documents will clarify how this situation should be handled.
Eviction should be a last resort by the association, especially if the under-age owner is a viable member of the community.
What else can I help you with?
How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
Can you explain how a reverse mortgage works?
A reverse mortgage is a type of loan for homeowners aged 62 and older that allows them to convert part of their home equity into cash. The homeowner receives payments from the lender, and the loan is typically repaid when the homeowner moves out or passes away.
Can you explain how the reverse mortgage works?
A reverse mortgage is a type of loan for homeowners who are 62 years old or older. Instead of making monthly payments to the lender, the lender pays the homeowner. The loan is repaid when the homeowner moves out, sells the home, or passes away.
Are older women who are elegible for medicare losing homes to foreclosure faster than other homeowners At what rate Does illness play a part Does ownership of a condo with a condo association that's negligent, shady, corrupt and unethical in business?
There is no complete study indicating the older women eligible for medicare losing homes to foreclosure. Studies do indicate that if illness plays a part, in order to cover medical bills, the homeowner will be behind in mortgage payments. Unethical condo associations do play a role in foreclosures.
Can you explain how reverse mortgages work in detail?
A reverse mortgage is a type of loan for homeowners who are 62 years old or older. Instead of making monthly payments to the lender, the lender pays the homeowner. The loan is repaid when the homeowner moves out, sells the home, or passes away. Interest is added to the loan balance over time. Reverse mortgages can be a way for seniors to access the equity in their homes without having to sell the property.
Is reverse mortgage only for seniors?
Yes, according to the US Department of Housing and Urban Development's website, the Federal Housing Administration requires that you must be 62 years old or older and a homeowner to apply for a reverse mortgage. These types of mortgages are only available for seniors.
Can you explain how a reverse mortgage works in California?
A reverse mortgage in California is a type of loan for homeowners aged 62 and older that allows them to convert part of their home equity into cash without selling the home. The loan is repaid when the homeowner moves out, sells the home, or passes away. Interest accrues on the loan balance over time.
Can you explain how reverse mortgages work in California?
A reverse mortgage in California is a type of loan for homeowners aged 62 and older that allows them to convert part of their home equity into cash without selling their home. The loan is repaid when the homeowner moves out, sells the home, or passes away. Interest accrues on the loan balance over time.
What is the property tax exemption in panola county ms for age 65?
In Panola County, Mississippi, homeowners who are 65 or older may be eligible for a property tax exemption. The exemption amount varies depending on the homeowner's income and the value of their property. It is recommended to contact the Panola County Tax Assessor's office for specific details and application procedures.
Is it worth to pay for older home insurance?
YES! Older homes are much more likely to have defects (such as frayed electrical wires) or suffer from fire or water leaks. You will be much safer with homeowners insurance in an older home versus a new one.
What benefits does the American Association of Retired Person and Medicare provide to older adults?
The American Association of Retired Persons (AARP) provides advocacy, resources, and discounts for older adults. Medicare provides healthcare coverage for eligible individuals aged 65 and older, helping to cover a range of medical expenses and services.
If I own an older home is it possible not to end up paying more for my homeowner's insurance?
Yes you can have the home assessed for value. If the home is worth less then you can pay less for coverage.
