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re: What happens to homes when occupant passes?
Posted on 5/7/24 at 4:58 pm to concrete_tiger
Posted on 5/7/24 at 4:58 pm to concrete_tiger
You seem a little harsh on your in-laws
0
Posted on 5/7/24 at 4:59 pm to TigerintheNO
quote:
45% of baby boomers who own a house, still have a mortgage on the house
Which is really amazing. The youngest baby boomers are around 60 years old. How can almost half still have a mortgage?
Posted on 5/7/24 at 5:04 pm to Antonio Moss
quote:
Which is really amazing. The youngest baby boomers are around 60 years old. How can almost half still have a mortgage?
Many refied during low int rate years and probably pulled cash out for repairs and stuff. Where else you gonna get a few hundred thousand at a 2-2.5% rate?
This post was edited on 5/7/24 at 5:05 pm
Posted on 5/7/24 at 5:31 pm to fareplay
quote:
fareplay
Looking for a house to squat in?
Posted on 5/7/24 at 5:33 pm to fareplay
There's too many other variables to assume an if x then y relationship with this.
Posted on 5/7/24 at 5:36 pm to fareplay
quote:
Yes but the point is market price will reduce due to increase in inventory if the assumption holds that boomers are in their last legs
How old are the youngest boomers? I'm betting you don't have a clue without looking it up.
Posted on 5/7/24 at 5:37 pm to fareplay
I’ve been watching this happen on my street over the past 10 years… house gets gone thru by kids then sold, someone else we think bought it fixes it all summer next year sold again new home owners, all nice people some with kids now my kids age. Hopefully this continues. Northeast Ohio
Posted on 5/7/24 at 5:39 pm to CootKilla
Sorry, don’t know what that is
Posted on 5/7/24 at 5:40 pm to fareplay
quote:
What happens to homes when occupant passes?
if its left uncared for, 9 out of 10 its sold to the highest bidder at any price due to the unpaid taxes. they have announcements in the paper of property being sold for tax debts
assuming you are asking in terms of inheriting it, as long as someone keeps up with the taxes owed and keeps the yard from getting overgrown, it can just sit for years until you settle ownership/inheritance issues and decide what to do with it.
if you are asking how you steal the property for free, you just pay the taxes owed on the property for (i think) 3 years straight, and then you file for ownership in your name. if the property owners want to keep the property, then they must repay those taxes before the 3rd year is up. my oncle got 6 properties doing this and most cost him under $5000 in taxes paid on it to take ownership. he said maybe 1 in 10 properties he went after they paid the taxes in time to keep it, and he got a full refund of all his money
This post was edited on 5/7/24 at 5:46 pm
Posted on 5/7/24 at 5:43 pm to fareplay
The estate, including the home, goes through probate court. If there was no mortgage or liens, the heirs can keep or sell the property as they choose. The kids might sell the property but may also decide to rent it out.
Posted on 5/7/24 at 5:57 pm to Antonio Moss
quote:
Which is really amazing. The youngest baby boomers are around 60 years old. How can almost half still have a mortgage?
Boomers weren't good with their money- this article will be a year old tomorrow
quote:
-More than two-fifths of baby boomers are nearing retirement with no retirement savings.
-In the 55- to 64-year-old boomer age group, 58 percent of Americans own retirement accounts.
-The median baby boomer household isn’t doing much better, with $134,000 in retirement savings in 2019, the most recent federal data. That’s about one-third of the average retirement savings in that age group, $408,420, a figure inflated by the super-rich.
-Among retirees, the average savings account dwindled from $192,000 to $171,000 in 2022
-The share of retirees with no savings jumped from 30 percent to 37 percent
Posted on 5/7/24 at 6:38 pm to fareplay
I’m going to add my children to the title as homeowners or sell it for $100 to them long bf I die vs inheriting. Then they can do as they wish and hopefully won’t be taxed out of it.
Posted on 5/7/24 at 6:41 pm to fareplay
The reverse mortgage folks step in.
Posted on 5/7/24 at 6:55 pm to LSUfan4444
quote:
This is also "misleading". By the year 2030 we will have more people over the age of 65 then under the age of 18 for the first time in our nations history.
Don’t worry…our border is open!
Posted on 5/7/24 at 7:00 pm to Dixie2023
quote:
I’m going to add my children to the title as homeowners or sell it for $100 to them long bf I die vs inheriting. Then they can do as they wish and hopefully won’t be taxed out of it.
This would eliminate them getting the stepped up basis upon your death and likely cost them more when they sell it in taxes.
Posted on 5/7/24 at 7:04 pm to fareplay
How are you this consistently obtuse
Posted on 5/7/24 at 7:08 pm to fareplay
I would think they would smell after awhile.
Posted on 5/7/24 at 7:13 pm to NfamousPanda
quote:
My boomer parents passed recently. So now I'm paying that mortgage and my own until their house finally sells.
This is what happens when people believe that they don’t need estate planning.
Posted on 5/7/24 at 7:15 pm to Dawgfanman
Ok, thx. I’ll definitely talk to someone in due course. It’s insane that an heir would be taxed on a home other than continuing property taxes if they don’t sell. Maybe a trust prevents that.
Posted on 5/7/24 at 7:37 pm to Dixie2023
quote:
I’m going to add my children to the title as homeowners or sell it for $100 to them long bf I die vs inheriting. Then they can do as they wish and hopefully won’t be taxed out of it.
There is so much wrong in this statement.
This post was edited on 5/7/24 at 7:37 pm
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