What Does It Mean for Reverse Mortgages?
The town staff of Davie, FL has approved a property tax increase for 2014, following the approval of an $182.7 million budget (a $31.5 decrease from last year’s budget).
In order to balance the 2014 budget, a slight tax increase is necessary to in order to maintain town services after revenue from the past two years have been depleted.
The property tax increase can spell disaster for those senior homeowners over 62, which account for about 28% of Davie’s current population. Reverse Mortgage guidelines dictate that homeowners must continue to pay property taxes and homeowner’s insurance after qualifying, and receiving, a reverse mortgage.
In the past, seniors who have been unable to pay property taxes have found themselves facing foreclosure. However, proposed regulations to the reverse mortgage programcould potentially put an end to foreclosed reverse mortgage homes by determining a senior homeowner’s ability to pay their property tax, before qualifying for a reverse mortgage, via financial requirements.
While future regulations may seem to tighten the belt on reverse mortgages, they will be in place in order to protect senior homeowners looking to live comfortably during retirement. A reverse mortgage could potentially help retirees pay off their mortgage and health care expenses while currently proposed regulations could save them from future heartbreak.
Davie’s property tax increase, though, presents senior homeowners with a choice: continue to pay off their mortgage, health care expenses, homeowner’s insurance AND a higher property tax or get a reverse mortgage and eliminate two of those expenses?
The choice is yours. The only benefactor is you.
At PS Financial Services, we’re here to help you take the plunge into a comfortable retirement. Let us know if a reverse mortgage program is right for you at (888) 845-6630 or via email at info@PSReverseMortgage.com.
For more information on the recent Davie, Fl. Property Tax Increase go here.