This is an interesting article from the Wall Street Journal about why Wells Fargo isn’t doing reverse mortgage loans anymore. Regulations on the bank limit their ability to get information they need to make decisions, so they ended the program. Other lenders are still lending, but this will be something to watch.
Senior Real Estate Concerns
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Wells Fargo No Longer Accepts Reverse Mortgages
Friday, June 17th, 2011Are you a Provider of services to Mature Adults?
Saturday, February 19th, 2011If you specialize in helping Seniors with their needs – moving, healthcare, legal, homecare, stuff management – check out www.moveseniors.com. They have an easy to access website. The National Association of Realtors Senior Real Estate Specialist network has teamed up with them. I don’t see too many agents signed up in Tennessee. Let’s get the word out to the SRES Designees. Sign up and let’s provide some great options for elders in our community.
Senior Real Estate Specialist Applications
Wednesday, October 13th, 2010I had a wonderful time teaching the Senior Real Estate Designation to a group in Franklin Tennessee last week at the Williamson County Association of Realtors. Whenever I teach that class, I am reminded, and the students are learning, that there is much more to know than we realize. Our current political climate has many things changing and we learned that we need to pay even more attention. The Estate Tax situation is one of the elements of the Tax Codes that has its sunset at the end of 2010. During 2010 the stepped up basis for heirs has been removed, and so has the Estate Tax, but in 2011, the stepped up basis returns and so does the Estate Tax. Back to the pre 2001 limit of $1 million exemption. Please check with your CPA to see how this may affect you. (Post Note: There is some need to clarify this stepped up basis for 2010 – make sure you check with a tax atty if this applies to you)
