Property Tax Hikes for Seniors

There are a whole host of reasons one might consider a reverse mortgage. One of the common reasons is to keep up with property taxe increases. Now each state has different programs that are helpful for seniors dealing with property tax increases, but sometimes it is not enough. Especially if the senior homeowners are desiring to stay in their home. Programs include property tax deferral programs and senior discount programs. One needs to carefully review the deferral program as it is very similar to the doing a reverse mortgage. The property taxes are deferred, and a lien is placed against the property until sometime in the future where the lien is paid off at the time it sells. A common discount program is one where the property taxes are highly discounted and the homeowner only pays a fraction of the current tax rate. There are income parameters for each of these programs. Contact the Department of Revenue for the state in which you reside for more detailed information.

I recently have come across a video about a widow who found herself in a tax rate that she could not afford. Watch below: 

Explore posts in the same categories: General, Real Life Stories

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