To know more about the property you have just brought, or are planning to buy, land records are the best source of information to identify the history. Through land records, you can find out more form deed books, deeds of trust, leases and more. The information is recorded by a government office known as the recorder of deeds. This office is tasked with duties like registrar general, register of deed and register if titles.
There are a number of reason why you should try to find out more about the history of the property you are currently occupying. The house may have belonged previously to a famous personality or person of prominence. The house may have a significant history of events which might have triggered important changes to someone or something. The history of anything for that matter defines the roots from which everything has evolved.
Here are a few easy ways to research more about the history of your house.
The deed: The property deed is the first and foremost place to find out more about the legal description of a said property. The legal description includes information like range of the property, section which it is part of, the section number, lot number, official address of the subdivision lot number and more. you can also find out about the previous dealing of the same property in case it is old to find out who might have lived here previously or for what purposes the property was used for. The deed transaction will have information about the parties to the previous transactions and more.
Check with the property inspector: You will have to hire a property inspector in case of a very old property to assess and confirm whether it is safe to occupy. The inspector just might know a thing or two about the previous occupants and maybe history of the property’s occupants. he is of course there to examine the nook sand crannies of the house, but he just might know more about how some of those nooks and crannies were a part of something interesting. The inspector will know about the foundation stone and where it is placed which can be something of an interesting find.
Check with your neighbors: Probably the easiest way to find out more about any property is to ask around. Your neighbors have lived in the same locality for a long time and might know a thing or two about its previous tenants or owners.
You can also visit he library to check old records, newspapers or local publications which might shed some light back when the town was built or the neighborhood was developed.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.