Archives contain information and source documents which have been accumulated over the years since the property was developed. These are normally collection of records to shed some light about the person or organization mentioned in the archives.
These are a collection of records which are preserved over a period of time, also updated as and when significant changes are made to keep it updated and for reference and further research purposes. Generally, the people who conduct research at archives are filmmakers, demographers, lawyers, historians and more, mostly for academic purposes.
But when it comes to archives for property, the research is done to identify the history behind the said property. Here are a couple of useful resources to research the history behind any property.
Overview of records and historical collections: Municipal records and country archives will have documents pertaining to the history, development and more of the said property. Records will indicate the property’s description, legal and otherwise, values original and appraised, reasons for any appraisal or decrease for that matter, sales records, physical details about the property like area, square footage and more. The records will also contain assessor’s property information, tax information and other information pertaining to other legal matters which are connected to the said property.
County recorder’s office of any county or district: This office will generally contain information like purchase and sale deeds, mortgage documents, liens and easements. These documents prove to be essential for tracing the number of owners who might have bought and sold the property over the years. This will give a better insight on the history of the property. Some records may not be available since the county office might not have existed at the time with respect to older properties. But mostly updated information can be availed at the county office to find out more about the purchased property or property which you are planning to buy because it has some historical significance or because it was previously occupied by a person of prominence.
Department records: Another good source of information is the department of construction of any county or district, which will have the building permits of any construction or property built in that county or district. You can find out more about the property’s history through building permits which are again classified according to the type of property to reveal a much more specific search.
More information can be from city directories, public libraries, property tax records and also online.
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.