How King County Senior Citizens Can Reduce Their Property Taxes

October 25, 2024 by Leave a Comment

As the October 31 property tax payment deadline nears, King County Assessor John Wilson has a clear message for seniors: Take advantage of the county’s property tax relief program, which is designed to help seniors reduce their tax burdens and stay in their homes longer.

Thanks to recent legislative changes, the property tax relief program is now accessible to even more seniors. The income threshold has increased to $84,000, making many more residents eligible for a tax exemption that could lower their property taxes by as much as 90%. [Read more…]

Filed Under: Retirement, Reverse Mortgage Tagged With: , ,

Upcoming changes to FHA Reverse Mortgages

February 15, 2013 by Leave a Comment

A reverse mortgage is a program that is designed specifically for senior citizens (62 years and older). Unlike a traditional mortgage where monthly mortgage payments are required, reverse mortgages do not require a monthly mortgage payment (property taxes and home owners insurance is still due). 

Reverse mortgages are a great option for seniors to consider if they want to reduce their monthly cash flow or require a sum of cash. 

Recently HUD has announced they are changing some of their reverse mortgage (home equity conversion mortgage aka “HECM”) program guidelines which will go into effect with case numbers issued April 1, 2013 and after.

From HUD’s Press Release:

As discussed in its Annual Report to Congress, FHA will consolidate its Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options. This change will be effective for FHA case numbers assigned on or after April 1, 2013. The Fixed Rate Standard HECM pricing option currently represents a large majority of the loans insured through FHA’s HECM program and is responsible for placing significant stress on the MMI Fund. To help sustain the program as a viable financial resource for aging homeowners, the HECM Fixed Rate Saver will be the only pricing option available to borrowers who seek a fixed interest rate mortgage. Using the HECM Fixed Rate Saver for fixed rate mortgages will significantly lower the borrower’s upfront closing costs while permitting a smaller pay out than the HECM Fixed Rate Standard product, thereby reducing risks to the Mutual Mortgage Insurance Fund. Read FHA’s new HECM Mortgagee Letter.

If you would like more information about a reverse mortgage for you or your parents on a home located anywhere in Washington state, please contact me.

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Senior Property Tax Exemption or Deferral? One places a lien on property!

April 16, 2010 by Leave a Comment

I read this post this morning from The Talon Group and even though my background includes 14 years in the title and escrow industry, I had no idea about the different options for Seniors with property taxes…this is a must read!

Washington State provides two very different programs for our “well-aged” homeowners to help pay property taxes. The most popular program, Senior Property Tax Exemption allows seniors making less than $35,001 to “freeze” the tax value of their home (in the eyes of the assessor) at the current rate. As the assessed value rises or falls, the taxable value will be billed upon the lesser of the frozen or market value. Other than the Emergency Medical Services Levy, this program exempts all excess or special levies that are in addition to the regular levies. Seniors can even exempt themselves from paying for regular levies if their income is $30,000 or below. To qualify, you must be at least 61 years of age by December 31st of the application date. Renewals are sent out out at least every four years.

Click here to read the entire article.

Kudo’s to The Talon Group for dishing up great information for consumers!

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