Summer 2014Issue 23
Prestige Title Agency, Inc.

Prestige Title eNews

Summer 2014

RCandRP

Reverse Mortgages - New Regulations Afford

Additional Protections to Non-Borrowing Spouses

 

"Are you 62 or older? Do you own your home? Do you want to receive a large lump sum and not have to pay it back so long as you live in your home? Apply today for a reverse mortgage. Call us for your free consultation and receive a free calculator as well."


 

Far too often this is the tune of many a commercial for reverse mortgages advertised on print and non-print media.  The Federal Housing Authority (FHA) insures the most common type of reverse mortgages which it calls Home Equity Conversion Mortgage (HECM). The reverse mortgage, as a financial tool is nothing new. It has been around a long time, and it can be very beneficial if used properly. Generally speaking, to obtain the mortgage you must be 62 years old or older, own the home which will be subject to the mortgage, and occupy it as a principal residence as well.  The loan won't have to be paid back until you die, move or sell the home. Simple right? Yes, except for this - what happens when you die, and your spouse, who was not on the loan documents as a borrower, is now surprised to find out that foreclosure has been initiated by the lender, and that he or she might be evicted?

      



 

If you have any questions or would like further information regarding any of the articles in this newsletter, please contact George Asllani, Esq.(gasllani@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
  
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com
In This Issue
Announcements
We've moved.... our office is now located at 55 West 39th Street, 9th Floor, NY 10018.
  
Note that our telephone, facsimile and e-mail information remains the same.
  
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Did you know that Prestige Title handles Commercial transactions nationwide?

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Did you know that Prestige Research provides Coop Lien Searches at the low cost of $275?
   
Please contact Anthony Chiellino for further details at (212) 651-1200 or achiellino@prestitle.com.
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AddlAdditional Items of Interest

Taxpayer's Intent a Significant Factor in Calculating Transfer Tax and Mortgage Recording Tax Issues Affecting Multiple Condominium Unit Transactions - Click Here


 

NYS Dept. of Taxation and Finance Issues Tax Bulletin on Guaranty Mortgages covering Credit Line Mortgages - Click Here 

 


If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com. 
 
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Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide. For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com
  
  
55 W. 39th St. 9th Fl. New York, NY 10018 Tel (212) 651-1200 Fax (212) 651-1201
Member of New York State Land Title Association Member of American Land Title Association