Florida’s Intangible Tax and Mortgage Tax Stamp Big Cost for Seniors!
Tim Robbins asked:
Florida’s Intangible tax and mortgage tax stamp big cost for seniors!
In the State of Florida where the economic tidal wave has it almost every corner of the state hard financially, the 7.4 million seniors are hit the hardest. With seniors the problem is very easy to understand; they worked all of their lives to payoff their homes and saved money for their retirement years and it is going down the drain.
First the value of their home has decreased by epic proportions over the last three years. Now that does not mean that most of that was inflated appreciation, because it surely was. The amount of homes on the market and the credit crunch is driving the prices down, which for a senior who needs the money that they could have received from selling the home, is simply not there.
At this time in history there is at this time enough listing on the market in Florida to last for at least 7 years to sell them all out and start again. This coupled with the shortage of buyers looking to jump into the real estate market and the problem with getting loans, makes this an impossible situation for the senior who needs or wants to sell to move on to a smaller home. In addition; if someone needs to sell for the proceeds to go into an assisted living or nursing home.
The values that many seniors think they have in their home is very different then when an appraisal in completed sometimes by many thousands of dollars.
Now not to mention; the losses, that are being felt by the depletion of assets in pension plans, 401k’s and Ira’s by massive amounts. Now is the time to help our seniors who have worked hard all of their lives and now need to tap into the equity that is left in their homes by way of a Reverse Mortgage. One of the problems that has been seen is the State of Florida’s Intangible Tax and Mortgage tax stamp fee’s that have to be paid at closing.
These two taxes that come directly out of the proceeds to pay the state can amount to several thousands of dollars. With all of the losses that have dwindled away at the senior’s nest egg they really need some relief in the so called Golden years of their lives. Unlike younger people they do not and cannot go out into the fields of employment to make up for the losses nor will they have the life expectancy to recover.
So what is the solution!
· State government should exempt a senior who is over 62 when receiving funds from a Reverse Mortgage.
· Should also give back a tax credit for anyone who has received a Reverse Mortgage in the last 12 month’s
In 2007 in the State of Florida there were 18,023 of Reverse Mortgage completed, each and every one of them paid the taxes. The numbers for 2008 have not been released, but in 2009 it is expected that the numbers will be in the 150% increase. The state legislation goes back to Tallahassee in March 2009 they need a push to do something to help the struggling seniors of Florida, join in the fight. If you are the son, daughter, friend or you are a senior the join in the fight for senior’s looking for relief with a Reverse Mortgage.
Florida’s Intangible tax and mortgage tax stamp big cost for seniors!
In the State of Florida where the economic tidal wave has it almost every corner of the state hard financially, the 7.4 million seniors are hit the hardest. With seniors the problem is very easy to understand; they worked all of their lives to payoff their homes and saved money for their retirement years and it is going down the drain.
First the value of their home has decreased by epic proportions over the last three years. Now that does not mean that most of that was inflated appreciation, because it surely was. The amount of homes on the market and the credit crunch is driving the prices down, which for a senior who needs the money that they could have received from selling the home, is simply not there.
At this time in history there is at this time enough listing on the market in Florida to last for at least 7 years to sell them all out and start again. This coupled with the shortage of buyers looking to jump into the real estate market and the problem with getting loans, makes this an impossible situation for the senior who needs or wants to sell to move on to a smaller home. In addition; if someone needs to sell for the proceeds to go into an assisted living or nursing home.
The values that many seniors think they have in their home is very different then when an appraisal in completed sometimes by many thousands of dollars.
Now not to mention; the losses, that are being felt by the depletion of assets in pension plans, 401k’s and Ira’s by massive amounts. Now is the time to help our seniors who have worked hard all of their lives and now need to tap into the equity that is left in their homes by way of a Reverse Mortgage. One of the problems that has been seen is the State of Florida’s Intangible Tax and Mortgage tax stamp fee’s that have to be paid at closing.
These two taxes that come directly out of the proceeds to pay the state can amount to several thousands of dollars. With all of the losses that have dwindled away at the senior’s nest egg they really need some relief in the so called Golden years of their lives. Unlike younger people they do not and cannot go out into the fields of employment to make up for the losses nor will they have the life expectancy to recover.
So what is the solution!
· State government should exempt a senior who is over 62 when receiving funds from a Reverse Mortgage.
· Should also give back a tax credit for anyone who has received a Reverse Mortgage in the last 12 month’s
In 2007 in the State of Florida there were 18,023 of Reverse Mortgage completed, each and every one of them paid the taxes. The numbers for 2008 have not been released, but in 2009 it is expected that the numbers will be in the 150% increase. The state legislation goes back to Tallahassee in March 2009 they need a push to do something to help the struggling seniors of Florida, join in the fight. If you are the son, daughter, friend or you are a senior the join in the fight for senior’s looking for relief with a Reverse Mortgage.
