Re: 35 Best Places to Retire


Nancy wrote:>
I've read that if one has a reverse mortgage, property taxes have to be
current. That makes sense. I just received my school tax bill; it went
down about $250. I'm not yet 65 so don't have the extra exemption.

Nancy

Andy replies:
Well, that would make sense. If the ownership of the house passes
to somebody else other than the people living in it, they need to be
sure that they don't have bills to pay......

However, that doesn't, or ever will, affect me..... I think reverse
mortgages are an act of desperation which benefit only the folks
holding the title,,, i.e.,,,, the mortgage broker...... I guess some
people MUST have this to stay solvent in their senior years, but
, thankfully, it doesn't affect me...

I wonder what happens when a hospital tries to force a lien on a
house with a reverse mortgage in order to satisfy medical bills......
Funny how we get wheels within wheels........

Yet, Texas is extremely "homestead" and "senior" friendly........as
far
as taxes go. I haven't seen another state that does as much, tho I
haven't researched it thoroughly....... It seems that most tax
authorities
are run like bulldozers that run over the individual....

By the way, in Texas, the "tax affadivit" has a time limit on it....
If you
take more than 6 months past your 65th birthday (going by memory),
you are no longer eligible...... which is why most people don't have
it
---- they simply haven't taken time to learn the rules of the game....


Any Texans that want the benefit of my experiences and Texas law
regarding real estate tax, just Email me...

Andy in Eureka, Texas andysharpe@xxxxxxxx


( Eureka --- Where all methamphetamine labs are required to
be licensed by the local Baptist church )

.

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