The majority of Americans who are of retirement age, or are approaching retirement age own a home - but that doesn't necessarily mean the house is paid for. While some people may own a home that is paid off in full, many others can expect to have a mortgage into their 70s and beyond. The Social Security Administration reports that 80% of those near retirement have $150,000 in debt with $100,000 plus being their housing costs.
Delaware is a retirement hot-spot. Our sandy beaches, proximity to urban cities and generally low property tax rates make it an ideal spot to retire. If you are planning to purchase a retirement home in Delaware, consider the following tips:
A business owner in Delaware who is interested in purchasing, refinancing or renovating commercial real estate may be able to qualify for the Small Business Administration's 7(a) Loan Program. The government loan program allows small business owners to borrow up to 90 percent of the cost of their investment, or as much as $5 million.
A second mortgage is a secured loan that uses the borrower's home as collateral. Although the lender is a junior lien holder, it has the right to foreclose on the property if a payment or payments are not made. However, it may be possible to strip the lien through bankruptcy. Those who are filing for Chapter 13 bankruptcy may be able to ask that the lien be stripped after the debt repayment plan has been completed.
Delaware residents who are seeking personal attention and professional service when purchasing a home may be interested in more information about our firm's real estate transaction practice. Whether you are buying your first home or seeking a second home for vacation or investment purposes, we may be able to help.
Homeowners in Delaware may be wondering if now is the right time to refinance their houses. Interest rates hit a historic low in 2012, and the rates are still low enough to make refinancing tempting for many. However, if a person decides to refinance, there are some drawbacks worth considering.
The economic growth that downtown Wilmington has experienced with the recent real estate boom is continuing. In an announcement given by the Buccini Pollin, a real estate development group, more apartments are slated to be built along the city’s riverfront. The new project is part of an overall plan to bring a “critical mass” to the area to further stimulate growth and make the district a “24-hour vibrant community” as described by Marty Hagemen, executive director of Downtown Visions.
Mark Zuckerberg of Facebook fame is reportedly being sued by a real estate developer for purchasing properties around his home in Palo Alto. Sources say Zuckerberg paid a total of $43 million for four properties. According to the developer, Zuckerberg is in breach of contract with respect to a deal they struck on one of the properties.