Home Value Down?  Taxes Up?

Let Your House Secure Your Retirement and Put Tax-Free Money in Your Pocket

If you're 62 years old or older and need money to pay off debt, cover medical expenses, or help out the kids you'll be happy to know Congress has raised the amount banks may pay you while you enjoy your retirement from the comfort and security of your own home. The American Recovery and Reinvestment Act of 2009 raised the limit for government-backed reverse mortgages to $625,500. There are no income, employment or credit qualifying restrictions. You own your home - not the bank and you never make a mortgage payment while you live in the home and the money you receive is tax-free. You can get a Free Reverse Mortgage Guide from Quicken Loans that explains all your options and simplifies the application process.

Take a Bite Out of  the Cost of Insuring Your Home

Take a close look at your mortgage statement. For most homeowners, the cost of home insurance is a substantial part of your payment. If your home's value has gone down and the cost of insuring your home hasn't, you can take a big bite out of your monthly payment just by lowering your home insurance to bring it in line with your current home value. 

Get All Your Property Tax Exemptions

In addition to the rebates and tax credits you'll find on this page, most states offer special exemptions for property owners that can save you hundreds - even thousands of dollars in taxes every year. The exemptions are available to seniors, veterans, the disabled and homeowners who have declared homesteads, just to name a few. Call your local appraisal district or property tax collector to determine what exemptions may be available to you.

Get Rebates for Home Improvement, Home Repairs and Home Energy

The rebate program is similar to the popular “cash for clunkers” program, but doesn’t require a trade-in or exchange. The federal government is offering incentives to home owners who want to update their homes with the latest retrofits. You can get substantial tax rebates for installing more efficient heating and cooling systems, water-saving bathroom remodels and energy-saving kitchen upgrades. The short list of eligible Home Improvement Estimates include recession relief money for major home repairs like replacing old windows or money to install new roofing, new siding and insulating retrofits.

According to the U.S. Environmental Protection Agency and the U.S. Department of Energy, individual states determine the type of home improvement allowable and amount of rebate that is available. To take advantage of the rebate you should compare bids from local contractors and get all your options.

Appeal Your Property Tax

Of all the properties in America that are over assessed, less than 1% are appealed. Yet, the process to contest contrived market values is relatively simple. With home prices plummeting, your odds of winning an appeal are better than ever before. Once you win your appeal, you may receive a substantial refund and your property tax savings will continue for years to come.

Credit Card Bailout - Credit Card Act of 2009

It may be possible to settle what you owe.

According to the White House, the average American family carries a credit card balance of $10,000. In March, President Obama announced, "The days of any time, any reason rate hikes and late fee traps have to end." This is good news for struggling consumers. New credit card laws of 2008, 2009 and proposed laws set to go into effect in 2010 along with government bailouts are motivating banks and credit card lenders to quickly settle debt with debt settlement specialists. You could eliminate half of what you owe.

It's important to continue to monitor your credit for errors and protect your privacy against id theft to ensure you receive better rates after negotiating a potential settlement.