The Inflation Reduction Act of 2022 (IRA), passed last year, will be a game-changer for homeowners looking to make energy-efficiency home upgrades.

Your expertise in senior housing issues may be needed more than ever in the coming years. Recent research from the Harvard Joint Center for Housing Studies outlines the immense challenges facing the growing over-65 population. The group is expected to struggle with rising mortgage debt, costly support services, and a shortage of accessible, affordable housing options.

APR, closing costs, and other homebuying terminology roll off your tongue naturally, but clients may not be as familiar with such jargon as you think. In a MoneyWise homebuying financial literacy survey ( https://moneywise.com/mortgages/american-homebuying-survey ), over 56% of Americans flunked a quiz about common words like “mortgage rate” and “down payment.” The quiz gave grades A through F for each generation’s ability to accurately define several homebuying terms. Though Baby Boomers did best compared to other generations, only 26.2% in the age group aced the quiz, and 33.5% flunked

Florida and Arizona are the two states that immediately pop to mind when people think of retirement destinations. But things change. It turns out that Virginia has become a significant retirement destination, edging Florida out of the number one spot. That’s according to “2020 Study: Where Do Americans Move When they Retire?” by Hire a Helper. If you work with retirees, the study gives you a snapshot of moving trends that may be helpful to your 2021 business planning. Virginia is an especially appealing spot for retiring women making out of state moves. Of those, 17% landed in Virginia. Single

Now is the time of year when you’re taking a hard look at your financial picture and developing a plan for the year. Before you start, check the all-important Internal Revenue Service (IRS) contribution limits for 2021. For details, visit the IRS site at https://bit.ly/3mUplK4 and https://bit.ly/2JpWZK5 . For individuals contributing to a 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan, the contribution limits stay at $19,500. For those over the age of 50, the catch-up contribution stays at $6,500. The maximum contribution limits for individual retirement

Your clients who are refinancing their mortgages now will need to factor in the new adverse market refinance fee that kicked in on December 1, 2020. The 0.5% charge applies to conventional loans sold to Fannie Mae and Freddie Mac, and it was put in place to cover projected COVID-19 losses. According to the Mortgage Bankers Association, the fee means the average consumer will be paying $1,400 more than they otherwise would have paid. Since many homeowners may be focused solely on chasing the lowest interest rate, give them a heads-up about the change. Others may not know about or forget to

On December 1, it’s going to get more expensive to refinance a mortgage. Fannie Mae and Freddie Mac will start charging a 0.5% fee on refinanced mortgages that the two mortgage giants purchase. The reason for the fee, known as the “adverse market refinance fee,” is to cover projected COVID-19 losses. According to the Mortgage Bankers Association, the change will cost the average consumer an additional $1,400 than they would have paid before. However, those refinancing balances $125,000 or less are exempt from the fee. Initially, the adverse market refinance fee was to go into effect on

If you work in a place that has been hit by recent natural disasters — Hurricane Sally and the wildfires in California, Oregon, and Washington — homeowners in your area may benefit from disaster relief policies from Freddie Mac and Fannie Mae. According to Fannie Mae’s guidelines for single-family mortgages impacted by a natural disaster, homeowners could get their payments suspended or reduced for up to 90 days. Some may be eligible for reduction or suspension of payments for up to 12 months. During the payment break, such homeowners won’t face late fees and foreclosures, and other legal

Clients who are struggling financially because of the pandemic may look to you for advice if they can’t pay their mortgage. Keep up on mortgage relief options, so you’re prepared to guide them to appropriate resources. For instance, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners with government-backed mortgages (Fannie Mae, Freddie Mac, HUD, VA, and USDA) can request up to a 360-day payment forbearance without proof of hardship. They’ll incur no additional fees, interest, or penalties for the forbearance. Also, talk with clients about how they can set

The SECURE Act (The Setting Every Community Up for Retirement Enhancement Act of 2019,) a law aimed at improving people’s retirement security, was signed into law at the end of 2019 and has tax implications for those inheriting money from IRAs and 401k accounts. Before, those inheriting such funds could take distributions over their lifetime. But that timeframe has now been reduced to 10 years, meaning that if you’re inheriting an IRA or a 401(k) from someone who passed away on or after January 1, 2020, you’ll need to withdraw those assets within 10 years. They’re taxed as ordinary income and