Camille Miller , SRES

As part of President Obama's Fiscal Year (FY) 2012 budget proposal submitted to Congress on February 14, 2011, the ability for individuals making over $200,000 per year and couples making more than $250,000 per year to deduct their mortgage interest has been limited. The proposal calls for taxpayers in the 33 percent and 35 percent tax brackets to be limited in deducting their mortgage interest payments down to those at the 28 percent rate or below. The President's budget proposal is now before Congress. The National Association of REALTORS^® (NAR) will be analyzing this proposal and working with the Congress to fight for the continued ability for mortgage interest to be fully deducted by all homeowners who currently have the ability to do so.

Copied from the NJAR website at http://www.njar.com/government_affairs/index.php

Discuss options very early...before its time to move. I have found that when seniors take the time to think about the options it's usually a smoother transition. Many senior facilities allow trial visits for up to two weeks and it's a great way to see if a senior "fits in". Leaving a home, especially a long term home, is very difficult and emotionally stressful. Nearly everyone wishes to age in place as they grow older, but often the spacious family home becomes too burdensome, financially and physically, for older adults. Many people choose to stay in their home as long as possible however the down side to that is not having friends to age with when they transition to a new place and become lonely. A place that offers a continuum of care seems to be a great choice for many but it's a difficult balance for everyone involved.

The deadline for filing 2009 Senior Freeze (Property Tax Reimbursement) applications has been extended to November 1, 2010 (The preceding deadline was August 2, 2010)

The State Budget permits applicants who received a reimbursement last year to get a check in 2010, provided their income was $70,000 or less and they meet all other eligibility requirements. However, the budget limits reimbursement payments to the amount the applicants received last year.

The budget also provides that new applicants are not eligible to receive a check in 2010. So seniors and disabled residents who didn't get a check last year should similarly not expect to get one this year. However, everyone who meets the age and income requirements is encouraged to file an application. It will establish the "base year" for property tax calculations. If reimbursements are fully funded in future budgets, filing could bring an applicant a higher payment.

Residents should not confuse the Senior Freeze with the Homestead Rebate Program. They are two distinct property tax relief programs with different eligibility requirements and separate applications. Filing for the Senior Freeze is going on right now, but filing for benefits under the Homestead Rebate Program will not begin until later in the year.

There is a huge difference between firms for both buying and selling a property. Excellent & qualified agents work for all of them but each also has it's "not so good" agents, some agents specialize in short sales, other condo units, and still others in the senior market. You need to know what best fits you for your needs. JustJerseyRealEstate.com is a concierge service who matches buyers and sellers with real estate professionals all over the state of New Jersey. We have prescreened and qualified every one of our Realtor partners from many different brands. If you'd like us to refer some agents to you (from different brands) I'd be happy to speak with you. You can read more about us at www.justjerseyrealestate.com. There is absolutely no cost or contract to use our service and our Realtor partners pay no fee to be a part of our network. They are chosen strictly on merit and excellent customer satisfaction surveys. We have many in your county too. Please let me know if I can help you.

It does make a big difference if you occupy the home or not. Your mortgage rate and home owners insurance will be different if its strictly an investment property and not a personal residence. If you plan on buying a house you will not live in & you plan on financing the transaction you will be deemed as an INVESTOR. You will be required to meet investor standards for mortgage down payment, reserves and credit. It makes no difference if you are a first time home buyer or not in this case because the programs are the same regardless now that the federal program has ended.

I'd advise you to speak with both a qualified tax preparer and to a qualified mortgage lender before purchasing so you know how this will affect you. Here's a link for some mortgage lenders we recommend http://www.justjerseyrealestate.com/mortgage_Financial.aspx

Best of luck to you!