A Reverse Mortgage - 'Is it for me?'
In this article, Jane Quinn, a solicitor with Harkness Henry & Co, looks at the merits and pitfalls of reverse mortgages. If you, as an older person, are concerned that the slowing property market means that selling your home and moving to a retirement village or another newer property is not an option, you may consider a reverse mortgage to pay for a new kitchen, bathroom and heat pump.
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Reverse Mortgages
For many New
Zealanders, the family home is their most valuable asset. For some
people this can mean they are asset rich but cash poor. It is such
people who are being targeted in marketing campaigns for reverse
mortgages. These mortgages can have serious implications for the
home owner. Although they are relatively new in New Zealand, they
have been around for many years in the USA and UK.
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You and Your Qualifying Company
If you have thought about buying a
rental property, you may have been advised to purchase it through an LAQC - a Loss Attributing Qualifying Company. The benefit of an LAQC
is that it provides the opportunity to distribute income at the
lowest tax rates and allows rental losses to be offset against other
personal income. This booklet, published by Kendons Chartered
Accountants Limited, takes you through the mechanics of Qualifying
Companies and LAQCs, including how to set them up and why might you
want to consider doing so.
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You and GST On Your Real Estate Transactions
Despite all the form
filling required to record GST outputs (income) and inputs
(expenses) moving through business affairs, GST is basically a very
simple tax. Unfortunately it becomes complex around the edges of the
few items which are excluded from its claws by being exempt, zero
rated, or charged at a non-standard rate. Whether ‘IN or OUT’ often
raises complex issues of interpretation, and hence a large number of
cases fall to be considered by the Courts, with a very substantial
proportion relating to real estate transactions.
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Mortgage Fraud
We like to think in this untrustworthy world that if
you can trust anyone, you can trust your family, right? Mr and Mrs
Keri (not their real name) certainly thought they could trust their
son, Rodney … but how wrong they were. This article looks at a case
that went all the way to the Supreme Court, involving families,
forgery, and a finance company.
Read More »
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Mortgage Fraud
We like to think in this untrustworthy world that if
you can trust anyone, you can trust your family, right? Mr and Mrs
Keri (not their real name) certainly thought they could trust their
son, Rodney … but how wrong they were. This article looks at a case
that went all the way to the Supreme Court, involving families,
forgery, and a finance company.
Read More »
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Disclaimer/Copyright
The contents of all Articles on this website are of a
general nature and should be treated as a guide on their subject
matter only. We strongly recommend that you contact the Article
author or your local conveyIT firm to obtain specific advice before
relying or acting on the information contained in any Article.
The contents of each Article are also subject to Copyright. Please
contact us or the author for consent if you wish to use or reproduce
an Article.
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