| Arizona among top 10 states for mortgage fraud
Arizona has shot up to No. 7 in a ranking of states with the greatest amount of mortgage fraud, blowing past the 23rd spot it held the previous year.
This is the highest Arizona has placed on the Mortgage Asset Research Institute's annual fraud survey, which is based on the number of mortgage fraud cases per total of state home loans. Data from the nation's biggest lenders are used to compile the survey.
Utah is No. 1, bumping Georgia from the top spot it had held since 2002. That state now ranks No. 8. Georgia recently passed legislation cracking down on mortgage fraud. Utah, like Arizona and other states with problems, hasn't passed similar laws. .
Mortgaging For Funds - Reverse Mortgages and Loans
Almost one pensioner in four does not have enough money to fund their retirement, research from Prudential reveals, and one property-owning pensioner in five thinks they will have to downsize to make up the difference. Along with those forced to sell their homes, one pensioner in six would consider taking in a lodger. But now, pensioners can obtain cash advances secured against the value of their houses through equity release or home reversion plans. Under home reversion schemes, home-owners can sell all, or part, of their home, and receive a lump sum, an income or both. The amount owed can increase quickly as interest is charged on the interest added to the loan each year, as well as on the original borrowed amount. .
Some home refinancing costs may be deductible
Taxpayers who refinanced their homes last year may be able to deduct some of the loan costs, according to the Internal Revenue Service.
The term points is used to describe certain charges paid to obtain a home mortgage.
Here are some of the tips an IRS news release had about deducting points:
- Generally, for taxpayers who itemize, the points paid to obtain a home mortgage may be deductible as mortgage interest.
- Depending on circumstances, points can be fully deductible in the year paid.
- For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to be made over the life of the loan. This information is usually available from lenders. Taxpayers may deduct points only for those payments made in the tax year.
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