Bella Mertz Occasionally, a lender will forgive a portion of a borrower’s debt or lower the principal amount owed. Any debt forgiveness is subject to the general tax rule that the amount is treated as taxable income to the borrower. There are some exceptions to this rule, but prior to 2007, the borrower was obligated to pay … Read more
When the loan servicer receives proof that the parent who took out the Parent PLUS Loans has passed away, the loans are automatically discharged. The U. S. When the parent who signed the master promissory note passes away, the Department of Education cancels the federal Parent PLUS Loans. A family member or representative must provide … Read more
At Bills. com, we work to give you the knowledge you need to make sound financial decisions. Our assessments are never influenced by the fact that many of the products reviewed come from our Service Providers, including those with whom we are affiliated and those who pay us. Best for non-home equity loan or heloc … Read more
Note from the Editor: This article’s content is solely based on the author’s opinions and suggestions. It might not have received approval from any of our network partners through reviews, commissions, or other means. You can receive a monthly cash payment from your home equity through a home equity conversion mortgage (HECM), a reverse mortgage … Read more
SBA loans for veterans are essential to America’s small businesses. Many veterans decide to launch a business after their time in the military is complete. In fact, military veterans own about 7. 5% of the businesses in the United States. These business owners may eventually apply for an SBA loan, just like any other small … Read more
Parents who are sending their children to college frequently choose to use parent PLUS loans. These federal loans, which are accessible to parents of undergraduate students, can temporarily lower the cost of attending college. Parent PLUS loans have fewer repayment options and higher interest rates than federal loans that undergraduates can take out on their … Read more
In this tax worksheet, the taxpayer’s qualified mortgage loan limit and home mortgage interest deduction are calculated. Your clients want to purchase a home with a $1,200,000 mortgage. They want to know how much of the interest paid is deductable for home mortgage interest as well as the qualified loan limit. The qualified loan limit … Read more
When applying for a co-signed personal loan, you include a second borrower. Youre both responsible for paying back the loan. The majority of the items featured here are provided by our partners, who pay us. This could affect the products we write about as well as where and how they appear on a page. However, … Read more
Even though you already know not to use your retirement funds for irrational purchases, there are a few circumstances where borrowing money might be acceptable. A significant portion of personal wealth comes from retirement accounts: As of the end of the first quarter of 2018, the average 401(k) plan account balance at Fidelity Investments was … Read more
Deciding whether to pay a lump sum off your mortgage or to add extra money to your monthly payments is an important decision that requires careful consideration. There are advantages and disadvantages to both approaches, so it is important to weigh your options and determine the best approach for your particular situation. Paying a lump … Read more