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Virginia’s Livable Home Tax Credit Program

by middleburgreverselady, posted in Caring for Aging Parents; A Daughter's Story

Did your parents want to leave their home when they retired? Do you wish to leave yours?

If you do, you are overwhelmingly in the minority: fully 95% of people polled state they wish to age in place. But what if the layout of the home just doesn’t work?

Tax Incentives for Improving Accessibility in the Home

For individuals with accessibility issues in the home, Virginia’s Livable Home Tax Credit (“LHTC”) program provides financial incentives for improving accessibility in residential housing. The credit applies to the purchase of a home or to the retrofit of a current home.

Tax credits up to $5,000 are available for the purchase or construction of an accessible residence, or up to 50 percent of the cost of retrofitting an existing home, not to exceed $5,000. If the tax credit exceeds the eligible individual’s tax liability, the credit may be carried forward for up to seven years.

It is important to note: applications must be filed with the Virginia Department of Housing and Community Development (DHCD) by February 28, 2013 for a purchase or retrofit completed in 2012.

For more information visit the DHCD website at www.dhcd.virginia.gov/LHTC

Laurie

Laurie Denker MacNaughton [NMLS# 506562] · Reverse Mortgage Consultant · Middleburg Mortgage, a Division of Middleburg Bank · 20937 Ashburn Road, Suite 115 ·Ashburn, Virginia 20147 · 703-477-1183 Direct · LMacNaughton@MiddleburgBank.com · www.middleburgmortgage.com/lauriem

Visit my Informational Blog at https://middleburgreverselady.wordpress.com/

How Much Money Will You Really Need In Retirement?

by middleburgreverselady, posted in FHA HECM, Reverse Mortgage

How Much Income Will You Really

Need in Retirement?

Erik Carter Erik Carter, Contributor
RetirementRetirement (Photo credit: Tax Credits)

When we meet with individual employees, one of the most common retirement questions we get is how much income they will need in retirement. Unfortunately, it’s one question we can’t answer for them.  For example, I may run a retirement calculation that projects your retirement income at $65k in today’s dollars at age 62. What I can’t tell you is whether that’s enough or whether you should save more or retire later. Financial planners typically say you need about 80% of your income before you retire but actual needs can vary considerably. Here are some questions to help you figure that out.