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Old 02-25-2016, 03:07 AM
 
1 posts, read 510 times
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What does our mortgage need from us now that we have an over 65 exemption to have our mortgage payment adjusted accordingly?
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Old 02-25-2016, 05:08 AM
 
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Nothing.


They'll get the tax bill when it is mailed to them, then adjust your escrow payment based on the new amount, and refund excess monies already paid into the account.
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Old 02-25-2016, 10:55 AM
 
Location: San Quilmas, Tx
4,089 posts, read 6,109,996 times
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Call the mortgage company, tell them you now have the Over 65 exemption and ask them what they would require. I did mine early in the year and the mortgage company immediately adjusted the mortgage payment. All they required was a copy of the new amount from BAD website as soon as it was posted by them. Piece of cake.
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Old 02-25-2016, 11:08 AM
 
Location: New Braunfels, TX
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Don't forget to request the freeze on your taxes, as well - some AD's don't do it unless you ask!
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Old 02-25-2016, 11:15 AM
 
Location: Dothan AL
1,450 posts, read 877,987 times
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The state property tax for over 65 is not really an exemption in Texas. it allows one to avoid paying the tax, yet the taxes does are held against the estate, until after the residents pass on. The the tax is paid it of the home equity.
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Old 02-25-2016, 11:51 AM
 
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Quote:
Originally Posted by OldDocKat View Post
The state property tax for over 65 is not really an exemption in Texas. it allows one to avoid paying the tax, yet the taxes does are held against the estate, until after the residents pass on. The the tax is paid it of the home equity.
There is no State property tax in Texas. Property taxes are collected by local public entities, like counties, cities, school districts, etc. Those entities may offer a partial exemption and a "freeze", for Over-65 homesteaders.
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Old 02-25-2016, 12:04 PM
 
Location: New Braunfels, TX
6,278 posts, read 9,047,308 times
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Quote:
Originally Posted by OldDocKat View Post
The state property tax for over 65 is not really an exemption in Texas. it allows one to avoid paying the tax, yet the taxes does are held against the estate, until after the residents pass on. The the tax is paid it of the home equity.
Sorry, but you're incorrect. Texas passed a law allowing local entities to "freeze" property taxes on those over 65, with the reasoning that since the bulk of those taxes are for schools, those over 65 aren't really "participating" in a way that they receive any real benefits from payment of those taxes.

I suspect you're referring to "deferred" taxes, which allows those qualifying to defer paying taxes until their demise, at which time the taxes must be paid by any beneficiaries, or the property becomes owned by the taxing agency.
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Old 02-25-2016, 03:31 PM
 
5,632 posts, read 6,451,437 times
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Quote:
Originally Posted by TexasRedneck View Post
Sorry, but you're incorrect. Texas passed a law allowing local entities to "freeze" property taxes on those over 65, with the reasoning that since the bulk of those taxes are for schools, those over 65 aren't really "participating" in a way that they receive any real benefits from payment of those taxes.
I wish that option was available for childless home owners.
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Old 02-25-2016, 08:51 PM
 
Location: New Braunfels, TX
6,278 posts, read 9,047,308 times
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Quote:
Originally Posted by Azure110 View Post
I wish that option was available for childless home owners.
It is - as soon as you turn 65!
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