Questions & Answers (continued...)
Q. Everything with the Texas Property TaxBack Program sounds great, but are there any downsides to the Texas Property TaxBack Program? A. As with everything in life, there are things that could happen that could end up in causing the Program not to work as originally designed and could result with the loss of money. Q. What could happen that would end up causing the Program not to work as originally designed? A. Over your lifetime, there will be changes. The changes could be, but not limited to: change in health, change in your finances, you decide to change mortgage company, you decide to take advantage of a Reverse Mortgage, you sell your homestead. Q. What would happen if we changed mortgage company, decided to do a home equity loan, or a reverse mortgage? Could this affect our TaxBack Program? A. Yes. Any changes in mortgage company, home equity loan and/or reverse mortgage could affect your TaxBack Program. We strongly recommend that prior to any of these changes that you gain a complete understanding of just how it could affect your TaxBack Program Q. What would happen if I/we decide to sell our homestead? Could this affect our TaxBack Program? A. Yes. Any changes that occur after the TaxBack Program is in effect could result in changes in the overall outcome of the TaxBack Program. Depending on when you sell your homestead, it will determine the overall outcome. Q. What are the possible results if we decide to sell our Homestead? A. The TaxBack Program is designed to be a long term Program. It is not designed and will not perform properly on a short term basis. Any changes could end up costing you money. If you decide to sell your homestead, all your deferred taxes and interest would be due and payable at your closing. Q. Will the Texas Property TaxBack™ Program work for everyone? A. No. It depends on each homestead and personal situation. However, the tax code 33.06 does allow everyone that qualifies to take advantage of it. Q. What if I can no longer afford my life insurance premiums or my policy lapses? A. Your estate could end up with a huge tax bill.. |
