{"id":58952,"date":"2024-09-25T03:03:34","date_gmt":"2024-09-25T01:03:34","guid":{"rendered":"https:\/\/housesmarketplace.com\/high-property-taxes-in-maine-mayor-says-to-consider-a-reverse-mortgage\/"},"modified":"2024-09-25T03:03:34","modified_gmt":"2024-09-25T01:03:34","slug":"high-property-taxes-in-maine-mayor-says-to-consider-a-reverse-mortgage","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/high-property-taxes-in-maine-mayor-says-to-consider-a-reverse-mortgage\/","title":{"rendered":"\u0412\u044b\u0441\u043e\u043a\u0438\u0435 \u043d\u0430\u043b\u043e\u0433\u0438 \u043d\u0430 \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u044c \u0432 \u041c\u044d\u043d\u0435? \u041c\u044d\u0440 \u0433\u043e\u0432\u043e\u0440\u0438\u0442 \u00ab\u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u0442\u044c \u043e\u0431\u0440\u0430\u0442\u043d\u0443\u044e \u0438\u043f\u043e\u0442\u0435\u043a\u0443\u00bb"},"content":{"rendered":"
\n

The mayor of South Portland, Maine<\/a>, recently acknowledged that property taxes<\/a> in the region are particularly challenging for those living on a fixed income. When offering advice on how to manage these costs, the mayor brought up the potential for a reverse mortgage.<\/p>\n

This is according to local reporting by The Maine Wire<\/strong><\/a> from a recent city council meeting. Property taxes in the city \u2014 as is the case with many localities nationwide<\/a> \u2014 are higher, and the tax burden is increasingly shifting from commercial to residential properties. This led to discussion of a proposal to \u201callocate an additional $50,000 to the city\u2019s Senior Property Tax Relief Fund,\u201d according to the outlet.<\/p>\n

Such programs<\/a> exist in other cities and states, and allow older residents to defer tax payments to a later time, but they do not waive them. The age of eligibility for South Portland\u2019s program has been lowered from 70 to 65, so more people are eligible. But in turn, this reduces the potential benefit for individual households.<\/p>\n

\u201cThis is very much a perfect storm,\u201d Mayor Misha Pride said, according to the reporting. \u201cWe live in a coastal community, it\u2019s very attractive to live here. And unfortunately, that means lots of people are buying lots of residential properties.\u201d<\/p>\n

With buying and selling activity for commercial real estate diminished, Pride argued that reviewing the percentages and potential new allocations to the program may not be worth it. This led to the mayor\u2019s recommendation, which the reporting said elicited \u201can audible gasp and agitation among those present at the August meeting.\u201d<\/p>\n

\u201cI just throw this out there because I\u2019ve also been thinking a lot about how especially those with fixed incomes can deal with this,\u201d Pride said. \u201cIt is kind of a last resort measure, but seeing as our property values are so high, seniors may want to consider a reverse mortgage.\u201d<\/p>\n

Pride then read the room\u2019s reaction.<\/p>\n

\u201cI know it\u2019s an ugly word, but I\u2019m just saying,\u201d he said. \u201cI know it\u2019s horrible, but it\u2019s sort of a last resort.\u201d<\/p>\n

The mayor clarified that he does not make the recommendation lightly, reiterating the \u201clast resort\u201d phrase and saying the idea is only tied to addressing the challenging financial circumstances for the city\u2019s seniors.<\/p>\n

\u201cThis is really difficult for everyone, we don\u2019t take any pleasure in this, and the city doesn\u2019t get any more money,\u201d he said, according to the reporting. \u201cAnd that\u2019s something I think is hard for people to hear, is that the city is not getting a penny more from taxes, it\u2019s really truly just a shift of who\u2019s paying them, which is, I think, the hardest thing for people to hear and understand.\u201d<\/p>\n

A subsequent meeting on Sept. 3 meeting saw unanimous passage of an additional $100,000 for the tax relief program. HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD) reached out to Pride\u2019s office, but he could not be reached immediately.<\/p>\n

Pride\u2019s statements are eerily similar to those made by another mayor \u2014 in another country \u2014earlier this year. Tim Cadogan, the mayor of the Central Otago district in south central New Zealand, recently fielded a question from a constituent about rising rates that are akin to U.S. property taxes.<\/p>\n

After suggesting that reverse mortgages could be employed<\/a> by qualified borrowers to help pay for the rate increases, local media reported that he received a raft of backlash that accuses him and other elected leaders of being \u201cout of touch.\u201d Another labeled the suggestion \u201cdisturbing.\u201d<\/p>\n

Cadogan, however, pushed back on these assertions with reasoning similar to Pride\u2019s.<\/p>\n

\u201cI was accused [\u2026] of being out of touch with reality,\u201d he said in a weekly column<\/a> published in June. \u201cBut, here is the reality of what I was faced with more than once during the drop-in sessions; an elderly person telling me that the proposed rates increases on top of all the other bills that have skyrocketed in recent times would mean they couldn\u2019t afford food or heating.\u201d<\/p>\n

Cadogan, like Pride, also labeled the underlying problem as a \u201cperfect storm\u201d that led to the suggested remedy of a reverse mortgage. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The mayor of South Portland, Maine, recently acknowledged that property taxes in the region are particularly challenging for those living on a fixed income. When offering advice on how to manage these costs, the mayor brought up the potential for a reverse mortgage. This is according to local reporting by The Maine Wire from a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58952","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nHigh property taxes in Maine? 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