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Objects like sterling silver tea sets and inherited works of fine and decorative art all tell a story– sometimes very important stories of the current or previous owners–and that provenance can be shared and enjoyed with others. Many people are now looking around their homes with renewed interest.
And then there’s mortgage protection insurance , which pays out in the event that the mortgage is not paid off at the time of death. If the house is being passed to heirs, they will have to pay taxes on the fair marketvalue of the property out of the funds and assets in the estate. Capital Gains Taxes. Step Up In Basis.
You also get full control over how you decorate the home and any changes you make to it. Home equity is simply the difference between your home’s value and the amount you owe on the mortgage. If you own your home free and clear, your equity is the same as the property’s value.
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