Taxes

• Tax Deductions
  You can likely claim a sizable tax deduction based on interest payments for your 30-year loan, especially in the early years, when most of your payments go toward interest. And because it’s a fixed-rate loan, you’ll pay the same amount every month.
• Income Tax
  Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

Planning

• Financial Planning
  Powerhouse Solutions, Inc. is a NYS licensed banking entity that organizes and procures mortgage loans directly for our consumers. As a direct lender, we consistently maintain the utmost integrity, concern, and care for our customers. At Powerhouse Solutions, we take a personalized, comprehensive and consultative approach and carefully guide all of our customers through the home buying and refinancing process - paying attention to all variable factors such as cash flow as well as short and long term financial planning goals. learn more
• Reverse Mortgages
  Reverse Mortgages vary for different situations. Most common is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Following recent legislation, there are new increased borrowing limits available along with the ability to purchase a new home with this program.