Reverse Mortages

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Dgflorida
Posts: 2113
Joined: Wed Oct 07, 2015 8:10 pm

Re: Reverse Mortages

Post by Dgflorida » Sat May 12, 2018 10:41 am

Another interesting discussion. Good post.

Move where? I have moved often thanks to association with the military. And it is not as hard as some imagine. Not a piece of cake, but not that hard. Making new friends? Why do people think that is hard? Do I have friends here? Not really. Am I depressed as a result? No I could have friends if I joined a church or group, but I haven't.

I assume that most people are tied down to their things. Old dance partner for example is. He has a lot of stuff. And parting with it would be hard. Freeing yourself from things is a freedom that feels so good once it is done. There are about 9 states in the United States where your savings will not provide enough money to live comfortably for 20 years. If you decide to live in those, expect to be in financial trouble before you die. I believe in moving. I believe in less. But I believe in my freedom to live the way I want. The house is paid off and no mortgage pencil pusher can tell me what I can do. I will be keeping it that way.

alliesmama4
Posts: 2486
Joined: Sun Aug 30, 2015 10:10 pm
Location: Southern IL

Re: Reverse Mortages

Post by alliesmama4 » Sat May 12, 2018 11:36 am

Dgflorida wrote:
Sat May 12, 2018 10:41 am
Another interesting discussion. Good post.

Move where? I have moved often thanks to association with the military. And it is not as hard as some imagine. Not a piece of cake, but not that hard. Making new friends? Why do people think that is hard? Do I have friends here? Not really. Am I depressed as a result? No I could have friends if I joined a church or group, but I haven't.

I assume that most people are tied down to their things. Old dance partner for example is. He has a lot of stuff. And parting with it would be hard. Freeing yourself from things is a freedom that feels so good once it is done. There are about 9 states in the United States where your savings will not provide enough money to live comfortably for 20 years. If you decide to live in those, expect to be in financial trouble before you die. I believe in moving. I believe in less. But I believe in my freedom to live the way I want. The house is paid off and no mortgage pencil pusher can tell me what I can do. I will be keeping it that way.
I have considered 6 different states and I do have Zillow sending me daily updates on what I am looking for.. I go back and forth on staying and moving. Mostly I want to downsize and get more of my money back in my bank account so that I can travel and not have to work so hard at trying to get things I need. I moved here to be closer to my family and since they do not bother to visit me why stay here? Then when I look out my bedroom window or spend time outside I think stay and enjoy the country side.

I was a traveling therapist the last three year of my career and I loved it. I never had a problem with rolling in to town and finding a new place to live.. I enjoyed meeting new people and if so inclined made friends with those that I liked. However I am good on my own as well. I would love to live on water but the cost of doing so is beyond my income.. but you never know what little gem might show up on the housing market..I have thought of selling my house and live in an apartment or rent a condo but the cost of renting them is more than my monthly expenses here. Even with having to pay property taxes it it is still cheaper to live here. A smaller house would cut the property taxes as well as allow me to get more of my money back from a reverse mortgage. Janet Alliesmama
Janet Alliesmama

icfrugal1
Posts: 2036
Joined: Fri Aug 28, 2015 12:54 am

Re: Reverse Mortages

Post by icfrugal1 » Mon May 14, 2018 9:45 pm

So I visited the friend who got the reverse mortgage today, nice new kitchen.

He DH's mother and father bought the house in 1955 or so and they inherited a couple of decades ago. He is an only child.

The new kitchen cost (are you ready??????) $140,000 !!!!!!!

It's nice and all of the electric and plumbing had to be upgraded.

The house on Zillow is worth more then 1.5 million!!!! Crazy!!!

About 10 years ago I replaced the cabinets, back splash and counters in my rental it was $8,500 and i thought that that was a lot.

IC

littlemiss63
Posts: 1305
Joined: Thu Aug 27, 2015 10:11 pm
Location: Middle Tennessee

Re: Reverse Mortages

Post by littlemiss63 » Mon May 14, 2018 11:46 pm

IC,

All I can say is WOW! That must be a really nice kitchen.

Dgflorida
Posts: 2113
Joined: Wed Oct 07, 2015 8:10 pm

Re: Reverse Mortages

Post by Dgflorida » Tue May 15, 2018 6:21 am

I didn't know that you had any freedom with a reverse mortgage. Educational. Deciding where to move if you have the money is a challenge. I studied it for a long time. Many people were moving out of the US for cheaper places in other stable countries. I looked hard at Costa Rica and Panama. But we decided that too much change would be upsetting. So we moved back to Florida and our little paid for house.

clemencia2us
Posts: 2723
Joined: Fri Aug 28, 2015 9:21 am

Re: Reverse Mortages

Post by clemencia2us » Tue May 15, 2018 11:11 am

I am willing to move!

Yes - get rid of your unneeded junk, be free and just take off.

Don't tie yourself down if you don't have to.

I loved living on the road during my military days.

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