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Old 02-03-2016, 09:51 AM
 
796 posts, read 776,927 times
Reputation: 1964

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Thanks everyone for your input.

My concern isn't really about needing low income housing.

Financially, it would probably be best to stay in my home because I paid off the mortgage years ago. My main expenses are utilities and taxes and I have no debt. As I said, I don't want to move to a CCRC yet but I am trying to be proactive about my future. Being alone in retirement and not having anyone to look out for your best interests is not a good place to be. To me, it means trying to deal with circumstances that the majority of people don't have to. It might also mean taking steps to do things a little unusual because of the situation.

I just thought it I were to get into a CCRS now I would not be so worried about what would happen if my health would deteriorate (some problems now but still active). There would be assisted living, nursing care and some also have memory care units.

I know you can always find paid advocates. Even banks will take care of your bills and make sure you get into a nursing home if you need it for a fee, of course. They are certainly not interested in you personally and what would be best for you. My thinking is why not try to have some control, if possible, over where I spend my life.

Although staying in my home right now might seem cheaper I see having some expenses in the near future such as replacing appliances and a new roof. Those are the things I know about. That's not counting the surprise expenses that can come up with the joy of home ownership. All of that would take away from any assets I do have.

Originally, I was posting because I just wondered if there was any way possible to generate more monthly income. Even if I stayed in my home for a while, it would still help to have the extra income. If I wanted to invest an amount of $125,000 is it possible to do something with that? It is not enough to take risks with but I hate the thought of earning so little with CD's.
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Old 02-03-2016, 04:06 PM
 
Location: Columbia SC
8,974 posts, read 7,745,489 times
Reputation: 12182
While reverse mortgages are tricky and expensive I believe they might could fit a single person concerned with taking care of himself with no regard to leaving an estate as in money to others.

The same might could be said of an annuity.

Remember that many of the posters here have spouses and/or family they want to leave something to and this "slants" their views.
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Old 02-06-2016, 09:40 AM
 
Location: Scottsdale, AZ
7,670 posts, read 4,712,277 times
Reputation: 28093
$800/month is very possible as a net profit from a home-based business, something like selling on eBay or Amazon.

I'm less enthused about getting that kind of return on a cash investment.
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