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Old 07-10-2017, 10:44 AM
 
Location: Myrtle Creek, Oregon
12,290 posts, read 12,529,205 times
Reputation: 19510

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Quote:
Originally Posted by Escort Rider View Post
Hell, if someone doesn't want humidity, the entire country east of the Rocky Mountains is ruled out.
And she wants a church community, which rules out most places west of the Rockies. Maybe Idaho...
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Old 07-10-2017, 10:50 AM
 
Location: Charleston, SC
1,369 posts, read 770,265 times
Reputation: 2428
Quote:
Originally Posted by Cruzincat View Post
When you are 62, you can purchase a home using a reverse mortgage. There are caveats to doing that, but if you know where you want to live and find the perfect house, you can afford a house worth about 180% of the money you have to put into it. Remember though, that the real estate taxes and insurance will usually be higher with a higher value home. With 200K you could easily buy a house worth about $360k.
There are many misconceptions in that paragraph. So you are suggesting the OP put her entire nest egg into a house and then lever it up to 180% of value ?? All I will say is....anybody considering a Reverse Mortgage, please make sure you understand completely all the Terms & Conditions.

Don't tell me what I know or don't know about Reverse Mortgages. I've seen many of them in my line of work.
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Old 07-10-2017, 12:42 PM
 
Location: Hiding from Antifa?
6,429 posts, read 4,187,549 times
Reputation: 5727
Quote:
Originally Posted by FiveLoaves View Post
There are many misconceptions in that paragraph. So you are suggesting the OP put her entire nest egg into a house and then lever it up to 180% of value ?? All I will say is....anybody considering a Reverse Mortgage, please make sure you understand completely all the Terms & Conditions.

Don't tell me what I know or don't know about Reverse Mortgages. I've seen many of them in my line of work.
As long as you are willing to tell everyone that a reverse mortgage is always bad for everyone that has one, I have to call you out on it. It can be the right thing for many people. Just because you do not know someone who has or could benefit from one, does not mean it is always bad.
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Old 07-10-2017, 01:45 PM
 
Location: Myrtle Creek, Oregon
12,290 posts, read 12,529,205 times
Reputation: 19510
Quote:
Originally Posted by Cruzincat View Post
As long as you are willing to tell everyone that a reverse mortgage is always bad for everyone that has one, I have to call you out on it. It can be the right thing for many people. Just because you do not know someone who has or could benefit from one, does not mean it is always bad.
If it's the difference between staying in your home or living in poverty, a reverse mortgage can be a good idea, but they have a limited term. I have a friend who just negotiated one at 70, but if she lives past 85 she is going to be screwed. It's essentially selling your home for 2/3 of its value, and losing all appreciation for the next 15 years.

If you think you are going to die soon, it's not a bad idea.
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Old 07-10-2017, 04:27 PM
 
Location: Kennett Square, PA
1,699 posts, read 2,609,289 times
Reputation: 2594
Quote:
Originally Posted by MrRational View Post
All well and good but with only $1800 per month to live off of your choices are VERY limited.

Housing (rent, utilities, etc) really shouldn't be more than 25% of that number.
Well, assuming you want to eat and feed/vet the dogs and have some quality of life too.

That $450 less even just a share of a homes utilities doesn't leave much more than $300 for rent.
Sharing someone else's home rather than your own independent place could work...
but anything by yourself will require one of the HUD (Section 8 etc) programs to pay the rest.
Yes, things will be tight (and you're SO patient with me; I appreciate that). But the one thing I do have is that I own my home outright. It is currently worth about 200-210K. I figured if I could get a small single place, with low taxes, priced in the mid 100's, say 150 - 170, I might be able to pocket a bit after the fees and get a part-time job (in my new location), as that is allowed while collecting SS. Also: in the event that gold should really move, I have a small gold IRA that I could get another small amount from. Anyway...that's what I'm hoping. I'll do anything to keep my current lifestyle - which isn't much, but it IS private and independent.
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Old 07-10-2017, 05:28 PM
 
Location: The Triad (NC)
28,541 posts, read 62,270,607 times
Reputation: 32280
Quote:
Originally Posted by soulsurv View Post
Yes, things will be tight...But the one thing I do have is that I own my home outright.
It is currently worth about 200-210K. I figured...
Even without a mortgage payment (P&I) you still have to pay taxes and insurance and utilities.
Then of course there are the repairs and upkeep costs that no one can predict but still have to be budgeted for.

You would be better off investing that sale proceeds money for some extra income & reserves...
and using your low income (SS?) to qualify for the Sec 8 or other programs
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Old 07-10-2017, 07:11 PM
 
11,267 posts, read 11,282,861 times
Reputation: 3470
Quote:
Originally Posted by Happy in Wyoming View Post
If you are willing to move west, you are not asking the impossible; you can have everything you wish. The temperate areas of Arizona could be ideal. Look at a map of Arizona. Draw a diagonal line from the NW to the SE. The weather south of that line will be hot; the weather north will range from mild to positively frigid north of Flagstaff. Before moving to Wyoming, our No. 2 area was the SE corner of Arizona. High temperatures range from 60 in January to 85-90 in the summer. The elevation is from seven to eight thousand feet.

Southern Utah is dry as well although summers can be very hot (but never humid).

The Reno and Carson City areas are pleasant as well.

If your only concerns were canine, I'd tell you to move where I live. Excellent veterinary services combined with millions of acres for rambling make this place ideal. We have the driest weather in the country-so dry that the Heat Index is normally lower than the ambient temperature.
My older brother lives in Sun City Arizona and he's just coming off several days of temperatures of 117-118F. Nights were hovering in the high 90's. You will have your air conditioner going nonstop and if it ever breaks in blast furnace temps like that, God help you. Figure yourself a goner, not to mention your energy bill. If you're on a limited budget I definitely would NOT consider that part of the country.
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Old 07-10-2017, 07:14 PM
 
Location: Los Angeles area
14,018 posts, read 17,756,785 times
Reputation: 32309
Quote:
Originally Posted by Larry Caldwell View Post
And she wants a church community, which rules out most places west of the Rockies. Maybe Idaho...

Not true at all. There are hundreds and hundreds of church communities in the greater Los Angeles area, representing all sorts of religious faiths. True of most of the rest of the west too. I mentioned Los Angeles because it's the area I know best.
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Old 07-10-2017, 07:25 PM
 
Location: Hiding from Antifa?
6,429 posts, read 4,187,549 times
Reputation: 5727
Quote:
Originally Posted by Larry Caldwell View Post
If it's the difference between staying in your home or living in poverty, a reverse mortgage can be a good idea, but they have a limited term. I have a friend who just negotiated one at 70, but if she lives past 85 she is going to be screwed. It's essentially selling your home for 2/3 of its value, and losing all appreciation for the next 15 years.

If you think you are going to die soon, it's not a bad idea.
Your heirs would still recoup any equity still left on the house at the time the loan ends. If you have no heirs, then after you die you don't actually care what happens!
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Old 07-10-2017, 07:33 PM
Status: "Support the Mining Law of 1872" (set 15 days ago)
 
Location: Cody, WY
9,590 posts, read 10,942,364 times
Reputation: 19235
Quote:
Originally Posted by thrillobyte View Post
My older brother lives in Sun City Arizona and he's just coming off several days of temperatures of 117-118F. Nights were hovering in the high 90's. You will have your air conditioner going nonstop and if it ever breaks in blast furnace temps like that, God help you. Figure yourself a goner, not to mention your energy bill. If you're on a limited budget I definitely would NOT consider that part of the country.
As I said, the state of Arizona does not have a monolithic climate.

The country east of Douglas is higher and cooler. Please notice the average highs and lows for the hottest months.

https://en.wikipedia.org/wiki/Douglas%2C_Arizona
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