Retiring on a literal shoestring: support group (grandparent, grandpa, Massachusetts)

[Minervah]

Originally Posted by newenglandgirl

Seems like we could all crash into each other one of these days....looking for an affordable utopia!

Doesn't have to be utopia for me. I'll settle for Nirvana.

[Umbria]

There are many times I ramble on about this house taking all my spare $ - lawn fertilizer, weed control, lawn mower + maintenance + gas, repairs on everything, etc...

BUT, I then remind myself how lucky I am to have this house where I make the decisions and don't ask anyone for permission to do anything. I can have as many animals as the city specifies (3) or as many as I can sneak in. I don't have to hear neighbor's racket through the walls and don't have to hear complaints if my dogs bark when the mailman comes.

Renters pay property taxes and insurance also - it just isn't broken down to reflect that and they can't itemize it on their tax returns. I received 1/2 my property taxes back (paid $3600 and received a check for $1800) because I am retired and my income is low. My monthly payments don't change - ever. Everything else does - utilities, taxes, etc...

At the end of the day, when it's time to sell, you receive some of the money you put into it through payments, etc... How much depends on the economy and your own circumstances when you bought it (bad mortgage, etc...) It is still an investment for most people. I paid $145,000 in 1994 and expected to sell it for $3XX,XXX in 2010.

The only down side that I see is that you can't just give a 30 day notice and be gone - you must sell it, which can take some time.

[livecontent]

Originally Posted by MN2CO

...
The only down side that I see is that you can't just give a 30 day notice and be gone - you must sell it, which can take some time.

If we are happy and healthy in our house then perhaps the fates will give us the opportunity to sell out quickly and quietly...it will be immediate, no notice, no time and no effort...

For when, I look around my house, that I have occupied for many years, and all my possessions, my clutter, my junk...the thoughts of the effort of moving and selling is traumatic. So, I hope to move from my house by going to sleep and never waking...

Livecontent

[StealthRabbit]

Originally Posted by newenglandgirl

One of my best friends has a relative in northern Tenn, she loves it there (she's on in years)....I think it's near Crossville? ...

I have been dealing with a gal from Crossville. I can ask her specific questions next time, but did a pretty thorough inquisition last week when I called. It sounded really great, especially the weather, housing prices, CoL.... The crime stats look pretty bad, but it may be due to how statistics can hammer a small town. I looked at Oakridge which was better but not great. You should chat w/ LauraC, she has a handle on that area of TN. These stats are about 5x worse than my area (which I'm not keen on).

The first benefit of living in a house that you own is having a place to live that is more comfortable, for some, than an apartment and it has more privacy. It is a place to live and we can make it more permanent than renting and we can adapt it to our own tastes.

We seemed to have lost track of that idea and we are tempting by the greed of always having increased equity---It must be an investment; it must increase in value over time; we must make a profit. That is fine if it happens, but even if the house only provided a nice home over many years--that can be enough to satisfy.

I had the privilege of watching the sheriff kick a few families out, including my mom (while a bunch of guests were visiting for my sis's graduation). Thus I know the anguish of both sides. I was in a really crummy mobile at the time infested with mice and leaks. Had to move my mom from a gorgeous mtn home & ranch of our childhood to a pretty ratty joint on a busy street. No more 'rippling' brook to put her to sleep. She started from scratch again as a single lady at age 55. She was able to buy a few 'wrecks' during the 80's downturn and now has a very nice place in NM. Unfortunately her second husband now has health issues and the house will have to go to pay for skilled care, so she will be starting again in her 80's. It is really a raw deal the regulations for access to care. He could go into a veteran's facility for free if she would cut him lose... but she's not gonna do that, again...BTDT

A house is nice for privacy, but... it is not forever. I'm looking for that special combination that will allow me a warm. dry place to bed down (and read) but be self-supporting in-case I'm incapacitated. Likely be a commercial building with an apartment, or a senior mobile home park with a caretaker.

[newenglandgirl]

Originally Posted by livecontent

If we are happy and healthy in our house then perhaps the fates will give us the opportunity to sell out quickly and quietly...it will be immediate, no notice, no time and no effort...

For when, I look around my house, that I have occupied for many years, and all my possessions, my clutter, my junk...the thoughts of the effort of moving and selling is traumatic. So, I hope to move from my house by going to sleep and never waking...

Livecontent

Sounds ideal!

[Curmudgeon]

Originally Posted by livecontent

The first benefit of living in a house that you own is having a place to live that is more comfortable, for some, than an apartment and it has more privacy. It is a place to live and we can make it more permanent than renting and we can adapt it to our own tastes.

We seemed to have lost track of that idea and we are tempting by the greed of always having increased equity---It must be an investment; it must increase in value over time; we must make a profit. That is fine if it happens, but even if the house only provided a nice home over many years--that can be enough to satisfy. For if we paid a mortgage or rented, it is still the satisfaction of living happily one day at a time--that should be the expectation of life.

I believe strongly in living with less, buying less, owning less and expecting less. For I know now, in my senior years, that less can be satisfy. Today, I am free from the temptations, greed and avarice of my youth; and I know the good expectations of the morrow should only be, that it will come.

Livecontent

For us there's a huge difference between owning a house and owning a home. When we bought our house we bought it not as an investment but as a place to spend our retirement. It's inevitable that it will increase in value (we bought at the bottom of the bubble burst) but that just might benefit our heirs some years from now. In the meantime, it's our nest and where we want to be. That's what we consider to be most important.

It's all about mind-set!

[Floridachic]

A friend of mine (lives in FL) is cash-poor but house-rich.
Last spring she got a reverse mortgage and can't be happier, her kids are well off so no worries there.
Yes, the costs can be high but she got to stay in her home..priceless !

[akck]

Originally Posted by newenglandgirl

How costly is it to live in Alaska? Where are you attracted to in terms of COL?

It really depends on where you live in Alaska. If you're out in the bush, heating oil can range from $4-8/gal and milk exceeds $5. In the bigger cities, heating oil and milk can range from $3-5. Housing is expensive here too. We also give up variety, in that we skip some of the expensive fresh produce that would be relatively cheap in the lower 48.

For us, we like being near the ocean, so are limiting ourselves to Washington and Oregon. When we're closer to or retired (within 5 years), we'll do a more detailed property tax/income tax vs. property tax/sales tax comparison, once we narrow down the counties we'll consider living in.

[newenglandgirl]

How kind is the state of Missouri to seniors on a shoestring (property taxes, etc)....?

[MotleyCrew]

Originally Posted by Floridachic

A friend of mine (lives in FL) is cash-poor but house-rich.
Last spring she got a reverse mortgage and can't be happier, her kids are well off so no worries there.
Yes, the costs can be high but she got to stay in her home..priceless !

I hope things go well for your friend. It is an interesting fix in some cases but I would read the fine print regarding occupancy and having to leave the home for skilled nursing in the future before signing up for a reverse mortgage.