Thursday, May 15, 2008

Reverse Mortgage...I did it and I'm glad!

A few posts back in Jackie's blog I asked about those who might know anything about reverse mortgages. At that time I was considering it... well, after much background checking and pros and cons, I did it and I'm glad I did. While it's expensive to begin with, it's really no different than taking out an equity loan, or selling and buying again having to pay closing costs.

*This way I'm able to live in my home,
*I don't have to pay a mortgage payment (which means I will more than make up the cost of
closing on the reverse mortgage in the first year of not paying house payments),
*I still have equity in the house, which is enough to pay off this reverse mortgage if I ultimately
decide to sell, or if something happens to me,
*and, I also have a line of credit, above and beyond the equity in the house that is mine to spend
as I choose.

While this is an insured government program for senior citizens only, I have to say it is really a Godsend for me. My expenses were getting to be more than my income and now that's no longer the case. It'll also give me the opportunity to pay off credit cards with the line of credit. Credit cards that have a high rate of interest, even tho I'm a good payer. It will also give me the opportunity to quit one of my part time jobs. At 70 years of age, I think it's time I got a break and I've taken it.

I'm even thinking of doing some traveling... and vacationing which I haven't be able to do due to being a care giver to an old friend, who passed away recently. Maybe I will try to re-organize another "Jackie'sGetTogether" for those of us who would like to meet. Or maybe I'll just visit some of the various cities/states you all live in and you'll invite me to dinner. Yeah, I like that idea too. LOL.

I just feel really "free" right now guys. Haven't had that privilege for many years.

Have car...will travel!

4 comments:

Donna in AL said...

By all means MEB, you deserve to relax and not have to worry about LIFE. I am so glad you have a desire to travel and enjoy things. As I told you, my mom, will not get out and involved with others and enjoy her life. She thinks the quilting groups or church groups are just a bunch of "old" women. ha ha She is 71 but of course, she does not feel it. She does not have financial worries to keep her from doing anything. Although she thnks she is struggling.
Anyway enough on that. I wish I had known about the reverse mortgage in 2005, when my dad died and I got mom to refinance. That would have been perfect for her. I enjoy your updates and writing skills.
Have a great day MEB.

TerryinCA said...

Hi MEB
I lov everything about your blog. I cant believe you are 70 cause you are so young thinking! I am 63 and also a Scorpio.
I have had an unusual life, but the last 27 years have been stable. I married a good man, and we have totally given credit to the Lord for it all.
As you can tell from my blog I have 3 children (two bio, 1 step)and a total of 6 grandkids, 3 of whom I never see.
Laurie and I met online thru a mutual friend and realized shortly thereafter we were mean to meet. Our friend passed away 4 years ago and we have become extremely close.
this cruise we are taking is a major event for us both. Our husbands and one other couple leave tomorrow the 16th.
I love to read, I try to write...and up till last September I had my Mom in our home with me for 26 of our 27 years...the last 5 I quit work and stayed home with her.
She had a friend who did a reverse mortage and its been very beneficial for her as well.
California real estate is the pits right now. My husband retires in Sept 09 and we would love to move...maybe just live in our camper at kids homes till we decide where we should be.
Well, hope I didnt go on too much!

dla said...

Hi meb!

Congratulations on your decision re: the reverse mortgage!! Good for you! I live in NV, and AZ before that, so many many snowbirds and retirees seem to be taking advantage of this option. Sounds perfect for you!

Hope your two PT jobs don't get to be too much, but it sounds like you are getting diversity, which should keep things interesting!

Love your blog, and have enjoyed your posts! I look forward to more updates as you have the time or inclination.

Have a wonderful day!

Sydney said...

You deserve it for all your good deeds MEB!!!!

You're officially invited to Houston for dinner, lol! And I'd definitely be up for any new Jackie's blog meet ups you can arrange. Wherever we could do it... I know alot of folks were thinking Vegas was central enough and appealing. Maybe we'd havemore luck with that than the NYC one, whose cost was prohibitive.

SO glad this mortgage worked out for you. You certainly did your research!