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!