loveofgreys: (Default)
We are in the high 30s this morning. Pretty chilly.

About the reverse mortgage: I am really ok with our decision not to go ahead with it. We could do it later on and get more, or not at all. If we decided to sell, we would have more options, since we are still mortgage free. We have done all the steps to make the house FHA finance-able
so we are steps ahead.

I did not think the bank would finance a mobile at all, but now with the skirting reinforced, and the real property issue done, a buyer can finance at least part of it.

Because of the crappy market, the appraisal is pretty low, but it is probably realistic. A place down the street in on the market for about that. Ours is much nicer and has more out buildings, etc, also has been upgraded, but as I said, probably realistic.

Oh, someone asked about the daughter. She is Roy's daughter, my step-daughter.
loveofgreys: (burn money)
Well it ain't going to happen. The appraisal came in way lower than we expected due to the crappy market, so we told them to forget it. I am not spending that kind of money to borrow such a small amount, so we will just stay the way we are. Still mortgage free, but I still don't want to leave it to his daughter, so might have to do something about that.
loveofgreys: (sniff)
Walked the dogs. It is very warm today, about 60.


Well I guess we are eligible for the reverse mortgage. They sent us all the paperwork we need to switch the mobile home over to what they require for the loan.

Today we have to go have something notorized and we are on the way to receiving the loan.
loveofgreys: (Umbrella clouds)
All the windows are open to let the fresh warm air in. We are in between storms, so I will have to close them later, but what a nice day.

I cooked chicken and rice to freeze for the dogs. They love the stuff.

Back to bridge on line.

The reverse mortgage is coming along I guess. Looks like it should go through all the hoops.

The title company needed the title on the mobile today and they will change it to a land/home just like a stick built house.

Then when we get all that done, the loan should be approved.

We will see what happens. We don't have any big plans for the money yet, so no hurry.
loveofgreys: (burn money)
Well we are going ahead with the reverse mortgage. We did not go through the broker for the loan since we ended up doing all the footwork ourselves including finding out what was required for FHA, etc.

We went to BofA and the loan officer is coming out to finish up the paperwork on Friday. He is kind of a traveling officer for the Bank and his home office is in Tallahasse, so he is coming out here. The only thing that would hold us back now is if FHA doesn't pass the skirting, but we were assured they would. You never know in these cases though.
loveofgreys: (burn money)
OMFG!!! Every time money is involved, we just don't see eye to eye.... This Reverse Mortgage is clear as a bell to me, but not Roy!!! He can not grasp the lump sum vs line of credit. With the line of credit, you start out about $9000 less but they do pay interest, but I want the lump sum at a fixed rate, where the line of credit is adjustable rate which I do not want.

He thinks you can get a fixed rate line of credit and the loan officer sent me an email saying that is not an option, but Roy thinks the list they sent says otherwise.

Anyway, we are still waiting so he can ask the loan office about the fixed rate, and we will proceed.
loveofgreys: (burn money)
26 degrees this morning. The crew came out to put the bracing up so the skirting will pass FHA inspection for the reverse mortgage. Now we find a lender who will send the inspector out.

I guess we are going to go ahead with it.
loveofgreys: (Default)
We had one of the best dinners I ever had at The Wild Olive in Crestview last night. There were 4 of us and we all raved about it.

What a treat. Much more than we usually spend, but it was worth it. The service was great, and everything was just a treat.

Getting ready to walk dogs, and not much else going on today.

I think we have the issue resolved with our bringing our skirting up to FHA standards for the reverse mortgage. We are having it done next week and from there we will decide whether to proceed with the loan. I think we have pretty much decided to do it. Why the heck not? Might as well enjoy the money now.
loveofgreys: (burn money)
You and your spouse must be 62+ years old. (We are) The older you are, the more money you can take from your equity.

We really don't have much info, it is pretty straight forward and it must be an FHA loan.

If you have a mortgage, you must pay off the balance.

This can really help people with mortgages to increase their cash flow.

If you think you might sell, then I would not go ahead with it because it is very expensive.

You can also get a line of credit that you do not pay interest on unless you use it.

All charges are taken off the loan, no payments are made.
loveofgreys: (Walk Dog-cartoon)
Dogs are walked.

We are tossing around the idea of a reverse mortgage. It is expensive and we have not wrapped our head around it, but it would be nice to use some of the equity for us to enjoy. Also, we must be sure we are not going to sell it, then we are wasting our money.

We know we can not live anywhere more economical than where we are now.

Too much for my feeble brain to grasp now. Will think about it some more.

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Kathryn S Walker

April 2017

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