Reverse Mortgage Los Angeles
Consider a reverse mortgage. Also consider refinancing. We moved from DC
to Dallas to the Sierra Nevadas gaining over $100K with each move. Now the
house appraises for two times what we paid to have it built and I've
refinanced within the same year it was built. I don't have to do a reverse
mortgage but it is a consideration for retired people with big equity. It
is like having gold bars in the basement that you cannot sell except with
the house. But with a reverse mortgage you can get money for your equity.
You leave the heirs with less but that's your call.
Also go to Money.com and look for best places to live and their
cost-of-living calculators. You can find low-cost-of-living areas. We
moved from Dallas to the Sierra Nevadas and are paying much less. You want
San Francisco? You pay. You want Los Angeles?
We have done the numbers on a reverse mortgage and it is a non player.
Don't get much for the deal and it ties one down more then we wish.
It really gets dumped on hard on all the investor programs and other
places we looked for real advice. It may be useful if you need the
money. We may want to move again and will snarl things up. I just
don't want to have the money in a home.
We have no mortgage now and just invest the cash we used to put into
interest payments. We don't get a real break with interest payments
on taxes so will stick with things as they are.
I appreciate the nod towards Money.com. We spent a lot of time there
and it kind of confirmed our previous thinking. When I first came
here I asked a lot about retirement recommendations and they were
useful for thinking. At this point, we think we have got the
compromises all in mind and will just go a lot further south. I fear
snow and ice when we really get old! Heat and bugs we can handle as
long as we have a big pool that we can use most of the year.
We don't care about income from jobs so can go where the homes are
cheaper and life is better. There are a lot of places where 150k gets
a great waterfront, 2000sf, well appointed home, rancher (of course).
We also don't believe it is our job to leave the kids with a lot of
goodies. The motto 'we are spending our kid's inheritance' applies
(unless one of them gives me a grandchild).