Quote:
Originally Posted by retiredguy123
The only problem with the scenario you presented is that many people don't die while living in their house. They need to move into assisted living or a nursing home before they die. In that case, the bank can force them to sell the house before they may want to sell it, and they will lose a lot of money in reverse mortgage fees and administrative costs. So, if you can afford it, you are better off getting a regular 30 year mortgage with a 20 percent down payment and using the extra cash ($140K minus $60K) to make the 30 year mortgage payments. That way, you have a lot more flexibility about when and how to sell the house.
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I still think if I had too much money lying around earning next to nothing why not just buy some real estate outright in a place I enjoy spending time. I plan to pay off that bond as well, hoping I find a home with the bond paid. Wouldn't that be great. I thought I'd be spending my retirement money cruising the world and I was up until March 7th. Just don't think I'll be cruising as much as I use to. I always felt TV was like a cruise ship on land.