Quote:
Originally Posted by Rose Ann Vinci Igoe
interesting, I think a lot of people are in the same thought at this point in life. Myself, its my back up $, for emergency as I age and problems arise. We also, don't know the medical, care, we are going to need in the very short future.
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Everything I think about money is false. You save so you can pay your bills. If you have no savings the government will pay your bills. A mortgage? The average age in the villages is around 70. If, you can make the monthly payments they cannot deny you a 30 year mortgage due to age. You will be 100 when you pay it off-HUH.
Our previous home, was paid off and sold for more than enough to pay cash for our villages home. I took a mortgage, we did not have enough income to show we could pay the mortgage. The reason was they would not count some of our income. Reason, logic-beats me. We were told to get a letter from our brokerage that they would send us a check from savings every month. The brokerage told us they regularly get this request. They have a form letter for this. As soon as you qualify for the mortgage a phone call to the brokerage stops this forced withdrawal. Clearly things no longer make sense-it they ever did.