Buy in TV now or after I retire?

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  #16  
Old 12-25-2019, 09:12 AM
dmarti1973 dmarti1973 is offline
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Quote:
Originally Posted by kpd3062 View Post
We had been planning to buy our home in TV after retiring. Someone recently told me recently that if I wait until after retirement my credit score and hence interest rate on my mortgage will be affected negatively, Even though I will have a pension coming in and money in the bank. I assume if this is correct some of y’all may have experience or knowledge of this. Thanks
Oh yeah, Merry Christmas to all!!
I cannot comment on the credit score thing. I can tell you that the appreciation in home values most likely outweigh what you are earning on your savings. If you are not ready to move yet, you can always rent your home until you are ready to move. Lots of people cover the mortgage for the year while renting during peak season. Also check on the interest rate of the bond. I paid my bond off after learning the interest rate charged was 8%.
  #17  
Old 12-25-2019, 09:20 AM
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WOW! 50% die within 3 years after retiring. Is this true?
  #18  
Old 12-25-2019, 09:39 AM
Two Bills Two Bills is offline
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Originally Posted by idasr View Post
WOW! 50% die within 3 years after retiring. Is this true?
No!
Just checked after waking up again.
  #19  
Old 12-25-2019, 09:46 AM
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An article:


Will 2020 be a good year to buy a home? Here’s what the experts say - MarketWatch




Just wait a day, there will be another article saying it will be bad.




Jus sharing.
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  #20  
Old 12-25-2019, 10:07 AM
charmed59 charmed59 is offline
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I don’t see the Villages running out of homes for sale in the near future. Though the price of preowned homes here does go up nicely, it may or may not go up faster than the area you are eventually selling. For instance, in Califorinia, or fast growing areas like Nashville or Charlotte, NC, the housing stock is rising faster than here.

On the other hand, new homes tend be about the same price with only a COL type increase. A whispering pines interior model bought new in Pine Hills cost about the same as a whispering pines model on a similar lot in bought new in Fenney. New homes here are a bit of a bargain. They figure if you are willing to be one of the first in a field of dirt and are happy to wait for the commercial infrastructure to catch up you deserve a discount. As the neighborhoods build out the prices go up a bit. Once the shopping center opens I’m betting all houses south of the turnpike will jump in price.

That said, by then they will be starting building on an entirely new area, and pioneer deals will again be available for new housing in brand new neighborhoods.

It will only be a problem getting a mortgage if your guaranteed retirement income (pension?) would not meet the income standards. For some lenders it may be harder to prove income if you are retiring on investment income, and don’t have few years of records of what that investment will produce.
  #21  
Old 12-25-2019, 10:22 AM
Two Bills Two Bills is offline
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Unless you are buying to rent as a further investment plan, I cannot see why someone retiring, would want a mortgage round their neck.
Surely you sell existing property and buy with proceeds?
  #22  
Old 12-25-2019, 10:36 AM
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Quote:
Originally Posted by ts12755 View Post
When you retire and sell your home pay cash for your village home. You'll be too old for a new mortgage. 50% percent of men die within 3 years of retiring.
Facts are always good in a forum discussion.

Bottom line is the quoted post is woefully inaccurate.

Let's start with the 'average' retirement age. That is 59 and some change. What this poster means is the median retirement age. Median is half above half below. The 'average' is so low because of all the disability claims and those fifty year olds who can't get a job. You can verify this age from multiple sources on line. So, what is the life expectancy of a 62 year old having survived all the early death risk.

Let's ask the social security administration as they track death dates. A male who is 62 today has a life expectancy of 21.4 years.

Not three years.
Retirement & Survivors Benefits: Life Expectancy Calculator
  #23  
Old 12-25-2019, 10:38 AM
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A couple of reasons we bought before retirement:
1) We wanted a pre-owned home in a specific area. Buying when we did allowed us shop for the right house and not have to take whatever was available when we sold our house.
2) With prices of pre-owned homes rising, we were very concerned about getting priced out of the home we wanted by retirement.
  #24  
Old 12-25-2019, 10:40 AM
mikeritz53 mikeritz53 is offline
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Your score will not be affected. A second home usually carries the same Interest rate as your Owner Occupied. The difference comes into play as to qualifying for a Mortgage. Buy now and your Income as to be enough to qualify with all your Bills and the new Mortgage. Once retired in most cases your income is lower and that can make it difficult to qualify. Contact a Mortgage professional and have him do an analysis of your current situation and also where you will be once on a Pension to see what will work best.
  #25  
Old 12-25-2019, 10:43 AM
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Quote:
Originally Posted by Two Bills View Post
Unless you are buying to rent as a further investment plan, I cannot see why someone retiring, would want a mortgage round their neck.
Surely you sell existing property and buy with proceeds?



Why??.................some people take on debt and invest their cash at high rates of return.
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  #26  
Old 12-25-2019, 11:41 AM
rstebbins rstebbins is offline
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Hope market doesn’t go down while the funds are invested. Also the interest on the mortgage more than likely will not be deductible while the investment earnings will be taxed. Prefer to have the piece of mind not having any debt in retirement
  #27  
Old 12-25-2019, 11:44 AM
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Quote:
Originally Posted by Two Bills View Post
Unless you are buying to rent as a further investment plan, I cannot see why someone retiring, would want a mortgage round their neck.
Surely you sell existing property and buy with proceeds?
Well, then there are people like me. I prefer to carry a mortgage that I can comfortably afford at less than 4% and income tax deductible and leave my investments alone to earn considerably more. There are millions of stories in the Naked City.
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  #28  
Old 12-25-2019, 11:55 AM
Gigi3000 Gigi3000 is offline
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Quote:
Originally Posted by dewilson58 View Post
Us too.
I'm not buying into the comment "the second home will have a higher interest rate."




I think the key is, buy when you find the house you love, in the area you want.
It's TRUE that second homes have higher interest rate. They're easier.to walk away from, thus more risky for the lender.
  #29  
Old 12-25-2019, 12:41 PM
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Quote:
Originally Posted by rjm1cc View Post
I would buy when you need the home.

HOWEVER

My understanding is that it is harder to get a mortgage the day after you retire than the day before. The reason is if you are employed they project that income even if you plan on retiring. After retiring it is much harder to justify the mortgage.

Thus I think they is a reason to get the mortgage lined up before you retire.
I retired in 2018 and purchased my first home in the Villages in 2019 with no problems securing a mortgage at current rates for an owner occupied primary residence.
  #30  
Old 12-25-2019, 01:02 PM
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CFrance CFrance is offline
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Quote:
Originally Posted by eweissenbach View Post
Well, then there are people like me. I prefer to carry a mortgage that I can comfortably afford at less than 4% and income tax deductible and leave my investments alone to earn considerably more. There are millions of stories in the Naked City.
Our investment broker thinks like you.
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