Buy in TV now or after I retire?

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  #46  
Old 12-26-2019, 05:59 PM
joldnol joldnol is offline
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lock in prices now. We watched courtyard villas go from 150k to 220k between 2010 and 2014. We got priced out.
  #47  
Old 12-26-2019, 06:23 PM
Kilmacowen Kilmacowen is offline
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Originally Posted by joldnol View Post
lock in prices now. We watched courtyard villas go from 150k to 220k between 2010 and 2014. We got priced out.
They put in a lot of upgrades to increase that much.
  #48  
Old 12-26-2019, 06:32 PM
Mamaderby Mamaderby is offline
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We purchased a ‘cottage home” before we retired. Wanted to see if this place was for us. It was a wise decision because we learned what to look for and what to avoid. Plus we knew we could sell it at a profit down the road...which we did. Built a designer and then permanently made the move. Sold that five years later at a profit and bought a courtyard villa on the golf course and renovated it. Very pleased.
  #49  
Old 12-27-2019, 08:43 AM
bpascani bpascani is offline
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I retired 2003, my husband 2017. We just moved to TV Jan 2019, and bought last month. Our credit score was not negatively affected, and we got a great interest rate, with an even better rate because my husband is a veteran. I have never heard of your credit score being affected due to age. It's all about debit to $$ in the bank, so, if you have enough in the bank, steady income of sorts, low debt, I would think you'd be fine. Perhaps talking to a CPA on that, or financial adviser would be a good idea. Best of luck.
  #50  
Old 12-27-2019, 03:10 PM
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asianthree asianthree is offline
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OPM (other people’s money) our investments make more than the interest rate on any of our homes in TV. At one time we had 3 homes in TV plus main home up north, and the lake cottage. Interest rate only is effected if you rent, then the average is 1 percent more.
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  #51  
Old 12-27-2019, 03:39 PM
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manaboutown manaboutown is offline
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I have not received a paycheck in 25 years as I retired from my profession when I was 52 years of age and have lived solely on investment income ever since. As far as I know this has not affected my credit rating, my ability to obtain a mortgage on a home or the interest rates I have had to pay on mortgages. Lenders of course do look at one's ability to make the payments and have enough left over to live on. They do want to see an income track record over at least a couple years to validate the reliability of the income stream.

As I understand it the interest rates offered by lenders and tax deductibility on both first and second homes are essentially the same.

A previous poster noted that the mortgagor of a house purchased to rent out must pay about one percent more in interest as it is classified as an investment property. By the way, if one buys a home under the pretense of owner occupancy and then rents it out the mortgage could be called for a breach of its conditions. The documents I signed on the last couple of mortgages I took out clearly state that the loan is ONLY for an owner occupied home.
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Last edited by manaboutown; 12-27-2019 at 03:45 PM.
  #52  
Old 12-28-2019, 11:01 AM
DAVES DAVES is offline
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Default That is an endless debate

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?
We sold off our previous home that we had paid off. As to why anyone would take a mortgage. That is an economic decision.
Some people feel better without a mortgage but, the other choice is interesting and perhaps for some, for me a better alternative.
Mortgage money is still the cheapest source of money available to you. Our mortgage is 3.4% and I make 11% on my investments and have over the past ten years. Yes, there is risk. People do not realize it but, in a down turn, you investments will of course go down but so will the value of your home. We all know or knew that investments only go up, real estate only goes up-until it doesn't.
  #53  
Old 12-28-2019, 11:18 AM
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Default No one can answer your question

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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!!
As to your qualifying for a mortgage after you retire. First of all thanks to government regulation, some truly insane things are true. For example age discrimination is not allowed. A 90 year old can apply and get a 30 year mortgage.
As to your credit score, a bank can tell you. It is strange that people who do not owe any money will have a lower credit score then people who borrow and pay on time. To get a mortgage you cannot negotiate. They want to see xxxx coming in.
Government insanity? Our bank told us to get a letter from our brokerage declaring that we wish to get a check for several thousand sent to us every month. I was told by the brokerage that they get this often. They even sent me a form letter.
By the way, I was also told I could cancel the request as soon as my mortgage is approved. It is just a phone call to do this.

Some people are rushed with the prices are going up. Think, realize the same thing is true on the home you currently own.
  #54  
Old 12-29-2019, 02:08 PM
KRM0614 KRM0614 is offline
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They will sell to anyone with a pulse
Don’t buy south of Hwy 44 taxes webt up 25% it is much more expensive to live here than they disclose very expensive upkeep

Rent for 6 months check out every expense and weather etc before you make a mistake I’m here 6 months I’m going to sell - rather use my retirement for me to enjoy than a rich Morse family
  #55  
Old 12-29-2019, 02:19 PM
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Get good stocks, if you don't need the income to live off of, reinvest the dividends--its amazing what the equivalent of compound interest with growth will do--then buy whatever floats your boat or perceived needs, while you can still enjoy life

We did all our traveling, cruising. etc-in the 70's & 80's--and now when we're in our 70's-just happy to kick back -and complain about the scenery-TV is a great place for security & fast emergency services
  #56  
Old 12-29-2019, 02:44 PM
Koapaka Koapaka is offline
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Quote:
Originally Posted by KRM0614 View Post
They will sell to anyone with a pulse
Don’t buy south of Hwy 44 taxes webt up 25% it is much more expensive to live here than they disclose very expensive upkeep

Rent for 6 months check out every expense and weather etc before you make a mistake I’m here 6 months I’m going to sell - rather use my retirement for me to enjoy than a rich Morse family
Sorry that things did not work out the way you had hoped with your move....that is something that making this decision to move from where we have lived the last 20 yrs a concern for us to consider. Can I ask, other than the tax increase, what were the issues that occurred in 6 months that makes you want to move now? I am truly trying only to glean info to consider making our move, NOT challenging your decision to at all. We have considered renting for several months, but all the rentals I look at have everything (mostly, except for electric and sometimes cable) paid by the owner vs the renter, so WHAT should we specifically be on the look out for that could help us? I truly appreciate your feedback. I KNOW it has to be a lot since moving at our age is NOT something to look forward to at all (much less twice so close together) so I guess I am looking for solid feedback vs those that just whine all the time and you look like a good source for solid, negative input to consider. Honestly, everything we see right now (were only there for a day, and will be back for a LSF in Feb) makes me want to move there REALLY badly. Any and ALL genuine issues to consider most appreciated.
  #57  
Old 12-29-2019, 03:42 PM
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Quote:
Originally Posted by DAVES View Post
As to your qualifying for a mortgage after you retire. First of all thanks to government regulation, some truly insane things are true. For example age discrimination is not allowed. A 90 year old can apply and get a 30 year mortgage.
As to your credit score, a bank can tell you. It is strange that people who do not owe any money will have a lower credit score then people who borrow and pay on time. To get a mortgage you cannot negotiate. They want to see xxxx coming in.
Government insanity? Our bank told us to get a letter from our brokerage declaring that we wish to get a check for several thousand sent to us every month. I was told by the brokerage that they get this often. They even sent me a form letter.
By the way, I was also told I could cancel the request as soon as my mortgage is approved. It is just a phone call to do this.

Some people are rushed with the prices are going up. Think, realize the same thing is true on the home you currently own.
But... Our home in Michigan did not appreciate at nearly the percentage in 16 years that our first TV home did in 8, or our home in NJ, which appreciated 80% in three years in the '80s.
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  #58  
Old 12-29-2019, 03:45 PM
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In the 80's in NJ is when I made big $$ in real estate, buying the first home in projects I was involved in, renting rooms out to my employees & selling when the projects were finished--golden times
  #59  
Old 01-02-2020, 08:05 PM
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kpd3062 kpd3062 is offline
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Thanks for all the great input on both sides. I'm leaning towards getting a mortgage and keeping our money invested.
  #60  
Old 01-13-2020, 05:17 PM
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Quote:
Originally Posted by Two Bills View Post
As I did when I was working, could survive the hits when market was down, and had income coming in to make up the shortfall.
When we retired our stock linked savings went into government tax free cash funds with lower, but guaranteed returns, no index linked falls, and rises inline with inflation.
Has worked well for us, and I do not have to keep watching market for trends and falls, which leaves us quite free to enjoy ourselves.
At present rate of funds depletion, we are good until we get to about 105 years old!
What is a Government tax free cash fund?
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