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  #31  
Old 03-06-2015, 11:55 AM
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Default Mortgages

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  #32  
Old 03-16-2015, 05:50 PM
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just want to thank everyone, some excellent ideas.
  #33  
Old 03-16-2015, 06:53 PM
RVRoadie RVRoadie is offline
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It's been a couple of years, but Citizens First offers Home Equity loans at 4.5% with no closing costs (as long as you keep the loan for a few years). They require a $50,000 draw at closing, but if you don't need it, you can just pay it back. The rate is variable, so if rates ever go up just have a plan B available. I used the proceeds to purchase rental houses just outside The Villages.
  #34  
Old 03-17-2015, 08:28 AM
Chatbrat Chatbrat is offline
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Don't worry about saving money, worry about making money--generate income, not deductions--even if you're in the max tax bracket only that % of your loss is deductible if you have a capital gain.
  #35  
Old 03-17-2015, 09:06 AM
dave from deland dave from deland is offline
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Originally Posted by Xaribe View Post
Just curious, do most buy out right? I have some concerns as home up here in the Northeast are not selling quickly. So thinking of a down payment, mortgage rest until my other home sells. Just concerned if there are any honest morgage companies in the area?
If you are a veteran you can get a VA loan for the Village house with nothing down. As long as you can make two mortgage payments until the first house sells, you are fine. I got a VA loan through Suntrust bank at 3.75% and put the other home up for sale.
  #36  
Old 03-17-2015, 09:13 AM
Laurie2 Laurie2 is offline
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Answers will vary. And that's OK.

There is an area of investment study known as Behavioral Investing. There are some easy reads available on the subject. (If you are interested, you can search Amazon with the term and read reviews of books. Or take a little ride to B&N at Sumter and peruse the finance/investment section.)

It boils down to "Know Thyself" or "To thine own self be true." But the subject gets into how you have to recognize your own personality traits and emotional responses that can mess with you or help you. By this point in life, we probably know who we are and what lets us sleep at night where money is concerned.

Mortgages in retirement? I would say if you have a dependable stream of income that can make that payment each month as long as you need or want to, then your sleep should be just fine. (Pension. Social Security. Dependable dividends. Whatever works into your budgeted amounts for living expenses -- and stays there.)

But there are many who don't want a mortgage at all. That is their psychology and there is nothing wrong with that.

But. . .if you take a mortgage in retirement, my advice is to just be sure you have built a moat around that castle of yours.
  #37  
Old 03-17-2015, 10:31 AM
HimandMe HimandMe is offline
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I need a good investment advisor!
  #38  
Old 03-17-2015, 10:38 AM
gratefulparrot gratefulparrot is offline
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Hey Ricky. Don't be discouraged. I'm with you on this. When I get down there, I'm paying outright. Can't imagine why I would pay interest to a bank to just give money away. It's mine and I earned it. Will my credit score go down, yep, but who cares. I pay cash for everything. Unlike Dave R, I do have a couple of credit cards, but I've only used them when I don't trust the vendor.
  #39  
Old 03-17-2015, 10:42 AM
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Hey Ricky. Don't be discouraged. I'm with you on this. When I get down there, I'm paying outright. Can't imagine why I would pay interest to a bank to just give money away. It's mine and I earned it. Will my credit score go down, yep, but who cares. I pay cash for everything. Unlike Dave R, I do have a couple of credit cards, but I've only used them when I don't trust the vendor.
You have no investments that make more than 4.5%? Wow.
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  #40  
Old 03-17-2015, 10:58 AM
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You have no investments that make more than 4.5%? Wow.

Ok Rockefeller, share your wisdom with all us unsophisticated folk. Being mindful that most of us are 60 plus, not 20 plus...
  #41  
Old 03-17-2015, 11:16 AM
gratefulparrot gratefulparrot is offline
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You have no investments that make more than 4.5%? Wow.
I'm not a financial guru like yourself. I'm a high end computer geek. How is paying interest and investment? I prefer not paying the bank interest, then what I save in not paying that interest, to invest that in another way. Maybe I'm just not that smart.
  #42  
Old 03-17-2015, 01:31 PM
NavyNJ NavyNJ is offline
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As most here have said, it's very dependent on your personal situation, your financial "personality" and your longer term financial goals, but in our case, as with some others here, we decided to take out a mortgage initially in order to get into the house we found and liked before it was gone last Nov. Now, can everyone do that? No. In our case the financials worked out.

I will also add that contrary to what some may have experienced, or perceived, we were never in any way "urged" or "driven" or even "nudged" in one direction or another when it came to selecting a mortgage company. Yes, we were provided with all the options and benefits of using Citizens First Mortgage (different entity, btw, from Citizens First Bank - connected, but not the same), but we we also encouraged to check the market if we liked. Being able to close by our target date was also important, so that was a factor that we compared other companies against.

In the end, we chose Citizens First Mortgage and had a smooth, uneventful closing, on time. The one other feature of the Citizens First Mortgage product, when we compared to others, was the ability to "modify" the loan in the future without needing to go thru the hassle and cost of refinancing. This played into our plans to apply the bulk of our home sale proceeds up North to our mortgage in TV to reduce our payments. We're able to do this easily thru the Loan Modification feature, keeping everything about our loan the same, except the principle and amortization schedule without having to go thru a complete re-fi with closing costs, etc. Hope that adds to your decision making process.....Best of luck, whichever way you go!!
  #43  
Old 03-17-2015, 03:17 PM
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Originally Posted by gratefulparrot View Post
Hey Ricky. Don't be discouraged. I'm with you on this. When I get down there, I'm paying outright. Can't imagine why I would pay interest to a bank to just give money away. It's mine and I earned it. Will my credit score go down, yep, but who cares. I pay cash for everything. Unlike Dave R, I do have a couple of credit cards, but I've only used them when I don't trust the vendor.

As far as I'm concerned, interest saved is interest earned. Same thing with zero risk and NO debt. Debt is for fools at our age. I sleep at night knowing I'll never get a knock on the door and the Sheriff showing me the eviction notice. I don't know what it's like to be homeless, but I've seen plenty of it. There but for the Grace of God go I. And since I'm an atheist I need to watch out for myself, myself. No debt, no worries.
  #44  
Old 03-17-2015, 06:11 PM
JoMar JoMar is offline
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I'm not a financial guru like yourself. I'm a high end computer geek. How is paying interest and investment? I prefer not paying the bank interest, then what I save in not paying that interest, to invest that in another way. Maybe I'm just not that smart.
Didn't say you aren't smart but I don't think I would take a substantial amount of money that returns 8+% to save 4.25%. That's giving away profit....and opportunity and cash flow. If it works for you great......just doesn't work for me.
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  #45  
Old 03-17-2015, 06:54 PM
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I may be missing the boat in its entirety, but at my age, I don't need to have any debt. The least amount of debt I have, the easier I sleep. And isn't your home the best investment over stocks ( long term stocks could be great... But in our life time?), money markets and other "investments"? Real Estate is still the best investment by far. We will make more in our homes, than anywhere else. And for the guy trying to sell his home up north- patience! The best time to put your home on the market is in the spring. If your home is priced right, it will sell.
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