Those who have read my PR’s regularly know that my husband
and I want to leave Arizona and move to Southern California where our family
lives. Our house has been on the market
for 17 months. Today the SECOND person
looked at it. (We don’t yet know what
that person thought of the house.) Two
people in nearly a year-and-a-half!
Since we are already “Seasoned” Citizens, we know that moving
will be physically tiring. I have health
issues that would make it even more challenging. If we wait much longer, it
will be even more difficult.
I recently learned about Reverse Mortgage Purchase
Loans. I was familiar with Reverse Mortgages,
but not for the purchase of a home. From
what I’ve learned, the borrower must put nearly ½ the cost of the home down. Then, they have no mortgage as long as they
live in the home. There would still be
the expense of taxes and homeowners insurance. Their heirs pay off any
remaining portion of the loan upon the owner’s passing.
What about our current house? We still haven’t sold it, and we’ve seen many
houses in our area trashed when they’ve been rented out. My biggest concern is our floors. We have beautiful wood laminate floors
throughout our house. If not maintained
properly, they’ll be destroyed.
I learned some others things that MAY help resolve that
problem as well. I am revealing my lack
of knowledge in the area of real estate here, but it is a fact, so why hide it? I learned that:
1) I can place restrictions on a rental agreement stating
that only those older than 55 may rent the house, or that we will not rent to
anyone with children… Whatever restrictions we wish (which would, of course
limit the prospective renters);
2) We can insist on a
large security deposit to at least partially cover any damages caused by
renters; and
3) We can require
that the renters have renters’ insurance so that, if they cause damage their
insurance, not ours, would pay for repairs.
So, here we are today, trying to research how much we could
pay for a house in California when we have to put ½ down. We are researching to learn more about the
Reverse Mortgage Purchase Loan. Should
we look locally, online or in California?
Another HUGE decision is exactly where in California we want
to move? Southern California is a very
large area, and our family lives in various cities throughout Los Angeles
County. The housing costs have begun to
recover, so we could not afford to live in many areas, and I wouldn’t want to
live in some others.
So, as you can see, I have a lot on my mind. I am trying to work my business and still
find time to do research to help us make these decisions. As I mentioned, I am not knowledgeable in
this area, but my husband is even less so. (I at least handled my mother’s
finances the last few years of her life, and I was the executor of my parents’
estate. I handled the sale of her home, fulfilling
the conditions in their wills, etc.)
Our contract with our current real estate agent expires on
July 24th. We have to know
what we want and need to do by that time (assuming our house isn’t sold). If any readers of this blog have knowledge in
this area and care to offer suggestions, I’m open to them! Meanwhile, I am trying very hard not to let
all these thoughts racing around in my head overwhelm me.
I think I’ll go try to get some work done now.
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