I am TRYING Not to Get Overwhelmed…

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 24^th.  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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