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Alm
Ultra Nomad
Posts: 2729
Registered: 5-10-2011
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Had to cut off the rest, since it doesn't add much, IMO. Spend it all. You can't take anything to the other side.
Re: living in trailer in Baja. I'll talk about Baja because this I know - didn't try it NOB.
I suggest people try this before taking up major steps in this direction. There are pros and cons.
You'll pay lease - can be anywhere from 600 to 4000 $US a year. Your living space will suck, big time. Small, dark, poor heat and sound insulation,
poor toilet/bathroom, poor A/C. You'll have to spend some on lot improvements - roof above, fence or privacy screen around, patio etc. The neighbor
will be right next to you, keep your fingers crossed that he/she isn't too nosy, cranky, don't have a loud cough, or half a dozen dogs, or is so darn
deaf that his TV can be heard through the walls. In the worst case scenario, if it's an offgrid camp, he'll put his generator to where it won't bother
"him", which is usually where it will bother "you".
On the bright side, you don't tie your money in real estate, so you have plenty to live on, and don't have to stay where you don't like it. You can
move pretty much any time.
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BajaMama
Super Nomad
Posts: 1108
Registered: 10-4-2015
Location: Pleasanton/Punta Chivato
Member Is Offline
Mood: Got Baja fever!!
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Suzie Orman says don't do it.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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Don't do what?
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Alm
Ultra Nomad
Posts: 2729
Registered: 5-10-2011
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The (self-proclaimed) finance guru was likely talking about the reverse thing. Doesn't qualify to talk about trailering or Baja, I guess.
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willardguy
Elite Nomad
Posts: 6451
Registered: 9-19-2009
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wait just a minute, fred thompson, pat boone, robert wagner, and of course the FONZ all claim its the bees knees! and you're gonna take advice from
the BajaBlowhards? 
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Alm
Ultra Nomad
Posts: 2729
Registered: 5-10-2011
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I wouldn't take any advice without thinking it over first.
Govt trying to take advantage of seniors - without vaseline - what a bull-sht. It's your fellow Americans that are trying - those that own banks. Dog
eats dog in this great country, what else is new.
Need money and want to keep your home? Bank gives you substantial amount of money, you don't have to repay it, and you keep the home. Yes, you can't
sell it anymore. You were not going to (or couldn't) sell it anyway, otherwise you would've done so. Loan or LOC would come with interest and likely
with regular monthly payments, works for some people and doesn't for others, it's your choice.
Need money and still need "some" home NOB - then downsize or move to another area.
Don't want to keep your NOB home - then sell.
Have enough retirement income and want to keep your home - then don't sell, jeez...
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pauldavidmena
Super Nomad
Posts: 1715
Registered: 5-23-2013
Location: Centerville, MA, USA
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My uncle took this route for the usual reasons - the need for quick cash without the hassle of putting the house he had lived in for 40+ years on the
market - and ultimately lost the house. The house was neat as a pin, but in need of many an update. An in-law apartment on the top floor was done on
the cheap and also drove down the value of the house. Long story short, he didn't get nearly enough cash out of the house to deal with some serious
bills, and when he decided to finally sell the house, it was too late. All of the equity had evaporated, and the bank foreclosed. Selling a house is
time-consuming and emotionally draining, but a reverse mortgage will ultimately be all that and more.
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Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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Mood: Full Time Residents
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if the contract reads...you live in the house till you die...how can the bank foreclose?
there is more to this story that they forgot to tell you
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bajabuddha
Banned
Posts: 4024
Registered: 4-12-2013
Location: Baja New Mexico
Member Is Offline
Mood: Always cranky unless medicated
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Geezo folks, find out for yourselves. Walk into your own personal Bank, and just ASK... they'll submit a work-up on it to the actual people who are
doing the lending (it ain't your local bank, let alone branch.... kinda like an Insurance broker/co. has the Grand Over-seer) and find out for
yourselves, THEN talk what you do know now.
It all reminds me of the used car lot in Everytown, America that has the sign/saying/commercial that says, "BAD CREDIT ?? NO CREDIT ???
NO PROBLEM !!! C'MON IN !!!!!!!"
It's legal, but to me, it's a scam, and designed and targeted specifically for older people who want to die in their own homes.
Also look at the amortization situation of what happens to the equity and who-gets-what IF you pass on early or decide to sell, and WHO GETS WHAT. I
can answer that right now; the Banks mine the gold, AND YOU GET THE SHAFT.
[Edited on 1-29-2016 by bajabuddha]
I don't have a BUCKET LIST, but I do have a F***- IT LIST a mile long!
86 - 45*
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deportes
Nomad
Posts: 153
Registered: 4-24-2011
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Buy a place on the water in Cleralake California. Don't eat the fish but plenty of bargains.
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pacificobob
Super Nomad
Posts: 2305
Registered: 4-23-2006
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Quote: Originally posted by deportes  | Buy a place on the water in Cleralake California. Don't eat the fish but plenty of bargains.[/rquote
thats true. lake county is super undervalued. |
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