Recent content by boaterboi

Because I have a guest room above my garage that does not have an entrance through the main house. Any FHA mortgage is hard to get on an older home. They want everything perfect. This could be a blessing in disguise though as I will retain my home equity.

These are the original cupboards built into my 50s era house. They were beige. I wanted to do something bold and went with the real dark blue. I love how it turned out. What do you guys think? They got new handles too.

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I found these in my home's walls during some remodeling awhile back. They are local newspapers from the 30s and 40s. I tried to unroll some but they just crumble and I can only read limited areas. Is there any way to make them less crumbly?

In a nutshell the interest is close to 6%. Where they get you is by $6,000 in closing costs. Now if no other liens need to be paid off then you begin paying interest on that $6,000 immediately. However, let's say they give a credit line of $80,000. If I don't touch that $80,000 then my credit...

If you wish to move then you must pay off the balance of the reverse mortgage. This is the biggest negative that I see in a reverse mortgage. It chips away at your home equity and what is most people's largest asset. I have made the decision to move forward on a reverse mortgage line of credit...

I am 62. Like everyone I started getting slammed with AARP solicitations at age 50. I joined briefly but decided that they had nothing to offer me. Now I still get slammed with snail mailings. I wonder how much that costs them? Anyway, this is a poll to see how popular AARP membership is...

Has anyone here taken out a reverse mortgage?

I'm 62. I'm an active high performance boater. I still go to rock concerts. Most of my friends are younger and I frankly can't relate to most people my age! Maybe staying healthy and open to new things is the key. I feel like there will hopefully be plenty of time to be old and, at age 62, I'm...

Thanks guys. It seems like a great way to add some income but it also closes some doors by eating away at my home's equity. The only drawback I can think of now is that it could prevent a move in the future if my health should deteriorate and require changes. I'm really up in the air on this. I...

Hello. This is my first post here. I am 62 and recently retired. My finances are in great shape but income is limited. I'm kicking around the idea of a reverse mortgage. I seem to be a perfect candidate for one as I am single, have no heirs to look out for and my house and all assets are free...