Razors Edge ★ Posted July 22, 2020 Share #51 Posted July 22, 2020 5 minutes ago, Dottles said: Where do old people go if they can no longer afford their mortgage? Same place anyone else goes? Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted July 22, 2020 Author Share #52 Posted July 22, 2020 1 minute ago, Razors Edge said: Same place anyone else goes? Younger, employable folks can alter their course. Many/most older folks can't. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 22, 2020 Share #53 Posted July 22, 2020 Just now, Dottles said: Younger, employable folks can alter their course. Many/most older folks can't. I'd say the "safety net" for seniors is double, triple, or more the size of the one for non-seniors. But you gotta get to 65+ first, I guess. Link to comment Share on other sites More sharing options...
Bikeguy Posted July 22, 2020 Share #54 Posted July 22, 2020 28 minutes ago, Philander Seabury said: Refused because they said he could retire, I was retired at the time I took out the mortgage. 15 minutes ago, Dottles said: Where do old people go if they can no longer afford their mortgage? After the bank forecloses and people are evicted, hopefully they have some money to find a place to live. 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted July 22, 2020 Share #55 Posted July 22, 2020 18 minutes ago, Further said: I think every path is different, they don’t all end in the same place Yes. Unfortunately they do. 1 Link to comment Share on other sites More sharing options...
ChrisL Posted July 22, 2020 Share #56 Posted July 22, 2020 29 minutes ago, Dottles said: Where do old people go if they can no longer afford their mortgage? Yeah it’s a tough situation. We had very difficult discussions on this matter when my moms health declined and medical bills were piling up. Fortunately she had enough kids who were in a financial situation to help her stay in her house to the end. Without our help, I really don’t know what would have happened to her. I’m sorry if you felt I was one of the ones pointing fingers. It was not my intent, just explaining what I’m doing. I worry about our financial future as well. Although I have a good job now I know it could all come to an end. In fact I fully expect one more job change before I retire. I also pray to god I go quickly and don’t have a lingering & costly end like both my parents. Because of the unknowns, our key strategy,. besides saving for retirement, is no debt to include our mortgage. 2 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted July 22, 2020 Author Share #57 Posted July 22, 2020 @ChrisL I don't consider you as one pointing fingers. Nobody really. It's a public website so people gonna say what they gonna say. My wife and I will be okay and we do have potentially three lines of inheritance. But I never count on that because it's, well, inheritance and I can't think of a less likely assurance. Still we will be living somewhere and we will be eating and our medical insurance and most drugs should be covered. I've done all the right things mostly. I just happen to live in an area that is now experiencing what California did years ago. The obvious answer would be to get out and live somewhere cheaper, but I have family tying us to the area for the foreseeable future. 1 Link to comment Share on other sites More sharing options...
ChrisL Posted July 22, 2020 Share #58 Posted July 22, 2020 2 minutes ago, Dottles said: @ChrisL I don't consider you as one pointing fingers. Nobody really. It's a public website so people gonna say what they gonna say. My wife and I will be okay and we do have potentially three lines of inheritance. But I never count on that because it's, well, inheritance and I can't think of a less likely assurance. Still we will be living somewhere and we will be eating and our medical insurance and most drugs should be covered. I've done all the right things mostly. I just happen to live in an area that is now experiencing what California did years ago. The obvious answer would be to get out and live somewhere cheaper, but I have family tying us to the area for the foreseeable future. OK Cool. Truth be told it was 3 large pay outs on inheritances that got us over the hump. My wife’s grand parents and her dad had a falling out decades ago. When Grandad passed my wife & her brothers got a nice chunk. When Grandma passed they got the rest of a very large chunk of change that would have gone to their dad. When my mom passed we sold her house & split the money 9 ways but it was still a nice chunk of cash. Throw in a couple of large bonuses and our debt was paid off & emergency fund built... Oh and a bike here & there plus a trip or two! 1 Link to comment Share on other sites More sharing options...
Guest Posted July 22, 2020 Share #59 Posted July 22, 2020 1 hour ago, Dottles said: Younger, employable folks can alter their course. Many/most older folks can't. Maybe they should’ve when they could’ve. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 22, 2020 Share #60 Posted July 22, 2020 37 minutes ago, Dottles said: But I never count on that because it's, well, inheritance and I can't think of a less likely assurance. I didn't even include that in my four groups! Darn, maybe I should? What I don't get is that you are already IN the market - ie your home price was what you paid for it, not what some sucker pays for it when you sell it. In fact, you should be hoping for continued growth, so that when you do retire, sell, and move to a more retirement friendly area, you get the most from the sale. What am I missing? Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted July 22, 2020 Author Share #61 Posted July 22, 2020 55 minutes ago, Razors Edge said: I didn't even include that in my four groups! Darn, maybe I should? What I don't get is that you are already IN the market - ie your home price was what you paid for it, not what some sucker pays for it when you sell it. In fact, you should be hoping for continued growth, so that when you do retire, sell, and move to a more retirement friendly area, you get the most from the sale. What am I missing? A LOT. But as open as I am -- even I have limits on what I want to publicly share. i know you mean well so if you're interested, I'll PM you. I will say though that my current home was always viewed as a stepping stone to get into the market and accrue a down payment for the next place -- one that better suits are needs. Back in 2017 it was a mad scramble -- so we were quite happy just to get in. Bottom line is this would be a downsizing move. I have been through this in my mind, with my wife, with friends, and even a therapist many times and I think I'm making the right move. I'm running out of time though -- we all are -- so these decisions are amplified. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted July 22, 2020 Author Share #62 Posted July 22, 2020 1 hour ago, Zackny said: Maybe they should’ve when they could’ve. Maybe they didn't have that option? Maybe their families were so fucked up they struggled for years to escape it? Maybe they suffered some major crisis midway through their lives that forced them to get their own lives in order? Maybe they didn't have the security to go through life and focus on their own financial goals but were instead forced to take care of others? Maybe the things those folks take for granted -- it took others years to reach? Or maybe they were just lazy and sat around and drank beer all year long and partied like a rockstar? What I'm hearing/reading between the lines -- by those who have made it on the other side -- is it's this last reason. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 22, 2020 Share #63 Posted July 22, 2020 11 minutes ago, Dottles said: A LOT. But as open as I am -- even I have limits on what I want to publicly share. i know you mean well so if you're interested, I'll PM you. I will say though that my current home was always viewed as a stepping stone to get into the market and accrue a down payment for the next place -- one that better suits are needs. Back in 2017 it was a mad scramble -- so we were quite happy just to get in. Bottom line is this would be a downsizing move. I have been through this in my mind, with my wife, with friends, and even a therapist many times and I think I'm making the right move. I'm running out of time though -- we all are -- so these decisions are amplified. I'm sure you have the complete picture, so obviously we're not gonna hit the nail on the head. I'd just suggest you figure out when you plan to retire, and start looking ahead prior to that date for a place to retire in state/county/foreign country that is very retirement friendly. Look for a one bedroom home with minimal fees, taxes, and overall cost, and hold on to your existing place until ready to make the jump to that retirement world. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 22, 2020 Share #64 Posted July 22, 2020 3 minutes ago, Dottles said: Or maybe they were just lazy and sat around and drank beer all year long and partied like a rockstar? What's the easiest way to retire a millionaire? Spoiler Start out as a multi-millionaire. 1 Link to comment Share on other sites More sharing options...
Guest Posted July 22, 2020 Share #65 Posted July 22, 2020 13 minutes ago, Dottles said: Maybe they didn't have that option? Maybe their families were so fucked up they struggled for years to escape it? Maybe they suffered some major crisis midway through their lives that forced them to get their own lives in order? Maybe they didn't have the security to go through life and focus on their own financial goals but were instead forced to take care of others? Maybe the things those folks take for granted -- it took others years to reach? Or maybe they were just lazy and sat around and drank beer all year long and partied like a rockstar? What I'm hearing/reading between the lines -- by those who have made it on the other side -- is it's this last reason. Everybody’s story is different. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted July 22, 2020 Author Share #66 Posted July 22, 2020 1 minute ago, Zackny said: Everybody’s story is different. Dammit. Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted July 22, 2020 Share #67 Posted July 22, 2020 7 hours ago, Razors Edge said: I think I'm in DonKPow's camp here - take out the biggest baddest most awesome 30 yr mortgage you can as late in life as you can - hopefully with lots of cash out - and then ride that into old age and eventual death. Figuring most folks don't hit 100, refinance right at 70, and, with no heirs or worry over passing things to kids/grandkids, you can go out big! I’m not sure if you’re serious or saying this entirely tongue-in-cheek, but I sort of suspect the former? I’ve thought about this some, whether to make a straight conversion of my current home’s worth into a retirement arrangement, or spend up for a grander retirement house. Currently, I don’t see that having some mortgage on a retirement home as a terrible thing, IF your savings are adequate. It’s just a matter of budgeting. It’s just another investment, and with (currently SUPER) low interest rates, pretty cheap given the long-term benefits. I certainly wouldn’t want to be house poor in retirement, but if retirement advice is to be able to maintain 80-100% of pre-retirement income, surely that assumes some significant ongoing housing costs? 1 Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted July 22, 2020 Share #68 Posted July 22, 2020 22 minutes ago, Razors Edge said: What's the easiest way as a bike shop owner to retire a millionaire? Hide contents Start out as a multi-millionaire. FIFTF. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 22, 2020 Share #69 Posted July 22, 2020 27 minutes ago, Prophet Zacharia said: I’m not sure if you’re serious or saying this entirely tongue-in-cheek, but I sort of suspect the former? I’ve thought about this some, whether to make a straight conversion of my current home’s worth into a retirement arrangement, or spend up for a grander retirement house. Currently, I don’t see that having some mortgage on a retirement home as a terrible thing, IF your savings are adequate. It’s just a matter of budgeting. It’s just another investment, and with (currently SUPER) low interest rates, pretty cheap given the long-term benefits. I certainly wouldn’t want to be house poor in retirement, but if retirement advice is to be able to maintain 80-100% of pre-retirement income, surely that assumes some significant ongoing housing costs? I was being both My feeling is that most folks need (want?) way less house when they retire - less to clean, maintain, worry about. Why have a five bedroom home when the kids are all gone and there are no in-laws living with you? Go single bedroom in a nice, safe, and retirement friendly location and have that sort of peace of mind that it is paid for and not going to cost much to keep it running. That does change if you have kids and grandkids and are trying to set up a nice inheritance for them but also want them to come visit a lot. A nice home they can come stay at and then the sale of that home after your death for a nice windfall (properly estate planned, I guess) is nice. But, if I KNEW I could get away with dumping much of my mortgage on the bank after my wife and I are gone, I think I would strongly consider it. It's not like the banks would be forced to give me a mortgage well past my expiration date. Link to comment Share on other sites More sharing options...
JerrySTL ★ Posted July 22, 2020 Share #70 Posted July 22, 2020 My father-in-law is 92 and still paying on his mortgage. He's also paying extra for a mortgage protection insurance policy so there's a double whammy. My brother will also be paying on a mortgage for at least another 4 years after he turns 66. Looks like he won't be retiring anytime soon. He had planned on paying extra on the mortgage, but didn't. WoJSTL and I had the house paid for and things like new appliances, siding, windows, and a few other things replaced before we retired. We also have some savings in case of things like our recently leaking roof. We have friends and family telling us that we should move elsewhere. I think that they are nuts as our place is paid for and in good shape. Our neighborhood is OK. We no longer need a 4-bedroom place, but downsizing would probably cost more than just staying where we are. Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted July 22, 2020 Share #71 Posted July 22, 2020 1 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted July 22, 2020 Share #72 Posted July 22, 2020 We are a pretty fortunate and well-heeled group. This has to be a problem for the many with little savings or home equity. Link to comment Share on other sites More sharing options...
Dirtyhip Posted July 22, 2020 Share #73 Posted July 22, 2020 12 minutes ago, Philander Seabury said: We are a pretty fortunate and well-heeled group. This has to be a problem for the many with little savings or home equity. Well, somewhat. I am doing a silly thing by building an expensive new home because we are choosy. You should have stopped me. 1 1 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted July 22, 2020 Share #74 Posted July 22, 2020 Just now, Dirtyhip said: Well, somewhat. I am doing a silly thing by building an expensive new home because we are choosy. You should have stopped me. Didn’t want to be a wet blanket. 1 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 23, 2020 Share #75 Posted July 23, 2020 2 minutes ago, Dirtyhip said: Well, somewhat. I am doing a silly thing by building an expensive new home because we are choosy. You should have stopped me. It's not too late to use your future shipping container as your future home instead of just for storage and as a pump track launch point. Link to comment Share on other sites More sharing options...
shootingstar Posted July 23, 2020 Share #76 Posted July 23, 2020 4 hours ago, JerrySTL said: My father-in-law is 92 and still paying on his mortgage. He's also paying extra for a mortgage protection insurance policy so there's a double whammy. My brother will also be paying on a mortgage for at least another 4 years after he turns 66. Looks like he won't be retiring anytime soon. He had planned on paying extra on the mortgage, but didn't. WoJSTL and I had the house paid for and things like new appliances, siding, windows, and a few other things replaced before we retired. We also have some savings in case of things like our recently leaking roof. We have friends and family telling us that we should move elsewhere. I think that they are nuts as our place is paid for and in good shape. Our neighborhood is OK. We no longer need a 4-bedroom place, but downsizing would probably cost more than just staying where we are. It's tough one having now a house too big unless later there are people nearby to help out on maintenance as the years march by later. You probably do have help not far away. 52 minutes ago, Philander Seabury said: We are a pretty fortunate and well-heeled group. This has to be a problem for the many with little savings or home equity. You are probably right. Unless no one is saying anything none of us are couchsurfing at someone's house for years or homeless Link to comment Share on other sites More sharing options...
Bikeguy Posted July 23, 2020 Share #77 Posted July 23, 2020 38 minutes ago, Dirtyhip said: I am doing a silly thing by building an expensive new home because we are choosy. You should have stopped me. As long as you can afford the home... go for it. WoBG and I lived in our small 'starter home' for 35 years. We decided we wanted a nice home for our retirement. So we built a new home and moved in in January of 2019. We just tell people we did it backwards. I've been frugal cheap all of my life. We decided.. f it.. we always wanted a nice home. We worked a LOT and we now have what we wanted. We told our daughter, we spent some of your inheritance. 3 Link to comment Share on other sites More sharing options...
sheep_herder ★ Posted July 23, 2020 Share #78 Posted July 23, 2020 57 minutes ago, Bikeguy said: As long as you can afford the home... go for it. WoBG and I lived in our small 'starter home' for 35 years. We decided we wanted a nice home for our retirement. So we built a new home and moved in in January of 2019. We just tell people we did it backwards. I've been frugal cheap all of my life. We decided.. f it.. we always wanted a nice home. We worked a LOT and we now have what we wanted. We told our daughter, we spent some of your inheritance. I still think you need some sheep!! Link to comment Share on other sites More sharing options...
Dirtyhip Posted July 23, 2020 Share #79 Posted July 23, 2020 13 hours ago, Razors Edge said: It's not too late to use your future shipping container as your future home instead of just for storage and as a pump track launch point. I don't really like this. We need more space. Link to comment Share on other sites More sharing options...
sheep_herder ★ Posted July 23, 2020 Share #80 Posted July 23, 2020 1 minute ago, Dirtyhip said: I don't really like this. We need more space. There are always more shipping crates. 1 1 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 23, 2020 Share #81 Posted July 23, 2020 3 minutes ago, sheep_herder said: There are always more shipping crates. The nouveau Bougie are so hard to please! Link to comment Share on other sites More sharing options...
Dirtyhip Posted July 23, 2020 Share #82 Posted July 23, 2020 27 minutes ago, Razors Edge said: The nouveau Bougie are so hard to please! It is not pleasing to the eye. Even if you marry a bunch together. They still look like boxes. We paid big bucks for the views. we want to maximize those views. We are in love with our farmhouse. It is is the current leader. https://markstewart.com/house-plans/cottage-house-plans/farm-640-heritage/ Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 23, 2020 Share #83 Posted July 23, 2020 35 minutes ago, Dirtyhip said: It is not pleasing to the eye. Even if you marry a bunch together. They still look like boxes. We paid big bucks for the views. we want to maximize those views. We are in love with our farmhouse. It is is the current leader. https://markstewart.com/house-plans/cottage-house-plans/farm-640-heritage/ Views? This one gives you lots of windows! Link to comment Share on other sites More sharing options...
Dirtyhip Posted July 23, 2020 Share #84 Posted July 23, 2020 Just now, Razors Edge said: Views? This one gives you lots of windows! Vast differences in choices. Meet me in the middle with an affordable home Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 23, 2020 Share #85 Posted July 23, 2020 3 minutes ago, Dirtyhip said: Vast differences in choices. Meet me in the middle with an affordable home This one comes with snow in mind! Link to comment Share on other sites More sharing options...
Kzoo Posted July 23, 2020 Share #86 Posted July 23, 2020 1 hour ago, Dirtyhip said: I don't really like this. We need more space. Weld on a back room. Weld on a wing and maybe a in-law cottage 1 Link to comment Share on other sites More sharing options...
Dirtyhip Posted July 23, 2020 Share #87 Posted July 23, 2020 2 minutes ago, Razors Edge said: This one comes with snow in mind! I do like this one. I have to wonder at the cost savings, if any of this vs. wood. Lots of engineering with that container. My husband does not want to build the shell. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted July 23, 2020 Share #88 Posted July 23, 2020 Just now, Kzoo said: Weld on a back room. She's got her mind set on extravagance! Your reply should have been, "Weld on a wing and maybe a in-law cottage"! Link to comment Share on other sites More sharing options...
Dirtyhip Posted July 23, 2020 Share #89 Posted July 23, 2020 12 minutes ago, Razors Edge said: She's got her mind set on extravagance! Your reply should have been, "Weld on a wing and maybe a in-law cottage"! 986 sq ft. Some large windows. Tall ceilings. That is extravagant? Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted July 23, 2020 Share #90 Posted July 23, 2020 5 hours ago, Dirtyhip said: we want to maximize those views. They can be stacked! Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted July 23, 2020 Author Share #91 Posted July 23, 2020 I thought about something like that. I question their insulation value though. Link to comment Share on other sites More sharing options...
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