Baby Boomers: mortgage planning now before you downsize or buy a retirement home. Ep. 12.

We’ve finished 3 killer episodes on Reverse Mortgage (or HECM’s). My plan was to expose them for the evil they are, but I was derailed by both new Federal regulations that protects consumers, and education by Ron Heath.

I highly recommend that you listen to these 3 episodes as many times as it takes  to absorb the financial concepts, and how they could impact your financial security….not necessarily NOW, but perhaps in 20 years…maybe 30 years. Acting now, that is sooner, rather than later, as a last resort, is in your favor.

Listen especially if you are planning to pay cash.

This episode is buying a home with a traditional mortgage. You pay for the next 30 years, or less.

This also expects that you have done the critical thinking of: 

#1- Do I want to buy a home right away in my dream location without living there first and renting?

# 2-Do I want to follow my children and grandchildren?

# 3 – Do I want to leave an inheritance of a paid for home for my children?

The two critical timing points that you must meet for a closing without running into document purgatory or qualifying for less home than you planned.

Should you have a Fixed 30 year amortization, or less… 15,20, 25?

Should you pay closing costs?

Who should you choose to do your home financing?

Our downsizing experience.

Resources:

Living to 100.  Have an idea of your life expectancy as you are planning. Also especially good for Social Security planning.

Music for moving local, national, or planetary.

Jefferson Starship – Blows Against the Empire – “Have you seen the stars tonight -> Starship

At first
I was iridescent,
then
I became transparent,
finally
I was essence . . .

Thanks for sharing Planet BoomerVille with your friends and FaceBook pals.

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