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83 and wondering what to do
Old 12-15-2010, 02:25 PM   #1
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83 and wondering what to do

I'm an 83 year old man. Retired from the steel mills, and have only a small pension. I'm from PA, but the cold is too much for me and I would like to move south where it is warmer. I own my home, and have no hope of selling it because of the terrible market conditions here. Any ideas on somewhere warm and cheap to live? And is there any where to put just a small amount of money, like $1500 or so, where it will be safe and maybe double every year?

Thank you for any ideas. Lou
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Old 12-15-2010, 03:11 PM   #2
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If you find any place let me know because in 10 years you should have about $3,072,000! I think everyone here would like to know.
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Old 12-15-2010, 03:27 PM   #3
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Welcome Lou, I think you could put it all on Red every year.
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Old 12-15-2010, 07:52 PM   #4
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Originally Posted by professor View Post
I own my home, and have no hope of selling it because of the terrible market conditions here. Any ideas on somewhere warm and cheap to live? And is there any where to put just a small amount of money, like $1500 or so, where it will be safe and maybe double every year?

Thank you for any ideas. Lou
Lou - can you get a reverse mortgage on your home and rent it out?

As for moving, I was recently in Beverly Hills, FLORIDA. Two bedroom homes were renting for about $500 a month or purchase starting at $40k.

As for safe and 50% return on your investment, generally doesn't happen. I think alot of us would be happy with 10% return every year!
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Old 12-15-2010, 08:31 PM   #5
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As for safe and 50% return on your investment, generally doesn't happen. I think alot of us would be happy with 10% return every year!
50% is not good enough, he'd like to double it every year
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Old 12-15-2010, 08:51 PM   #6
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Steel mill, locomotive engineer, professor. Hi, Lou.
Tell us more about yourself. You retired early at 63?
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Old 12-15-2010, 09:44 PM   #7
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50% is not good enough, he'd like to double it every year

I'll be happy with 25%. My mistake... kids at Mickey D's playland had me distracted a bit. My 3 year old pushing an 8 year old usually isn't good.
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Old 12-15-2010, 09:54 PM   #8
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I'll be happy with 25%. My mistake... kids at Mickey D's playland had me distracted a bit. My 3 year old pushing an 8 year old usually isn't good.
I understand

I can still remember those days....
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Old 12-15-2010, 11:12 PM   #9
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I understand

I can still remember those days....
Do you miss it?

I'm just starting parenthood... 3 & 4 years looking to conquer the world
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Old 12-16-2010, 01:12 AM   #10
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Oh, yes. The best part of life. Enjoy it while it lasts.
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Old 12-16-2010, 06:16 AM   #11
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Hi Professor! I just wanna say I envy your energy and attitude: I cant imagine myelf moving being your age! Way to go!
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Old 12-16-2010, 12:45 PM   #12
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Do you miss it?

I'm just starting parenthood... 3 & 4 years looking to conquer the world
We enjoyed it at the time, but I certainly wouldn't want to repeat the experience now. This summer we met up with an old friend, our age, he and his wife had 2 kids the same age as our kids (now in their late 20's).

Anyway, he had divorced about 10 years ago, re-married 3 years back and now had a 2 year old. Starting again at age 50 is definitely not something that is appealing to us although he certainly seems happy enough.
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Old 12-18-2010, 08:06 PM   #13
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Do you own your house outright? As in, have no payments other than property tax?
What about renting it out?
Could the income from the rental, plus your pension afford you enough to rent a place in Florida?

You can easily find places to rent in warmer climates in the $400-$800 range now a days.
Another option is to move out of the USA and to South America for really cheap and warm living.
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Old 08-03-2011, 07:30 AM   #14
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Lou - can you get a reverse mortgage on your home and rent it out?

As for moving, I was recently in Beverly Hills, FLORIDA. Two bedroom homes were renting for about $500 a month or purchase starting at $40k.

As for safe and 50% return on your investment, generally doesn't happen. I think alot of us would be happy with 10% return every year!

It has been a rough few months, but I'm still hanging on. I like the idea of FL, the weather is agreeable, and it seems fairly affordable. For the reverse mortgage on my home, I'm having someone look in to it for me, it sounds like it could work out. Others my age are doing it and seem happy with that decision.
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Old 08-03-2011, 07:35 AM   #15
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Steel mill, locomotive engineer, professor. Hi, Lou.
Tell us more about yourself. You retired early at 63?
I was forced into an early retirement. The steel mills were closing for the most part, but some of them merged and kept the younger workers.
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Old 08-03-2011, 02:21 PM   #16
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IIRC, you can get a reverse mortgage only if you continue to live in the home.

If you move out or sell the house, the mortgage, plus all accumulated interest owed, is due immediately.

If one can indeed get a reverse mortgage AND rent out the home, I'm all for it - once I qualify in about a year's time.

Can anyone clarify?
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Old 08-03-2011, 10:00 PM   #17
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Welcome, Lou.
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Old 08-15-2011, 11:16 PM   #18
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IIRC, you can get a reverse mortgage only if you continue to live in the home.

If you move out or sell the house, the mortgage, plus all accumulated interest owed, is due immediately.

If one can indeed get a reverse mortgage AND rent out the home, I'm all for it - once I qualify in about a year's time.

Can anyone clarify?
You are correct. You cannot do a reverse mortgage on a rental. It must be your primary residence. They do check during the loan process, and may check randomly after. About 4 years ago there was a program available for doing one on investment properties, but it is not currently available. Also, there was one lender that was offering reverse to 60 year olds. Not any longer.
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Old 08-15-2011, 11:27 PM   #19
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It has been a rough few months, but I'm still hanging on. I like the idea of FL, the weather is agreeable, and it seems fairly affordable. For the reverse mortgage on my home, I'm having someone look in to it for me, it sounds like it could work out. Others my age are doing it and seem happy with that decision.
As a long shot, you said you own your home so I am guessing it is free and clear. If you could rent it out for enough to cover your expenses like Fantasm suggested, until you can get it sold, and in the meantime rent in FL temporarily, perhaps in time your home will sell for enough so that you can buy a home in FL using part of the net proceeds for a down payment and then doing a reverse purchase for the difference. With a reverse mortgage, you won't have to pay for your new home all in cash, and so you won't have to sell it for as much as you would if it was an all-cash purchase. It does require a significant down payment, but for the rest, it gives you more money in your pocket to invest or do whatever. And you won't have any monthly mortgage payments. Get some idea of what a house / condo will cost you in FL and ask the person helping you to give you numbers on a purchase HECM.
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Old 08-22-2011, 08:54 PM   #20
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You could also sell it on a lease-option, which is sort of a cross between a rental and a purchase with owner finance. You ask for about 5% down and then charge a rental rate high enough to cull out the riff-raff, but normal for the area, and high enough to cover both your taxes, insurance (yes, you MUST keep insurance on it) and the cost for you to rent in whatever warm, inexpensive place you find.

On a lease-option you'll usually attract someone that wants to buy but can't because of some recent hardship. You credit a portion of their payment toward their eventually getting conventional financing to help with their down-payment. If they move out, you keep the down-payment and whatever you would have credited.

Also on a lease-option, you have no maintenance (unless they move out) since they are buying the home. I've had one like this for almost 2 years now and wish I had a dozen just like it.
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