athena53
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 11, 2014
- Messages
- 7,377
It definitely looks like it's key to find a broker who knows about these loans.
I retired at 61; DH was 15 years older and already retired. One year later we decided to downsize. We had $2.5 million in investments. We didn't have a regular draw- I knew what annual amount was sustainable but took out what we needed every 4 months or so and it varied. I prepared a nice exhibit showing the balances in all 4 of our accounts (checking and 3 brokerage) together with the total, by month, since retirement. The total had gone up by $100K since my retirement. We wanted to borrow $150K on a house we were buying for $258K.
I guess my exhibits didn't fit into their nice little boxes. I swear they ignored the assets and fixated on DH's SS and my $900/month pension. We got $100K.
Just last month the same company offered a refinance of my $67K balance plus $100K cash-out for "only" $156/month more. Whatta deal! Except that the interest rate will now be 4.5% instead of my current 3% and instead of being paid off in 9 years the mortgage will be paid off in 30 year. When I'm 98.
I retired at 61; DH was 15 years older and already retired. One year later we decided to downsize. We had $2.5 million in investments. We didn't have a regular draw- I knew what annual amount was sustainable but took out what we needed every 4 months or so and it varied. I prepared a nice exhibit showing the balances in all 4 of our accounts (checking and 3 brokerage) together with the total, by month, since retirement. The total had gone up by $100K since my retirement. We wanted to borrow $150K on a house we were buying for $258K.
I guess my exhibits didn't fit into their nice little boxes. I swear they ignored the assets and fixated on DH's SS and my $900/month pension. We got $100K.
Just last month the same company offered a refinance of my $67K balance plus $100K cash-out for "only" $156/month more. Whatta deal! Except that the interest rate will now be 4.5% instead of my current 3% and instead of being paid off in 9 years the mortgage will be paid off in 30 year. When I'm 98.