Wednesday, June 19, 2013

Signed and Sealed....

Well, things are nearing completion now. I have completed all the paperwork and just have one last form -signed by yours truly -to drop in the mail in the morning and then wait for a phone call from the appraiser to set a date for having my property appraised.

Please say some prayers that the value in the appraisal is good and true and high, as well!

In case you weren't aware of what's going on here, I am in the process now of applying for a reverse mortgage on my property which will give me the ability then to remain living in my house but not have to worry about payments on the mortgage I have on the place.

The main requirements for me are that I be over 62 years of age -check that I qualify easily for that -and that I maintain the property taxes and home owners insurance too on the place. In addition to that, I have to remain in residence here -fulltime -for a minimum of one year, at least. My intent -hopefully it will work this way -is for me to be able to stay here as long as I am able to take care of myself!

Or, as my late aunt always said about her and her house (which had been my Dad's family's homestead) that the only way she intended to ever leave that house was to be carried out of it. And she almost did that too. Well, actually, she was "removed" from the house because it was unsafe for her and her daughter to stay there alone as they both really needed to be in a nursing home so she was, in essence, carried out but she didn't go quietly.

Nope! She went kicking and screaming pretty much the whole time and who knows, but that might be me too someday.

At least, one thing I don't have to worry about is filing bankruptcy or anything like that with this reverse mortgage. And I definitely don't have to concern myself over things like Delaware bankruptcy laws - primarily because I live a state away -in Pennsylvania!

So now, I'm just waiting for the phone call and to get the appointment set up for the appraisal and then, things should be all completed.

I'm definitely ready now to take this next big step in my life!

1 comment:

Jenny Woolf said...

I am glad that there is a way you can stay there without financial burden. In England I think they call this equity release. It's often not a good deal unless you're about 95. Your way sounds better.