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Silver Conversationalist

Re: Purchasing a Home After Retirement

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Message 1 of 26

May is the operative word.  It does not seem likely to pass the senate unless there are some big changes.  They do not have the votes and they know it.

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Silver Conversationalist

Re: Purchasing a Home After Retirement

122 Views
Message 2 of 26

Good move!  More people are renting these days so rents will continue to rise faster than property values.  In your case these are now good to see.  I assume you are retired so you don't need to worry about losing your job. If worse comes to worse you can reverse mortgage. Interest rates have been super low for years and they are a tax write off. 

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Info Seeker

Re: Purchasing a Home After Retirement

162 Views
Message 3 of 26
Trump is currently on TV announcing his wonderful passing of his new tax program by Republican Congress. And how wonderful his Republicans are. Their support was overwhelming. Pretty scary for those of us who aren't considered wealthy.
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Info Seeker

Re: Purchasing a Home After Retirement

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Message 4 of 26

I purchased my first home ever 5 years ago @ age 72.  My mortgage payment, including taxes, is less than any rent I ever paid.  I used accumulated payments from a retirement plan I didn't know I had, as a down payment.  It's the best thing ever.  It's not a palace by anymeans, but it is to me.  Barbara Desrosiers

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Info Seeker

Re: Purchasing a Home After Retirement

239 Views
Message 5 of 26

I originally posted about a second home I bought in Las Vegas, during the bottom of the recession. Last year I sold it because it was really small (1021 sq') and I found the kitchen was just too small for me to enjoy cooking. So after owning it for 8 years, I made quite a bit of money on it (and will have to pay capital gains on the profit) and then purchased a slightly larger home in the same development. And now comes the wrinkle: I had no mortgage on the first vacation home, but took a small mortgage on the new one, thinking I'd be able to deduct the interest (and, of course, the property taxes). But no...the new "good for the middle class" tax plan that just may pass both houses of Congress, will undoubtedly deprive me of at least one of those two deductions. I really don't know how much the new tax laws will affect my husband and myself, but I have a bad feeling that we will be one of those for whom it might spell the end of a very lovely snowbird season. (Maybe Donald will let us stay for free at Mar-a-Lago??)

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Silver Conversationalist

Re: Purchasing a Home After Retirement

253 Views
Message 6 of 26
I hope you didn't sell off your losses. The market is up 150% since then so if you kept everything it would be worth a great deal more than you had before the crash.
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Silver Conversationalist

Re: Purchasing a Home After Retirement

253 Views
Message 7 of 26
This is just a thought...

With interest rates so low and with the market booming, you can make 10% on investing your cash instead of plunking it down on your house. We refinanced and my wife wanted to greatly reduce our mortgage. The lender told us what, are you crazy? We are only paying 2.5% interest. we are making a few thousand a month on top of paying the mortgage with the profits made from the money we were going to pay off the mortgage. We happened to hit the lowest rate in over 50 years but rates are still very low. To make it work, you need to know where to put your money to make 10% or more on your investments. Putting it a CD may lose you money. I just wanted to throw that out there since the standard plan is to pay off your house. Right now that is a poor financial decision.
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Info Seeker

Re: Purchasing a Home After Retirement

279 Views
Message 8 of 26

We are building a new home, one level, in an area we adore. Moving into a regular community, not a retirement community, to be engaged in regular life and not the "retiree" life. Selling current home, will pay off new house so, that there is no large debt in returement.  Owning a home that you choose for your retirement means that you have a safe place to live and enjoy for many years. I am so looking forward to our new home, no mortgage and knowing that we will not have to leave our home! 

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Recognized Social Butterfly

Re: Purchasing a Home After Retirement

1,232 Views
Message 9 of 26

ttryu,

Your post shows that sometimes you can overcome setbacks and succeed!  2008 was a catastrophic year financially for so many (including myself) but you endured a loss of job and divorce.  I am so glad your life has improved.  Would love to know how you are doing.

 

LVSHOE.gif


ttryu wrote:

Hi, I can understand your situation.  I myself have lived in Brookly/Queens for 25+ years.  Just like yourself, I have never been good at driving.  Instead of mostly renting, I did own a couple of houses at one point in Queens.  However, I could not support the payment well at the time.  So I had to sell.  After a very bad year in 2008, the year when I lost my job of 17 years working in a bank, I got divorced, and my investment lost over 360k, I have come to Las Vegas and used cash to buy my condo.  my goal at the time was to duplicate my real estate investing success in NYC.  I first came here without a job.  Without a steady job, no one was willing to lend me money to buy.  Even after I got a job, I still had trouble to get a loan in the beginning because my job history was too short.  I did not get discouraged and got a loan from the builder to buy my primary residence.  Fast forward to today, I now own 5 rentals and plan to buy more.  I also have uncovered many more finance options to buy even more rental houses.  All these things have happened in my late 40's early 50's.  I know sometimes investing in real estate involves luck such as my coming to Vegas at the right time (2010).  Timing and doing research are more important than just being lucky.


 

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Bronze Conversationalist

Re: Purchasing a Home After Retirement

1,850 Views
Message 10 of 26

yuffie, you need to check on doing a file and suspend.  The rules changed and the last word I've seen says you can't do a file and suspend to draw spousal benefits if you are entitled to your own benefit that is more than the spousal benefit would be.

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