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Gold Conversationalist

Re: Purchasing a Home After Retirement

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Message 1 of 29

I gave you kudos just because you aren't a complete idiot.  Unfortunatly that is a bit rare on these boards.  I hope you post more somewhere.

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Gold Conversationalist

Re: Purchasing a Home After Retirement

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Message 2 of 29

You are believing what you read.  The non wealthy do better by the percentage on the tax cut.  The STD deduction helps the poor the most and the rich the least.  In dollar amount they do better because a few percent of a million is much more than a bigger percentage of a few grand.  Shame on you!  If you paid a few million dollars in taxes you would also do better.  You forget they are still paying millions in taxes.  

 

What is truely scary is if you are so stupid not to adjust your investments to take advantage of a wind fall for you. 

 

I do fell sorry for persons too lazy to take the time to learn about making wise investments.  I got serious at 50 .  I resolved on the 50th B-day to research 10 hrs a week on bioth health issues and finance/investing issues.  I don't know ANYONE that was making middle class wages that isn't in the top 10% by retirement who had any financial savvy at all.  I might make the 1% if I am lucky.  Neither my wife or I ever made 6 figures and we live in a very expensive place to live. Most of our friends made more and have less savings because they are idoits when it comes to investing.

 

Don't blame the rich because you don't have any money blame yourself.

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Info Seeker

Re: Purchasing a Home After Retirement

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Message 3 of 29

I agree, i PLAN to have a mortgage in retirement because i can do better investing my cash than paying off a mortgage, plus as long as it doesn't get 'upside' down - who cares what is owed on it after i die, just so the kids can get rid of it without a loss. 

I do wonder is there someone out there who can share their experience regarding getting a mortgage loan after retirement?  I know there is a formula, I have $1.6 million in assets of which about $300K is liquid, but NO income except social security, i just spend down my investments as needed to live.  so i guess i will fall under the fanny mae formula of assets *70% divided by 360 etc. just wondered how well this goes.  My credit score is 836 - anyone with insight on this ?

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Gold Conversationalist

Re: Purchasing a Home After Retirement

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Message 4 of 29

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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Gold Conversationalist

Re: Purchasing a Home After Retirement

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Message 5 of 29

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

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Message 6 of 29
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 7 of 29

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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Re: Purchasing a Home After Retirement

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Message 8 of 29

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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Gold Conversationalist

Re: Purchasing a Home After Retirement

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Message 9 of 29
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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Gold Conversationalist

Re: Purchasing a Home After Retirement

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Message 10 of 29
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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