Waimea Valley, Oahu.
Some people have financial difficulties. Others have health issues. If it’s not one thing, it’s another. It amazes me how so many people have tunnel vision, thinking there’s just one way to solve a problem. I believe in thinking outside the box. Be creative. Do your research. Consider all your options.
For instance, in 2010, David was demoted from comptroller to accountant and sustained a $23,000 pay cut. When the new comptroller resigned, David was promoted back to comptroller, but his previous salary wasn’t restored. As a result, we had a hard time making payments on our two mortgages. David said we should sell our house and then rent a small apartment somewhere in town. I hated the thought of doing this, because I loved our home. We had purchased it in 1991 and had poured a lot of our time, money and energy into it.
Then, I saw an advertisement in the newspaper, which extolled the virtues of a reverse mortgage. I called several places regarding a reverse mortgage and finally settled on a bank. The house was appraised, and all the documents were signed and notarized. The bank paid off our two mortgages and gave us a huge check to deposit into our checking account.
Whew! That was amazingly easy, and we have no regrets applying for a reverse mortgage.
This year, David decided to retire permanently. He was tired of being an accountant and hated the stress of dealing with unpleasant people. We decided to become landlords, instead, and we now rent our master bedroom and master bathroom to a tenant who is rarely home. Our tenant likes the security and privacy of his unit, which can be entered only from the back yard. A win-win situation for all of us.
Who would have guessed that retirement could be so good? We have no job-related stress, and we are totally relaxed and content. If only everyone could be so lucky!
As I said, if you have a problem, there is more than one way to solve it. Be creative, do your research, and consider all your options.