Our house and the reverse mortgage

Family and living rooms 002-A

Our living room.

Many things are on my mind lately. I keep thinking of being a retiree on a fixed income and spending thousands of dollars to upgrade my home.  People have suggested that I enclose the garage, cover the patio, and rip out the carpet and install a wooden floor.

These suggestions are good. However, do I really want to spend all that money?  Remember, this house has a reverse mortgage.  When David and I die, the bank will foreclose on the house to get its money back.  The kids will get nothing from the sale.  Any home improvements will benefit the bank, and not them.

We prefer to keep our cash in the bank, and when we die, Maria and Lisa will inherit the money. Hence, we have decided not to do anything more to the house other than maintain it.

My dream is that Lisa will pay off the reverse mortgage and own our home. That way, the house would remain in the family and family parties would continue to be held here.  Maria is not interested in buying the house, because her husband wants to live in Pearl City, where his parents reside.  So, our only hope is Lisa.

The question is whether or not she wants to move back to Hawaii. Time will tell.

11 Responses to “Our house and the reverse mortgage”

  1. anonymousonthemainland! Says:

    Lisa your daughter would have a place of home that was her mother and fathers and that is wonderful..Many people don’t get attached to a home, your daughter Lisa sounds like she could afford the reverse mortgage situation..I think what you are doing is admirable and wise..Why let the house just go to someone else? Also nothing like having some means in the bank for your daughters I say! Don’t fret over that at all, I would not improve the house whatsoever, it sounds expensive and not necessary, aloha in the paradise state!

  2. Linda Starr Says:

    reverse mortgages aren’t good at all a refinance is better imho we needed a roof and we’re fixing up our home and will sell for a profit, sooner than later, if my knees keep deteriorating.

  3. Joanne Noragon Says:

    I think you make wise decisions.

  4. Christine Says:

    Sounds like you have good plans made Gigi, cannot fault them.

  5. dkzody Says:

    Maintaining a home is difficult as the building and its occupants age. We’ve taken money from our retirement funds a couple of times for things like paint and new roof. We may do likewise to buy a car, but as for the house itself, our hope is to keep it mortgage free as it is now. That was my goal when I got ready to retire–have everything paid off so we wouldn’t have monthly payments.

    As for leaving an inheritance for our daughter, it will be whatever it is. I’m certainly not going to shortchange my life just to leave her something. But, our grandson has said he would like to live in our house when he’s grown up. He’s 4, we’ll see if he keeps that idea as he gets older.

  6. Olga Says:

    Your home seems very comfortable and meeting your needs just fine as it is. There are always improvements one could make, but why bother when you have what you want.

  7. Beatrice Says:

    You have both made your decisions for what is best for yourselves, and that appears to be working out well, Gigi. And, as much as you would like your home to remain in the family, that may nit happen if Lisa has her own plans. My mother stated in her will that out famiky home “be sold ASAP after she passed” and my brother and I complied with her decision. Neither of us wanted to live in the house as we already had our own places. We retain the memories nevertheless and that may be what happens in your famiky as well.

  8. SchmidleysScribblins Says:

    Sounds like a wise decision to me. the only repairs we are making are the necessary ones.

  9. Tom Sightings Says:

    Looks nice to me. As for the children, well, as they say, people make plans, god laughs.

  10. Joared Says:

    Sounds like you thought out your decisions and are content with your choices — that’s what matters now. Any photos I’ve seen here of your home it looks very nice.

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