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Do they even write assumable mortgages any more?
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Dec 31, 2023 05:37
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VA loans, in some cases, are assumable. As a vet you're only allowed one loan at a time though so if you sell the loan you're SOL for any new VA loans until that one gets paid off
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Dec 31, 2023 05:49
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drhankmccoyphd posted:General mortgage question that doesn’t quite fall into the home buying topic but similar so I figured this might be the best thread: in the event of a divorce is it typical / feasible albeit difficult to have one spouse assume the mortgage without a refi? Pretty much no. My ex bought the house from me and got a new mortgage. We agreed to a price based on an appraisal and I walked away with a check.
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Dec 31, 2023 06:06
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Is that the case even if your both on the mortgage? I assumed if you both were you could have one person take over but as I've never been divorced, I have no idea.
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Dec 31, 2023 06:35
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Answer may vary by state
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Dec 31, 2023 06:45
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Arsenic Lupin posted:Do they even write assumable mortgages any more? This may have changed, but my first loan that I got in 2016 was an FHA loan and I was told it was assumable.
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Dec 31, 2023 09:20
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Leperflesh posted:Yeah. It's also possible to just never go into group living at all, and that's undoubtedly better than being in any kind of institution. So I don't want anyone to think I'm saying "everyone should move into a group retirement thing." Just, you may have some clue as to the future health issues a senior will be having, and if you know they're going to be needing more care than they can get at home in a few years, it's way better to line things up and get in there sooner rather than waiting till they absolutely have to go. Yep, goal is to not go into assisted living. But to do that you gotta be in a tenable situation. My mom insisted on living out in the middle of the woods in a huge old 3 story house by herself until she pretty much literally drove the bus off the cliff. And then her health was so bad that the only option was the nursing home. The whole thing was a goddamn nightmare. Goal should be a nice small one story house/condo in town, hopefully close to kids. That situation can last a lot longer. But yah, good luck getting your parents to see it that way. Personally I'm hoping to live with my kid when I get old(er), but I gotta learn to be less of an rear end in a top hat! To get my post somewhat on topic, we were trying to get her into one of those "pay 300k up front, live in a small house, move over to the nursing home when you need it" places. But I had all sorts of reservations about it, because the structure of the thing felt very weird/scammy. Think it is much better to just buy your own drat house, maybe in one of those 55+ places.
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Dec 31, 2023 15:16
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Lockback posted:Is that the case even if your both on the mortgage? I assumed if you both were you could have one person take over but as I've never been divorced, I have no idea. Why would the lender want to volunteer to increase their risk by cutting the number of guarantors they can go after in half? Answer: they don't. They won't unless forced to by some very specific state law that may or may not exist in your state and may or may not apply to you and your lender.
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Dec 31, 2023 15:35
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Do we have an elderly parental management thread yet or is that assumed under the umbrella of estate planning. My mom is coming to live near us + her grand kid (from two time zones away) after she wraps up some stuff where she is living currently/has been the last 30 years. I'm probably going to be on the hook for at least some of those expenses here in about 3-5 years I'd expect
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Dec 31, 2023 15:58
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Hadlock posted:Denny's Not funny  ok pretty drat funny. But also kinda sad.Jesus christ I’m gonna be a Denny’s hag aren’t I. Hadlock posted:Do we have an elderly parental management thread yet or is that assumed under the umbrella of estate planning. I would appreciate one. My family is reaching that age. Maybe I’ll start it.
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Dec 31, 2023 15:59
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Motronic posted:Why would the lender want to volunteer to increase their risk by cutting the number of guarantors they can go after in half? I'd assume it'd be a thing where it's a request they either approve or don't vs potentially refinancing elsewhere. If you've been in good standing for a few years you'd think it'd be a lower risk than a new mortgage would be. Obv right now they'd probably rather get paid out on a presumably much lower rate but that's not always the case. I mean, in MN I don't have a choice, my wife HAS to be on the mortgage too, but if I didn't have a wife I'd still qualify by a mile. You'd think the bank would be interested keeping my loan under the same terms they know I can pay if I still qualify. Maybe that's not worth it in what's essentially a numbers game, though I agree I wouldn't be surprised if it depends on the state.
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Dec 31, 2023 16:03
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Lockback posted:I'd assume it'd be a thing where it's a request they either approve or don't vs potentially refinancing elsewhere. If you've been in good standing for a few years you'd think it'd be a lower risk than a new mortgage would be. Obv right now they'd probably rather get paid out on a presumably much lower rate but that's not always the case. The bank doesn't hold your loan. It was sold or securitized long ago and whoever you are paying is likely just a servicer. The way they make money is by originating new loans.
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Dec 31, 2023 16:12
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Pollyanna posted:I would appreciate one. My family is reaching that age. Maybe I’ll start it. If you do, please link it here so those of us that only browse the forums via bookmarks have a chance to find it.
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Dec 31, 2023 16:14
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Baddog posted:To get my post somewhat on topic, we were trying to get her into one of those "pay 300k up front, live in a small house, move over to the nursing home when you need it" places. But I had all sorts of reservations about it, because the structure of the thing felt very weird/scammy. Think it is much better to just buy your own drat house, maybe in one of those 55+ places. One of the nice things about the pay $300k up front places (or at least the one my grandparents are in is like this) is once you're in, you're in. If you need to transition to the intensive care wing and your money runs out, they don't kick you to the curb. From my sample size of one it seems like a good option if you've got the money and are an older senior looking for a community to age in place with. God, getting old loving sucks
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Dec 31, 2023 17:01
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Pollyanna posted:Not funny The Denny’s where I grew up was filled with bored high school kids and/or stoners, but I haven't been in there in about 25 years. TooMuchAbstraction posted:If you do, please link it here so those of us that only browse the forums via bookmarks have a chance to find it. Yes, please.
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Dec 31, 2023 17:19
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Sirotan posted:One of the nice things about the pay $300k up front places (or at least the one my grandparents are in is like this) is once you're in, you're in. If you need to transition to the intensive care wing and your money runs out, they don't kick you to the curb. From my sample size of one it seems like a good option if you've got the money and are an older senior looking for a community to age in place with. What happens if they go bankrupt?
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Dec 31, 2023 17:26
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Do you see the market for elderly people drying up anytime soon
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Dec 31, 2023 17:28
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It would take one idiot at the helm to bankrupt a surefire money making operation like that. But it could happen
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Dec 31, 2023 17:59
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SpartanIvy posted:What happens if they go bankrupt? If you're insolvent and your nursing home goes belly up you're probably gonna be just as hosed whether you paid a couple hundred thousand up front or not But yes that's definitely something to consider when making a decision about senior housing. Sirotan fucked around with this message at 18:13 on Dec 31, 2023 |
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Dec 31, 2023 18:11
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I could have sworn there was some sort of "how to deal with aging parents" thread, but I'm not pulling it up. I've got a topic that has crossover between this and that hypothetical thread: what's the thread's take on going in on a duplex/ADU-equipped property with parents, combining ownership and occupancy? I had a lengthy post written with background on my parents' situation, but thought I'd toss the high-level question out there before diving into specifics. Some pros and cons, resting on the assumption that they are sufficiently stable financially and currently seem active and unimpaired: Pros - "keep the money in the family" versus forking over to a retirement facility (I'm a little dubious how effective this is, but they've voiced it as a concern) - ability to buy nicer home in a better location given pooled investment - some mutual assistance as needed (though would need to establish clear boundaries) Cons - very difficult to say if/when they'll need professional assisted living - risk of inability to agree on location (I'm uninterested in anything but a walkable urban neighborhood, but they've baked in decades of suburban fears) - relative scarcity of such properties - limited peer community for them (though potentially alleviated by the social opportunities available from urban living, wouldn't be as direct as a proper retirement community) - could conflict with yet unfulfilled life goals on my part (mainly, starting a family) - complexities around ownership split and estate planning Would obviously dodge some of the concerns with having full ownership of the property and renting the unit to them, but that's probably cost prohibitive. e: to make it clear, I think the ideal outcome is for them to move into one of the types of communities discussed above, ideally near me. But it looks like they're very reluctant to entertain the option and would otherwise be more inclined to get a small house in some inconvenient spot and pray they don't significantly deteriorate. So the above might be an achievable intermediate position, though comes with its own heaps of issues. Cugel the Clever fucked around with this message at 21:29 on Dec 31, 2023 |
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Dec 31, 2023 19:32
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Sirotan posted:One of the nice things about the pay $300k up front places (or at least the one my grandparents are in is like this) is once you're in, you're in. If you need to transition to the intensive care wing and your money runs out, they don't kick you to the curb. From my sample size of one it seems like a good option if you've got the money and are an older senior looking for a community to age in place with. Based on my grandmother's experience, and my mom's and mother-in-law's, once you have a parent in high-support (closed) care, they need to be within driving distance of you. In my mom's case, it meant uprooting her from her community, because both my brother and I live far from where they lived. So fundamentally, progressive care works until it doesn't, and the high-support community in the home may not be the right place for them. My mother-in-law became medically disabled, and they moved her into the dementia ward. The nurse said cheerfully, "We've arranged your meal seating so you'll be next to people who can still talk!" She was not amused. My biggest takeaways are (1) this whole thing absolutely sucks (2) getting your parents to realize they're ready to make any transitions is a nightmare and (3) By the time your parents are seriously ill, you need to be within distance of them, to make sure somebody's keeping an eye on their care and comfort. e: Kugel, if you can make your parents listen, keep repeating over and over, "This is your retirement money. You are supposed to spend that money on your retirement. If there's anything left over, that's nice, but this is money you saved for retirement."
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Dec 31, 2023 20:05
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Sirotan posted:If you're insolvent and your nursing home goes belly up you're probably gonna be just as hosed whether you paid a couple hundred thousand up front or not This is a pretty interesting, the nursing home was actually a non-profit and one section of the contract that they have guarantees a 90% refund of the paid deposit if the resident moves out or dies, the condition is that they have to find a new resident for the unit. I didn't know such a thing was possible and just assumed all retirement communities were for-profit and any money you'd pay would be gone immediately. That seems really good, it sucks that they had to file for bankruptcy
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Dec 31, 2023 20:07
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Lockback posted:Is that the case even if your both on the mortgage? I assumed if you both were you could have one person take over but as I've never been divorced, I have no idea. I am sure it is possible. In my case she had to write me a check for $75k (2011 purchase, 2016 sale). So she got the new loan with that added to it. If you have the cash on hand maybe it could happen. The bank would want to evaluate you on your own merit though and prefer to charge you for the refi.
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Dec 31, 2023 20:40
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Arsenic Lupin posted:e: Kugel, if you can make your parents listen, keep repeating over and over, "This is your retirement money. You are supposed to spend that money on your retirement. If there's anything left over, that's nice, but this is money you saved for retirement."
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Dec 31, 2023 21:32
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My real estate agent has been telling me about how weird and behind-the-times the seller's agency is:quote:For the second deposit, sellers broker doesn't handle wires So first off, is this anything I need to be worried about? My mother used the same buying agent, so I feel like odds of this being a scam vector are pretty low, but it is pretty weird. Second, does anyone have a clue what they're talking about when it comes to apps? Is this another one of those weird, sketchy banking apps, like the one that wanted my logon information so it could log into my bank's website on my behalf?
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Jan 3, 2024 02:18
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. It's bonkers. They have some other system I'm not familiar with, with an app - not gonna have you and your deposit be the experiment though. Either title company or my brokerage can hold it and seller agent is OK with that.
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Probably one of these apps: https://www.getbankshot.com https://www.earnnest.com Feels like yet another middleman trying to find room in the real estate transaction chain.
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Jan 3, 2024 02:25
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Are you trying to avoid an escrow fee or what
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Jan 3, 2024 02:36
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Hadlock posted:Are you trying to avoid an escrow fee or what Not at all, I'd rather do this by the book as much as possible. And to the extent that I understand the book, that means me sending a wire transfer or cashier's cheque to the intermediary. But understanding the process is a big part of what real estate agents get paid for, right?
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Jan 3, 2024 02:41
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Your offer should include the title company and the escrow company in writing and how/when/why it'll be released. Your agent gets paid because it's custom, not because they're an expert or anything. If you want an expert hire a lawyer. Real estate agents are just marketing people and they're very specially instructed to not give advice
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Jan 3, 2024 04:12
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Hadlock posted:VA loans, in some cases, are assumable. As a vet you're only allowed one loan at a time though so if you sell the loan you're SOL for any new VA loans until that one gets paid off They have to be living in the area of the place they're going to buy to get one, but active duty folks often get assigned to a new post every two-three years. Once they arrive at their new assignment, they can be eligible for another VA loan for the new location while they try to collect rent on the other residence.
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Jan 3, 2024 04:29
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Shifty Pony posted:Probably one of these apps: Love to Get Banks Hot
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Jan 3, 2024 17:37
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The house I bought 2 months ago the title company acted as Escrow, they were a national outfit and I chose them so that's not super unusual. I think this means the seller was trying to use an Escrow company that wanted to use an App instead of a wire transfer which is pretty bonkers. Just using the title company is probably fine if this is a straightforward transaction and there isn't anything weird going on with the title company.
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Jan 3, 2024 17:45
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i bought without a lawyer but it was very clear that my realtor was definitely working for their own interests as well as mine. get a lawyer if you have serious questions, everyone else involved is incentivized to lie to you.
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Jan 3, 2024 17:51
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Hadlock posted:Your offer should include the title company and the escrow company in writing and how/when/why it'll be released. Oh yeah, the title company is SQS Settlements, I completely forgot about reading that  This is what I get for reading all the legal docs during vacation while I have a head cold.
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Jan 3, 2024 23:54
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Hey, I'm an idiot who decided to waste a bunch of time probably reinventing the wheel, but I put together a spreadsheet to compare home ownership vs renting + investing, to see how much better homeownership is vs. renting and investing, if it is: https://docs.google.com/spreadsheets/d/1hGIo9gFpMIy_r8T_dTkHFfXng71gGO0tVdvdDooKFPg/edit?usp=sharing The baseline numbers I'm using seem to indicate that buying a home in slightly-worse-than the situation I purchased under puts you ahead financially compared to renting in only 3 years, and from there the benefits only gets more and more in favour of home ownership. Do these numbers seem about right to anyone or did I make some glaring mistake? Because the OP is very firm that you aren't throwing away money by renting, but the numbers I'm seeing here look a hell of a lot like that, hah. I'm assuming I messed up somehow in some big obvious way
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Jan 6, 2024 07:10
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GlyphGryph posted:Hey, I'm an idiot who decided to waste a bunch of time probably reinventing the wheel, but I put together a spreadsheet to compare home ownership vs renting + investing, to see how much better homeownership is vs. renting and investing, if it is: Seems like column G "Extra" income as renter should be =K+M-E to consider the "Yearly Fixed Payment" as well which is paid by the hypothetical homeowner but not the hypothetical renter. This substantially increases the "Investement Value" for the renting scenario.
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Jan 6, 2024 08:18
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It looks like you’re also not considering the costs associated with both buying and selling.
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Jan 6, 2024 09:22
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I would move your inflation rate down to like, 2.9% from 3.80% Also doesn't cover the qualitative experience of living in a community that is largely owner-occupied, which you obviously can't figure into a spreadsheet but that's definitely a thing
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Jan 6, 2024 09:59
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I don't see PMI which is needed since 50k is less than 20% of 300k. Also isn't 10% post-inflation stock return too high?
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Jan 6, 2024 13:45
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rjmccall posted:It looks like you’re also not considering the costs associated with both buying and selling. I was just throwing those (and any initial maintenance) in the deposit column, since mentally I consider it all "the money you need to make this happen". I'm not sure how I'd include selling related stuff... maybe an assumption that a person will sell their house once or twice over the lifetime of the loan? Inflation and investment return were both based on the last 50-year average. I'm less concerned with the individual numbers though and more with the calculations itself, I put a whole bunch of numbers in here you're basically seeing what's left. Mario posted:Seems like column G "Extra" income as renter should be =K+M-E to consider the "Yearly Fixed Payment" as well which is paid by the hypothetical homeowner but not the hypothetical renter. This substantially increases the "Investement Value" for the renting scenario. This is a great catch though, thank you! I meant to do this and still botched it, and adding that in massively changes everything. That was the error, thank you!
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Jan 6, 2024 16:02
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