Returning to the subject of FINANCING ? ? ?

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JustMe

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OK everyone - that was some interesting information on winches and some other humorous items, but I am REALLY serious about the original question I asked.

Has anyone, having reached the point in this disease where moving into a single-story home for ease of movement found ANY kind of help in doing a bridge loan or other special financing arrangement to make it possible?

I am certain there are many others out there - if not today then tomorrow - who are going to need an answer to this question, so ANY help or advice will be appreciated (to say the least).
 

Al

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Hi JustMe. Sorry if you thought we weren't taking your question seriously. I'll try to look around and see if I can find some information for you. AL.
 

JustMe

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I knew you were - no problem


No problem - I have a somewhat odd sense of humor. I just wanted to re-ask the question as it is my present biggest (almost) issue.
 

liz

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Actually, JustMe, this is a huge concern for me also. We're in a raised ranch and would like to move to a one-story home but can't imagine how we'll get a new mortgage because of my diagnosed. A couple of folks out there have talked about having made such a move. Would love to hear how they managed with the banks.

Liz
 

John1

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Liz and Justme,

Have either of you actually asked your bank if a new mortgage or a bridge mortgage would be any problem? Seems like that's the place to start.
 

liz

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John -

Forgive me - I should buy that book about home buying for dummies.

What is a bridge mortgage?

We assumed since we were required to get life insurance on our first mortgage and then the life insurance company did medical work ups on us both before they would insure us, that this time I would not be able to be insured so not able to qualify for a new mortgage, etc. And since our incomes are roughly equal, we figured the amount of mortgage my husband could get on his own would be substantially less than we did combined so would end up in a much smaller home but still presently housing four kids, and so on....

Liz
 

Ontario caregiver

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in canada

I found out too late but in Canada, you can draw on your RRSP ( retirerment plan) to build a home for the disable, not sure about the U.S. The best idea is go to a bank find out what they can do for you, and check all avenues first, Govt. fundings, March of dimes, what you can right off if building a home for incomes taxes and do not forget your new home or existing home can get a discount on their house taxes, part of your taxes are based on disabilty so they do not tax that portion so this also can save abit each year.

Hope all works out for you
 

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CindyM

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We just met with a construction company this am. We have a terribly un-handicapped house on an odd lot that poses a bunch of construction problems. Re-doing the inside is not an option due to the placement of weight-bearing walls, plumbing, and so forth. We are hopeful about the builder's solution, though we don't have cost estimates yet.

Here's the plan: they are looking into tearing down the current structure and putting in pre-constructed units. We are zoned for a two-family. The first floor will be our living quarters - and once I get a DX we will be eligible for a low-interest 3% loan from the state for up to $50,000 to help make the first floor handicapped accessible. The upstairs we would rent to my brother in law for half the mortgage price.

If the estimates come in on budget, we will finance it through the current equity that we have in our home. The units are energy efficient according to HUD standards, meaning our utility bills will be cut in half, and in the frigid North East that means a lot! The new mortgage will still be payable on my disability income, assuming the worst-case-scenario. In the worst-worst case, if I pass away leaving a huge mortgage to Lee, he can sell one or both units and go retire to Florida.

We've been researching these modular homes for some time and found a company with a good reputation. We visited several of their homes and nobody had anything bad to say about their construction. It seems like the best solution for our site and our street. We live close to town in on a street with other multiple family homes and we didn't want to put more into the renovations than we could re-capture on re-sale.

So that's the idea, folks. Now we need to make sure we can afford it all. Cross your collective fingers, will you, in hopes that the costs come in on-budget? Cindy
 

John1

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Cindy,

This seems like a drastic solution. Why not sell your home and then buy a lot and build the modular home. If you tear your house down you won't have any equity. Am I missing something obvious here? It wouldn't be the first time.
 

CindyM

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Land prices as well as all real estate prices have risen in our area to the point where we are looking at a huge mortgage either way. This way we get what we want and, if the market falls much in the next few years, have something worth resale. Our location is the only thing that is in our favor here. We are close to major highways and the commuter rail to Boston. Plus the two-family thing is a draw for us. Sure, we can buy another 2 family but will it be accessible? And it is not like we are tearing down a good home. If we wanted to sell "as is" we'd either have to re-do wiring, plumbing, and the kitchen or sell at a reduced price.

Gee, I am glad you asked! I've seen the new models and for a minute I was visioning myself rolling through wide halls and into brand new kitchen, bathroom, laudnry room - everything. I see I was acting on emotion but now htat you asked, I see that this really is a good idea.

Oh, one last thought. Because of the way the market has been in the last few years, it is common inn our area to see an old house get torn down. The thing that may make it doable for us is that we are not talking about "stick" construction. For ideas on what I mean, do a search on modular homes.

THanks for letting me think out loud, John. Always a pleasure "chatting" with you!
 

liz

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Hi Cindy -

What a huge undertaking. I have a hard time imagining how I'll scrape up enough energy just to move. It sounds like you and Lee have really thought this through.
Good luck.

John -

Thanks for the link.

Liz
 

CindyM

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Tearing down and rebuilding is a popular thing to do in this part of the country. So I'd been after Lee to think about it. We wanted income-producing property and the process is much quicker, and cheaper, when you go modular. Of course nothing is settled yet. They still have to get back to us with the numbers...Stay tuned!
 
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