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Old 02-20-2012, 06:39 PM   #15
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If you have plenty of equity, why don't you consider a HELOC? Rates are very low right now, that would free up some cash but not put in you in such a hole. You just have to tap it when you need it.

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Old 02-20-2012, 07:20 PM   #16
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The wife and I just did a 306 day trip from Florida to Alaska and back and spent anywhere from 3,000 to 4,000 per month depending on how much we did. We have a 30ft 5th wheel and a Chevy 2500 diesel truck. We did not eat out everyday as it can be a big cost of traveling, we did not do any boondocking, stayed in 64 different campgrounds with stays from 2 days to 30, had no major breakdowns or maintence costs and we had a GREAT TIME!!
Not sure how much money you think you need per month but your big costs are fuel, campground fees and food, which you can control to a point. Make sure you have good insurance to cover repairs etc.... and enjoy yourself))

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Old 02-20-2012, 07:49 PM   #17
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An account member of our family once said; if you are over seventy five to eighty without heirs and need money grab a reverse mortgage. Then when you both die everyone else gets to watch the IRS fight the reverse mortgager for the estate.
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Old 02-20-2012, 07:55 PM   #18
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Originally Posted by Bucksmom View Post
If you have plenty of equity, why don't you consider a HELOC? Rates are very low right now, that would free up some cash but not put in you in such a hole. You just have to tap it when you need it.
This seems,IMO, to make the most sense for what you need to do. If you do not need the money you do not have to use it, but if you do it is there for quick access.
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Old 02-20-2012, 08:19 PM   #19
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There is an alternativel. Lets say your house is worth $200,000.00 and you owe $70,000 that gives you an equity of $130,000.00, instead of a reverse mortgage just get an Home equity Loan that is comfortable for you at a very low interest and spend as you please....Remember, go "SKI", which means SPEND THE KIDS INHERITANCE. You can make interest only payments on the Loan when things are tight and pay as much as you want when things are good.
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Old 02-20-2012, 08:27 PM   #20
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Hello and welcome to the forum.
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Old 02-21-2012, 03:35 AM   #21
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Thanks to all who responded. Upon further research and reading your responses, the reverse doesn't seem so much of a good deal. As you have advised, will look into a HELOC instead. Sure glad I spent the money to join this forum; it's been well worth it See you in the funny papers!
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Old 02-21-2012, 04:04 AM   #22
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Fuel and campgrounds are your biggest expense, along with user fees for places you want to visit (state, federal parks and other enterainment) can add up quickly. Food, insurance, clothes, medical, home morgage are fixed expenses weather on the road or not, and assuming your M/H is not paid for it's a fixed exp. So if you have the extra $$ for fuel and camping (you can do your research to nail down these costs) campgrounds by the month are a bunch cheaper, and eating out is costly, then go for it. I don't know if I would "finance an RV trip", although as O/P said a home equity loan may be a good safety net should and emergency come up, but these days and times lenders are pretty tight fisted with them. Good luck.
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Old 02-21-2012, 06:08 AM   #23
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Originally Posted by BlueGekko View Post
Newbie wannabe here. I'm 60, she's 65. We're in the initial stages of planning for our retirement roadtrip. Our retirement income (military and SS) is approximately 60% of our pre-retirement income. Annuities won't kick in for another 8 yrs. We'll need to upgrade from a Class B to a Class C for 6+ months on the road. We plan to close down the house for the duration. We have SOME money socked away in liquid accounts but I'm not comfortable that it is enough to deal with unforseen personal/vehicle emergencies on the road. I'm researching a reverse mortgage for $100k but don't know anyone who has done this. Any experience out there? Any reasons to do/not do? HUD website gives very general info but not helpful for details. Wife has severe reservations about it so will have to convince her it's a good idea or convince myself that it's a non-starter. Any help?

A reverse mortgage is VERY risky. You want to make sure you have no family/children who are expecting to inherit the house first, because once you've handed the house over to the bank there's no turning back, you CAN NOT get your house back! What a reverse mortgage does is, you hand over all rights to the house, than you are ALLOWED BY THE BANK to live in THEIR house, until you die OR GO INTO THE HOSPITAL. The bank HAS THE RIGHT to toss you out at ANY TIME they determine you UNFIT TO CARE FOR THEIR HOUSE.

How do I know this? My dad took out a reversed mortgage in 2006, on the poultry farm that had been in his family for 300+ years. He went into a diabetic coma later that same year. he was in the hospital on full life support for 2 months, than in rehab for 6 month relearning how to talk and walk. He'd only been in the hospital a few days, when the bank declared him unfit to take care of the house and put it up for auction. Me, my 3 teenaged brothers, and our mom where thrown out of the house (only his name was on he reverse mortgage). We were homeless after that. when my dad finally got out of the hospital nearly a year later, he was disabled, no longer able to work, barely able to walk, and lived in his car for the next 3 years.

My mom got a divorce and left with my 3 brothers. Me I lived under a 6x8 tarp on the streets for the next 6 years (i have Autism, and am ununable to work AND am ineligible for any state help BECAUSE of the Autism.) The state finally stuck my dad in a dumpy inner city apartment, where he sits in a constant state of depression (he can't walk) staring out the window all day long, depressed because all he wants to do is go out in his garden, and take care of his chickens, but both are gone now, because of the reverse mortgage.

The reverse mortgage is THE REASON I live in a motorhome today. Most people live in a motorhome because they want to. I live in a motorhome because I have no other choice.
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Old 02-21-2012, 04:24 PM   #24
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EelKat, Very sorry to hear of your family's troubles. Sad indeed and I can only hope that things will improve for your family. Your story reinforces my belief that there are some avenues that people/businesses chose to capitalize on, although not illegal, do not always rank very high on the 'ethics totem pole'. I wish you and yours better times. Bob
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Old 02-23-2012, 06:41 AM   #25
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I just posted this, and it may answer some questions concerning the cost to full time RVing.

Our Costs to Travel for Six Months.
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Old 02-23-2012, 07:08 AM   #26
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I wonder if your dilemma is financial or psychological. My wife and I used to make good money. We had to readjust our financial expectations when we both got laid off. We had saved enough money that it was going to be a toss-up if we were going to be able to make it financially. It has worked out for ten years and we are living off IRA remains without touching much of the principal. My wife still works part time and I manage our investments. Adjusting to less income is not easy, but we could have easily made it with
60% of our paycheck. I think you are wrestling with the association of your identity with your jobs rather than how you are going to finance your life.
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Old 02-23-2012, 08:13 AM   #27
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Originally Posted by chaunclm View Post
I just posted this, and it may answer some questions concerning the cost to full time RVing.

Our Costs to Travel for Six Months.
I read your post and we don't move around as much so our cost for 6 months(I don't have exact figures) was much, much less. We are on a small fixed income so we budget really tight. But we still go places, sometimes stay monthly. I think it all depends on your income. But if all vehicles, cc, etc are paid for, you can still have a good lifestyle in an RV.
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Old 02-24-2012, 07:09 AM   #28
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Thanks again to all who responded. Full Monte, I think you've probably nailed my problem. Psychological insecurity regarding leaving a 45 year habit of traditional employment and income to one relying solely on investments and day-to-day jobs. I'm sure we can live on the road on 2/3 of our full time income but I'm a planner at heart. I can't take such a big step without planning and at least achieving a confident assurance that we'll be able to support ourselves while on the road. Don't want to cut employment ties unless I'm sufficiently confident that I won't have to recross the bridge I just burned. I'm sure everyone goes through this stage and that everyone has to learn the same way. For those who provided a response re: a reverse mortgage, again, thanks. In my excitement to research my next RV and the prospect of hitting the road, I overlooked the reality that a reverse mortgage is actually a . . . mortgage and if I don't make payments on the principal, the interest continues to accrue to the point, within a very few years, that accumulated interest is more than the value of my home. Don't know how I could have overlooked that. HE loan, if any loan, is the best way to go. Thanks again to the wise members here.

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