Wee are looking at a new 30yr fixed mortgage for the house in Auburn, WA because Carries current loan is an Adjustable Rate Mortgage (ARM) and with the current interest rates going up we need to lock it into a consistent rate for the foreseeable future.
Enter the new information the loan company told us about. A reverse mortgage. I’m not totally sure as to what this is but in essence a mortgage is taken out and our payments are nothing. Yes, that is what I said, the payments are nothing. This would in effect give her an additional 1,600.00 per months to use for travel or any other bills and then when I retire and get my social security we will be making pretty solid money for our retirement together.
Since she could do this when she is 62, next year then my retirement could conceivably start next year as well. Leave here after my two years, not owe them for my moving expenses and be retired with the love of my life in a little over a year. That sure sounds fantastic.