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bearishgurl
ParticipantMaybe a Pigg in the lending biz would know more but from what I know, they can be six points or more up front. There is a cap on the loan and some RE commission also built into the contract for the lender to unload them upon move out to relative/board and care or death. The cap is set lower than the lender thinks it’s worth at the time of making the loan so they will have $$ to unload it. Any remainder would go to the heirs.
It’s like an expensive open HELOC, whereby if your mom could just document some kind of “income,” she might be able to take out a modest HELOC for free (lender typically pays costs for a HELOC).
toots, can you or any of your siblings take turns going back there to perform repairs?? Perhaps you mom can pay for some inexpensive mat’ls or you all can split this cost. (She doesn’t *need* granite and Pella windows at this late date.)
If most of the work is just lumber, shingles, etc. and elbow grease, I would go back and help clean out and fix things for awhile or at least supervise a handyman or “Got Junk” crew if my mother was 80 (mine lived to be 59). This will preserve you and your sibling(s) inheritance. Otherwise, the reverse mortgage $$ may be squandered on unscrupulous “contractors” if your mom is not closely supervised.
If your mom is able to qualify for a “free” HELOC of say, $5-$25K (for mat’ls), either you or another sibling must set it up so that this lender is paid at least the miminum payment by the due date EVERY MONTH. Otherwise you could be “asleep at the switch” living in another state and an NOD/NOS (or whatever they call it back there) will be posted on the door and your mom may not even know what it is.
IMHO, the best thing to do in this case is get with your siblings and eyeball the mat’ls/repairs needed and see if you can pool some $$ together to make this happen. And then sit down with your mom and tell her what you are doing and make sure she has a will and/or trust that has been reviewed by a lawyer and gives you each a copy. She is “80,” after all.
In your case, I think I would veto a reverse mtg. if it’s just for repairs and she doesn’t need the $$ to live off of.
ParticipantMaybe a Pigg in the lending biz would know more but from what I know, they can be six points or more up front. There is a cap on the loan and some RE commission also built into the contract for the lender to unload them upon move out to relative/board and care or death. The cap is set lower than the lender thinks it’s worth at the time of making the loan so they will have $$ to unload it. Any remainder would go to the heirs.
It’s like an expensive open HELOC, whereby if your mom could just document some kind of “income,” she might be able to take out a modest HELOC for free (lender typically pays costs for a HELOC).
toots, can you or any of your siblings take turns going back there to perform repairs?? Perhaps you mom can pay for some inexpensive mat’ls or you all can split this cost. (She doesn’t *need* granite and Pella windows at this late date.)
If most of the work is just lumber, shingles, etc. and elbow grease, I would go back and help clean out and fix things for awhile or at least supervise a handyman or “Got Junk” crew if my mother was 80 (mine lived to be 59). This will preserve you and your sibling(s) inheritance. Otherwise, the reverse mortgage $$ may be squandered on unscrupulous “contractors” if your mom is not closely supervised.
If your mom is able to qualify for a “free” HELOC of say, $5-$25K (for mat’ls), either you or another sibling must set it up so that this lender is paid at least the miminum payment by the due date EVERY MONTH. Otherwise you could be “asleep at the switch” living in another state and an NOD/NOS (or whatever they call it back there) will be posted on the door and your mom may not even know what it is.
IMHO, the best thing to do in this case is get with your siblings and eyeball the mat’ls/repairs needed and see if you can pool some $$ together to make this happen. And then sit down with your mom and tell her what you are doing and make sure she has a will and/or trust that has been reviewed by a lawyer and gives you each a copy. She is “80,” after all.
In your case, I think I would veto a reverse mtg. if it’s just for repairs and she doesn’t need the $$ to live off of.
Participant[quote=AN]I’m not sure if you’ve been to Sky Ranch or not but the houses are definitely not 35-100 feet apart. Like I said in my prior post, it’s more like 12-16 feet vs 6-10 feet in your average tract home areas (which includes MM).[/quote]
No, I haven’t been there, AN. I’m thinking of the typical 1/2 AC lot in Bonita which puts most of the tract houses 35-50 ft apart. If these lots are 1 AC, how wide are they?? How much of the lot is slope and how much is usable? In Bonita, a typical 1/2 AC lot would be 66% to 100% usable, depending on the tract (avg. of 75% usable).
12-16 feet apart sounds like houses on 7500 – 10,000 sf lots in my (dtn. Chula) neighborhood.
Participant[quote=AN]I’m not sure if you’ve been to Sky Ranch or not but the houses are definitely not 35-100 feet apart. Like I said in my prior post, it’s more like 12-16 feet vs 6-10 feet in your average tract home areas (which includes MM).[/quote]
No, I haven’t been there, AN. I’m thinking of the typical 1/2 AC lot in Bonita which puts most of the tract houses 35-50 ft apart. If these lots are 1 AC, how wide are they?? How much of the lot is slope and how much is usable? In Bonita, a typical 1/2 AC lot would be 66% to 100% usable, depending on the tract (avg. of 75% usable).
12-16 feet apart sounds like houses on 7500 – 10,000 sf lots in my (dtn. Chula) neighborhood.
Participant[quote=AN]I’m not sure if you’ve been to Sky Ranch or not but the houses are definitely not 35-100 feet apart. Like I said in my prior post, it’s more like 12-16 feet vs 6-10 feet in your average tract home areas (which includes MM).[/quote]
No, I haven’t been there, AN. I’m thinking of the typical 1/2 AC lot in Bonita which puts most of the tract houses 35-50 ft apart. If these lots are 1 AC, how wide are they?? How much of the lot is slope and how much is usable? In Bonita, a typical 1/2 AC lot would be 66% to 100% usable, depending on the tract (avg. of 75% usable).
12-16 feet apart sounds like houses on 7500 – 10,000 sf lots in my (dtn. Chula) neighborhood.
Participant[quote=AN]I’m not sure if you’ve been to Sky Ranch or not but the houses are definitely not 35-100 feet apart. Like I said in my prior post, it’s more like 12-16 feet vs 6-10 feet in your average tract home areas (which includes MM).[/quote]
No, I haven’t been there, AN. I’m thinking of the typical 1/2 AC lot in Bonita which puts most of the tract houses 35-50 ft apart. If these lots are 1 AC, how wide are they?? How much of the lot is slope and how much is usable? In Bonita, a typical 1/2 AC lot would be 66% to 100% usable, depending on the tract (avg. of 75% usable).
12-16 feet apart sounds like houses on 7500 – 10,000 sf lots in my (dtn. Chula) neighborhood.
Participant[quote=AN]I’m not sure if you’ve been to Sky Ranch or not but the houses are definitely not 35-100 feet apart. Like I said in my prior post, it’s more like 12-16 feet vs 6-10 feet in your average tract home areas (which includes MM).[/quote]
No, I haven’t been there, AN. I’m thinking of the typical 1/2 AC lot in Bonita which puts most of the tract houses 35-50 ft apart. If these lots are 1 AC, how wide are they?? How much of the lot is slope and how much is usable? In Bonita, a typical 1/2 AC lot would be 66% to 100% usable, depending on the tract (avg. of 75% usable).
12-16 feet apart sounds like houses on 7500 – 10,000 sf lots in my (dtn. Chula) neighborhood.
Participant[quote=flu]
Well, I have visited Santee but never visited the actual model homes (no interest)..So I’ll have to take your word for it that the 1 acre is not useable on those homes..But then this sort of contradicts SRO’s selling points about these homes.. Because one of those selling points was it’s situated on a 1 acre land. I’m not sure I understand what is the point of 1 acre of land, if most of it is slopes that’s not usable…It just doesn’t seem like it would be different from say a DH/Saratoga home that sits on a canyon for which the hills/slopes is controlled by HOA/city… In both cases, the land isn’t usable…In fact, I’d prefer if that’s the case, the land belongs to the HOA/city so that they can deal with the maintenance of it…Seems like it would be a maintenance headache, clearing brush, dealing with wildlife,etc that the homeowner has to deal with. . .Again, I don’t get it. I assume 1 acre means 1 acre of land that I could say raise a horse on. (not that I would). . .[/quote](emphasis added)
Flu, none of SD County is “flatlands” except maybe Kearny Mesa, parts of MM and parts of Otay Mesa. Most 1/2 AC + lots in SD County are partially sloped. It is still valuable to have this land around your property, even if you don’t USE it. In many ways, it is better for the downslope portion to be indiv. owned rather than maintained by the City because you can install drains to drain your property and pool off of it if you wish. And look what happened with “publicly-maintained” McGonigle Cyn in CV?? This went on for more than 25 yrs. until it was finally successfully moved out.
See: http://www.break.com/usercontent/2007/7/16/mcgonigle-canyon-illegal-alien-camp-332258
[quote-flu]I’d say places parts of Mira Mesa are a much better place to be frankly, with the total package of cost/location/convenience.[/quote]
flu, there is a BOATLOAD OF DIFFERENCE between living 6-10 feet from the next house in MM and living 35-100 feet from the next house in Sky Ranch, or ANY AREA which is zoned 3 or less units per acre. It doesn’t matter is the area between the units is brush, hedges, concrete, palms, veg. garden, orchard, ‘possum families or teeming with rattlesnakes or a combination of any of these, the units separated by 35-100 feet HAVE FAR MORE PRIVACY. IMHO, this is the bottom line.
Participant[quote=flu]
Well, I have visited Santee but never visited the actual model homes (no interest)..So I’ll have to take your word for it that the 1 acre is not useable on those homes..But then this sort of contradicts SRO’s selling points about these homes.. Because one of those selling points was it’s situated on a 1 acre land. I’m not sure I understand what is the point of 1 acre of land, if most of it is slopes that’s not usable…It just doesn’t seem like it would be different from say a DH/Saratoga home that sits on a canyon for which the hills/slopes is controlled by HOA/city… In both cases, the land isn’t usable…In fact, I’d prefer if that’s the case, the land belongs to the HOA/city so that they can deal with the maintenance of it…Seems like it would be a maintenance headache, clearing brush, dealing with wildlife,etc that the homeowner has to deal with. . .Again, I don’t get it. I assume 1 acre means 1 acre of land that I could say raise a horse on. (not that I would). . .[/quote](emphasis added)
Flu, none of SD County is “flatlands” except maybe Kearny Mesa, parts of MM and parts of Otay Mesa. Most 1/2 AC + lots in SD County are partially sloped. It is still valuable to have this land around your property, even if you don’t USE it. In many ways, it is better for the downslope portion to be indiv. owned rather than maintained by the City because you can install drains to drain your property and pool off of it if you wish. And look what happened with “publicly-maintained” McGonigle Cyn in CV?? This went on for more than 25 yrs. until it was finally successfully moved out.
See: http://www.break.com/usercontent/2007/7/16/mcgonigle-canyon-illegal-alien-camp-332258
[quote-flu]I’d say places parts of Mira Mesa are a much better place to be frankly, with the total package of cost/location/convenience.[/quote]
flu, there is a BOATLOAD OF DIFFERENCE between living 6-10 feet from the next house in MM and living 35-100 feet from the next house in Sky Ranch, or ANY AREA which is zoned 3 or less units per acre. It doesn’t matter is the area between the units is brush, hedges, concrete, palms, veg. garden, orchard, ‘possum families or teeming with rattlesnakes or a combination of any of these, the units separated by 35-100 feet HAVE FAR MORE PRIVACY. IMHO, this is the bottom line.
Participant[quote=flu]
Well, I have visited Santee but never visited the actual model homes (no interest)..So I’ll have to take your word for it that the 1 acre is not useable on those homes..But then this sort of contradicts SRO’s selling points about these homes.. Because one of those selling points was it’s situated on a 1 acre land. I’m not sure I understand what is the point of 1 acre of land, if most of it is slopes that’s not usable…It just doesn’t seem like it would be different from say a DH/Saratoga home that sits on a canyon for which the hills/slopes is controlled by HOA/city… In both cases, the land isn’t usable…In fact, I’d prefer if that’s the case, the land belongs to the HOA/city so that they can deal with the maintenance of it…Seems like it would be a maintenance headache, clearing brush, dealing with wildlife,etc that the homeowner has to deal with. . .Again, I don’t get it. I assume 1 acre means 1 acre of land that I could say raise a horse on. (not that I would). . .[/quote](emphasis added)
Flu, none of SD County is “flatlands” except maybe Kearny Mesa, parts of MM and parts of Otay Mesa. Most 1/2 AC + lots in SD County are partially sloped. It is still valuable to have this land around your property, even if you don’t USE it. In many ways, it is better for the downslope portion to be indiv. owned rather than maintained by the City because you can install drains to drain your property and pool off of it if you wish. And look what happened with “publicly-maintained” McGonigle Cyn in CV?? This went on for more than 25 yrs. until it was finally successfully moved out.
See: http://www.break.com/usercontent/2007/7/16/mcgonigle-canyon-illegal-alien-camp-332258
[quote-flu]I’d say places parts of Mira Mesa are a much better place to be frankly, with the total package of cost/location/convenience.[/quote]
flu, there is a BOATLOAD OF DIFFERENCE between living 6-10 feet from the next house in MM and living 35-100 feet from the next house in Sky Ranch, or ANY AREA which is zoned 3 or less units per acre. It doesn’t matter is the area between the units is brush, hedges, concrete, palms, veg. garden, orchard, ‘possum families or teeming with rattlesnakes or a combination of any of these, the units separated by 35-100 feet HAVE FAR MORE PRIVACY. IMHO, this is the bottom line.
Participant[quote=flu]
Well, I have visited Santee but never visited the actual model homes (no interest)..So I’ll have to take your word for it that the 1 acre is not useable on those homes..But then this sort of contradicts SRO’s selling points about these homes.. Because one of those selling points was it’s situated on a 1 acre land. I’m not sure I understand what is the point of 1 acre of land, if most of it is slopes that’s not usable…It just doesn’t seem like it would be different from say a DH/Saratoga home that sits on a canyon for which the hills/slopes is controlled by HOA/city… In both cases, the land isn’t usable…In fact, I’d prefer if that’s the case, the land belongs to the HOA/city so that they can deal with the maintenance of it…Seems like it would be a maintenance headache, clearing brush, dealing with wildlife,etc that the homeowner has to deal with. . .Again, I don’t get it. I assume 1 acre means 1 acre of land that I could say raise a horse on. (not that I would). . .[/quote](emphasis added)
Flu, none of SD County is “flatlands” except maybe Kearny Mesa, parts of MM and parts of Otay Mesa. Most 1/2 AC + lots in SD County are partially sloped. It is still valuable to have this land around your property, even if you don’t USE it. In many ways, it is better for the downslope portion to be indiv. owned rather than maintained by the City because you can install drains to drain your property and pool off of it if you wish. And look what happened with “publicly-maintained” McGonigle Cyn in CV?? This went on for more than 25 yrs. until it was finally successfully moved out.
See: http://www.break.com/usercontent/2007/7/16/mcgonigle-canyon-illegal-alien-camp-332258
[quote-flu]I’d say places parts of Mira Mesa are a much better place to be frankly, with the total package of cost/location/convenience.[/quote]
flu, there is a BOATLOAD OF DIFFERENCE between living 6-10 feet from the next house in MM and living 35-100 feet from the next house in Sky Ranch, or ANY AREA which is zoned 3 or less units per acre. It doesn’t matter is the area between the units is brush, hedges, concrete, palms, veg. garden, orchard, ‘possum families or teeming with rattlesnakes or a combination of any of these, the units separated by 35-100 feet HAVE FAR MORE PRIVACY. IMHO, this is the bottom line.
Participant[quote=flu]
Well, I have visited Santee but never visited the actual model homes (no interest)..So I’ll have to take your word for it that the 1 acre is not useable on those homes..But then this sort of contradicts SRO’s selling points about these homes.. Because one of those selling points was it’s situated on a 1 acre land. I’m not sure I understand what is the point of 1 acre of land, if most of it is slopes that’s not usable…It just doesn’t seem like it would be different from say a DH/Saratoga home that sits on a canyon for which the hills/slopes is controlled by HOA/city… In both cases, the land isn’t usable…In fact, I’d prefer if that’s the case, the land belongs to the HOA/city so that they can deal with the maintenance of it…Seems like it would be a maintenance headache, clearing brush, dealing with wildlife,etc that the homeowner has to deal with. . .Again, I don’t get it. I assume 1 acre means 1 acre of land that I could say raise a horse on. (not that I would). . .[/quote](emphasis added)
Flu, none of SD County is “flatlands” except maybe Kearny Mesa, parts of MM and parts of Otay Mesa. Most 1/2 AC + lots in SD County are partially sloped. It is still valuable to have this land around your property, even if you don’t USE it. In many ways, it is better for the downslope portion to be indiv. owned rather than maintained by the City because you can install drains to drain your property and pool off of it if you wish. And look what happened with “publicly-maintained” McGonigle Cyn in CV?? This went on for more than 25 yrs. until it was finally successfully moved out.
See: http://www.break.com/usercontent/2007/7/16/mcgonigle-canyon-illegal-alien-camp-332258
[quote-flu]I’d say places parts of Mira Mesa are a much better place to be frankly, with the total package of cost/location/convenience.[/quote]
flu, there is a BOATLOAD OF DIFFERENCE between living 6-10 feet from the next house in MM and living 35-100 feet from the next house in Sky Ranch, or ANY AREA which is zoned 3 or less units per acre. It doesn’t matter is the area between the units is brush, hedges, concrete, palms, veg. garden, orchard, ‘possum families or teeming with rattlesnakes or a combination of any of these, the units separated by 35-100 feet HAVE FAR MORE PRIVACY. IMHO, this is the bottom line.
Participant[quote=CONCHO] . . . With a low enough mortgage and enough equity in the property it shouldn’t be too difficult to build up the reserves in case you have to mitigate a termite/roach/meth lab infestation. It’s still less scary than throwing your money into the Wall St. casino IMO.
Thanks for the tips, they make a lot of sense.[/quote]
Concho, be careful in medium-sized cities/towns and rural areas of OK and MO. The mid-nineties “Lakeside, CA” problem has migrated to these places and is difficult for their far-and-few between sheriff’s offices to eradicate. These areas don’t have a noisy “Dianne Jacob” advocating for Federal and State funding for a “Meth Strike Force,” like we in SD County did. They’re also not 10 mi. from the border with NTF and DEA personnel at their disposal.
If you decide to purchase in these areas (which incidently are lovely and full of lakes) get a LOCAL hands-on mgr. and STRICTLY FORBID the parking of any tractor trailers, mobile homes or any other trailers but perhaps horse or boat/jet-ski trailers on the property. Do NOT install a gas stove or cooktop. If one is there, replace it and terminate the gas valve.
I feel SO SORRY for the children led out of these h@llholes by social services personnel. I have seen it firsthand and it is disgusting and so SAD!
Participant[quote=CONCHO] . . . With a low enough mortgage and enough equity in the property it shouldn’t be too difficult to build up the reserves in case you have to mitigate a termite/roach/meth lab infestation. It’s still less scary than throwing your money into the Wall St. casino IMO.
Thanks for the tips, they make a lot of sense.[/quote]
Concho, be careful in medium-sized cities/towns and rural areas of OK and MO. The mid-nineties “Lakeside, CA” problem has migrated to these places and is difficult for their far-and-few between sheriff’s offices to eradicate. These areas don’t have a noisy “Dianne Jacob” advocating for Federal and State funding for a “Meth Strike Force,” like we in SD County did. They’re also not 10 mi. from the border with NTF and DEA personnel at their disposal.
If you decide to purchase in these areas (which incidently are lovely and full of lakes) get a LOCAL hands-on mgr. and STRICTLY FORBID the parking of any tractor trailers, mobile homes or any other trailers but perhaps horse or boat/jet-ski trailers on the property. Do NOT install a gas stove or cooktop. If one is there, replace it and terminate the gas valve.
I feel SO SORRY for the children led out of these h@llholes by social services personnel. I have seen it firsthand and it is disgusting and so SAD!
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