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The mortgage amount increased due to county taxes; the property value rose, nice for sellers, not nice for keepers on low income. For eleven years, I've taken in boarders to make ends meet and am now 65. Retirement sounds wonderful and seems to mean downsizing. If I propose to move us to a smaller, non-mortgaged home and Spouse objects, what are possible ramifications?

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pronker - did you and the boarder sign any rental agreement? If it's steady income and can be documented, I don't see why the mortgage company doesn't include it.

As for you not having any credit history because you don't have credit cards, I know of one very reputable mortgage company that work with people with no credit history. Have you ever heard of Churchill Mortgage? They are highly recommended by Dave Ramsey, a financial adviser who has a very popular radio show. If you know Dave Ramsey, you'll know that he advocates no debt, and no credit cards. He always recommends people to live on a cash budget and not on credit cards. Anyhow, Churchill Mortgage works with people who don't use credit cards because they know the borrowers don't have debts. And not having debt is a big plus.
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pronker Jun 20, 2019
Yes, all sign rental agreements and have since 2008. I also thought in the beginning of refi hunting that boarder income would "count," but it hasn't with five different companies since 2017, although two said 1/3 could be counted. It would count if it were separate rental properties.

Thanks for the recommendation and I shall see about Churchill. I certainly agree that no debt outside of a mortgage is a good place to be in life.
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I just took out a mortgage and payment for the credit report was paid by me through closing costs. Refinance the cost of the credit report? Loan origination? I don't understand how a new loan will allow a faster payoff. Wouldn't additional payment on principal do the same thing?
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worriedinCali Jun 19, 2019
15 year mortgage=house paid off sooner. We didn’t refinance to lower the payment, our payment is going up $400 but it includes the property taxes and homeowners insurance, whereas before those were not included in the payment. Interest rate went from 5.25 to 3.2%. Had we not refinanced, house would be paid off in about 25 years unless we paid extra on the principle but that’s not always doable for everyone especially if they have an adjustable rate mortgage ;)
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I agree with the suggestion to contact your county assessor - MIL pays no taxes on 5 acres and a house partly due to her hubby's veteran's benefits. Worth asking about if you or your spouse had military service??
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worriedinCali Jun 19, 2019
There are other factors such as income and disability that are factored when it comes to VA property tax exemptions. Also depends on the state, but yes worth looking in to :)
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pronker - I hope you will qualify for the refi.

Just to be on the safe side, YOU call the company, that way you're sure you reach and talk to the refi company and not some scammer pretending to be working for them. And do not pay anything over the phone, or give them your cc or bank account number. If they want your credit report, you can get that for free. Let us know of any development.
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Isthisrealyreal Jun 12, 2019
The refi company would be able to get your credit report and score, if not, run, don't walk. They are not a legitimate company if they request that from you.
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Update after 6 weeks: A small ray of sunshine in that a refi company cold called me to suggest a phone meeting today with an officer. The company sounded okay, but I'm researching them online. After 4 refi attempts last year, the question is iffy whether one will come to fruition due to high debt-to-income ratio. If it happens, the mortgage payments will lower to a more manageable state. I can retire to perhaps 1/4 of what I'm doing now. We shall see.
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gladimhere Jun 19, 2019
Do NOT give your information to apply for a refi from a completely any that cold calls you! Hope it is not too late.
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I would not bother getting another house. Downsize to an apartment. Maybe get two bedrooms. Give him the larger. Put a twin bed or full in it. A nice recliner with his TV. Then u have one to urself and the living room. Proceeds from the house should help offset?

You will have no taxes. No water bills or upkeep of property. Just electric and cable.
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pronker Jun 3, 2019
Thanks for replying. A condo is certainly in the "maybe" category! :)
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Give the county assessor and treasurer a call. There are often discounts on taxes for seniors. Some have requirements to volunteer time in the community to be eligible. But, worth a try.
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pronker Jun 3, 2019
That's fantastic to hear, thanks for the tip! :)
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pronker - it sounds like you will have to decide if you want to do EVERYTHING in order to sell and downsize. You won't get him to lift a finger.

One way to do this: sell your house and buy a smaller one the same time. Make it a condition in your sale that you won't move out until you can move into your new place. Yes, this condition is very common.

Use the money from the sale to put your husband up in a motel for a few days. Hire movers to do all the packing and moving.
Move him back into his favorite chair/sofa in front of his favorite TV in the new place. He may not notice the difference. Haha.
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pronker Jun 3, 2019
Yes, thanks for clarifying the whole picture. He's able to figure out some things re moving, budgeting, etc., but the will to do it doesn't exist. It's anger all the way regarding the subject.

I'll put the "sell and buy a smaller home on contingency" on the list of "possibles." This month, June, all went well re the mortgage payment. SS changed my pay date back in Feb., which bollixed up the whole 2019 budget.
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Update after one month: Upon bringing up the question of downsizing about two weeks ago, Spouse became agitated as he spelled out the list of requirements for moving of hiring an agent and hiring the movers, figuring out how much everything would cost while living in this new place and how he didn't want to do any figuring of a budget, he only wanted to eat and get back to his TV show.

This occurred during a dispute about his paying the water bill, which he did eventually after long periods of refusal. I am becoming discouraged about scrabbling each month making the mortgage payment since Youngest moved out in February to take his rent with him. The person renting Youngest's room naturally pays a fair market value, but isn't able to provide as much funds as Youngest was, and he also doesn't have incentive to provide for his future legacy.
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Based on your response to polarbear I hear your reasons for concern and wanting to be prepared, good for you. My mom too like most declining LO's I'm sure, becomes more and more resistant to change as time goes on and the emotional attachment to a house can be strong. I wonder if emotional attachments become stronger as memory declines... Back to my thought, you might think about ways to approach the moving idea with him in a way that helps him be on board if that's possible. Perhaps start with your concerns about how you (as a couple) are going to afford everything once you retire, without bringing up selling the house just yet. Start that discussion and who knows maybe he will come up with the move idea, maybe not but when you do eventually ask or say the only thin you have come up with is downsizing there might be some preparation. It depends of course on his cognitive abilities but I'm estimating that if he is cognizant enough to resist a move that much and express the reasons he might be there enough to process the reasons and need. I know in our case it can take mom several conversations, days or weeks sometimes to process a big or difficult new concept but typically if we approach it right so she feels she has some control, ownership and give her the time to process it all she typically comes around to the answer we want and like it or not is at least on board. It also sometimes takes bit's and pieces, small sections of the overall problem (I'm worried about finances, what happens when I retire, do you think we should consider downsizing...)
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pronker May 5, 2019
Thank you for the measured reply. It's true, the high emotions involved when the home was bought still apply now as much as in 1998.
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So, your name is on the title of the house, and your husband's isn't. Do I have that correct?

When he signed the Quit Claim Deed, it meant he gave up any and all interest/ownership he had in the house. Since he didn't have any interest in the first place, the Quit Claim Deed probably was meant to re-affirm his non-interest. It shouldn't cause any complication in selling. If anything, it should reassure the buyer that you are the sole owner and can act without your husband.

I was a practicing licensed Real Estate agent for many years.
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pronker May 5, 2019
Correct. A refi required a quitclaim, which went through about 7 years ago. Thanks so much for your response; it's been worthwhile to consult the good folks on this site. Personally, Spouse resists change at this stage of his condition more and more and since the home was purchased with the proceeds of his inheritance, he's a great deal invested emotionally in it.
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Have you spoken with your spouse about moving? He may be agreeable and your fears may be groundless. I second JoAnn’s advice. Ask your mortgage company.
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pronker May 5, 2019
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This really is a Caregiver group. This may be a question for the company that finances your home. You may luck out, though, and one of the members may bee able to help.
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pronker May 5, 2019
Thanks for thinking about my question. This is the first stop to forming a decision so impactful.
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