Financing A Second Home

[Steiny]

Yes, you did. That's the going rate in alot of places for a couple in their 60's.

Wow !
Ours was $18k last year and $12k this year (ages 59 & 62) for ACA health insurance based on income NTE $150k.
I though that was pretty ridiculous.

 

[AlaskaHunter]

Wow !
Ours was $18k last year and $12k this year (ages 59 & 62) for ACA health insurance based on income NTE $150k.
I though that was pretty ridiculous.

Premera Blue Cross Preferred Gold 1500 for a couple in their 60s annual: $32,220.00
But subsidized with Obamacare with 75k retirement income, our annual payment was $644.00

 

[Steiny]

Premera Blue Cross Preferred Gold 1500 for a couple in their 60s annual: $32,220.00
But subsidized with Obamacare with 75k retirement income, our annual payment was $644.00

I knew it varied wildly from state to state, but that is insane.
Pre ACA / Obamacare I could have purchased similar insurance to what we have on the private market for about $600 per month (40% less).

 

[AlaskaHunter]

One other consideration is capital gains tax.
Married, filing jointly get a $500,000 exemption on the sale of their primary home.
A primary home has to be the primary residence for a total of 24 months (730 days) of residence during the 5-year period
so we would have to sell our Alaska home within 5 years of purchasing a home in MT
in order to have that revenue tax free.

 

[Jason73]

And people have been singing the "another big crash is coming!" song for about 5-10 years now...

And the "the economy will take years to recover from Covid!" song...

If you're always projecting doom and gloom eventually you'll be right. That doesn't mean there are no opportunities in the meantime.

If the people who bought my Florida house right before the crash in 2008 would have held on instead of it going to short sale (where I got it ), they'd be sitting on over $120K in equity right now. And that assumes they never paid down their mortgage on the ensuing 15 years, so likely much more.

Don't buy more than you can afford, just keep making your payments, and you'll likely be fine.

I'm sorry.

 

[Tiredofthebickering]

I'm sorry.

Darn right!

But, uh, why?