2003, post Inheritances & House Buyout of Brothers: $1.3 million
House, net: $550K
2010, post Superior Methods, HELOC & Reverse Mortgage: Zero
House, net: less than $100K
Annuity (hocked): $200K
"No more for Pfizer"
reminds me of the Coz
"I saw a number of houses having about the stats of mine selling for 650K to 700K."
woe to the FHA as prospective house shoppers abruptly flee the premises when the realtor fails again and again to eradicate that permeative uberweasel stench left behind
The two combined mortgages right now total 252K (208K first mortage and 44K HELOC).
After 24K in fees, the combined balance will rise to 276K which will leave me with equity of 354K if I use Zillow's 630K valuation. In a week or so, I'll have an actual appraisal to go on.
The maximum borrowing power for someone 67 years and 3 months is 374K. So with 276K in mortgages after the fees, I would initially be able to take in cash any part of 98K with the remainder being open in a completely Open Line of Credit that rises by 5K a year.
If I decide to take out some of that money, it's proper of course to deduct the added loan balance from my house equity when valuing my estate. However, you would also need to credit the estate with the cash being wired in.
After all reverse mortgage fees and assuming a house valuation of 630K, my net equity will be 354K and if it goes down because I request some cash from the Open Line of Credit, the estate value will still remain the same unless I actually SPEND the cash or lose it in the market.
1) The $1.3M-plus high point was at June 1, 2007 - not early 2003. When I first came into my inheritance, the house was appraised at 430K whereas it's worth 200K more these days even after the housing collapse. I was also at a low point in stocks in March 2003 as Tyco had just taken another tumble and the market hadn't yet recovered much from the 2000-2002 bear market. 2003 was destined to be a fabulous market year for me but it hadn't happened yet in mid-March when I came into my inheritances.
Because it was such a low point in the market and because the house was still at 430K, I wasn't worth much more at that time until now. And before the stock tumbled from $17 following the "Flash Crash," I was actually worth less in March 2003 than May 2010.
2) The net value of my Pfizer holdings currently stands at 75K. It's also an investment that can easily go negative without my being wiped out. That happened near the crash lows and yet not only did the valuation go positive again but I actually got all my losses back plus 2K more. "Negative cash" is merely a bookkeeping entry - I have never actually had anything but positive cash in my brokerage account.
3) Using Zillow's house valuation of 630K, my current equity with 252K in total loans is 378K.
The house will be appraised in about a week. However, the reverse mortgage counselor thinks it will be closer to 700K than 625K.