Well, I am gonna do it!

[imanamerican63]

No, not that !

I’m in the process of trying to put a plan together and buy a house here in Omaha! I have never owned a house, or gone thru the steps to purchase one. But with my mom, I’m looking to move her a nicer place where she won’t have climb stairs like where we are now. Looked into renting another larger place or even a ranch style house, but man, why rent at the prices for they want on a 2 bedroom apartment with no floor space, I could make payments on a house.

I can a VA loan, which I have started process and paperwork. It is “HUGGGGEEEE”( ) step and I hope that can find a suitable place that I can afford!

Wish me luck! Oh and donations are welcome!

[Diamond_Dog]

1. Good luck to you!

I hope you find a great house for you and Mom!

[imanamerican63]

2. Thank you!

[Diamond_Dog]

3. It's kind of exciting, isn't it?

[imanamerican63]

5. Don't know just started the process.

[Beastly Boy]

4. Good luck, and remember:

No matter how big the mortgage is, you will be paying yourself, not the landlord. That should give you a warm fuzzy feeling for many years to come. Oh, and get a fixed rate mortgage loan. The monthly payments will never change for as long as you own the house.

[imanamerican63]

6. Thanks!

[SleeplessinSoCal]

24. Remember how despicable subprime loans were in the early aughts?

Well, they're still out there. Beware!!

https://corporatefinanceinstitute.com/resources/commercial-lending/subprime-loan/

[ggma]

7. Welcome!

I live near Midtown, there are some nice homes here. There are also a couple of mortgage companies that specialize in working with vets/VA loans. Good luck!

gg

[imanamerican63]

8. I need to stay in west O, cuz all doctors out here and her brother is close!

[ggma]

10. Understood!

Bless you, you still have your Mom!

gg

[spanone]

9. Good Luck!!!!!!

[Mr.Bill]

11. Congratulations on your decision to be a homeowner.

Don't forget to factor into your budget that ownership comes with some costs. You will be responsible for all repairs, maintenance and upgrades. The best advice I can give you is to pay the money to have any house you buy inspected by a professional. You won't find a perfect house with nothing wrong with it, but at least go into the deal knowing what you are taking on. Best of luck to you, and wishing you many happy years in whatever home you choose.

[mercuryblues]

12. Congratulation!

The thing to remember is your budget. The bank will offer you a nice big loan, that will leave you "house poor" know what you can afford every month - 10% to put in savings for repairs or an emergency fund. NEVER forgo inspection.

the big ticket items? make sure the roof is newish and the warrantee transfers to a new owner (you). Plumbing leaks that may have led to mold or mildew. A solid HVAC system. Last but not least up to date electrical. Those are your big ticket items. The rest is cosmetic.

I have seen a few friends go for the glam, not the guts and had to take on debt to repair or replace those items.

You should also consider building new. Personally, unless I find the perfect house, I would build again in a heartbeat.

[badhair77]

13. Wishing you the best.

I’m excited for your new adventure.

[Karadeniz]

14. Good luck!!! It'll mean yard work and don't forget the property taxes!!!

[MiHale]

15. Good luck... it'll feel so good.

🤞🤞🤞🤞🤞👍👍👍

[republianmushroom]

16. Hope everything works out for you

[LoisB]

17. Good luck to you. Hope you find the perfect house.

[2naSalit]

18. Good luck!

I am starting to look for something different. I'm coming up on two years in a pre-fab, man camp apartment that is stapled together. The weather will destroy it in the next three years. I am meeting with my housing rep this week to see what my options are, I may be able to buy something too. I only want to move one more time and that's it.

[Baltimike]

19. This one gets my vote right now...

But I love real estate, so that could change: https://www.zillow.com/homedetails/5523-N-50th-Ave-Omaha-NE-68104/75857897_zpid/

[liberal N proud]

20. Midwest housing is the most affordable in the nation.

We were looking at homes in NW Missouri and shocked at the prices.

[Scrivener7]

21. Great idea! You can do it. Best of luck!

[CaptainTruth]

22. Good luck!!!

[SheltieLover]

23. Good luck to you!

[Takket]

25. i finally took the plunge last year. it was scary and a lot of work, but we're very happy in our new

condo! (Detroit area)

Might I suggest nerdwallet.com which has TONS of fantastic articles about the process.

[70sEraVet]

26. Sometimes you can get lucky and find a house that had been a rental, and owner is selling....

and doesnt want to spend time and money bringing the house back to top condition. So the house is structurally sound, but doesn't show well. You can save thousands if you dont mind buying a few gallons of paint and doing a little work.
Best of luck to you, Imanamerican63! Send us pictures of your house hunt!

[Ford_Prefect]

27. A fair wind at your back...

[Nictuku]

28. It was the best decision I ever made (to buy a house)

I did the same thing, I'm on the west coast and my mom was in Memphis. My Cousin was willing to move her out here and give her a landing spot. I then bought a house! It was 2010, a good time to buy, low interest, etc.

Long story short: Today, my mortgage (including property tax and insurance) is $1,500. It started at 2K, but I have refinanced to bring it down before interest rates went back up. Regardless...

I was forced into early retirement. After 21 years with the Federal Judiciary! I was heart broken. They did it to my entire IT unit (8 of us) But now I think it was a blessing in disguise. Financially, I was panicking, thinking I would have to go find a new job at 59 1/2. Right now, I have to take money from my 401(k) each month to pay the bills. That will be drained in less than 10 years. No one wants to hire older people. What am I going to do???

My one Investment: My house. It is now my Savior! I can get a Reverse Mortgage when I turn 62 (this year). It will pay off the loan, with extra $$ (which I'm going to actually put in solar to bring down my electric bills), and use the extra $ to make the house better for me and mom (new flooring, need to fix my bathroom, things I haven't been able to afford). I owe 200K on the house, but Zillow says it is worth almost $700K (don't trust zillow), so I figure at least $500K. Either way, it will pay off the current loan, and leave me with some extra.

Once the current mortgage is paid off with the Reverse Mortgage, then the $ I get from SS and my measly pension, should be more than enough to get by for mom and me. We can live in my house until we die. At 60 years old, THAT is extremely important.

The only thing I need to figure out is what I need to do to make sure that if I die before mom, that she can keep living here too. I have a lot to do this year. I'm looking forward to it. Step one is apply for the Reverse Mortgage (can't do that till you are 62). So I'm hoping home values don't start dropping. For you, you should hope the opposite!

Had I not bought the house in 2010, my current situation would be dire. I'm looking forward to fixing it up.

Think of it as an investment for your future. Reverse Mortgage isn't for everyone. I have heard that some people have actually purchased a house on a Reverse mortgage (must be 62, must pay insurance and property tax, must live in the house, and must keep the property maintenance up). They get it when you die, but what will I care then? (as long as my mom is OK)

I hope this insight from an old Boomer helps!