Re: reverse mortgages. I talked with the CPA who does our taxes. A big "NO" from him.

[CTyankee]

His recommendation: our house has increased in worth quite a bit. Sell the house, take the money and get an apartment. Hubby has a good chunk of money from the sale of a vacation home in distant Wisconsin (beautiful Door County). My income from assets I inherited is shrinking, while our escrow has increased by a LOT.

That's it, in a nutshell. I had hoped to preserve our life in a house we love but the math doesn't work. Because of our age (mid 80s) and the fact that hubby's kids and my kids aren't depending (or even interested in) on inheriting it, he thinks the math works in favor of us leaving and taking advantage of what we'll make off the sale.

My husband hates and fears this kind of huge change in our life together and at our vulnerable age. A one bedroom, one bath apt was our best option, but the CPA is wary of condos and their rules.

We may need a more comprehensive plan from the CPA . But, of course, that will cost us even more.

[CountAllVotes]

1. moving into an apt. would be my last resort

Been there and done that one for 20 years!

Stay in YOUR HOUSE as long as you can is my advice!

As for the CPA's, etc., you be your own CPA.

You CAN do it!

[CTyankee]

2. We can't. We can't afford the monthly escrow amount. I will need to talk to the bank that holds it and I will next week

But I fear what I will hear from that bank and it will probably be the tax increase on the property. There is NOTHING we can do about a tax increase on property.

[eppur_se_muova]

8. I'm surprised CT isn't giving some kind of property tax relief to people in their 80's.

My mom lives in AL -- one of the reddest of the red states -- and she pays NO property tax on her home. I am surprised that CT does not have a "homestead exemption law" which applies to taxes -- only to liens and judgements. In AL, the law was passed to make sure seniors can't lose their homes over a tax payment.

[CTyankee]

9. Hmm, I wonder why our CPA didn't mention that...he knows our ages and has been doing our taxes for YEARS...but

I will ask the bank that holds our mortgage about it when I see them on Monday.

[seaglass]

10. Here is some info on the Circuit Breaker - Property Tax Relief in CT:

Homeowners' - Elderly/Disabled (Circuit Breaker) Tax Relief Program

Homeowner Info Line: 860-418-6290

Program Description

State law provides a property tax credit program for Connecticut owners in residence of real property, who are elderly (65 and over) or totally disabled, and whose annual incomes do not exceed certain limits. The credit amount is calculated by the local assessor and applied by the tax collector to the applicant's real property tax bill. The amount of the credit that may be granted is up to $1,250 for married couples and $1,000 for single persons. Credit amounts are based on a graduated income scale. Application may be made with the Assessor's Office between February 1 and May 15th.

https://portal.ct.gov/opm/igpp/grants/tax-relief-grants/homeowners--elderlydisabled-circuit-breaker-tax-relief-program

Hope this helps!

[CountAllVotes]

13. I have some serious concerns about this CPA

I recall that you rather recently traveled abroad to places that aren't cheap to visit.

Why is this coming up now?

Couldn't this CPA see this coming?

Can you find someone else to get another opinion?

I wish you the best!

[Phoenix61]

3. Look at what local rents are. It really is a numbers game.

I had this conversation with a friend of mine. The difference between his house payment and rent was over $400 a month. That’s yard service, a weekly maid, and a few hours for a driver to the local grocery store. Plus, his mortgage is locked in. Yes, homeowners insurance can go up but it will go up for that apartment too. Special assessments in condos are the bane of every condo owner so yes, I’d avoid one like the plague. A local realtor who knows what the city planning department is up to can be very helpful in determining the future value of your home.

[CTyankee]

4. My next door neighbor has expeerience with real estate people because he is now engaged in "flipping" houses and making

a living off of it. He can tell us what the real estate market is like now. However, the CPA was working off Zillow in terms of our property's worth and we can't be sure that their estimates are correct at the moment.

[CTyankee]

5. Here is some info (and again, I need to talk to a local real estate agent)

https://www.rockethomes.com/real-estate-trends/ct/westville

[jls4561]

6. My aunt, widowed and with only Social Security as her income, considered a reverse mortgage.

She went to the bank and talked to them about options, then got a home equity line of credit. She was very frugal, but it allowed her to go out to lunch with her bridge ladies every now and then.

[XanaDUer2]

11. Kick

[MissB]

12. it is a tough decision all of us have to make at some point

I'm sorry. I imagine it is a difficult topic for both of you.

[GenThePerservering]

14. How about just

a modest sized townhome? Not too much upkeep, better than an apartment (or condo).

[CTyankee]

15. Interesting! I think we have those nearby, an extra feature that I see in our section of New Haven.

I will definitely check them out. They might all be condos tho. Thanks for the suggestion!