Can You Ever Have Too Much "Stuff"?

[Fran Blacker]

I left my first wife after 5 years for someone that I knew for many years prior but after 30+ years #2 left me. Little bit hard to re-do in your mid/late 60's. Don't want to move (don't want to deal with all the 'stuff') so I'm thinking of doing that dreaded reverse mortgage mess.....at least maybe there won't be any fighting over who gets what when I'm gone.

A reverse takes a lot up front, 30%? Don't know if you can take 100% of the value of your house on a reverse mortgage ? If you mortgage your house at 80% of it's value and pay 3% or 4% interest is better? 100k @ 3 or 4% you pay back $450 monthly, is $5400 A year. You pay a mortgage but not much front money. See a financial advisor, fee based. Guess it's pick your poison.

 

[moparedtn]

I'm probably not the right one to answer this question, having just spent the better part of a decade
on the "I will not leave a mess" campaign...but yes, one can have too much stuff.
The variable is quantifying what is too much for each individual, methinks.

 

[Cranky]

Wasn't exactly what I was thinking, but that's a plan too.

Yeah, after typing my reply I thought that you might have meant maybe having one of my kids move in? If so, well, there's no way that would work very well as both of my paternal daughters are VERY independent and their thinking and values do not even come close to aligning with mine. They would expect to live here for free and not contribute to the household. Our youngest did stay with us for a few months several years ago and that's exactly how things were and her mom was perfectly happy with that arrangement. Now my step daughter does think more like I do but she's a smoker and with my allergies, that wouldn't work out very well. Besides, she has what she wants and is doing pretty good these days....finally.

A reverse takes a lot up front, 30%? Don't know if you can take 100% of the value of your house on a reverse mortgage ? If you mortgage your house at 80% of it's value and pay 3% or 4% interest is better? 100k @ 3 or 4% you pay back $450 monthly, is $5400 A year. You pay a mortgage but not much front money. See a financial advisor, fee based. Guess it's pick your poison.

I've thought of looking at the mortgage deal too but since my income is so low these days, kinda doubt I'd qualify but plan to ask about it.....

 

[Jerry Hall]

Yeah, after typing my reply I thought that you might have meant maybe having one of my kids move in? If so, well, there's no way that would work very well as both of my paternal daughters are VERY independent and their thinking and values do not even come close to aligning with mine. They would expect to live here for free and not contribute to the household. Our youngest did stay with us for a few months several years ago and that's exactly how things were and her mom was perfectly happy with that arrangement. Now my step daughter does think more like I do but she's a smoker and with my allergies, that wouldn't work out very well. Besides, she has what she wants and is doing pretty good these days....finally.

I've thought of looking at the mortgage deal too but since my income is so low these days, kinda doubt I'd qualify but plan to ask about it.....

I was actually thinking of letting the reverse mortgage people pay you to live there and let them dispose of anything you don't have willed. I wasn't thinking about additional company as in family or "friends".

 

[patrick66]

He who dies with the most toys, wins (but he is still dead though)...

He doesn't win ****. All he does is leave a grieving spouse and greedy kids to fight over what is left and/or dispose of the estate. As soon as I'm happy with where my '69 D300 project is where I want it for my intended use, I'm selling off most of the toys. Got too much stuff for the family to deal with, and they are not car people...as much as I've tried to get them to be.

 

[Hey-O]

I never believed in the guy with the most toys win mentality. I've had it all at one point in time in my life, it was always about achieving it to me, use it for awhile and then move on. I just have my 65 and it is TODed to a person who will appreciate it when I'm gone, if I don't use it up first. Simple!! Just my opinion.

 

[YY1]

Murphy's law of "stuff"---

As soon as you discard anything, even things you've had for decades- within 3 weeks you will need exactly that which you just discarded.

 

[70chall440]

There is "just stuff" and there is stuff you want/need. You can certainly have too much stuff when you cannot control it, have no use for it and really don't want/need it. I have a lot of "stuff" but I am not at the point where I want to liquidate. I agree that as soon as you do get rid of something you need it.

 

[Cranky]

I was actually thinking of letting the reverse mortgage people pay you to live there and let them dispose of anything you don't have willed. I wasn't thinking about additional company as in family or "friends".

I'm feeling kinda dense today lol. Reread what you replied to the first time and realized what you actually meant. Oh well. I'm about to put in a call to my credit union and see if they can help answer some questions and maybe steer me in the right direction if there is one. I had talked to the company that Tom Selleck advertises for (AAG?) and didn't like their offer at all. It shouldn't be hard at all to sell my place for 300k and they were offering a good bit less than 1/2 if I went with a lump sum....and at the time, 700 per month. If they had said 1000 per month, I would have said yes but I couldn't even get them to up it 50 freakin bucks.

 

[SteveSS]

I think I'm at the level of too much stuff. The problem is I'm not ready to sell it.

 

[Slap Stick]

You only have too much stuff when your house is too small. Then you get a bigger place and then...you get more stuff. See George Carlin.

 

[chargervert]

You only have too much stuff when your house is too small. Then you get a bigger place and then...you get more stuff. See George Carlin.

This is fact,and I live it!

 

[Hey-O]

I'm feeling kinda dense today lol. Reread what you replied to the first time and realized what you actually meant. Oh well. I'm about to put in a call to my credit union and see if they can help answer some questions and maybe steer me in the right direction if there is one. I had talked to the company that Tom Selleck advertises for (AAG?) and didn't like their offer at all. It shouldn't be hard at all to sell my place for 300k and they were offering a good bit less than 1/2 if I went with a lump sum....and at the time, 700 per month. If they had said 1000 per month, I would have said yes but I couldn't even get them to up it 50 freakin bucks.

That whole business is hooray for me and screw you. They should be ashamed for even insulting you with an offer like that. Worst part is they screw people like that everyday.

 

[70chall440]

I like Tom Selleck but I have to say that the reverse mortgage deal is a method to screw you and your family out of a residence that you have probably owned for 40+ years. Despite the ads, they give 2 shits about anyone and only care about how much money they can make off you. Normally I would say that "its just business" but in this case they target the elderly and others without minimal to no options. If they gave you a decent percentage of fair market value it might not be bad, but of course they don't because they are greedy.

 

[Cranky]

I like Tom Selleck but I have to say that the reverse mortgage deal is a method to screw you and your family out of a residence that you have probably owned for 40+ years. Despite the ads, they give 2 shits about anyone and only care about how much money they can make off you. Normally I would say that "its just business" but in this case they target the elderly and others without minimal to no options. If they gave you a decent percentage of fair market value it might not be bad, but of course they don't because they are greedy.

Been here for 37 years as of this month.....

 

[YY1]

It's as bad as those "I buy houses for cash" solicitations.

"If it makes sense to buy your house....."

What that means is- If you will sell me your house for 45% of fair market value.....


I've also seen "full assessed value minus repairs"

Which means- Tax appraiser assessment which is always at least 30% low (mine is currently assessed 40% below comp sales in the same neighborhood), and I'm sure full retail high bid on any repairs they deem necessary.


...and why do every single one of those often illegally posted intersection signs look like they were made with a sharpie?

My guess is it's to make you think they are not as financially well off as they are.

 

[Fran Blacker]

You might be able to get a mortgage/loan where you only pay interest. The loan will never paid off. Look for the catch could be much higher interest.

 

[YY1]

How about a "simple refinance" with the closing costs rolled in?

If you've been there for over 35 years, surely there's equity.

I did that in 2008 and knocked $100 a month off my payment and about 8K off the total of the repayment, while keeping the same term (15y new loan on the refi of a 20y original)

 

[YY1]

...wait.

You've been there 37 years?

How long was your original loan?

 

[Triplegreen500]

My former mother-in-law had pathways through her house. I'm told - I was never allowed in. She would buy stuff online. Package would arrive...she'd look at the label...see what it was....and put it somewhere. Never open it. She knew she had it, and that was enough.

THAT, is a hoarder.

Anything else is just a collector!

I have noticed, now that I have my Charger, that I'm accumulating less crap. I've always horse-traded cars and bikes and parts and stuff, and it's been fun, but after looking literally my whole life for a triple-green, 1970 Charger 500 to replace my mother's car that was totaled in '75...and now I have one...I'm good. I've found my Holy Grail. I'm not at the "sell everything else" stage, but I'm also not looking around going "yea, I could use one of those..." and buying more stuff, like pristine, unrestored 1990 factory-turbo Voyager minivans that I don't have to have...