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- #1,231
promiseacres
Herd Master
Yes and no.... honestly we need another pow wow again with us having to get the loan.... it's definitly changed things
Promise Acre: Our Journey
- Thread starter promiseacres
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- #1,232
promiseacres
Herd Master
Problem is being somewhat self sufficient is very important to Josh and I.... and even when she sells her place she won' t have $ long term to survive on by herself (frankly she already has too much credit card debt) So have extra hay burners make no sense.
greybeard
Herd Master
Has she looked into a reverse mortgage for her place? They 'can' be a pretty good deal for elderly people who want to live out their days at their home, while getting some incoming revenue, instead of selling outright and having to buy a new place.
(it may not qualify)
(it may not qualify)
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- #1,234
promiseacres
Herd Master
She doesn't want to stay there, it's too expensive of a location. Taxes are plainly insane plus the house is way too big for her by herself. Her utilities are quite expensive. And she's there over 90 minutes from any family. Might work if her boarders were useful but they have proven otherwise. Idk. I want a farm and help Mom but at what cost... i am very much am in the middle.
with our family of 5 on 1 income we can't afford much extra even with 20 acres. Especially looking at the amount of work it needs. I guess it comes down to will it be our place with a space for Mom. Or her place with us using parts of it? At this point DH is definitely willing to assume payments once we sell our place. 
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Bruce
Herd Master
Interesting juggling job there Promise. If you can swing the mortgage on the new place for even a couple of months, your current place should be sold and you can let Mom do whatever she wants with the money from selling her house. Like maybe building a place to live on your new farm? OR ... paying off her debt and learning to live within her cash means
Baymule
Herd Master
If y'all can swing the payment, then it might be better to do that, so there is never any tussle over any financials. Do you have siblings that would "want their share"? Let mom use her money to build herself a small house and take care of her horses. If she is struggling to keep them fed, then she might see the light and sell some to a more manageable level.
greybeard
Herd Master
Interesting juggling job there Promise. If you can swing the mortgage on the new place for even a couple of months, your current place should be sold and you can let Mom do whatever she wants with the money from selling her house. Like maybe building a place to live on your new farm? OR ... paying off her debt and learning to live within her cash means
Agree. Unless there are qualified reasons Mom can't live alone and she concurs, but even then, if she pays off a loan, I would think title to the property would change. She is going to take a BIG tax hit if she doesn't roll the profit from selling her house into a sheltered outlay, such as buying herself a new primary residence.
Bruce
Herd Master
I'm pretty sure that is old tax law @greybeard. I believe you can sell your primary residence and not pay taxes even if you don't roll it into another primary. But you have to have lived in the primary for 3 of the prior 5 years. I doubt the Trump tax law would have changed that but could be wrong.
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- #1,239
promiseacres
Herd Master
well, intially I think we were thinking she would pay off the property and pay for a new home on the property and the property would be in a trust... but have yet to meet with a lawyer.. yeah I know.. we need to do that. just so hard to determine how to proceed until we are set with yes we're getting the place. But we are closer. sent the application in. getting more details to the bank. We can definatly afford the payments once we sell ours..
A bit of Good news Mom's place was being shown today.
Mom said they liked it and talking to the bank!!!
I'm really hoping we can all sit down this weekend and talk about the changes we've had to make and what it means for the future. We're "bike" camping (no horses in my kiddos language) not far from Mom so hoping she comes over for some relaxation and talk.
A bit of Good news Mom's place was being shown today.
Mom said they liked it and talking to the bank!!! I'm really hoping we can all sit down this weekend and talk about the changes we've had to make and what it means for the future. We're "bike" camping (no horses in my kiddos language) not far from Mom so hoping she comes over for some relaxation and talk.
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Bruce
Herd Master
Wouldn't hurt to talk to the lawyer BEFORE you buy the property and figure out what the best route is.
