Monday, March 6, 2023
Unclaimed Property Website Information
Monday, February 27, 2023
It's Been A Minute (Actually around 6,714,781 and counting)
I shared this Changes Blog with my cousin this weekend, and as a result, I was moved to get back to work. OK citizens...
My parents are at minus 2 years and counting from their 80's. They are divorced but amicable. My sister and I have been discussing what to "do" with them as they continue to lurch toward less and less independence. Neither my sister nor I have wealth. We will certainly not inherit wealth from our parents. Listen to Papa Was A Rolling Stone, cause yes all he will leave us is "alo-onn-oneee!" My mother has even less than my father, so here we are at one of the largest wealth transfers in modern history, and these babyboomers have nada. Waco's poverty rate.
I recently applied for a business loan through a credit union in town in hopes of financing a duplex for my parents. I was denied because I did not have enough income. The loan would only take into consideration 43% of my income. Because I am already a home owner, I could not apply for a 2nd home mortgage, but only a business loan. I am not trying to get into Real Estate. I am however trying to avoid the high cost of elder care.
State | Semiprivate | Private |
---|---|---|
Texas | $5,125 | $7,092 |
Utah | $7,178 | $9,125 |
After going back and forth with the loan agent, who was a peach, she finally recommended another person at another bank who might be able to help. I in turn contacted this individual and will be meeting with them on March 6th, 2023. The loan we will discuss is called the Family Opportunity Mortgage. Fannie Mae Rocks... also my mom's name is Fannie Mae.
By the numbers-, dollars, not seconds this time...
2 people for 10 years at 5000.00 combined equals 600,000. This amount is about the same with institutional care or home health care 3 days a week 8hrs a day. I figure we could build on the vacant lot in Waco, Tx. where our childhood home once was for about 220,000.00. Can We say money well spent, wealth established and not transferred to some nursing home or home health care, and a place "in place" where I myself can be put out to pasture. I would never see the 600k going the elder care route, but the 220k would be us leaving a legacy.
We shall see how this goes.