Update: And a not so good one. I hit a bit of a snag in terms of the Solar project. I was within 1-2 days of closing on the HECM loan. And then, the mortgage co. decided to call my Homeowner Insurance agent and demand they raise the "Dwelling" coverage to get a lot closer to the "appraised value" of the property.... not necessarily the "replacement cost" of the property, but the "appraised value." This would result in an increase in my annual premium of over $435.00 to $2159.00 a year. And this doesn't include the additional premium bump of $350.00 if I go with a Solar array that produces more than 10.00 KWH in DC.
Sadly, this made the Solar array, no longer affordable, and I have decided to cancel it and, cancel the HECM loan altogether. I'm left now with having to finance the roof only (and maybe the HVAC, but I can live without that). I'll work on that financing independently with the vendor. I'll get that done. I have to, before 03/2023 or my homeowner's policy will not be renewed. I'll get it done, even if I have to save all the cash and pay for it that way.
I knew that HECM thing was too good to be true. Maybe it was a good omen that I killed it. And what with interest rates going up (and this being an "adjustable rate" program) lately, it just wasn't worth the trouble.
I'll keep you posted. Hopefully, now, I can get back to building my 2nd AR.
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