Roofing Update: Well, good news/bad news. Bad news is, the USDA changed the rules (or, more accurately, failed to advise me of the rule) regarding income levels. Apparently, to qualify for a Sec. 504 loan for just "Home repairs," they use the "Very low" income standard and not the "low" income standard. Sadly, that basically prices me out of the program (I make too much money even in retirement). So I'll be withdrawing my application.
That said, when one door closes, another opens! The good news being, I now qualify for a "reverse mortgage" loan and I'm in the process of doing that. It would, actually, allow me access to more cash (especially since I have 100% equity in my house).
I"ll be honest. I'm a tad apprehensive of "Reverse mortgage" loans, but I guess as long as I stay way ahead of the interest and keep whacking away at the principal, I'll be OK. I can get the roof and HVAC done, and I even have an opportunity to go for SOLAR if I want to. I haven't made a decision on that just yet but I'm seriously thinking about it. I think it makes more sense to go SOLAR if I know I'll be here for quite some time (and I expect to be). It might help me if I decide to do an "electric car" at some point. We'll see. The firm doing the roof would be the same one doing the SOLAR, so that helps a bit.
No progress yet on build #2, but understandable given what's going on in re: the roof, etc.
I'll keep ya posted. Hope you had a safe Easter.
|