We are getting really close to buying that apartment I was telling you about. In English we call it a reverse mortgage. This means that we buy the apartment with someone living in it but we have no rights to the place until the occupant (gulp) dies. This is good for the seller because he gets a big chunk of money to live on, especially if he has no one to pass the place on to. It's good for us because we get the apartment at a reduced rate.
This thing has been going on forever. We have had to do lots of talking and talking and talking to make sure we're doing the right thing. Of course the seller was hoping to just leave the house to us and get the chunk of money without giving us anything in return except the promise that he would leave it to us (um. I don't think so) and we are already choking at the idea of making a second house payment every month without even having keys to the place. So I guess the extra time hasn't hurt us too much, since it gave us more time to make sure we can afford it. We can, but only if we continue to live frugally. Hubby has already said that if this deal goes through we will take a big ole vacation somewhere in December! They went to the notaio yesterday, who turned out to be a swell guy and spelled out exactly how to do this thing in a way that benefits both parties.
Hopefully all will go okay. Because if it does, in a few years we will have paid off two apartments, well worth making a few sacrifices now. Will keep you updated.
No comments:
Post a Comment