I never thought about retiring, until I had to. Actually, I was forced into retirement when the small, weekly newspaper I was writing for decided my services weren’t needed any longer.
My wife’s design and printing business had been sold and based on our combined Social Security income, we realized we couldn’t afford the mountain cabin we were living in.
After 35 years in Georgia, we sought a new location.
Cold winters were not on our radar
I had grown up in northern Utah and my son and grandsons live near Ogden. Although it would be nice to be closer to them, the long, cold winters in northern Utah were not on our radar.
We paid a visit to St. George in the southwest corner of the state where it rarely snows. The beautiful red rock vistas immediately caught our attention.
We decided to make the move
When we returned to Georgia, we decided to make the move. We put the house up for sale and began cleaning house, literally. We began giving clothing to a local charity. We found a business that would buy furniture and tools and that cleaned out a lot of stuff.
My wife figured it would take several months to sell. It took two weeks!
Now, faced with a deadline, the cleaning out process was put into high gear.
I got online and began looking for a rental apartment in the St. George area. I also located a storage facility near the apartment I had arranged for.
We had rented the apartment for two months, figuring it would take a few weeks to find a new house and then go through the closing process.
Because of the cost, we decided to move across country with our possessions in a rental truck. The four-day trip was exhausting but we made it without too much drama.
We found a home, but it would be a tight squeeze
It didn’t take long to figure out we couldn’t afford what we wanted on our limited income. The St. George area is one of the fastest growing in the country and housing costs were much higher than we had expected. It took three weeks of daily searches and viewings until we found a home we could probably afford.
Still, it would be a tight squeeze with our income.
That led us to a reverse mortgage. The sale of the Georgia house gave us enough to qualify for the reverse mortgage. However, we were under a deadline with the apartment rental and feared the closing would not happen in time. Our mortgage broker assured us they could get it done in time. However, it was a stressful two weeks as we went through the paperwork and closed the deal on time.
We moved into the new home the day our apartment rent ended. Whew!
Then it was a matter of setting up the new home. The overfilled garage was finally emptied so we could park our car in it.
Like many areas in St. George, the subdivision is under a HOA. The $250 monthly fee takes care of the grounds, ponds, trash and water. However, that was an unexpected expense.
Part-time job to give our budget breathing room
I found a part-time job with a local news agency to give our budget a little breathing room. However, the hours became unwieldy and I moved on to another part-time job with Home Depot. Again, the schedule became a burden and I now work part-time at a local grocery store with a schedule and hours that work for us.
The extra income allows us to eat out occasionally and to see some of the beautiful country around us. It also allows me to satisfy my golf addiction.
Still some challenges, but overall, we are happy
In the two years here, we have made new friends and found several home improvement suppliers.
However, finding a doctor or dentist was a challenge. Because of the burgeoning population growth, most doctors and dentists we contacted were not taking new patients.
Because we don’t have a monthly mortgage payment, we are comfortable. But we also are looking down the road when my extra part-time work income will come to an end when I’m too old to keep working.
Overall, we are happy in our new environment. We hope to have several comfortable years ahead before we face our next challenge.
– Ryan from St. George, Utah
* The opinions expressed in this article are those of the authors. They do not necessarily reflect the opinions or views of the Finance of America Reverse (LLC).
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
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