What do you do to keep Motorhoming? (1 Viewer)

[cruiser]

I would love to go away more. But my wife loves the grand kids. And we still do respite fostering. But have got to go away for 8 weeks this year. Plus going to two of the meets . one of them 2 weeks at bagwell. this is my lucky year.

 

[kalamitty]

i looked into equity release, and the amount they would loan was about £30,000 on a £190,000 house and it works at 4% rolled over intrest, yes you can hold some back for family. they work out how long roughly you have before you expire, so if you last longer then they are rubbing their greedy hands, also the house must be sold within 12months of the last person ( on the loan dies) or they take it to sell no mention of market value. also you have to get permission to sell it before moving and they can send someone round to make sure its well maintained or they take control and then add it to the debt. and you cant let it out or have someone move in without permission which cost. i would use these as a last resort , be very wary. the £30.000 would have rolled upto £83,000 in 20 years. and if you take equity what would happen if later in life you needed a new boiler, or help, this stops you getting home help as there is a charge on the property.

 

[Adbt]

i looked into equity release, and the amount they would loan was about £30,000 on a £190,000 house and it works at 4% rolled over intrest, yes you can hold some back for family. they work out how long roughly you have before you expire, so if you last longer then they are rubbing their greedy hands, also the house must be sold within 12months of the last person ( on the loan dies) or they take it to sell no mention of market value. also you have to get permission to sell it before moving and they can send someone round to make sure its well maintained or they take control and then add it to the debt. and you cant let it out or have someone move in without permission which cost. i would use these as a last resort , be very wary. the £30.000 would have rolled upto £83,000 in 20 years. and if you take equity what would happen if later in life you needed a new boiler, or help, this stops you getting home help as there is a charge on the property.

Agreed it would take some careful research , downsizing would be the best primary move and then perhaps equity release on the smaller property later in life ? As previously stated we have no children and intend to leave this mortal coil with exactly the same as we came into it with !

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[PhilG]

Both our kids are leaving home, one friday, one in 5 weeks , and while downsizing isnt top of my list, its something we will consider, as our retirement pot is more of a cup.. but again, that decision is one we both made, as living today seems a lot more enticing than waiting till tomorrow.

So while we prepare for another busy year , and its related costs , it means another 12 months of not putting a great deal in, but the flip side is that there will never be enough to do much even if we did, so we will work hard and play hard for as long as we can, and when the sh!t hits the fan, we will worry about it then.

 

[Raybreck]

Thanks for all the replies, which by the way are very interesting. We are probably going to downsize but after looking for a least two years have not been able to find somewhere we want and also allow us to park up M/H. We are at least lucky to be in a position to do that.
I started thread before I noticed the Sad News thread referring to Polly&Fred and that really does put things in perspective and focuses your mind.
In the mean time I'll just plod along, get away when possible as our child care situation is not changing in the near future or Joys pension coming in but that again is another story.
Ray

 

[JJ]

I know when I am going to die because my birth certificate has an expiry date on it.

(Steven Wright)


JJ

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[beltsandbraces]

spend the kids inheritance !!!!!

 

[BONZO]

May that's when we start our travels.we don't now what to do . So we are going to travel for a year . Close the house down and come back every so often to cheque on it . Than we should know what to do .
SELL OR RENT OR DOWN SIZE. if we do not get to a conclusion than we will do another year . We have only 4weeks to go be for we both leave our jobs I'm 59 and Lindas 48 we don't want to see what round that corner..... we want the dream and I'm damed if I don't get it . We are using all our savings to pull this off .The only thing I worry about now is that I live till I'm in my 90ts ill run out of money lol .

 

[buttons]

After just reaching the tender young age of retirement having sold my small business a couple of years ago and done the final stages of handover I got to wondering what others do to finance this great leisure activity. I for one have no great pension so start another parting job next to keep it going.
Ray

It is not a difficult cunundrum....you either earn it or marry it but both can have there own set of difficulties....

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[Raybreck]

Preferred to earn it, don't think I could handle 40 years of grief being reminded every bloody minute. How about yourself?
Ray

 

[kalamitty]

bonzo go for it, i retired at 59 sold house and motorhome, moved to wales, and enjoy life looked at equity to purchase new motorhome, but decided against it now have a touring caravan, so we can still visit daughter down south,

 

[pyro]

Funny old thing this downsizing lark. A very good mate (ex forces, now RIP sadly) lived in a posh area, but was struggling with health and money. He went down to Weston Super Mare to stay for convalescence at a British Legion home. He wanted to look around and see if he fancied living there.

When he came back he said he couldn't see much difference between where he lived now and down in Weston. He told me that there was nothing to distinguish between obe retail park and another, the Sainsbury's were identical, as were the M&S, Currys/PC World, B&Q & Tesco. In his own words, he said "why move if it is identical?"

I explained to him that if it was identical, he would miss nothing, have a better quality of life and have a good few £thousand left in his bank at the end of it. Funny how we look at the same thing but come out with different conclusions

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[busby]

Only problem is trying to get the misses away from the grandkids long enough but that really is another story. What with looking after them last two weekend plus this one coming up I'm bloody luck if I can get away after that, bless um?
Ray

Don't worry Ray,,the grandkids won't want you soon. When they hit their teens they will only want you on Birthdays and Xmas,,,,Enjoy yourselves,,,,,,BUSBY,,

 

[busby]

Funny old thing this downsizing lark. A very good mate (ex forces, now RIP sadly) lived in a posh area, but was struggling with health and money. He went down to Weston Super Mare to stay for convalescence at a British Legion home. He wanted to look around and see if he fancied living there.

When he came back he said he couldn't see much difference between where he lived now and down in Weston. He told me that there was nothing to distinguish between obe retail park and another, the Sainsbury's were identical, as were the M&S, Currys/PC World, B&Q & Tesco. In his own words, he said "why move if it is identical?"

I explained to him that if it was identical, he would miss nothing, have a better quality of life and have a good few £thousand left in his bank at the end of it. Funny how we look at the same thing but come out with different conclusions

Money when you retire is to spend on yourselves,,,don't worry about leaving cash to the kids,,enjoy yourselves its later than you think,,BUSBY

 

[Raybreck]

Don't worry Ray,,the grandkids won't want you soon. When they hit their teens they will only want you on Birthdays and Xmas,,,,Enjoy yourselves,,,,,,BUSBY,,

I wish I had your optimism. We're literally just putting the youngest to bed,had her for two nights ( both of us shattered ) and have had grandkids for the last three weekends. No,no bloody chance of that next weekend I'm off up to North Norfolk come rain or shine.
Our friends have a saying about pass the port I'm for the bloody bottle, grandkids bless em!!
O and the youngest is just two so bloody long way to go.LOL
Ray

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[busby]

I wish I had your optimism. We're literally just putting the youngest to bed,had her for two nights ( both of us shattered ) and have had grandkids for the last three weekends. No,no bloody chance of that next weekend I'm off up to North Norfolk come rain or shine.
Our friends have a saying about pass the port I'm for the bloody bottle, grandkids bless em!!
O and the youngest is just two so bloody long way to go.LOL
Ray

I looked at it this way,,,i bought my kids up without using my parents unless we had an emergency and expected my kids to look after theirs. We had the Grandkids when we wanted to not when their parents wanted babysitters,,,Been enjoying this travelling life for 17 years now and still enjoying it,,BUSBY

 

[Peter Sansom]

I think ultimately I will need to sell my body.​

Tried that...a lot of sniggering...and ultimately no takers!

 

[cruiser]

We still do respite fostering. That pays for all our holls. At the moment we have had so many kids we can not get away. So much for doing only respite.

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[TinaLes]

I know when I am going to die because my birth certificate has an expiry date on it.

(Steven Wright)


JJ

My Grandpa new the exact month, day and time of day he would die!
They Hung him!

 

[Rosies21]

It is possible to have equity release and pay the interest each month as an option, so the amount borrowed remains the same. I imagine all the other restrictions that have been mentioned still remain. Personally I can't see why leaving an inheritance for the kids is such a big deal. Love them more than I can say but they are making their own way now and want us to enjoy what we have worked for.
Really dont like the idea of 30k turning into 83k

 

[mitzimad]

equity release is just selling cheap to rent back your own house just you dont pay the rent it acrues in interest far better to rent it out

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[TerryL]

Feel a bit guilty reading through this thread. We feel we are extremely fortunate, both having had decent jobs and built up good retirement pensions, then adding in the State pension means we can virtually do as we feel. Mortgage paid off, house as we want it and where we're happy. So that means now we go away, do what we want, when we want - having no kids helps (married quite late in life). Although not "misers" we were both brought up to be careful with money and also don't have any expensive habits. Cars get changed when they fall to bits, just a tool. We'd never consider selling/renting the house, we need the comfort of somewhere to return to, both after our trips and when we finally feel we've had enough. Boring maybe, but we're happy.

However we'd definitely encourage folk to live for the day. Happily we're fine but I lost my sister to cancer a few years ago, brother-in-law devastated as they had so much planned once the kids were independant. Then I lost a very good friend and colleague, an unmarried hard worker who saved up his money and deferred his NCB pension ready for his planned retirement at 65 - he was killed in a coach accident in the French Alps 6 weeks before his birthday. We now go to more funerals than christenings and weddings.

Don't worry about the cost of living, you'd be amazed at how little you really need with just a few adjustments. Whilst I was starting my business I managed on less than a quarter of my final salary. On two of our winter breaks I kept a close note on our spending and discovered we were spending less than we would have at home, taking account the reduced house costs but ignoring depreciation etc. It can be surprising what you don't need.

Reading back through this ramble I ask myself what's my point? Live life to the best of your ability, but without wasting it, whilst you can. Keep a little back so that you can comfortably enjoy the good memories you create whilst doing so. And when we no longer have use for it, we've arranged for the approprate people to benefit but we don't care one iota if there's nothing left.

 

[Mr Chrysalis]

A friend invested in a 35ft yacht ( like a Moho with no wheels!) a few years ago and charters it for part of the year to fund the time he spends in it. This approach may suit some Funsters?

 

[pappajohn]

I think ultimately I will need to sell my body.​

To medical science?

Dog food factory.

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[Lynne Roy]

It is possible to have equity release and pay the interest each month as an option, so the amount borrowed remains the same. I imagine all the other restrictions that have been mentioned still remain. Personally I can't see why leaving an inheritance for the kids is such a big deal. Love them more than I can say but they are making their own way now and want us to enjoy what we have worked for.
Really dont like the idea of 30k turning into 83k

 

[Lynne Roy]

My Dad who had a good pension, was given a 40 year mortgage interest only from the Halifax went he returned to uk after 20 years living in Spain, they lent him £110k cost under £400 per month, and he was 80 years old when he was offered this mortgage.

 

[scbunurse]

Husband is retired but I am still working part time, propping up the NHS but now the kids are away we take in short term lodgers through sparerooms.co.uk. Works very well for us, have met some lovely people who we have been happy to leave in the house when away (actually gives more security) and who will feed the chickens etc. It's not a fortune but it helps and we can usually arrange to still have rooms available when family come to stay.

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[LesW]

It is possible to have equity release and pay the interest each month as an option, so the amount borrowed remains the same. I imagine all the other restrictions that have been mentioned still remain. Personally I can't see why leaving an inheritance for the kids is such a big deal. Love them more than I can say but they are making their own way now and want us to enjoy what we have worked for.
Really dont like the idea of 30k turning into 83k

I was told that you should get a statement each year telling you how much interest is to be added to your initial 'loan', and that if you pay off this interest each year, your 'loan' will remain the same.. ie £30k.

 

[nicholsong]

My answer would be a combination of Terry's circumstances in post 52, fortunately without the deaths, and the answers in post 23.

We are slightly more fortunate than Terry in that we have a place to come home to in Poland and my place in SW London to rent out.

I just want to emphasise - rent out do not sell. If you need to mortgage to buy the MH do so, as the interest is deductible from the rent, and the rent will soon pay down the mortgage.

However, with my State Pension, which I doubled in six years while I was dabbling at work to keep me out of house/pub, and two ocupational pensions which double income amount, I reckon that if we were careful we could manage on the road on that alone without the rent but no other holidays.

But we have family commitments - Mother (96) and grandchildren, neither are mine just 'aquired', so even long-terming is not possible yet.

Geoff

 

[Stretto Boy]

I just want to emphasise - rent out do not sell. If you need to mortgage to buy the MH do so, as the interest is deductible from the rent, and the rent will soon pay down the mortgage.

Not for much longer. The ability to set off mortgage interest against rent is being phased out over the next two or three years.

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