Mid-life Mortgages

Just when we were approaching the last few years of mortgage payments, just when we thought we were almost “home-free” and just when we were ready to start planning a little mortgage burning ceremony…BAM the roof springs a leak. 

At first they were just little patches, $250 here, $300 there.  Then those little patches grew to $500 or more and our roof repairman decided he couldn’t do it anymore and said those dreaded words, “it’s time you get a new roof.”   We took it in stride and spent several hours on the phone talking to friends, relatives and neighbors about a reputable roofing company.  We made several appointments for estimates – and several were broken or even worse, complete no-shows…how frustrating!

Many estimates later, we came to the shocking realization that a new roof was very expensive and that there is no such thing as a roof lay-away plan.  So, we choose the roofer we felt was the most reliable and after checking his credentials we made arrangements to get started.  Our contractor  told us not to worry, that they simply need a third of the money to get started, then next week another third and when they finished – in about three weeks –  the remaining third…oh sure, let me just get my purse now!!!

Luckily we are members of Tropical Financial Credit Union and we knew the mortgage rates were very low and we would most likely qualify for a refinance since we had lots of equity in our 20+ year old home.    While in the process of gathering information for our refinance, our air-conditioner took its last breath so now we needed several more thousands of dollars…We called Tropical and spoke to a Mortgage specialist and decided to refinance all the remaining payments and get enough money to pay for the roof and a/c, plus we asked for a few thousand extra for leeway. 

We now have a brand new, Spanish tile roof, a brand new energy efficient state-of-the-art air conditioner and just for the heck of it we decided to throw in a new driveway and a washer/dryer as well!  To top it off, with the left over money we are looking into getting hurricane proof windows , I know we’re a pretty crazy couple!

Our monthly mortgage payments have dropped significantly, our electricity bill has dropped a few hundred dollars a month and the value of our home has greatly increased;  not to mention it is a much safer home now. 

The mortgage process was so much easier this time than it was twenty years ago.  Back then I remember it being a very frightening experience, but this time my credit union was on my side making it a smooth and simple process.  So if little home fix-its start piling up and it feels like all you’re doing is working for your house, talk to a mortgage professional to see if they can help make your house work for you!

^Kat