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Linda, one thing I would add to these comments is that although I agree with avoiding 501 and the busy main Myrtle Beach area, don't let east of 17 areas fall off your list. Our insurance rates are not high because of living east of 17 and it's a wonderful thing to be able to walk or ride a golf cart to the beach.
I see that you will be staying in NMB at your sister's condo. Are you looking to live in that area or have you also considered living south of MB? I live in Surfside Beach and love almost all of the neighborhoods that are south of MB and east of 17. If you are interested in those areas at all, I strongly suggest that you check out Surfside Beach, Garden City Beach, MI and PI.
vrexy...Got your PM and will answer tomorrow. I know Myrtle Beach from North to South and actually I would prefer to be further south. We love Surfside the best - Pawley's is just too much out of our price range but that's where I tended to go back in the day!
I know there are areas that are not in flood zones that are east of 17, but I worry about the fickle Congress and the long-term. With FEMA in a deep red hole, I know at some point there will be legislation to changes rates. We will be on a tight budget so I have to anticipate a potential high-rate scenario. I also tend to worry about the future more than I should!
If I could have my way, I'd live in the north end of Surfside...both of us love the look and feel and being so near the beach would be a special treat. However, not sure I'm brave enough to chance it!
Oh and NMB is not my first choice...it's just that my sister has "free" room for me to stay when I go house hunting later this year!
please consider Little River. We live in the community of Stones Edge. The houses are moderately priced, and we are near to beaches, hwys, and shops. It takes us 10 minutes to get to Cherry Grove beach, and we love it here. Good luck in choosing a place you'll be happy in. We're very glad we chose Little River!
Busy...thank you for some great advice. Finding a realtor has been a challenge...I have been given a few names from friends of my family, but so far, they have not impressed me (one actually sounded rather "high" on something and kept trying to push me to buy right now before prices go up even though I insisted I had to wait until I retire!). But I do have a few names I plan to check out.
Fortunately, I can stay at my sister's condo in NMB for as long as I need from December forward until I find the right place.
NCBND...yes, I have become wise thanks to the great advice on this board! I know to stay away from 501, east of 17 and the ICW due to insurance plus have gotten the scoop on some great and not-so-great places to live. Fortunately, I do know the area and having my sister available to look each time she travels 3 1/2 hours to her condo has been helpful!
A few more specific questions for anyone...
1. How did you handle the mover decision?
2. Has anyone done a reverse mortgage purchase (I know the downside of rm but this may be the only way we can get a decent place). I'm not sure if realtors in MB know much about this, and am just curious if you did it or thought about it.
3. Are pets an issue in HOA places? I have 3 very, very small chihuahuas - all indoor except for potty time but I also have a beautiful indoor/outdoor cat (neutered) and I really want him to move with us!
4. I know HOAs can differ, but are there areas where they are absolutely crazy and bug you to death?
I'll leave it at that for now, but I may have more questions if you great folks don't mind! I am getting SO nervous about giving up my career as a professor and more importantly, my regular paycheck!
Thanks in advance....shabbycasa AKA Linda
On question #2 you can't do a reverse mortgage purchase on a condo unless it is FHA approved and on their list. I looked into reverse mortgage purchases but haven't decided if we want to go that route.
Last edited by Waiting2go; 04-27-2014 at 02:08 PM..
2. Has anyone done a reverse mortgage purchase (I know the downside of rm but this may be the only way we can get a decent place). I'm not sure if realtors in MB know much about this, and am just curious if you did it or thought about it.
I am not sure what "reverse mortgage purchase" is. However, we handled a move from Maryland to retire in coastal North Carolina. We first took out a home-equity line of credit on our house in Maryland. (Our house was fully paid off and we have excellent credit.) Then we found a rental tenant who wanted an option to buy the house in Maryland.
With the proceeds of the home-equity LOC and some extra cash, we purchased a house in NC. The house in Maryland was rented for 2+ years and the tenant finally purchased the house. Everything worked very smoothly, and we have been exceptionally lucky. So now we own a house in a coastal community with no debt.
please consider Little River. We live in the community of Stones Edge. The houses are moderately priced, and we are near to beaches, hwys, and shops. It takes us 10 minutes to get to Cherry Grove beach, and we love it here. Good luck in choosing a place you'll be happy in. We're very glad we chose Little River!
lizamy...I have looked at Stones Edge and like the prices! Also like that it's close to everything...that becomes more important as we age - which we seem to be doing too quickly!
I love Little River but have never vacationed there - Surfside and Pawley's were my hang-outs back-in-the day!
I think I would even like the "rowdy" part of the life at the waterfront, but just to visit - couldn't live there I don't think!
On question #2 you can't do a reverse mortgage purchase on a condo unless it is FHA approved and on their list. I looked into reverse mortgage purchases but haven't decided if we want to go that route.
Not going with a condo - hubby has to have room to stretch! Thanks for the info, though. I'll have to do a reverse unless our home sells for more than I expect. We live in a very rural, very poor area and though we have a really nice older home, the area has really gone down over the last decade.
Reverse mortgage purchase works same as if you own your home outright. You just have to put up about half of the cost in cash and then mortgage the balance. Of course, unlike a traditional mortgage, the reverse doesn't have to be repaid - or paid monthly - unless you move or die () or if you don't keep up your taxes/insurance, they can foreclose. Also, the balance goes up every month instead of down.
My sons are okay with the possibility that they may not inherit a place at the beach, so since my hubby has no children, we're okay with the reverse.
Quote:
Originally Posted by goldenage1
I am not sure what "reverse mortgage purchase" is. However, we handled a move from Maryland to retire in coastal North Carolina. We first took out a home-equity line of credit on our house in Maryland. (Our house was fully paid off and we have excellent credit.) Then we found a rental tenant who wanted an option to buy the house in Maryland.
With the proceeds of the home-equity LOC and some extra cash, we purchased a house in NC. The house in Maryland was rented for 2+ years and the tenant finally purchased the house. Everything worked very smoothly, and we have been exceptionally lucky. So now we own a house in a coastal community with no debt.
Reverse mortgage purchase works same as if you own your home outright. You just have to put up about half of the cost in cash and then mortgage the balance. Of course, unlike a traditional mortgage, the reverse doesn't have to be repaid - or paid monthly - unless you move or die () or if you don't keep up your taxes/insurance, they can foreclose. Also, the balance goes up every month instead of down.
Thanks for the explanation. I might have to use that eventually.
Reverse mortgage purchase works same as if you own your home outright. You just have to put up about half of the cost in cash and then mortgage the balance. Of course, unlike a traditional mortgage, the reverse doesn't have to be repaid - or paid monthly - unless you move or die () or if you don't keep up your taxes/insurance, they can foreclose. Also, the balance goes up every month instead of down.
I ran across a development where they mentioned a reverse mortgage purchase option: Seasons at Prince Creek in Murrells Inlet. It is a nice but fairly expensive 55+ community.
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and actually I would prefer to be further south. We love Surfside the best - Pawley's is just too much out of our price range but that's where I tended to go back in the day!
even though I insisted I had to wait until I retire!). But I do have a few names I plan to check out.
