On Sunday, August 31, 2014 6:07:18 AM UTC-4, micky wrote:
On Sat, 30 Aug 2014 23:42:17 -0700, "Pico Rico"

wrote:



Thanks for the reply. Part of it snipped.



The only alternative I can see is to try to get a regular mortgage,

probably hard to do when your income is too low for you to live on. But

if you could get the mortgage, say 100,000, and you put 50,000 away to

make mortgage payments with, you'd only have half the money also. Then

every month you'd make the payment and the amount you owed would go

down, and if you lived 15, or 20 or 30 years longer (depending on the

term of the mortgage) you'd own the house again completely. And you'd

die with a 120,000 asset, while living short of money all those years.



and for a regular mortgage, the lender will want you to have INCOME to pay

the mortgage, not just put money away for it (which most people will blow

one way or another)



That's why I said "if". But my ex-girlfriend got a mortgage this

summer, (even though she quit her job 6 or 12 months ago), for maybe

half a million dollars.



She said it was harder to get, but she only gave one detail, that right

near the closing, she had to get a letter from her bank saying that the

money had been there for at least 60 days, I think it was. Now I've

heard of people borrowing a big chunk of money and putting it in the

bank so they can show people a piece of paper with a high balance on it,

and maybe get credit based on that, but in this case, it was the money

she was going to spend at the closing, so I don't know why it mattered

if it had been there for 60 days or only a couple hours. I asked her

and she didn't know either.



Mortgage folks want to make sure that the funds you claim you're
putting into the deal are really yours and not more borrowed money
from somewhere else, eg pulled at the last minute on a line of
credit. Seeing that it's in your account for 60 days
doesn't totally prove it, but it helps.