Ownership!
A surprising thing came in the mail last week.
A check, from the bank.
Hmm, I wondered, why is the bank sending me money?
But it was a very busy week with a long evening spent walking a colicky horse and days full of work, so I didn't get to my phone call.
And then, on the weekend, came a letter from the bank.
I was reluctant to open it. My experience with thin envelopes from the bank is that they contain tidings of bad news.
This one, however, proved to be a huge surprise...it informed me that the loan was now paid.
!!!!!!
The mortage that was taken out by the trust to do remodeling on the house has been paid in full, 17 payments early! HOORAY for paying extra on principal!
I am saved almost $8,000 by the investment of approximately $2000 early, and now I have the money that was going to that loan payment to use toward paying down other debt.
Over and above that - the house is free and clear of mortgages.
This would be better news if the equity could be accessed, but currently it seems, with a trust in existence, the beneficiary of the trust is considered the one who is the guarantor. Since her income goes to pay the nursing home expenses entirely, there is no particular income/expense ratio there that a lender will find acceptable, and the trust has no income...
*sigh*
But still! The great news to which Lyss alluded in a comment is that unexpectedly, a year and a half early, I am no longer making mortgage payments! WOO HOO!
