Recently my hubby and I decided now that I have turned 62 we would do a reverse mortgage. A reverse mortgage is done through FHA. We live on this beautiful piece of property which consists of 9.5 acres.
We have a natural spring which has the best clear, crisp, cold, wonderful tasting water. Our application was turned down because FHA insists that we have a well drilled or access to hook up to city water! Can you believe this crap? Well water is acetic and city water is treated with all sorts of chemicals! Our spring water is pure because it goes through a filter and ultra violet system.
They will probably have to go down at least 100 feet maybe more. The cost to drill a well 100 feet down is $3000.00 and an another $1000.00 for each 100 feet after.
Oh get this, we would have had an extra $7000.00 cash in our bank account after the reverse mortgage was closed but now this drilling is going to eat most of that up. Makes me think that it was planned that way.
I have to think positive so I am thinking that my hubby can put a pump on the well and we can use the water to water our grass and trees. In the summer in Oregon on property as big as ours, the grass usually turns yellow due to lack of rain so the well water will allow us to have pretty green park like grass year round.
I just thought it was weird that FHA in all its glory just had to throw a wrench in our otherwise great plan.
City Water?, Well Water? Natural Water? Which would you chose? GO figure!!