- Posted October 15, 2013 by
This iReport is part of an assignment:
Shutdown over: What next?
Fortunately, we have a very strong support system. If necessary, my 71 year old father has assured us that we can go to the "Bank of Dad" for a dollar for dollar loan until our income resumes. We have also applied for a home equity loan through USAA Federal Savings Bank (shoutout!) as we owe only a little more than half the taxable value of our home. USAA has also notified members affected by the shutdown and debt ceiling that they will give an interest-free loan to help cover the missing income. They will also make payment modifications on loans and credit cards that we have with them.
Hopefully, the home equity loan will come through quickly and we won't have to tap my dad or modify any of our payment arrangements. We have reduced our typical mortgage payment amount and taken a 6 month forbearance on my husband's education loans. In the case of the mortgage payment, I was paying about double the required payment so we could have it paid off by my 60th birthday - a full 20 years early. My payments will have to increase after we get our income back so that we can still meet that goal.
All in all, I think we are VERY fortunate. If we didn't have the resources that we do, things could be desperate instead of uncomfortable.....
#ParkServiceEmployee #100%DisabledVet #BankOfDad #USAABank