Live well in Mexico… On $2,135 a month!

Live Well in Mexico….
On $2,135 A month!
With rapidly rising fuel, health care, food, and travel costs, it’s nice to know there are still places where you can still live well without burning through your retirement nest-egg-and Mexico is one of  those places.
In Mexico, you can still enjoy a lifestyle that’s probably all but unaffordable for most Americans and Canadians.
Here’s a sample budget for living well in Mexico.

Rental of a two-bedroom home:$800
Electricity, gas, water: $125
Household help
Housekeeper and gardener
three day a week $150
For one car $150
Dining out and other activities: $250
2 people at $280 per year for IMSS insurance, plus $63 per month for private-care incidentals:$110
Clothes, household items, etc,:$ 100
Phone, internet, cable TV $150
Monthly total: $ 2,135

Please keep in mind that if you’ve bought your house outright or choose not to have a car, you won’t have a rental or car expenses (through you would want to include your annual property tax – but that rarely comes to more than $300 per year)
Remember, you have worked your whole life to buy your home and prepare for your retirement.  This is  an important financial decision, and because there are so many various offerings, it pays to do your research before you even contact a lender or an agent. You can start by going to the Reverse Mortgage section of AARP Web site. They have prepared a lot of useful info, including a 52-page downloadable booklet that describes in detail how reverse mortgage work, a glossary of terms, a good explanation of the Home Equity Conversion Mortgage (the program insured by the federal housing administration) and even a calculator that estimates what size payments you might expect.

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