Weird Question

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  • #30504
    rashad3000
    Participant

    My wife and I have the potential to move to Abu Dhabi and make around $9000 – 10,000 tax-free. Free medical insurance, 2 months vacation, free housing, free furnishing, etc.

    I am so tempted to make this move. However, I would not want to sell our current home. 15 years at 0.125%. Would it be possible to just let a family member stay in the home while we continue to pay the mortgage? Is the only way NACA “finds out” about you not living there is if you lease the home out? I would continue to keep the bills in my name and just let a family member stay there. That way, once the 3 year term is up, we’d have so much equity in the home.

    Thoughts?

    #30505
    nicole_2015
    Member

    Hi there, congrats. you need to get permission from the head of NACA. I would just email him and explain the situation. Im sure they will approve it. Good luck=) If they say no, don’t sell it, just consider refinancing it, unfortunately at around 3%+ and that way you are free of NACA and can just rent it out to anyone.

    #30506
    rashad3000
    Participant

    Hey Nicole. Thanks for the reply!!!

    Actually, I found out that it would be around $12,500 each month, with minimal expenses. After the 3 year contract, we can come back with around $300,000 in the bank.

    What an opportunity. I just hope NACA would approve this.

    #30510
    TTrumble
    Member

    Hello rashad3000,

    Wow, what an incredible opportunity, and what an experience for your kids!

    We can work with you as long as you stay within certain guidelines. Because of the unique situation, it’s probably best if we communicate more directly. Please check your email.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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