dm
Full time employment: Posting here.
I'm getting ready to move and will be looking to buy soon. So I'm back to the age old question of getting a mortgage or not. It all depends on how much I spend on my new home, I was thinking about downsizing, but the wife is not. So it looks like our next home is going to cost quite a bit more than the one we are selling.
I may have enough to pay cash, but that would put me pretty close on having enough money to get by until I'm that magic age of 59.5. I don't want to do the 72t thing if I can help it.
So my options, as I see it are;
Buy a house worth about the same as the one I'm selling. Not likely
Go ahead and get a 30yr, or 15yr mortgage and just make payments.
Or pay cash and tap some of the money I have set aside to hold me over till 59.5 and take out a home equity loan when I need cash.
If I just go ahead and get a mortgage I can lock in still fairly low interest rates. But I would be paying interest on money I may not need at the time.
If I get the home equity loan I only pay interest on what I take out, but the interest would vary.
Am I missing anything? Suggestions?
I may have enough to pay cash, but that would put me pretty close on having enough money to get by until I'm that magic age of 59.5. I don't want to do the 72t thing if I can help it.
So my options, as I see it are;
Buy a house worth about the same as the one I'm selling. Not likely
Go ahead and get a 30yr, or 15yr mortgage and just make payments.
Or pay cash and tap some of the money I have set aside to hold me over till 59.5 and take out a home equity loan when I need cash.
If I just go ahead and get a mortgage I can lock in still fairly low interest rates. But I would be paying interest on money I may not need at the time.
If I get the home equity loan I only pay interest on what I take out, but the interest would vary.
Am I missing anything? Suggestions?