Beryl
Recycles dryer sheets
- Joined
- Jun 20, 2007
- Messages
- 413
Planning to sell and buy a new home out of state YE2014. (Mom passed away and I need to move closer to other family.)
My current home is paid off and in a seller's market. My new home should cost 75% or less than what I should get for the current one so I'm not planning to have a mortgage. I'm just starting house hunting and may end up building to get what I want -- likely my last home before assisted living. I have no debt but I don't have enough liquid to pay cash for the new house. I'd have to cash out CDs, sell stocks and maybe even dip into an IRA account. I'd rather not do that and avoid the taxes.
It was easy when I was working with a good salary and high FICO, I had lenders competing for my business even during 2007-2010. My FICO is still well over 800 but my income is one third of my 2011 salary! I haven't tested the waters yet so I might be pleasantly surprised when I contact a few lending institutions next week.
Bridge Loan?
Anyone have experience with buying a home AFTER retirement and/or advice on how to do this as painless as possible?
My current home is paid off and in a seller's market. My new home should cost 75% or less than what I should get for the current one so I'm not planning to have a mortgage. I'm just starting house hunting and may end up building to get what I want -- likely my last home before assisted living. I have no debt but I don't have enough liquid to pay cash for the new house. I'd have to cash out CDs, sell stocks and maybe even dip into an IRA account. I'd rather not do that and avoid the taxes.
It was easy when I was working with a good salary and high FICO, I had lenders competing for my business even during 2007-2010. My FICO is still well over 800 but my income is one third of my 2011 salary! I haven't tested the waters yet so I might be pleasantly surprised when I contact a few lending institutions next week.
Bridge Loan?
Anyone have experience with buying a home AFTER retirement and/or advice on how to do this as painless as possible?