First time home purchase at 63 years old
I just purchased a condo for $250,000. I want to put down $20,000 from my saving account. Would it be wiser to take $50,000 more/less from my retirement fund? I plan on working till I’m 70 yrs old. I make under $60,000 per year and I’m single. Monthly payments are approx $2100/month. Help!! Thank you, Maria
Terry Says
I hope you figured out the monthly mortgage payment, including property taxes,as well as monthly condo fee, and can afford that with a $20,000 down payment. If not, don’t close!
Leave the other money in your retirement account, invested very conservatively. You’re going to need it in the future.
