Home Equity line of credit to buy another house
In order to be a cash buyer I would like to open a line of credit again my home It’s appraised value is $625,000 and I have a balance due of $75,000.
I have cash assets of about $200,000 and investments in a 401 K of about 700,000. I intend to put my home on the market but in the interim I made need to puchase another property to avoid losing the property. I would be looking at a townhome for about $380,000. Would you have a lender that you would recomend or another way to be able to pay cash if there is a quick opportunity to purchase my dream property. My income is about $95,000 and I am retired and 71 yrs. old.
Terry Says
Headline: If you’re retired and don’t have income other than investments and Social Security, you are NOT going to get a mortgage. And a line of credit might be difficult too. And you could easily get caught in the middle — with TWO homes — if housing market gets worse! This is not a good plan!
Check with Leslie Struthers at Guaranteed Rate: Leslie@Rate.com as to the possibilities. But she will likely tell you to sell your home first.
