How to juggle buying once retired?When I retire in 2-3 years, I plan on selling the condo where I live now (mortgage is paid off!) and using the proceeds to buy outright a condo in Asheville. I am assuming I will need to
Hi Holly did you move to Black mountain? I Love this area but like you I worry about the schools. I also have a gifted son who unfortunately did not come from a gifted mom Ha Ha. Home schooling is out for me. Thanks!... more
HARP is designed for homeowners that have a current mortgage but are having trouble paying it. HARP can be a refinance option for your first mortgage. To be eligible you cannot have missed a payment in the past 12 months and your mortgage must be a Freddie Mac or Fannie Mae.... more
You need to run this by a loan officer, but if it is your primary residence right now, you should qualify for a reverse mortgage. You have to continue living there - once it's no longer a primary residence, you have to refinance or sell.... more
You should be able to look up the agent's profile on either Trulia or Zillow and there will be a place where you can write a review. If not, you might need to ask the agent to send you the link - that's what I usually do. Hope this is helpful. Warrene Williams, Broker... more
Trading homes is possible. The buyer who is purchasing the larger home would pay the difference in the sales price. The problem is that finding a buyer willing to buy your home and you wanting their home can be a little tricky.
It is a better idea to sell your home and then after that transaction, you purchase a larger home. You could negotiate with the buyer to rent your home until you find a new one or you could rent somewhere for a few months. Another option is to time the sale and purchase so that you close almost simultaneously. If your income is high enough, you might even be able to close and move into your new house before the old one closes, but then you would have two mortgage payments which isn't very much fun.
Either way, congratulations and good luck!... more