used an annuity to purchase a home was it a mistake

Asked by elleneck, Jacksonville, FL Mon Jan 7, 2013

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Jan 7, 2013
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Likely not if you purchased recently as prices are going up now.

Depending on certain factors, I believe the tax free appreciation of a homesteaded property would surpass the benefit of the annuity at this current time.

However, with rates so low and given that borrowers can still deduct their interest, a 3% rate as an EPR of close to 1%, so doing a cash out to diversify in other investments could be a smart move too, depending on your age and how much you have left in retirement.

Anyone over 60 and does not have at least a net worth of over 500k, they need to get a move on!

What always amazes me is how much better Foreign National borrowers are about saving money and generally have little debt. Versus the average American borrower who can bearly scratch up 3.5% to put down on a 100k home, who is maxed out in debt!

But hey....they look great in that new BMW they're 20k upside down in, sitting in the parking lot of their apartment complex!

No worries, the "Community Organizer" has a plan to take care of all of us right?

==
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Julie Rosent…, Agent, Jupiter, FL
Mon Jan 7, 2013
I recommend your teaming up with a local Florida accountant and attorney experienced in estate planning to decide your best plan. Your Go-To Florida Realtor julier6789@gmail.com Julie Rosenthal, Broker, ABR, GRI, TRC, CAM, EcoBroker (561)827-6789 http://www.Buy-Sell-Rent-Florida.com.
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