Is it wise for me to buy a new home when I have no saving and I am 55 years old, and I'm selling my home of 20 year because of a divorce.?

Asked by Jeanette Davis, Milwaukee, WI Mon Jun 17, 2013

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Heather Steg…, , Brookfield, WI
Mon Jul 8, 2013
That would all depend on what your budget is after the divorce. I do not think it is a bad idea at all and would love to sit down with you and we can weigh out what is on the market that would fit your wants and needs.

If you do not have interest in some of the outside maintenance that is involved in owning a home maybe a condo would be another option rather than renting.
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Ann Ryan, Agent, Doral, FL
Tue Jun 18, 2013
Jeanette, you should talk to a financial advisor to talk about a budget plan for after the divorce. If you're going to be receiving alimony (which can pay the mortgage) and a lump sum (which can pay the down payment) then it probably does make sense to buy an affordable place to live.
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Mack McCoy, Agent, Seattle, WA
Mon Jun 17, 2013
It depends. If after the sale of your house, if you would have a down payment and enough money to live on for six months in reserve, then it wouldn't be a bad idea.

All the best,
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