Q&A
Asked by Clark
Answered by Ted Rood PRO+
Mortgage Professional in Maryland Heights, MO
Hi Clark, I agree with Mike that the most likely solution is for your son to refinance the loan into his name, based on his credit, income, and debt ratios. You woul...
Q&A
Asked by David Drake
Answered by Mark Haynie
Mortgage Professional in Los Angeles, CA
Hi David - I assume you're currently taking distributions? If so you will have a distribution letter from your IRA provider that states you're taking $XX a month in 2...
Q&A
Asked by an anonymous user
Answered by Kim Miller PRO+
CFP® in Redmond, WA
You answered your own question: on the face of it it looks like you will clear enough - or nearly enough - from the sale to pay cash for the new house. It the sale pr...
Q&A
Asked by Dave
Answered by Michael Hoffman PRO+
RFC, CLU, ChFC in Grass Valley, CA
Dave, It looks like you will have enough income in retirement to cover a new mortgage. The mortgage will provide some deductions for tax purposes. You will have to ...
Q&A
Asked by an anonymous user
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Answer these questions first: is this house my long-term retirement home? Would this house make a good rental property? If the answers are "no", then don't pay off th...
Q&A
Asked by an anonymous user
Answered by Heath Schneider PRO+
Mortgage Professional in Las Vegas, NV
You get get biggest bang for your buck by putting 20% down on a home. This alleviates the need for mortgage insurance and keeps your rate very low and therefoer your ...
Q&A
Asked by an anonymous user
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - You have the best kind of money working for you - OPM - Other People's Money! Your renter is making the mortgage payment for you and Uncle Sam chips in too by al...
Q&A
Asked by Sharon
Answered by Ted Rood PRO+
Mortgage Professional in Maryland Heights, MO
Hi Sharon, It's highly unlikely you can obtain a mortgage anywhere with the combination of that low of a score and essentially no down payment. I'd concentrate on ra...
Q&A
Asked by an anonymous user
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - You will need to check with the Administrator of the 401k plan to determine your options regarding a hardship withdrawal - not all 401k plans allow hardship with...
Q&A
Asked by Tamer
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - It sounds like this is your personal residence. As long as you have lived in the home for at least 24 months (two years) the sale of a personal residence receiv...
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