“My wife and I sold our home and are buying a smaller one.
We’re using the proceeds from the sale to almost pay for our new home. We’re about $35,000 short on the $300,000 we need to settle on our house.
The mortgage broker we talked to said the minimum mortgage they can write is $100,000.
Should we cash in our savings – at this crazy time?
Should we take out $100,000 and keep the rest?
Any other ideas?
Thanks for your show and for being there when we all need you the most.”
First, I wish you great happiness in your new home and thank you for your kind words.
Second, you need a new mortgage broker.
Third, you need to explore all your financing options (traditional mortgage, reverse mortgage, line of credit, etc.)
Last, if you are feeling pressured – use your savings. You may find that works perfectly. If you decide to go a different route afterwards you can do that without added pressure and with the confidence of knowing you’ve done your homework and chosen what’s best for you.
Gene answers your neighbors financial questions on More than Money.
Send in your concerns: Gene@AskMtM.com