You should have had a fourth stay in your house and rent something in the winter for three months and how to do it debt free

Good content. Thanks.

If you use point 3 is - if the property is assumed by beneficiaries bc I expired and assumed in a TODY is their still tax

@Lee-fe2kh

Күн бұрын

Transfer on death instrument TODI

At 2:51 - I find this reason amusing as I plan to retire in 4 years and want to move out of our current home. We want to purchase a rental home in poor cosmetic condition, but live in it for 12 months so we can work on it and use a primary mortgage at a favorable interest rate. Basically a house just like our current home that we purchased in 2013. I opened a HELOC a couple years ago specifically for this reason, however I want to turn our current home into a rental but only if we live within 30 minutes so I become the primary or secondary property manager. I enjoy this type of DIY work and oddly enough is part of my retirement dream.

A fourth option would be to use the proceds from a heloc for down payment on a reverse for purchase on rhe new home Then you can take your time to sell current home and pay off the HELOC. This strategy will require a down payment of approx 60% to get you into the new home mortgage payment free

If choose #3 instead of #1, How are gains on sale of first home taxed (married filing jointly)... is there a time limit to avoid LTgains on sale of first home? We are thinking cash down on land, build storage to move while renting a few years and making building plans, then selling 1st home to finance building.

I would be concerned about the existing property not selling and maybe feeling pressured to accept an undesirable purchase offer. I'm thinking that Option #1 may be best for me. Even though it would result in two moves, I plan to move to another state and think it would be wise to rent for a few months before making a final decision.

So your selling HELOC

First of all this is ridiculous thinking that a retiree is going to buy a $500,000 home. Most people are downsizing. How I plan to do it is look at the difference in what I can sell my house for and what the cost of a new house will be. In this area that is going to be about $150,000. So, I'm going to use my retirement Roth IRA, which I won't have to pay taxes on to pay for that difference. I'll withdraw the $150,000 and use it as the down payment on the new house. I'll take a short term loan to pay for the remainder. Then when my existing house sells, I'll pay off that loan. I might even do the home equity line of credit. Most retirees have millions of dollars in assets, so purchasing a home should not be an issue at all.

How does this work if you plan to build your retirement home? How about sell your current house, pay off mortgage and use the profits to build a new retirement home?? Live in your moms basement while it’s being built or a camper 😜

How about dont move

CALM DOWN

How can retirees get mortgages with no working income?

@HALWG51

Жыл бұрын

We have tons of money saved and will generally pay cash.

@HALWG51

Жыл бұрын

We have tons of money saved and will generally pay cash.

@romoore2094

11 ай бұрын

asset based loans