foodeefish
Contributing Member
Cash: $ 6.00
Posts: 26
Joined: 07 Feb 2004
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| Home Equity Loan or 2nd mortgage |
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We are about to start to build our retirement home down South and once completed, we will get out of the high pressured jobs and live more sanely with less stress hopefully in the South. We are looking for the quality of life people talk about and not the quantity of everything we have now.
Our current Home is worth $700K conservativley and we owe $149K on the ten year loan @ 4.75%.
We have 1/2 of the $300K in cash to start building the retirement home but will need another $150K for it to be finished. We do not want to sell our curent home until the retirement home is complete.
Is it best to take out a home equity loan on our exisitng home for the $150K to finish the retirement home, a second mortgage, or is there a better/smarter way to do this?
Thanks
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