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building new house at 58?

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its_yoshie Joined: 05 May 2010 Posts: 1 1.00 Dollars($)	Posted: Wed May 05, 2010 6:03 pm    Post subject: building new house at 58? Like 0 Dislike 0 just wonder if its a smart move to build a new house at the age of 58. we owe 32k on our home now. would have about 110,000 to put down on the new home. est home cost 250,000. loan about 140,000 at rates right now about 5%. taxes here in lincoln nebr. at about 5k a year. just like to get another opinion on this. yes we have a very good rating too. 800 something. and wife has a good retirement plan. plus do i have to figure this out with SOS benifits too. thanks for any help you can give us before we do it.
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Wed May 05, 2010 10:05 pm    Post subject: Like 0 Dislike 0 Hi yoshie, With a good rating and 20% down, you would be able to get a mortgage in order to buy a new property. However, you will have to check out whether or not you would be able to pay the deficient balance. If you are able to maintain both the payments, then you should go for a new loan to buy a house. _________________ Procrastination is the enemy of your financial success

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