Personal Finance

crawdaddy · Joined: 05 Aug 2007 Posts: 1

We are planning on downsizing in a few years and will be building a new home. Our current home is paid for and I was wondering if we would be better off paying cash for the home we build, or would be we better off putting the money in a money market or some other account and taking out a mortgage on the new home? I'm 50 years old and working and my spouse is 41 and disabled and unable to work.

Thanks for any input...pros and cons.

CD

master01 · Joined: 23 Aug 2007 Posts: 3

Pay for the house outright and get something comfortable but not something which you have bought just because its cost equated to what you have saved up (I'm recommending buying less so you have money left over). Use the left-over money for another investment. In retirement there would be absolutely no real ongoing benefit and certainly upfront costs to needlessly obtaining a small mortage.

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