I’m ready to downsize but don’t want to sell my home until I know where I’m going.
Are you thinking about downsizing but don’t know how to make the tricky transition work? How do I buy a new place before I sell my current home?
You are not alone and many of my clients feel the same way. They want to embrace a new lifestyle, take advantage of our ever-increasing values and lock in a smaller home or condo in an area that they covet.
I help them do exactly that. Let me share some creative solutions that may help you make your dreams come true too.
Everyone’s financial profile is different. One option might not work for you while another one will. It might even be a combination of a few of these.
Let’s get started with a few ideas…
HELOC – Home Equity Line of Credit. If you have enough equity in your current home, you may be able to get a HELOC to get a down payment for a conventional loan or to buy the new property outright.
Windermere Bridge Loan – Windermere has a wonderful program for our clients to bridge the gap between buying and selling. You can borrow up to 65% of the equity in your home. The maximum loan is $500,000. I have recently helped several clients take advantage of this program. The approval process is fast and easy.
Margin Loan – most individuals can borrow up to 50% of the balance in their liquid investment accounts (Retirement accounts cannot be used). These loans are generally cheaper than a bridge loan and have no major tax implications.
IRA Rollover – Most retirement funds allow a 60 day rollover of funds. It’s very important to know that these funds must be replaced into the retirement account within 60 days or you may incur significant penalties and taxes.
Making a move, whether you are buying a larger home or downsizing out of your now empty nest, is a big decision. You’ll want the best professionals to help you. I can put you in touch with a lender who will help evaluate your financial situation and customize the best options for you.
I’m here to help you with the real estate side. I have 28 years of results-driven experience to back you up. If you are considering downsizing to a new home and would like to talk about the process, please call or email me at (206) 718-5863 or firstname.lastname@example.org. Come visit my website at junegriffiths.com.