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Originally Posted by richc
Hi,
This is my first post. I have been spending some time the last 2 days reading the various postings and find the information very interesting and helpful. Thank you.
I have just started looking into TV as a retirement option. I visited a friend there about a year ago and really enjoyed my stay.
I would like some help understanding the bond. Some recommend not paying it off up front, but to pay it off over 30 years at 7%.
Does the bank consider the bond part of the cost of the house, so that you could add it to the listed sale price and put 20% down and still get a conventional mortgage for the difference?
I would think that if you rolled the bond into a mortgage, then the interest would be tax deductable, and the present mortgage rates are less than 7%.
Is the interest tax deductable if you do not make it part of your mortgage?
Thanks in advance for your comments!
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Richc,
Many more people will see your question and reply with helpful information if you would post this question as another thread in this forum.
Thanks
Jan Kokochak, administrator
Talk of The Villages