Quote:
Originally Posted by John_W
You can think of any scenario and pull out the worse points and say, this terrible. What if there are no dependents living in the home? What if there no children or any other heirs to leave your home to? What if this will be your last home and you plan never to move again.
If you borrow $200K, then your home was appraised for about $450K, someone didn't plan to well if they need $200K on their first draw, maybe they bought too much home. Second, a home worth $450K in TV could be sold and you can downsize easily to a cottage, a CYV or a patio villa, something they should have done to begin with and had more cash on hand. There's 3 BR 2 BA 2 Car cottage in St. James right now for $267K.
What I always find odd are people who don't know another persons situation giving them advice!
|
I agree that in the scenario you describe that a RM may very well be appropriate. Prior to making such a life changing decision, I would contact a qualified professional to help me review my options. If I had no legacy desires, my goal would be to bounce only one check - the mortician!