Quote:
Originally Posted by ivanhoe
Thanks for the suggestions.
My concern is with draw-down of assets. All things being equal without big curve-balls (health care? taxes? illness?) we can achieve the 60k, however 50k would be more comfortable given that I have some longevity.
My father who just passed away this December was 101 years old and rather spry.
He was still swimming and walking around etc just before the stroke that brought him down. He only had to keep that up a few more years and he would have been broke.
I’d like to finance just to establish a credit line with a bank and perhaps an equity line of credit on the unit we purchase (if that’s the case with these homes). That was going to be my next question but I should be doing my own homework over at Nuts $ Bolts, so I appreciate your patients.
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I was told that if you currently have decent credit, that if you put allot on your credit card (all our utilities go on it so we get miles) and then pay it off in total every month before the due date that your credit score goes way up, and guess what they were right. When we rented for awhile in Atlanta and deposited 10K in a Cd with the bank they offered us a line of credit. When we then bought for cash they offered us a larger home equity line of credit. We never used either but we had them for emergencies. This may have changed since the bank failure mess but I would check with the banks first before I start paying interest I don't have to. That said if I couldn't buy without leaving my self a nice heafty cash cushion for emergencies I would get a Mortgage, just me and my parinoid thinking. By the way banks usually have the worst interest rates on mortgages, someone on this site suggested I check bankrate.com for rates and I saved a bundle.