• Question
  • I have 2 homes, 1 is my primary residence and the other in another state, the 1 in another state is

    Asked by a 75 year old man from Kamiah, ID on 1/14/2014

    I have 2 homes, 1 is my primary residence and the other in another state, the 1 in another state is on the market to be sold, is there any money available on the 1 being sold, would like to get money out of it to pay off mortgage on my primary residence,

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  • Categories: Downsizing/Relocation, Housing

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • You could possibly explore refinancing the home that is being sold. However, doing so might complicate the sales process. You might ask your real estate agent about possible options.

    We wish you all the best!
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  • Login to rate this answer:   Answered on 1/17/2014
  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • If you are not using the house this can be a good idea, since you'll cut your mortgage, tax, insurance and maintenance costs related to your second home.

    If you decided to keep your second home another option you might want to consider is renting it out - if you can make a profit on it after paying the costs outlines above.

    Hope this helpful.

  • Login to rate this answer:   Answered on 1/19/2014
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.