Malibu
First Time Poster
Cash: $ 0.00
Posts: 1
Joined: 08 Jul 2004
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Can someone tell me which way is the right way?
I recently started drawing my pension. Now I want to move away and rent the house out. I intend to turn it over to a property management real estate co. However, the repairs that the house needs are now an urgent issue. Should I pursue an equity loan for the repairs or should I just use my retirement cash reserves and act as my own bank? My income is extremely modest and I'm thinking I may not qualify for the loan.
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Thu Jul 08, 2004 6:01 pm |
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Andrew
Admin
Cash: $ 467.10
Posts: 1717
Joined: 02 Nov 2003
Location: Texas
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Hi Malibu. I'm not a financial expert but seems that using your own cash for the repairs would be a better deal for you in the long run because you would save the refi fees and the interest payments by avoiding the equity loan. This is assuming that you have the funds available to use for such a purpose. If you don't, a modest equity loan could be a route to try. If you've got a lot of equity, but only need a relatively small loan, you may be more likely to get approved. Best of luck.
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Thu Jul 08, 2004 6:39 pm |
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