Safety in money or luxury living?
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My house is almost sold , the purchasers would like for me to go by July 17 and close on July 15. I'll have a sizable sum of money to put toward a new house once everything is settled.
I can invest the remaining monies for financial security, or I can spend the $250K to buy a great home in a nice community; alternatively, I can spend the $400K. to buy a lovely stick-built home. In order to supplement my income and maybe improve my lifestyle, I could think about getting a reverse mortgage for the latter.
I can't decide whether to prioritize investing for financial stability or to live a potentially more comfortable lifestyle with the higher-priced property and reverse mortgage. In my situation, what would you do? -
That’s good you sold your house. According to you situation, you have two options:
- Invest more money for your future financial stability and buy a comfortable house without a reverse mortgage.
- Invest some money and buy a big and nice house for yourself, but be very careful with the reverse mortgage.
Ultimately the choice is yours. Financial stability and peace of mind are at the top of the priority list. So I suggest it’s better to have a solid financial foundation than the comfort of a more luxurious residence.