DEAR BOB: Thank you for your great advice to another reader about eight months ago. You suggested she not pay all cash for her retirement condo and instead obtain a mortgage for 75 or 80 percent of the purchase price. The reason you gave was to avoid tying up a large amount of her retirement cash. As we were about six weeks away from buying a brand-new house in a retirement community, we decided to also follow that advice. Now we are so thankful we did. Although we could have paid all cash, instead we paid a 25 percent down payment and got a 75 percent mortgage at 5.75 percent interest. Shortly after we bought, the homeowner's association sued the developer over faulty underground utilities, construction defects and other problems. As a result, sales of new homes in the development quickly...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.