My wife and I are in our early 60's.

What We Have

We have a condo that is upside down. It appraised at $110,000 and we owe $105,000. The going market rate is $85,000. We pay 5% for this loan.

Our primary home is paid off and we have an outstanding home equity line of credit at 3.75% with balance of $60,000. Both places are on the market with a realtor but the inquires/interest is low on both places. We have enough money in investments to pay both off.

What We Want

We have interest in a 3rd home around $175,000. We could tap our investments to pay for this third home as well.


We are reluctant to tap our investments for ~$340,000.

  • Is loan consolidation an option?
  • Is there a loan for paying off one loan and mortgaging the 3rd place?

Any advice, identifying any questions we have not asked or any information we have not given is appreciated.

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    Nov 9, 2013 at 20:37
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  • 2
    @Dilip Sarwate 's answer is a good starting place. You could be more clear with what exactly you are interested in doing. Are you wanting to buy house #3... and get rid of properties 1 & 2? Why are those are on the market?
    – THEAO
    Nov 10, 2013 at 0:07

1 Answer 1


In real estate,loan consolidation essentially means taking out a large loan on one property from the proceeds of which you pay off all the other mortgages. Unless you are able (or willing) to reveal how much more you can borrow against your home or the third property (who has the remaining interest in the third property, and would they be willing to mortgage the property?) there is no way of discussing how much you might be able to borrow and against what.

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