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.