Q: I work part time, my home is free and clear and I would like to downsize. If I sold the home today I could get $360,000. I would like to spend no more than $160,000 on a smaller home, should I pay cash for the next home?

A: Having a mortgage free home is the desire of many retirees. If you spend $160,000 on the new home that will leave you with a nice nest egg from the sale of your current home. If you were to need more cash, you can always look into a reverse mortgage after age 62 on your new home. I say – pay cash!

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