Tear down existing house build new one

Roof-over.MyheadJuly 29, 2012

I'll try to keep this simple and short.

I would like to tear down existing house and build new of same size, It needs too much work. Currently have mort. on existing, LTV of 84% credit is good,not a lot in savings, can an IRA be used as collateral ? Would a new construction loan rolled into a new refi. mort. be feasible ? I'm approaching 50 and could afford to pay it off in 15yrs. Current mort. bal. $111,000.00 Would like to finance up to another $100,000.00. I'm talking about 832 sq. ft. building.

Doing research online leaves me bewildered. Lots of conflicting info. out there.

Any comments will be greatly appreciated.

Thank you for reporting this comment. Undo
LuAnn_in_PA

What does your bank say?

    Bookmark   July 29, 2012 at 12:22PM
Thank you for reporting this comment. Undo
brickeyee

"can an IRA be used as collateral ?"

Generally no.

    Bookmark   July 29, 2012 at 2:07PM
Thank you for reporting this comment. Undo
chibimimi

What does the mortgage-holder on your current house say? My understanding is that you cannot make substantial changes without notifying them ... and tearing it down is pretty substantial!

    Bookmark   July 29, 2012 at 2:22PM
Sign Up to comment
More Discussions
help me choose our floors
We have 2 options for our floors - white oak (longer...
3ilovepie
It's February 2015- How is your build going?
January was a surprisingly active month! I admire all...
mushcreek
Sending my floor plan modifications to the architect. Ideas?
I have to have all my structural changes decided by...
houserookie
Well Water
For those of you with well water only. What systems...
Renee0829
House Looks Small Framed?!
our home is 3200 ft.², by no means small in my opinion....
23meghan
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™