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.

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LuAnn_in_PA

What does your bank say?

    Bookmark   July 29, 2012 at 12:22PM
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brickeyee

"can an IRA be used as collateral ?"

Generally no.

    Bookmark   July 29, 2012 at 2:07PM
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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
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