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Tear down existing house build new one

Posted by Roof-over.Myhead (My Page) on
Sun, Jul 29, 12 at 8:35

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.


Follow-Up Postings:

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RE: Tear down existing house build new one

What does your bank say?


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RE: Tear down existing house build new one

"can an IRA be used as collateral ?"

Generally no.


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RE: Tear down existing house build new one

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!


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