On SSI. Should I use my IRA to purchase less expensive residence?
Asked Mar 16, 2012, 09:29 PM
I currently am on Social Security Disability and have worked as much as my disability allows. I have to leave my current position because of complications, neuropathy. I applied and was accepted at another job that will require me to relocate. My husband is retiring now as well. We cannot afford to live where we are if my husband retires and I cannot find another job here. We live in a small community. Our mortgage and taxes make it impossible to stay where we are. We have a lot of assets; house, land, and commercial property. We found a home that will be much more affordable in the town that I got the job. Our properties will be on the market in a couple days, and I made an offer on the home that we would like to get. The offer on the new residence is contingent that we sell our current property. The house that we made an offer on is a perfect fit. It's location is ideal, and they priced the property go sell right away. It went on the market today. Our property is worth 3 times more than what our current mortgage is, and the home we want to purchase would be less than what our mortgage currently is. We have $115,000 invested in IRA's. As you can see we have plenty of assets, but have limitations on income to handle two mortgages until our property sells. We have interest in our properties already before it is on the market. The realtor hasn't put a price on anything yet, but will in a couple days. What should we do?