The Suburbanite

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Updated Jun 4, 2014 at 10:11 AM

Reader question: Monty, our current home, valued at $700,000-plus, has no mortgage, and we plan to purchase a replacement home for $650,000 or less. Because we are retired and our income is only $72,000, we do not qualify for a mortgage. We have failed to find a source for a “bridge loan.” We do have about $400,000 in the bank, but half of that is in regular IRAs. Is there another source for funds, and if not, must we consider short-term rent to bridge the possible difference in...

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