On one of the real estate sites I check to stay on top of the market I found a question that I thought would be interesting to readers of my blog and I thought I would share it. Here was the question:
Q: I am 58 years old and do not own a home. I have a monthly income of $1,500, $200,000 in liquid cash and $400,000 in retirement money. I would like to buy a home. Should I pay cash for it (about $150,000) or finance the purchase with a 30-year mortgage?
I didn't think the blog's author properly answered the question, so here was my answer...
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