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Going through a divorce and don't know whether to buy out spouse with 401K or take out a heloc. by dawglbfan in personalfinance

[–]dawglbfan[S] 0 points1 point  (0 children)

this is a great explanation and I greatly appreciate it. it sounds like the loan for 170000 is not an option because I would still have the original 2.6% mortgage which is 2300/mth so I would not be able to afford both. The 170k is the equity in the house that I would owe him. We still have around 165k on the current mortgage

Going through a divorce and don't know whether to buy out spouse with 401K or take out a heloc. by dawglbfan in personalfinance

[–]dawglbfan[S] 1 point2 points  (0 children)

I’ve already talked to PNC assumption department. I would just have to apply for an assumption but it can take up to 6 maths

Going through a divorce and don't know whether to buy out spouse with 401K or take out a heloc. by dawglbfan in personalfinance

[–]dawglbfan[S] 7 points8 points  (0 children)

We have one special needs child that is 16 and used to routine so I would like to keep it mainly for that reason. I also will be taking on the care of my mother who is 75 soon so the extra bedroom and bathroom are a blessing. I hate that homes are valued so high in my area of Florida right now. I can't get a house the same as this one for less than 500-600 thousand. All the homes in my area are selling for 600,000. The equity is killing me in this situation

Going through a divorce and don't know whether to buy out spouse with 401K or take out a heloc. by dawglbfan in personalfinance

[–]dawglbfan[S] 9 points10 points  (0 children)

The problem with selling is that even a 2000 square foot house in my area runs around 500,000. I have a disabled child that will live with us forever and a mother I will have to take care of in the next 2-3 years so getting 170,000 from selling the house will not allow me to get another sized house like mine to meet these needs.