Hi everyone,
My mother is going to meet with a financial advisor next week but wanted to get a little bit of info before going into it, since the last financial advisor she went with caused her to lose some of the money in her annuity funds.
She is a single divorced full time school teacher and is planning to retire in 5 years at the age of 64. She does not want to touch any of her annuities or retirement money AT ALL before that age. However, she is looking for a way to get some cash because she has a couple of big purchases that she needs to make this coming year. (new car, surgery, and tuition for my younger brother)
She has a condo that is currently worth about $145k that she bought in 2003, of which she has paid off $100,000 as of date. She has a home equity loan from her bank that she got in 2004 that she still owes $16,000 on. She has excellent credit and has never missed a loan payment, credit payment or a mortgage payment…or any other kind of payment.
I am 23 and in grad school…unable to really help her financially at this point in my life.
She is considering the possibility of a second home equity loan or second mortgage, or another type of loan. Any thoughts or advise I could pass along to her would be greatly appreciated.
Thank you!!