Help Loan source - Bridge, Mortgage, Equity?

I am a 67 yr old widow wants to sell my home %26amp; buy new condo. How do I go about it the best way?



Scenario:

Sell Ranch Home - very desirable location one acre lot

Home has no mortgage

Market %26amp; selling price are down (that's ok, it is still do-able)

My disposable cash is about 陆 of the condo cost



Condo is new %26amp; builder will take contingency (is this a good idea for me or does it increase the cost I might have gotten?)



I've never sold or bought a home (we built it) and I'm lost here with what direction is best for me. I want to go ahead %26amp; market my home %26amp; buy the condo.



My goal is sell the house - buy the condo and to have NO mortgage when the dust settles. Here are the options I see open to me to obtain less than half the money needed to buy the condo.



1. Withdraw some 401k money (I have not tapped any yet)

2. Get a Home Equity loan %26amp; pay it up when I sell my house

3. Take a mortgage (is there a fee to pay it back right away?)

4. Check into a bridge loan? (can I pay it right back?)

5. Forget the condo and just move to an apartment.



If it matters, I live in Wisconsin

I sure wish there was a class to take for seniors downsizing. The biggest problem for me in todays market is simply the fear of doing this alone and wrong. Yes, I will get a lawyer and yes I will hire a RE broker but I have done neither one yet.



Thank you in advance for any help.Help Loan source - Bridge, Mortgage, Equity?
Priority is sell your house before anything else. Sales range from 3 months to 18 months. When you receive a deposit and signed contract then and only then start looking for a place to live.

To relieve you of stress take an apartment. Once the dust settles Now look for your condo, use the cash from the house sale as your down payment. Take a mortgage for the remainder, 15 years.

Draw from your 401k monthly to meet the mortgage payment. That way you do not get hit with a heavy tax burden by withdrawing a lump sum from the 401k. Bridge loans and Equity loans are to expensive and will hurt financially if you do not find a buyer for your house.

Most community colleges offer evening classes in this subject.Help Loan source - Bridge, Mortgage, Equity?
Be careful here...the key here is to sell your home first before you commit to the condo. Bridge loans and HELOC's are not an option, banks will not give them to you if they know you're looking to sell your home. You can withdraw from your 401k but you will be paying income taxes on the withdrawals, so it's costing 20%-30% more than the condo payment for that luxury. If you do mortgage the condo, there should be no prepayment fees on the mortgage(most lenders did away with that a while ago). Buy the condo but sell the house first...Trust me in this market that condo will still be there....Good Luck