Sorry this is long but it's important to my life.
Basic info:
I am a retired/disabled veteran in WA State. Some time ago I went through a divorce and lost most of my 401k of which only $27,000 remains. Lost my job and not really employable anymore. I have over $6,000 in savings. I'm living on about $1600 fixed income and my only debt is $3,200 in credit card debt. Monthly bills are the usual. Credit score 800+. I've been going through severe depression so I've been living with a family member for 3 years and paying their rent of ~$500 a month.
Now:
I need my own space and just can no longer function being cooped up in someone else's place anymore. I really need to get my own place. Rent is high out here and a small mortgage seems more affordable. My calculations show that though it might be close, I can swing getting a small, modest mobile home for less than $20,000 with a VA loan and good down payment as long as mortgage and lot rent combined are ~$500.
Now here is the decision:
I found a place online that is a 4 hour drive from here. It is going for $18,000 and so far it seems perfect for me and seems like the last move I would ever need to make in my lifetime. But, the lot rent is $530 and cost of utilities combined are a just little higher than I'd prefer. I have a few years left before I can get SS so it would be risky to go for it but it might be worth toughing it out until then. I could go through the whole mortgage BS or I could just cash in part of what is left of the 401k and pay cash. If I do that then obviously the lot rent would be my only major responsibility but the increase of the cost of the utilities makes me a little apprehensive.
So, my question is: With all of the information given, In your opinion, do you think I should risk cashing in most of my small 401k and go for it and pay the entire $18,000 forgoing a mortgage payment? It's been many years since I had a mortgage so am I forgetting any essential input of information to help me decide?
I am also a bit apprehensive about almost wiping out over half of what little is left of my 401k but then again, it might be worth it.
The home is open to view this weekend so any ideas to help me decide would be a tremendous help.
Submitted February 24, 2018 at 12:35PM by Animal40160 http://ift.tt/2EOEeg7
