How to Finance Home Improvement Project
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 9 June 2021
⏱️ 12 minutes
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Summary
You need to finance a home improvement project yet most of your money is tied up in retirement accounts. Is there a good alternative?
Have a money question? Email us, ask jill [at] jill on money dot com.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money Podcast. It's Wednesday, June 9th. And we are here to take |
| 0:09.8 | the mystery out of your financial life. We are here to help you. Mark and I are both |
| 0:16.2 | certified financial planners. That means that we take this kind of big picture approach |
| 0:21.1 | to talking to you and listening to the things that are on your mind about your financial |
| 0:25.5 | lives. But we might ask you a lot of other very nosy questions. I, mostly because I'm |
| 0:30.6 | a voyeur, Mark, because he wants to get all the data and make sure we cover everything. |
| 0:35.8 | If you've got a question you'd like to ask us, just send us an email. Ask Jill at JillOnMoney.com. |
| 0:42.6 | Ask Jill at JillOnMoney.com. If you're on our website, if you're on the JillOnMoney.com |
| 0:47.3 | website, perhaps you're there, signing up for our free weekly newsletter, which comes |
| 0:51.4 | out every Friday. And Mark puts it together. And it's fantastic. If you're doing that, |
| 0:56.5 | then you're just a click away from sending us a question, hit the contact button. It's |
| 1:00.4 | in the upper right corner of the website. So do that. Don't forget to tell us if you'd |
| 1:05.7 | like to come on the air live with us. That is what Stephen did. Stephen is on the line |
| 1:10.7 | from Wisconsin. And we are delighted to talk to you. Stephen, how are you? What can we |
| 1:16.5 | do for you? I am very good. Thank you. So I own two homes. I have my primary home in |
| 1:23.7 | Wisconsin. And I have a second, a short-term vacation rental home in Colorado and a ski |
| 1:30.0 | town. Yes, my paradise. My dilemma is it's time to make some upgrades to the second |
| 1:37.8 | home. You start with one thing and it turns into a list of 20. So I need to get my hands |
| 1:44.6 | on some cash. My dilemma is I'm retired, which is not a dilemma. Obviously I'm 62. But getting |
| 1:52.2 | loans is kind of a challenge when you don't have guaranteed monthly income, which could |
| 1:56.5 | be another whole show for you and I to do together someday. Yeah. So my options are either |
| 2:01.7 | one refinance my primary home. I have a mortgage today of about $145,000 at a rate of 3.25. |
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