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Advice Needed: Best Way to Tap Equity from Paid-Off Home to Buy Another in Cash?

Hi all,

Looking for some financial advice. I own my current home outright (worth around $500K, purchased around $435k cash 2 years ago in Orlando) and am considering buying another home in cash for ~$350K.

Rather than selling my current home, I’d like to tap into its equity to fund the purchase. What would be the smartest way to access around $350K? From my research, I’m seeing a few options: • Cash-out refinance • HELOC • Home equity loan • Bridge loan • (Or maybe I’m missing a better option?)

I’d prefer to keep monthly payments manageable and ideally fixed, but I’m open to hearing pros/cons for each route—especially from people who’ve done something similar. Not planning to sell my current home anytime soon, and the new property would be a primary residence or possibly a long-term investment.

Any insights or personal experiences would be really appreciated!

Thanks in advance.

submitted by /u/Savorymoney
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1kpibdd/advice_needed_best_way_to_tap_equity_from_paidoff/
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