Clearing your mortage debt wouldn't be a bad idea.
You could also sell the condo for $105K but ask for a large deposit (say $11K) and a long close (e.g. 1 year). Then ask for 20% down and 80% VTB. This would give you $21K at close ($11K deposit + $10K at close). With the 80% VTB offer a variable 5-yr term open 25-yr amort mortgage @ 3%. This would put approximately $400 into your pocket every month.
If at any time the buyer defaults on payment you can do a power of sale or take the property back in your name.
If the buyer doesn't default then enjoy the $21K and $400 per month for the years to come.
Since this is not your primary residence the amounts will be taxable of course.
You could also sell the condo for $105K but ask for a large deposit (say $11K) and a long close (e.g. 1 year). Then ask for 20% down and 80% VTB. This would give you $21K at close ($11K deposit + $10K at close). With the 80% VTB offer a variable 5-yr term open 25-yr amort mortgage @ 3%. This would put approximately $400 into your pocket every month.
If at any time the buyer defaults on payment you can do a power of sale or take the property back in your name.
If the buyer doesn't default then enjoy the $21K and $400 per month for the years to come.
Since this is not your primary residence the amounts will be taxable of course.