should we buy or rent in our 50’s
my husband and i are in our early 50's and neither of us are in stellar health, he has diabetes and I have a other health issues. He really wants to buy a mobile home, but in our area, so few are truly cheap, (i.e. under $80,000). I'm nervous about buying, as his health isn't good and we're mostly on my income. I have a decent income, considering I don't have a college education, but it's not a lot. I do get decent bonuses, so i"d say with bonuses I make $30-35,000 a year. We really want to be settled, we've been sharing a home with family for way too long.
Terry Says
I can understand your desire to live independently, but I also understand your concern about taking on too much financial responsibility since you have to carry the weight of your expense on your income. I'm quite sure you've examined all possible benefits for which he might qualify, including low income vouchers to move to an apartment near your family. But it's worth consulting your state agency for seniors and the disabled to see if you've overlooked any benefits. Renting gives you freedom to adjust to life's changing circumstances. And if you're just getting by now, I'm not sure you could qualify for a loan to buy a mobile home. So check out the local possibilities, before making this important decision.
