Currently my mortgage and assessment exceed 60% of my income. Would it be wise to sell the condo and move back into my home? My issues would be safety and maintenance, but it is a no-brainer that my financial health would be greatly improved. I have limited equity in my condo due to refinancing for a lower rate.
Terry Says: Wait — you live in your condo but it’s not your home? I assume you mean moving back into your parents’ home. They have a “say” in this decision, too. I suggest you consult with them as they may be enjoying life without adult children at home. And if you do move back in, I would suggest a monthly “contribution” to their expense of at least 25 percent of your income!