Ask Terry Questions Finances after a personal disaster

Finances after a personal disaster

By Terry Savage on October 13, 2019 | Housing / Real Estate

Our daughter had cancer. She had a hard time getting disability. When she finally did she had less than a year to live. Unfortunately she needed chemo, brain surgery and radiation. All of the facilities would not treat her without payment. My husband and I took out our retirement to pay for her. Honestly, I’d do it again if I could. She was a great kid. Anyway when the funds kicked in we told her that since there was nothing more they could it was time to make memories. Six of us went to Disney with her and her son. All the monies left over has been put away for her son and college. That was her dream he would go to a good college. We have a home that has reversed its purpose. We now owe more than it’s worth. We want to move closer to her little man but don’t know what to do. Is there anything out there for us? Please even if you just say no, it’s an answer

Terry Says

Whew, what a story! I am so sorry for your loss –and for all you went through.  It’s hard for me to help point you to the future without knowing a lot more. I think the best kind of counseling you could get is through the National Foundation for Credit Counseling.  Call them at 800-388-2227 to get connected to the nearest local office.  You can trust them completely, and it’s free or very low cost.

Here’s the issue.  You don’t want to just “walk away” from the house, even though you want to move away.  Doing so would ruin your credit, making it hard for you to rent near your grandson.  So you need to get the issue of this house resolved in a good way.

That’s the financial side of this story.  But I urge you to think twice before moving out to where he is going to college. Remember,that will be only for four years.  And you never know where he will settle after college.  So make your decision about “downsizing” based on what’s best for you in your retirement years.



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