Home equity access
Hi Terry!
I am living on SS, was supplementing it with a part-time job which I lost so will run out of money and have to sell my home in seven months. My house is worth $300,000+, my mortgage is $240,000. Is there any way to access that equity?
Have a great day!
Terry Says
You could do a reverse mortgage, but realistically that doesn’t make sense. You won’t have enough money to keep the house maintained, pay for insurance etc if you don’t have another job.
Have you considered taking in a “boarder” — which lots of people did in the Depression. Maybe someone younger who could drive you to Dr. appointments, do shopping etc. Ask at your church so you don’t do this without references.
