How to get out of debt, sell my house?
I’m 73 years old. Own my own home with an approximate value of $300,000 with a remaining mortgage of $120,000 @ 4.25 % interest. I have debt of $35,000. My income consists of social security, $2,500 net per month and part time income of approximately $1,200 month. That doubles during tax season. I would like to sell my 2 story home and move to a senior facility but don’t know if I can afford it.
How do I get out of my current debt and what would be my best option for future living situation.
This is a HUGE decision. If you stay in your home, you’ll need more income. Have you considered renting a room to a compatible person. (Be very careful, and perhaps go about this through your church or if you live near a college, you might consider renting rooms to students.) Even a younger, single person might provide not only some income but help around the house.
Yes, Plan B is to sell and move to a senior community. Did you read my recent article?
This would be a good time to visit one of these communities. They are very welcoming and will not only give you a tour, but invite you to stay for a meal. Take your time in making this decision.
Do you have a good friend who might consider moving to the same place?
Do you have adult children who could advise you?
If not, please write back and let me know how things are going!