By Terry Savage on January 12, 2024 | Financial Planning / Retirement

I messed up. My realtor friends said my house would sell in a minute. I bought another house- I rented first house out for awhile to cover costs. FInally sold it at a Much lower price than predicted. I now have a mortgage of 225,000, but did Not have a mortgage before. I am 76, work part time . What can I do to get rid of the mortgage? sell this house. go into much smaller lodgings. help.

Terry Says

Oh, that’s a terrible situation. You need some new realtor friends. Interest rates are dropping now, and so are mortgage rates. So you need to do two things:
First, look around at senior living opportunities. Not advising upfront deposits — but just senior living communities.
Also check to see if — based on your income — you qualify for a senior subsidy on rent.
Check this link for resources if you live in Illinois.

The second thing is to find a NEW realtor! Ask about the value of your home in the current market. Maybe you can still get some equity out of it, after paying off the mortgage.

And finally, I suspect you need a bit of financial guidance. You can start off by contacting the National Foundation for Credit Counseling. Call 800-388-2227 to be connected to the nearest local agency. They can help go over your budget– either with or without a sale of the current home — and you can trust their advice!

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