First,since you’re both retired you will have a hard time refinancing. This is the moment to have a serious discussion about your entire financial situation. Maintaining this home is not going to get easier. You will have to spend more money. And if you live in Illinois, your property taxes are going UP! For sure!
Do you have an independent FIDUCIARY financial advisor to discuss your entire situation — whether to stay or go, how/if you will invest and withdraw money so you don’t run out, cost of Medicare and supplements, and an estate plan. If not go to www.Wealthramp.com to find a FIDUCIARY who will put your interests first and only charge a fully-disclosed fee. Or if you are in Chicago, send me an email at Terry@TerrySavage.com and I’ll give you a couple of names.