Retired: staying in same home and pay off credit cards?

by Joanne
(Florida, USA)

Hi All: I have lived in this home for 25 years.

Now my son lives 4 hours away, daughter 3 hours away, driving, and I have one son staying with us. He is a terrific adult.

Anyhow, I have c. cards that I used for lawyers and don't use unless emergency. I live a quiet life and like it after 3 kids. well, in one year I will have to do something to payoff these cards prior to interest starting. Some tell me refinance house. I tried they want all kinds of electricians, plummers ect to inspect this house first at my cost. My son says to sell it. But I am so comfortable.

Is it old age that makes me just want to continue to live here. Or should I sell and loose money, my husband is working here in WPB and is 8 years younger than me.

I am in good health and that is my blessing. My kids are in good shape except my daughter who is grown and lives in a group home now and is fairly happy.

But these credit cards don't bother me because no interest now. Maybe I should go through a credit union, lower interest, but a lot more paper work.

Any ideas about c. cards besides stay away from them?

Comments for Retired: staying in same home and pay off credit cards?

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Credit Card Debt
by: Joe C., Retired Credit Couselor

Your wise to look at options on how to handle credit card debt before the interest fees kick in. Depending on your budget and the total balance, you might have several options:

One option:

1. Update your budget.

2. If you can, start paying them off before they come due.

3. Try the snowball pay-down strategy.
Identify the cards with the lowest rate, and make minimum payments on these cards. Make as large of a payment on the highest rate card and once that one is paid off, start making as large of a payment as possible on the next highest rate credit card. Continue the process until all cards are paid off.

4. Do not incur any new credit card debt.

For other options, speak to credit counselors at your credit union.

Be proactive!!
Staying in same home and pay off credit cards
by: Yvonne in Lavon TX

An inspector might be a blessing in disguise. After 25 years there are going to be issues. If you truly want to stay in the home, you should consider doing the inspection, making repairs and updates and paying off the credit cards. The interest is deductible and the improvements could be life saving.

Is your son's opinion based on the condition of the home?

Have you looked at comparable homes to see what they would cost?

Have a realtor come to give you a market analysis to see what your home is worth, as well as give you suggestions as to what you would need to do in order to sell it. (Free).

I am not a realtor or a banker, just a retiree interested in the real estate market.
Staying in home?
by: Elna Nugent, Lenox, MA

Dear Staying in same Home:

I am widowed and live in a house that is really too big for me to take care of and keep up. Recently had to put in new windows and roof etc.

When it comes to credit cards, i have had to "finally learn" to pay them off immediately so I owe nothing which makes me "feel" very well off financially when I am "just comfortable". If I bought a new car I would be in your situation.

My three sons and daughter nearby are not anxious for me to sell the house they grew up in .They know I would have much less work if I were in a condo or assisted living home.

But I love my house that looks out on quiet mountains and hills and the woods out back where all kind of animals come to visit. I am near city facilities and markets . Frankly, I wouldn't give it up for the world.

So I say "Stay where you are, pay off your credit cards and live free. Making big life changes at our age is never easy if you are operating on your own.

Blessings.
Credit cards
by: Nancy

I usually don't like to give advice, but since you asked.... You love your home, are comfortable, and your husband is still working, so stay if you want to.

About the credit cards, most banks have financial advisors who are free. Our financial advisor gave us good advice on how to manage our money and pay off credit cards. Now we have no debt.

Sounds like the rest of your retirement is going well, and your kids are doing well.

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