Posted on: 15th Jul, 2010 04:45 pm
in this economy would it be good for a retiree and wife to sell there homr in order to get out of debt, Pay off credit card and equity line of credit. We have another home in another state that is paid for free and clear, but would need some remodeling to live in.
Hi decoratorjr,
If you do not want to keep the said property, then you can sell it off and use the sale proceeds towards paying off the credit card bills, equity line of credit and other dues. As far as the improvement on the other property is concerned, you can take out a reverse mortgage on that property and improve your home.
If you do not want to keep the said property, then you can sell it off and use the sale proceeds towards paying off the credit card bills, equity line of credit and other dues. As far as the improvement on the other property is concerned, you can take out a reverse mortgage on that property and improve your home.