Should or Shouldn't I

jtmm1960

4 yrs ago We got a great deal on our house, we have a 175,000 balance, realtor valued it at just over 400,000. we are both 54yrs old, we have about 45,000 debt. house is big with 3 living here, wife has extremely stress job. would it be wise to sell, find a home for 150,000. pay all debts, and live mortgage free, I'm retired. 2000 month income tax free. American dream is to have home with no mortgage. would this be a good idea.

JimmyTheWig

This is a UK site, but I guess some things are pretty universal.

What sort of place would you find for 150k? Would you be looking at the same area of the country or moving somewhere cheaper?

If you want to move to a cheaper area and the cheapness of the area isn't due to something that would cause you a problem (e.g. if it is an area with low employment prospects but you don't need jobs) then it sounds like a great plan.
If you are just looking at getting a smaller house in the same area then I would imagine it would be quite a big difference in house size. Could you cope with that?

jtmm1960

I didn't know this was UK site, I'm not to brite. there are 1000's of bank owned homes here and all over my state and country. finding a nice place would be the easy part, but seeing the wife 24/7 after 32 yrs of work, I'm sure things would be diffrent, for the most part when we argue it's mostly financial, that kind of would be solved with this idea. I guess what I'm asking, is debt free all what it's cracked up to be, 32 yrs your living a certain way, We've made it 32yrs being in debt, now could be debt free, quite a change