Should We Sell Our Home?

brianj1965

My wife and I are 53/59 yrs old. We have $0 savings and retirement. We have over $32k in debts excluding our home. Our household income is $140k. Several agents have inquired with us to sell our home. We owe $71k on our home and they are offering $170k. Should we sell our home to become debt free?

EssexHebridean

Based on the figures you state above, definitely not - but of course that's only a fraction of the story, You might do better on a site based in your home country though as there will be ,limits on the advice we can give here in the UK.

Essentially though your total debt is a fraction of your annual income.
- Set a proper budget, cut out fripperies, stick to budget.
- overpay on debts.
- Keep your home, and be debt free (barring the mortgage) anyway after a relatively short time.
- Throw every spare penny at getting shot of the mortgage if you are allowed to do this.

Silver_Queen

Your household income is very high. Is there any reason you can't have a frugal year and pay off the money? Including mortgage you owe less than one year's salary.