I need cash Should I try a mortgage loan or move?

Q. I am 69 and a registered nurse. I haven’t worked for the past four years because employers think I’m old and too expensive for them. I’ve supported myself with my IRA, Social Security, and a small monthly pension. I have about $550,000 in equity in my home, but I have a $260,000 mortgage balance. I can’t refinance because my debt-to-GDP ratio is too high. I am desperate and discouraged. I am house rich but daily poor. Is there another way to access the equity, such as a reverse mortgage, or do I just have to move? I have no family to whom I can leave my estate.

A. We’re sorry you’re having a hard time with your finances.

In general, reverse mortgages may not be the most efficient way to access equity in your home, said Ken Van Leeuwen, a certified financial planner at Van Leeuwen & Company in Princeton.

“You mentioned moving to another state, but maybe that’s not necessary,” he said. “Have you considered selling your current home and possibly reducing it or renting it in the same neighbourhood? Perhaps you can get a very attractive price for the sale of your current home and rent something for the time being.”

If you’re selling your house for a high price, Van Leeuwen said you’d probably also buy high.

Renting may be a more viable option for maximizing your cash flow, assuming you can comfortably rent for a period of time until home prices fall again, which isn’t guaranteed, he said.

“Ultimately, you want to make sure you understand all of the underlying fees and charges for whatever option you choose,” he said.

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com’s weekly e-newsletter.

Note to readers: If you purchase something through one of our affiliate links, we may earn a commission.

This content was originally published here.


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