Hello, I'm a middle-aged single person on fixed income living in a condo in U.S. that is worth about 180K. HOA (assoc) fees are about $500 a month.
Property taxes + HOA fees are eating me alive.
However, have substantial savings ($480,000 +) due to an inheritance. Am on a fixed income (disability).
I calculated that my income is about $551 a month lower than my expenses. This equals to a loss of about $6624 a year.
If I stay here, I'll have lost almost $100K by the time I reach age 62. (thinking of age 62 as magic age to be eligible for a reverse mortgage) So by age 62, I'll have <$400K left. By age 80, will have a little over $250K left in savings
I know this is ridiculous to be calculating to the last dollar, because there is no way of knowing how much further my health will decline.
I know my choice is to stay or to move. The only thing tying me to this state is my wonderful Dr and others on my health team. The property taxes/cost of living are high in the city I'm living in. But it is too scary to move, thin social supports outside of health care team.
Just wondering if you are in my shoes, what would you do?
I know this forum deals mainly with finances but interested in feedback on moving, stress of such and balancing different factors when making such a big decision.
What is the difficulty right now is not being able to deal w/ moving stress / unfamiliarity alone; at the same time I know I'm being drained.
Would reverse mortgage help me @ age 62 if in worse financial position than if I stay put?
Thx for any feedback
PS. Where I am living is not very healthy but can't find a healthier place in my budget (long story)
Edit: The HOA prohibits renters for less than 1 year lease. I have most of savings in stock mutual funds currently
Property taxes + HOA fees are eating me alive.
However, have substantial savings ($480,000 +) due to an inheritance. Am on a fixed income (disability).
I calculated that my income is about $551 a month lower than my expenses. This equals to a loss of about $6624 a year.
If I stay here, I'll have lost almost $100K by the time I reach age 62. (thinking of age 62 as magic age to be eligible for a reverse mortgage) So by age 62, I'll have <$400K left. By age 80, will have a little over $250K left in savings
I know this is ridiculous to be calculating to the last dollar, because there is no way of knowing how much further my health will decline.
I know my choice is to stay or to move. The only thing tying me to this state is my wonderful Dr and others on my health team. The property taxes/cost of living are high in the city I'm living in. But it is too scary to move, thin social supports outside of health care team.
Just wondering if you are in my shoes, what would you do?
I know this forum deals mainly with finances but interested in feedback on moving, stress of such and balancing different factors when making such a big decision.
What is the difficulty right now is not being able to deal w/ moving stress / unfamiliarity alone; at the same time I know I'm being drained.
Would reverse mortgage help me @ age 62 if in worse financial position than if I stay put?
Thx for any feedback
PS. Where I am living is not very healthy but can't find a healthier place in my budget (long story)
Edit: The HOA prohibits renters for less than 1 year lease. I have most of savings in stock mutual funds currently
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