A year ago, at 70, my husband decided to retire and live the life of leisure!! Since he worked straight commission all his life, we have no retirement and a bit of 401k as potential income. Straight commission is absolutely no-guarantee income.. we've definately had our ups and downs :=).. So many options we looked into.. selling this place (we've been here 35 years and the house is paid for).. What to do?? sell and retire to Fla, Ariz, Colo, or stay right here in western Pa?? When we moved here, my Mom was widowed and living alone in Fla.. We found a place that was perfect for all of us!! 4 bedrooms for our growing family, and a ground-floor area we converted to a mother-in-law suite.. bedroom, bath, full kitchen, living room with fireplace( pretty nice), plus an acre in the woods.. Fast forward 35 years, my mom passed away (2 years ago at 97!!), and now have a friend living there who pays us a monthly stipend...
If we sold, the proceeds would have to be used for a new mortgage and living expenses someplace else.. Our bottom line would have actually been less than if we stayed here.. So, we decided to commit to staying here, and against everyones advice, we got a reverse mortgage. Haven't dipped into it, but hope whatever that money earns in dividends will carry us along.. Have no idea if it was the right move, but for us, it seemed like the right way to proceed.. Only time will tell :=)
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