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Old 04-27-2010, 09:59 AM
Junior Member
 
Join Date: Apr 2010
Location: Washington/Snohomish USA
Posts: 1
Default Fix & Sell vs. Keep & Pay Off?

My situation:
House worth $700k+
Mortgage: 1st $97K
2nd $46k

Have $71k coming from sale of stock (by-laws force me to sell)
Have $26k in savings
House needs repairs: Roof $46k & another $20k if I am to sell
My age: 64

Houses my wife & nyself and invalid son-in-law, daughter & their 4 kids.

If I fix up and sell, my invalid son-in-law, daughter & kids are on the street.

I'm inclined to pay off the 1st upon sale of stock and pay off the 46k 2nd over following 2 years.

I can patch the roof for another 2 years, then work on house repair until I retire at maybe age 70. (I'm in good health with good income).

House is bigger than I need, but I like living in house & can't see putting my daughter & family into hardship (they have low income).

I have modest retirement funds upon retirement.

Advice? Fix and Sell or Keep and Pay Off?

You thoughts?
Thanks.
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