My husband and I wondered if a senior living situation would work for her. I have been afraid that she’d run out of money – she has no savings at all, didn’t work much so her Soc. Sec. is very low (which she can’t even get yet)and only has her house, which I think is worth 150-175K. But I am certainly not opposed to having her in a senior apartment situation. I just don’t want her to run out of money in a few years. She’s only 60, but hasn’t been very successful at taking care of herself.
I have never heard of the trade idea, but it sounds interesting…
We have talked about renting out our place and renting a bigger place, but I think we’d be in the hole 500-700 dollars a month (because our mortage is way more than what we could rent it for). However, the 500ish a month is probably less than what she would need to live on in senior apts and could be taken from the proceeds of her home. We aren’t attached to our home, so selling it at a loss now or holding onto it in the longterm is more financially driven. So that’s why I am wondering what kind of price drops seems to be necessary to get a place (in decent condition) sold. I am happy to talk to a RE agent around here, but I’m afraid that they are in denial about how things need to be priced and I need solid info. to make a good decision.
