I am receiving social security/disability. I owe 64,000 on my home, I have 63,00 in my 401(k), should I pay my house down with part of those funds?
with some of that order to keep it> I am currently getting help from Indiana hardest hit program. What should I do. Or does it make sense to file for bankruptcy to keep my home and car?. My medicine takes up quite a bit of my Social Security payment each month. I don't want to lose my home.
Answers | 2
A reverse mortgage may pay off the mortgage if their is enough equity in the home.
More importantly is to live within your means. With $63K in a 401(k). Can that be moved into a self directed 401(k)? If yes, most any Investment Manager could double it to $126K in 7 years or less. You may also be able to borrow against the 401(k), if you are not eligible to receive the funds without penalties.-Doing this while growing the 401(k) may work. Keep in mind that most 401(k) administrators will put your funds in a money market account or other low yielding investment when you borrow against it.
Medicaid or Medicare part D may help lower your medication costs.
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Its not what you make, it's what you keep that determines your lifestyle.