So my husband and I (both 57) have no children together or otherwise. Together we make about $50 gross, in MN and have no debt besides our condo. I sold my townhouse after we were married 5 years ago and moved into my husbands’ condo. He lived up the bachelor life prior to meeting me and refinanced the condo several times through the years to afford it and ended up owing more than it was worth – but it is still very affordable and cheaper than an apartment even with the association dues. Because he didnt move/sell or lose his condo and because we moved here when we got married it has now moved the other way. Our original goal was to pay off the condo as soon as we could. But then, it occurred to me that if we stay here for the duration, and pay off the condo, we have just given the bank our money with nobody to pass it on to. Yes, we could donate it or whatever, but because we are lower income, we could use that money when we retire in 10 – 12 years. Im wondering if we are one of the few that should actually be doing a REVERSE mortgage? Or perhaps we should refinance again for 30 years at 1.8 – 2.8% interest and live with a $200 house payment (plus association cost of course). Or maybe we should sell it and move to an apartment and live off of the condo profits (which would probably be about 40k at this point). Should be still continue to make double payments? Our situation is so uncommon. Ugh, What do you guys think is the best way to go?
