Hey all, I am looking for guidance to help my partner and I get our finances and whatnot in line. Specifically, I am looking for advice on disability, debt and getting old.
Both in mid 50s, my partner is disabled and will never work again. I work on contract for one place, but it is piece work and my ability to work is being degraded by medical issues, which means I will probably be disabled soon. Current household income is about $65k. I have some credit card debt (about 15K in total) partner has some too, but less.
On the upside, we bought a house several years ago for $450k that is now worth at least double that, and we have about $320K left on mortgage. It also has rental space that cover some, but not all of the mortgage. We have no significant savings or 401Ks.
So, I want to see how we can see about getting our finances in a better place for the long run, so we can make what we have work best for us.
A few things we have looked into:
- I can't handle a full-time job or more work. As I said, increasing medical issues.
- We can't do a HELOC or 2nd mortgage because our income is low and getting lower. I've tried several places but the general reply was "get a job and come back in a few months".
- We have considered selling and moving somewhere cheaper, but partner really does not want to sell the house, regards it as "our retirement income".
- I would be fine paying for advice from a professional or the like, as long as they are experienced in our kind of situation.
Thoughts?
original posted by TheSweetSmellofDogs to r/personalfinance on Thu, 28 Mar 2024 15:53:10 GMT.