The Question
My spouse passed away in 2022 unexpected. My question is we have rental property. The residential home has a mortgage on it of $157,000.It is in a good rental area.The orther house is rented but no mortgage. Should I sell the rented house to pay off the house with the mortgage. Thank you. LoriMy spouse passed away in 2022 unexpected. My question is we have rental property. The residential home has a mortgage on it of $157,000.It is in a good rental area.The orther house is rented but no mortgage. Should I sell the rented house to pay off the house with the mortgage. Thank you. Lori
Hi Lori-
Sorry about the passing of your husband.
To answer your questions-It all depends on your cash flow, your needs, and are you comfortable managing the rental yourself?
If you sold the rental ( without a mortgage) to pay off your home mortgage- yes, you could be debt free.
-Would there be excess cash after paying off the debt? If so, do you have specific plans for it and can it generate income for you?
-Yet you would lose the income that is coming in monthly. Is the income needed?
Sorry to be vague, but there is a lot going on here.
Paul
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