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. 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 Answered question September 26, 2023

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