Advise with Real Estate Inheritance

Ducati

Well-Known Member
Greetings my Christian Friends.
On New Years Eve my wife's 92 year old grandmother passed away - the most kindest gracious person I think I have ever known. She was born and raised in Belgium during WW2 (oh the stories of Nazi war plains flying over head they could tell). Her and her husband came to America in the early 60's. :salute There only down fall was......Jehovah Witnesses - :(. I never thought I'd ever thank God for a "Jehovah Witness". :stinkerbell

Anyway, of all the Witnesses in this woman's life over the years - she chooses to leave me (a non-Witness) her estate and soul executive power of attorney of her Will. She had no money to speak of just a nice house 100 yards from the Atlantic Ocean here in Florida. :hot - a blessing with a headache. This is were my needing advice comes in.

The house "was" free and clear up till about 2 years ago when she put a Reverse Mortgage on it to help her out with some financial stuff she had gotten herself into. The house can be but on the market for $210k - the reverse mortgage that's due $135k. My wife and I rent and we have never been in a position to buy...till know. The house is really to small for us and all our junk and would require at lease $50k to renovate. Any option I choose to make will take us out of a $1425 rent to a mortgage of ownership at around a $1000. I'm thinking on selling the house - take the profit and buy a house, one not needing a ton of renovations. I have family telling me to refinance the house - pay off the RM - move in - and in one year already have $70k+ in tax free equity. For all practical financial profiting stand points I know that's the better/smarter way to go...but not always the one that works. Renting the house out would just create too many headaches and more added stress that I don't need and especially my wife. Actually,my decision must be made with her needs and health condition at the forefront. (See "Hysterectomy Aftermath" thread) :gaah My wife already carry's so much on her plate and losing her grandmother has only added to an already heavy load.

My brother-in-law is a Watson Realtor and a big help in all this - the only thing is most advise I'm getting from people is on the money side....how to make the most and profit. I get it and I do understand - but there are other factors involved. I'm trusting God and not leaning on my own understanding.

Thanks for reading. :coffee:snoopy


 

Tall Timbers

Imperfect but forgiven
I council my kids to keep their lives as simple as possible. The more complicated things get the easier it is to stray from God. I just thought you might consider that while praying over this issue. In some ways this situation acts as a complicator, but could also become an "uncomplicator" depending on how things go. :pray
 

RobinB

Well-Known Member
I can see both sides; keeping it for awhile or selling now. I don't believe you can rent it out (unless you refinance first, which has its own costs.) If the house will be a burden for you, you may want to sell and start afresh for your own home.
 

Ducati

Well-Known Member
Thank you everyone.:thankyou
Personally , I'm leaning more towards selling out right and using what ever equity that's there to cover down payment and closing costs on something else. Praying no ugly surprises creep into the picture. I cant see renovating and my wife still feeling at peace living there. She feels a sense of obligation to grandma to keep the house. Her emotions, I feel ,are clouding sound rational judgement.

"All things work together for our good...." :amen
 
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