Wish we all could see the future! Will be 70 later this year. Still working part time, started collecting SS at FRA. Divorced long ago, never really recovered financially. Work recently started a 401k but if I decide to completely stop working end of next year I'll only have contributed 3 years even though I'm putting a lot in.
My dilemma is stay in my house (not paid off) or next year sell and buy a manufactured home in a nice park (I'm not in Florida or in a warm state so not expensive lot rent). Lot rent is about the same amount as mortgage payment. I've replaced every big ticket item. The driveway is in bad shape and that would be a lot of money to get new. I'd like to sell while it still has value and pay cash for the manufactured home and that way have extra money for emergencies. I know a lot of people whose parents stayed in their homes well into their 90s, but relied on adult children to check on them and take care of them. I only have one adult child and would not want to rely on him.
My main reasoning is if something happened to me and I had to go into a nursing home which Medicare does not cover. If I had to go on Medicaid eventually they would get my house once I was passed. I'd rather access that money now. A new or almost new manufactured home that I'm interested in are around 100k. But then I think will I still be in good shape in 10 years when I'm 80 and can live on my own? My brother does and he has a 2600 sq ft home on 3/4 acre. My house is my biggest asset and I would like to tap into it, reverse mortgage does not sound like something that I would want.
Anyone else go through anything like this as far as wanting to downsize? Though actually a manufactured home would be about the same size as the house I have now it would just be new.