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Some Extra Planning Can Buy You Time

Ron Wynne on

There are happy and sad reasons that people sell their homes. These happy reasons can include moving closer to family, trading up or buying in a location you've always dreamed of. The sad reasons can include moving to assisted living, selling in probate or trust sale or divorce. Many negative reasons for selling are difficult to reverse and overcome. However, one that could be reversed is selling because you can no longer afford to keep your home.

These 15 ideas might help you hold onto your home:

1. Consolidate your high-interest debt and pay off credit cards with high interest by getting a fixed-rate mortgage secured by your home.

2. Consider a HELOC/home equity line of credit and pay interest only on the amount you are using.

3. Consider a reverse mortgage.

4. Consolidate your phone, internet and television services or give up your landline completely.

 

5. Stop using credit cards and only pay cash unless you absolutely need to buy something for your food, shelter and basic needs.

6. Use less gas by running errands all at once and avoiding unnecessary travel. Shop for the best deals on gas when possible.

7. Shop for the best deals for auto insurance. Also, shop around for the best deals on health insurance and fire coverage.

8. Reduce utility bills by shutting off lights when you leave the room.

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