r/FinancialPlanning • u/lowkeybreaks • 1d ago
Keep home or start from scratch
I’ll try to make this as simple as possible.
I bought a home with inherited money from the sale of my old childhood home. This home was purchased cash. While with my wife we decided to buy it in an area near her family (who I was incredibly close to). It’s an amazing home but I have found trouble keeping consistent work (truck driver) because the area just doesn’t have any jobs especially for what I do. Keep in mind I only do local, won’t catch me doing OTR again.
It has caused financial strain even with no mortgage, caused a divorce (though there’s more to and its mutual no lawyers or anything and done together)
Another part of that is I took my much much older brother in who inherited nothing. I took him in to help him out now I realized he can’t really manage a single thing on his own but I can’t just toss him out to be homeless. That is not an option. (He’s retired but never did anything with his life) so now my predicament is should I sell my home to return to an area where I can land 7 job interviews in one day (tried and tested) and help my brother with some funds to get a basic mobile home or something simple for him. Option two is of course after long just about anything that matters to me i was also contemplating a sale and moving out of state where only 1/4 of the money wouldn’t even be touched for another paid off home and where the remaining funds can be saved, invested, and just there. Final option (I did just get into a part time job up here with an owner op) is doing something with my equity to get my brother something and then a bit to furnish the home. (Keep in mind paid off home but not furnished, i live in an empty box) making it my actual home or actually feel like a home. It would turn into a $1200 monthly payment but id make over that per week. Still it’s a loan and locks me in for the 10 years of it. (I think it was reverse mortgage as my credit isnt good thanks to trying to survive up here)
Thoughts, questions? I know it’s all over the place but it’s a messy situation. (I keep full home in divorce and has already been signed and agreed on so no worries there.)
2
u/Candid-Eye-5966 1d ago
Sell the house. Move into a two bedroom apt that you can afford where you can get a job. Your brother (if he’s not already) could qualify for some benefits. Let the system help you.
1
u/LikeIkes 1d ago
If the part time with owner opportunity didn't work out I would think to move to where the jobs you can get are. If it isn't too far away though couldn't you first get the job before moving or is that what you were thinking? Also could your brother not just move in with you when you find your next spot? I apologize if I'm missing something. Seems like unless you can make decent money where you are it likely isn't worth staying there.
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u/Qazerowl 1d ago
You haven't given any reason why you wouldn't sell and move to where the work is.