Dear MarketWatch, I’m 62, and working full time making $60,000 a year. I have $31,000 in liquid assets and another $10,000 in a Roth IRA. I owe about $200,000 on my home in Northern California, which worth $600,000. It will be more property and home than we can physically handle within the next six years.
The mortgage is $1,500 a month. My husband is retired on Social Security, bringing in $1,200 a month. We have no other debt. Our living expenses are around $4,000 a month. We love our forest life, and the peace and quiet of living on the edge of the wilderness. I could be ready for a smaller home, but the cost in California is prohibitive even at that. Both adult kids live in the area. What should we do? Ready for a Change ‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. Do you have a question about buying or selling a home? Do you want to know where your next move should be? Email Aarthi Swaminathan at TheBigMove@marketwatch.com.Dear Ready, Let’s do the math to see if it makes sense to sell or stay put. If you make $60,000 a year, your take-home in California is roughly $3,900 based on an ADP paycheck calculator. Your $4,000 monthly expenses eat up that amount, so you won’t have enough money to contribute towards your mortgage. That leaves your husband’s income of $1,500 going towards the mortgage payment or $1,200 a month. You als …