I had three major life events happen over the past year that have left me fucked up, confused, and weirdly elated.
Almost exactly 1 year ago I bought my first house at 33 y/o for 850k, 300k down payment w/ 6.25% interest over 30. I had been saving for a long time and it was a big moment for me, fell in love with the house and was making a decent living so the high interest didn’t scare me off.
Soon after, I was diagnosed with a chronic illness that could potentially leave me unable to work any kind of physical or stressful job for the rest of my life. Currently, I have the energy to manage 10 hours a week remotely if I needed to.
It’s been a horrifying shit show and I don’t want to go into much more detail, but I’ve been out of work ever since and my savings has been dwindling. I have enough to last a few more years under these circumstances. Dark times.
Then about a month ago I was shocked to find out a distant relative who passed away left me with what will be around 2 million after taxes. Very sad, but thank Jebus!
My first thought is that I should pay off the house and invest the rest in reputable mutual funds, living off the interest. Or perhaps investing the whole thing and slowly paying off the mortgage with gains. I would like to keep the house if it’s at all feasible.
I’m currently weighing all options on how to proceed with worst case scenario in mind and have a meeting with a good financial advisor set up, but I would like to hear any advice ya’ll might have if you were in my shoes.
TLDR: Have a 850k house with 300k down @ 6.25%. Got sick @ 34, may never be able to work again. Inherited 2 million. What do?
Submitted May 28, 2024 at 10:39PM by Smart-Body-7218 https://ift.tt/hV2M5yp
