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American Focus > Blog > Economy > I’m 72, rely solely on Social Security and have $77K in credit card debt. Should I sell my home to pay it off?
Economy

I’m 72, rely solely on Social Security and have $77K in credit card debt. Should I sell my home to pay it off?

Last updated: July 5, 2025 11:25 pm
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I’m 72, rely solely on Social Security and have K in credit card debt. Should I sell my home to pay it off?
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Christopher, a 72-year-old retiree, finds himself in a tough financial situation. With no retirement savings and relying solely on Social Security, he has accumulated $77,000 in credit card debt. This debt has left him with limited options and difficult decisions to make.

One of the bright spots in Christopher’s financial journey is that he owns a house with equity of around $350,000. He wants to leave this house to his adult children but is unsure whether it would be wiser to sell the house to pay off his debt and downsize or to simply ignore the debt for the remainder of his years.

According to a recent survey from AARP, nearly half of Americans aged 50 and older carry credit card debt from month to month, with 42% of those aged 65 to 74 in the same situation. The survey also reveals that many older adults feel financially insecure due to their credit card debt, often accrued from everyday expenses, vehicle and housing costs, and healthcare expenses.

Retirees like Christopher have various options for reducing debt, such as cutting expenses, using savings, working part-time, consolidating debt, negotiating better rates, utilizing insurance policies, or even considering a reverse mortgage. Seeking advice from a financial advisor can provide clarity on the best course of action.

In Christopher’s case, cutting expenses is challenging as most of his income goes towards healthcare and credit card payments. Ignoring the debt is not a practical solution as it could lead to financial distress and potential legal repercussions. With the equity in his house, Christopher faces the decision of selling the house to pay off debt or retaining it as an appreciating asset.

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One option for Christopher is to explore a reverse mortgage, allowing him to borrow against the equity in his home without affecting his credit rating. This could provide him with additional funds to cover expenses and potentially pay off his debt. However, careful consideration of the implications on his estate and benefits like Medicaid is essential.

Ultimately, whether Christopher chooses to sell the house, ignore the debt, or utilize a reverse mortgage, the value of his estate may be impacted. Planning for the future and seeking professional advice can help navigate these complex financial decisions. Moneywise offers actionable finance tips and news for individuals seeking to manage their finances effectively.

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