Retiree Christopher with $77K credit card debt considering selling home to pay off debt.

Christopher, a 72-year-old retiree, is in a tough spot with $77,000 in credit card debt and limited income. Many older Americans struggle with credit card debt, often due to everyday expenses. Retirees like Christopher have options to tackle debt, such as cutting expenses or considering a reverse mortgage.

Ignoring debt isn’t a solution for Christopher, who risks being hounded by debt collectors. With equity in his house, he must decide whether to sell and pay off debt or keep the appreciating asset. A reverse mortgage could provide a way to cover expenses without affecting his credit rating or Medicaid benefits.

Christopher’s decision on how to handle his debt will impact his estate’s value. Whether he sells the house now, ignores the debt, or borrows to pay it off, his children may end up without the house he wants to leave them. It’s crucial for retirees like Christopher to weigh their options carefully with financial advice.

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