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New mortgage - Debt consolidation

Hello, My partner and I have 2 adjoining pieces of property.

  • One is approx 40 acres with our home and completely paid off.
  • Second is approx 35 acres with a note of 150k and 20 years left. Worth around $600k. $1100 a month. 3% rate.

One problem is we've acquired some other debt. Medical bills, tractor, vehicles, small business loan, etc. Some of which extend out 8-9 years. Collectively, we make around 12k a month and we're just getting by. No extra money for savings, vacation. We also have a barn that's about to fall down and some issues with the house that need to be repaired.

Also, I'm 43 and my partner is 69. I feel like he should be living stress free and be able to do the travel he wants to. Also, if something were to happen to him ( or me for that matter), the other wouldn't be able to make the payments.

So...my suggestion is; taking out a new mortgage on the property that already has a note. Around 350k total. That would be 200k cash back . $2100 month This would pay off all of our debt, vehicles, medical etc. Fix the issues with the barn and the house. We would have thousands left a month that could be paid toward principal if we wanted, or vacation etc.

He is against it and wants to continue paying off the debt the way we are. I agree this is the best way to do it, but I feel with his age, let's go for it and live some life while we can. I will deal with the higher interest rate and longer duration on the note if he's gone...or vice-versa.

Looking for educated or experienced opinions, please. In either direction. Thanks!

submitted by /u/PomeloPuzzleheaded91
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/18r6gxm/new_mortgage_debt_consolidation/
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