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My mother in law who is 63 retired about a year ago and moved to NM for a year to live with her son. Now she has decided to move back to Houston and wants to purchase a house because she is afraid if she rents that she will eventually will run out of money. She sold her prior home (which was paid for) before she moved. She has about $95K in a mutual fund with her old employer where I told her to leave it for now. SS is around $1100 per month. She also has the cash from the sale of around $20K. My gut feeling is that she should rent and live off the SS plus taking a little out of the fund each month. This could give her a comfortable living and keep the money available to gain some income. I just don't like seeing her putting all her money in a house and then have no cash left.
Thanks for the advice in advance.
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