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should we use annuity for home repairs

No you can't get financial advise here; rather I would say you would be well advised not to. Most of us are up to snuff on caregiving, but not on financial stuff.

BarbBrooklyn who posts here often recommends bogleheads.org/forum.
They specialize in financial advice.

What you WILL need to do, on ANY Forum you participate in is tell a bit more about the subject. We don't live with you. We don't know your assets, your monthly finances, your debts, your savings and etc.

You might also consider seeing a CPA for an hour of advice. While helpful it would be a bit more costly than other suggestions.

So for instance you would write us something like "My wife and I are 73 and 85 respectively. Our monthly income from SS is too small to cover home repairs we need at this time. We have some money available to us from annuities, IRAs, or Savings accounts. The repairs will cost us ______ blah blah". What I am saying is that the more information you provide the more information you will get back.

Finally, do know, that there comes a time, in aging, when the repairs on an old place become onerous. We are 81 and 83. Our building was built in 1879, not too long after the Civil War if you get my meaning. It's OLD. And it is a two flat in which we rent out the lower and live in the upper half. So we are soon facing decisions. When are the repairs too hard for us, or too costly and difficult to get done. How long can we do the stairs. And etc. At SOME POIINT it is good to sell an older place, bank the proceeds of the sale, and either rent, go into Assisted Living, or get a small ground floor condo.

All of this aging stuff takes a ton of thought after gathering all your information.
Good luck to you.
Whoops, just see your answer from Barb below! I told you she loves that Forum. Again, good luck.
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