Question:

I’m 63 and started receiving Social Security early. After my father passed in 2001, he left me $100,000 as an inheritance for my retirement. I met a man from Jordan online and ended up sending him money. I even worked double shifts to support us. He expressed his love right after learning about my inheritance. When I traveled to Jordan, we got married, and I helped him with his visa and citizenship. He mentioned that as my husband, he needed access to the money, and honestly, I did as well. He was the only person in my life at that point. But after almost two years of marriage, he cheated on me and left me in financial ruin.

Now, I need a hip replacement. My current boyfriend is 73, and I worry he won’t be around much longer. I still have a house with about $48,000 owed on it and only receive $800 a month from Social Security. I’m really anxious about my finances and don’t know what to do next. I really don’t want to end up homeless, but I feel so lost.

Answer:

This is truly a tough situation, but there’s a glimmer of hope, and professionals are available to assist you. Nick Hamilton from Alliant Retirement and Investment Services points out that “financial vulnerability can be amplified by mental and physical challenges.” The first step would be to reach out to a certified financial counselor or a nonprofit credit counseling agency. They can help you assess your financial situation and explore options like mortgage assistance, benefits programs, and debt relief.

It might also be wise to consider social services available for seniors and individuals with disabilities. Programs like Supplemental Security Income (SSI), Medicaid, and local housing assistance could provide some relief. Hamilton clarifies that while SSI is often confused with Social Security Income, it’s actually a needs-based program that doesn’t require a work history, unlike Social Security Income. If your income and assets fall below certain limits, you might even qualify for both SSI and Social Security at the same time.

Considering your limited income, your mortgage seems to be the biggest concern. “It’s critical to contact a HUD-certified housing counselor immediately to discuss hardship and refinance options. There are programs available that may help reduce or defer payments for seniors. Additionally, it’s important to talk to your doctor and local senior services about coverage and potential assistance for your hip surgery. Improving your health can significantly impact your financial situation,” advises Aaron Sarksena, CEO of Capital.

If eligible, you could also look into property tax relief and utility assistance programs, which can help ease your monthly expenses. “Though it can be challenging to navigate these resources alone, a trusted professional can help prioritize immediate needs like housing and healthcare while devising a long-term financial plan,” Hamilton suggests.

There are also certified financial planners who offer free services through organizations like the Financial Planning Association and Financial Planning Foundation. You might want to reach out to Savvy Ladies, a nonprofit providing complimentary financial advice, or check out AdvisorsGiveBack.org for pro bono assistance. Mark Struthers from Sona Wealth Advisors cautions, “While these options are helpful, they might not be enough for complex financial situations.”

Emotional support is equally vital. “Financial stress can be isolating, so connecting with community groups like senior centers or faith-based organizations can bring relief,” Hamilton adds. Crisis Text Line is an excellent resource for anyone dealing with financial anxieties.

The question has been edited for clarity and brevity. By sending a question to The Advisor, you consent to its anonymous publication.