Real Estate

Many people in Minnesota have such a great experience with multi-family homes. It's an amazing approach to creating some rental income and growing equity. You already had a great experience by turning your duplex into a profitable venture, so again investing in them could be a wise decision. However, I would advise you to closely consider all the prospective rewards and hazards of your investments this time. Make sure you grasp all the rent laws as well as the property tax laws.

You are in a fantastic financial position to buy that property with this strong income and no debt. I know it's very difficult to live in a rented apartment with a huge family. But buying that house for $720,000 is a fantastic deal, particularly considering a large down payment will help reduce monthly costs.
If you have the patience, wait for a favorable option that you are certain you will secure in the future. However, I advise you to act quickly, as the cost of real estate is constantly increasing. In the end, it only relies on your long-term goal and your level of readiness for the responsibility of homeownership.

That’s good you sold your house. According to you situation, you have two options:

Invest more money for your future financial stability and buy a comfortable house without a reverse mortgage. Invest some money and buy a big and nice house for yourself, but be very careful with the reverse mortgage.

Ultimately the choice is yours. Financial stability and peace of mind are at the top of the priority list. So I suggest it’s better to have a solid financial foundation than the comfort of a more luxurious residence.