New to the idea of real estate investing need advice

[Retha Sparks]

Hi, I'm new to the forum and need help with a decision.  Since I don't know what I'm doing, I'm not sure what to ask and how to make this happen, but, a little about myself first:  I just turned 50.  I'm a cancer survivor (diagnosed 2009).          I'm a tornado survivor (2012).  I know what it's like to loose everything, but I'm still here.  I've been dumb with my finances though.  Me and my hubby both have student loans to pay and right now, he's the only one working.  He makes a decent salary (enough to keep us above the water), but I know there's a better way to secure a great retirement.

I've always dreamed of being a real estate investor, but never had to nerves to go through with it.  I'm 50 now and I've looked back on my life with regret that I never did what I dreamed, so my first question now is:  "Am I too old to try to become a real estate investor?"

This is my current situation:  Me and my hubby own a two story home in a subdivision.  We bought it with a disaster loan from the SBA after the tornado (1.8% interest/30yrs).  We've been here 6 1/2 yrs.  We paid $169,000 for it and homes around us have been selling for $200k -$225k.  We owe $132k on it.  The SBA stipulates that we cannot rent or lease our home while in this loan.  Should we refinance and rent this house out or just sell it?  They are building another subdivision on the backside of ours with 100 homes, that we are told, will be of a lower value and we are afraid that they will drive the value of our area down.  We are moving out either way.  Just need to know which is the best route.

Thanks