Son's Illness need to sell or convert? Use IRA$$?

[Chris R.]

We were hit with a bit of bad luck this year. Our grown son became ill and we are the caretakers, looks like it maybe long term. I'm 64, plan was to retire in 6 yrs. Finances are screwed due to medical et al. Debt $33k, student loans $20k (don't ask) mortgage $312k $250k in IRA. Recent CMA on house $385K. Luckily I'm still employed, but spouse fulltime caretaker. I'm an estimator by trade, contractor on the side & property mananger for friends, wanted to invest in rental property.

If I sell it will pay off all debts, I'd have nothing left after commission but my IRA money. I realize I need more than what's in IRA to manage sick son & any kind of lifestyle.

Do I hold onto house, convert portion handicapped accessible apartment? (I believe once son's maxed out insurance he'd be eligible for medicaid & section 8 to pay rent on unit) Then use IRA to purchase income producing property, to further help?

Thanks