Right rear sound in Volvo 240DL

Hi, Started developing a sound in my '85 240DL. It appears to be from the right rear, a kind of groaning, low frequency, rumble? noise. The first time it happened, I pulled over, and swore that I could smell a burning odor from the right rear. I had my mechanic look at it, and he couldn't duplicate it, said it wasn't the brakes. It stopped for a bit, then restarted. It's intermittent. Could this be a wheel bearing problem? Can these bearings be repacked or need to be replaced? Approximate expense? Could it be anything else? Is it dangerous to be driving? Thanks.

Eric Van Denburg Chicago '85 240 DL, 220,000

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