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Do or Don't: Sell Your Home for Retirement

May 25, 2017

Changing from a successful career to retirement also alters your plans for the future.  Whether you want to see the world or need extra monetary support, you will want to look at alternative means to receive support.  Many will turn to pension as a basic means to receive assistance for their retirement.  However, you can also look at other assets that can provide you with assistance with your finances.  Do or don’t: sell your home for retirement.  This is a question that many consider when looking at their retirement years.  

 

Do or don’t: sell your home for retirement comes with many personal and financial considerations.  If you sell your home, then you will receive a lump sum of money from the equity you have on the home.  This is often valued higher than what you originally bought the home for, specifically because of appreciation of the neighborhood and upgrades you have made to the home.  You will want to calculate what you will receive with an offering to determine if it is effective for retirement money.  You will also want to look at how this will equate to finding a different home or property for retirement.  

 

The considerations with do or don’t: sell your home for retirement extend to different options with maintaining your home.  If you own your property, then you will be able to maintain your expenses with pension.  For those that are maintaining a specific lifestyle, this will provide support for the monetary needs that they have.  It is also possible to look at how this will impact care you may need in relation to other forms of income.  If you have pension as well as other sources of income from your career, then it may change your options to sell your home.  

 

Other options are available when you are considering whether to do or don’t: sell your home for retirement.  You will notice that there are alternative programs for financing that will assist you during retirement.  For instance, a reverse mortgage can provide you with a medium between selling or keeping your home.  The reverse mortgage allows you to sell your mortgage back but maintain your property.  This will give you a lump sum from the equity you own on the home.  After you move or sell, the payment will be returned to the reverse mortgage, allowing you to maintain your home while liquidating the assets you own.  

 

Find the best solution for your retirement years and the extra financing that you need.  Do or don’t: sell your home for retirement.  This question is one that you will want to carefully consider for your lifestyle and the next phase of your life.  Understanding the different packages and looking at the outcome financially and for your lifestyle can help you to find the best options, creating comfort in financing after the age of 65.   

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