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Can Your House Fund Your Retirement?

June 6, 2017

For many, retirement indicates the golden years of life.  It provides a time for rest and relaxation, fulfilling a bucket list and enjoying new experiences without the worry of a career.  However, not having a job also means that extra funding is required to support the next few years.  While pension is a starting point for monetary support, it often limits what is available for funding.  Can your house fund your retirement?  There are specific approaches you can use to ensure that it offers more options for funding.  


There are several advantages to using assets for funding that you need.  Can your house fund your retirement?  You can easily look at the amount of equity that you have on your home.  You will also want to calculate the current market value and the changes that have been made in the home.  An appraisal for your home offers an estimate of how much you can receive in return for a home sale, specifically to assist with retirement funding.  


While the general calculations can offer estimates on funding, you will want to look at other relationships to monetary value.  Can your house fund your retirement?  You will want to consider how much money you may need for care, housing and travel.  If you decide to sell your home, then you will need to change your lifestyle and consider a different place to stay.  You will also need to look at the retirement options that are related to other forms of funding that you may need.  This will assist with determining your best options in retirement.  


Can your house fund your retirement?  You will want to look at other programs and opportunities that are available.  For instance, a reverse mortgage is able to cut back on expenses while providing you with a return on your home assets.  You can place a mortgage on your home based on the equity and current market value that you have.  It is also possible to add this in with maintaining your home, allowing you to have a lump sum of money while maintaining your lifestyle.  


If you are interested in changing your retirement needs, then looking at monetary possibilities can assist you with your next move.  Can your house fund your retirement?  There are specific approaches available, each which will offer more possibilities to provide monetary support for your retirement.   

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