Posted on: 24 March 2018
Many retired homeowners are discovering that their kids and grandkids aren't as interested in inheriting the house as previous generations. With different priorities, they often value things like freedom to move about and less of an emphasis on material items.
But you worked hard to purchase and maintain your home. So, what should you do with it now that you don't have to worry about passing it on? Here are 4 ideas.
A reverse mortgage pays you to live in your home and frees up the value of it in the form of regular checks you can spend. This could be a perfect solution for retirees without a traditional pension check, since you would now have a stable form of continuous, monthly income that you can count on.
Rent the Home
Renting out your primary residence is a good way to keep it while allowing you to tap its potential for income generation. With rent prices today often being higher than mortgage payments, renting the home may provide an income even if you still owe on the mortgage. You could decide to rent it out full-time and live in a more modest home or travel, or you may simply decide to rent it as a vacation rental and generate only part-time income.
Letting go of the house now can free up a lot of your own time and energy. If you have a lot of equity in the home or own it outright, you could net a good profit that allows you to customize a smaller home or spend the money on other pursuits, such as travel. Downsizing has the added financial bonus of giving you a reason to sell potentially valuable items inside the house that won't fit into your new home or lifestyle.
If you love your home and want to stay in place as you age, now is the time to customize the house and property for your future needs. Without having to worry about your kids' future tastes or interests, you can remake the house into what you want and need. Add accessibility features, change rooms, or transform the landscape into something much easier for maintenance.
Which of these solutions works for your own situation? It depends on your personality and goals. But any of them will help you make more time and money to do things that help you enjoy your life as a retiree. To learn more about your options, contact a business such as Senior Mortgage Solutions.Share