Whenever most people think of planning for retirement, the majority of focus is put on saving, saving, saving. While that is of vital importance, so is figuring out how your living situation will impact your retirement. In some circumstances, renting will be much more beneficial for the retiree, however, that doesn’t mean home-owning cannot be beneficial as well.
As a retired homeowner, you have multiple options at hand.
You can sell your home for quick cash.
You can rent out your home for a steady flow of income.
You can utilize your home’s equity with a reverse mortgage for a loan that fits your needs.
One benefit of retirement as a homeowner is that you may have the advantage of your mortgage being paid off. This doesn’t mean that your home comes without costs, though. As has already occurred through the years of owning this home, there will be continued maintenance and repairs to account for. Property taxes will also continue throughout the remainder of your homeownership.
Regardless of what you end up doing with your home, planning for your living arrangements when retired is a must so be sure to start thinking about these options along with your saving plans.
If you would like to discuss your options and determine what is the best living situation for you during retirement, please reach out for a free, non-obligatory consultation. Call (720) 305-0757 and tell our team-member that you are inquiring retirement information.