Can your Home help you with Retirement?

October 06, 2014 by Tim Turner | Leave a Comment

We get emails and calls all the time from people asking whether their home can be used to help with retirement…

Specifically you have several options:

– selling your home and downsizing to a smaller place, possibly in a state with no income taxes

Sell your home and downsize to a townhouse?

– getting a reverse mortgage that you can use to help ends meet in retirement; this should be used as a last resort

– consider having a renter by renting out your basement or spare bedroom.

There are definitely pros and cons to these different options.

Check out these resources:

“Using Your House for Income in Retirement” – comes from the Center for Retirement Research at Boston College.

Do you know anyone who has used their home to help with retirement?