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:
[SORRY ARTICLE WAS REMOVED BY MARKET WATCH]
“[Old Link Removed]” – comes from the Center for Retirement Research at Boston College.
Do you know anyone who has used their home to help with retirement?
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