Downsizing your home to free up retirement funds
Автор: Jon Owens, CFP®
Загружено: 2025-12-03
Просмотров: 1
Описание: https://www.bpgnetwork.com // Downsizing can unlock home equity lower mortgage property tax insurance utilities and maintenance and reduce risk in a fixed income phase However you should weigh the one time costs of selling moving and furnishing the new place as well as agent commissions potential prepayment penalties and homeowners association dues Estimate how long it will take for lower monthly expenses to break even on those costs and consider the local market to avoid selling low and buying high Review tax impacts including capital gains rules for a primary residence possible state and local taxes and how changes in income could affect benefits and healthcare premiums Then compare alternatives such as a cash out refinance a home equity line of credit a reverse mortgage taking in a tenant or aging in place with targeted upgrades If you do sell create a written plan for the proceeds including paying off high interest debt setting aside an emergency fund and investing the remainder in a diversified portfolio to support a sustainable withdrawal rate that fits your risk tolerance and goals #Downsizing #RetirementPlanning #HomeEquity #FinancialIndependence #RetirementIncome #RealEstate #PersonalFinance #ReverseMortgage #HousingCosts #MoneyTips
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