Must Ask Mortgage Questions
There are so many options for retirement these days so you should hear about equity release mortgage options. You can sell your home and rent, get a reverse mortgage, or even buy an investment property. But what is the right way to retire? When you’re ready to leave your career behind and focus on living life, there are some important decisions that need to be made about your future. In this article we will explore three strategies for retiring comfortably: selling your home and renting; getting a reverse mortgage; and buying an investment property.
Some people enjoy the freedom of life after retirement. They get to do whatever they want, when they want! For these types of people selling their home and renting is a great option. In this scenario you will find an apartment or condo that suits your needs, while still enjoying some financial benefits from having sold your house at its peak value. The average homeowner who sells his home can expect to see anywhere between $100K – $300K in equity come out of the deal. You have now freed up thousands (if not more) dollars for living expenses during those golden years; plus, you are able to avoid paying taxes on all that money if it’s sitting in a bank account earning interest!
Some ides to consider: Moving into a new home can be a stressful and time consuming process. It’s important to rent or buy somewhere that will suit your needs in the long run, not just for one year or two years. You’ll want to choose an area you like with amenities such as shopping centers nearby that are easy for you to get too so you don’t have to worry about getting around town once retired.
A reverse mortgage is another popular choice among retirees who want their money working hard enough for them while they enjoy life without having to work at all! A reverse mortgage lets homeowners borrow against the equity of their homes, meaning they still own it but now have access to liquid cash on-demand by borrowing from future advances (or “draws”) based upon how much equity they have. One of the great things about a reverse mortgage is that you do not pay any interest until your house has been sold, so if you stay in your home for 25 years and never touch the money then it’s free!