What to do with your home now that you’ve retired

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Many Americans look forward to retirement as a time of freedom. They’ve spent years working hard and saving for their future. Now, they have time to enjoy traveling, gardening, reading books, or spending time with family. If you own a home, you may be considering a few options for how to manage your home once you’ve finished working.

Stay in the home when you retire

If you only own your primary residence, you may want to just keep the home and continue living in it as usual. A home can be an excellent asset to pass to your children or to use to access lines of credit in the future. But, if you don’t own the home outright and your retirement income is tight, keeping up with the mortgage payments could be difficult.

Many homeowners with children like the idea of passing the property on to their heirs. Suppose you do choose to remain in your home. In that case, you may want to do a budget review to ensure you’re able to maintain property tax and utility payments without your regular income.

Take out a reverse mortgage

If you own your home and don’t plan to pass the property on to an heir, you could consider a reverse mortgage. Reverse mortgages pay you. You can access the equity in your home in a lump sum, monthly payments, or as a line of credit. You must be at least 62 years old and own your home or have a significant amount of equity in the property. Reverse mortgages can be risky, so you’ll want to talk to your lender to ensure it’s a good fit for your financial situation.

Sell your home on the traditional market

One option would be to sell your home on the MLS. You can take the money from the sale to purchase a smaller house or cover other expenses. If the home is in good shape, your payments are current, and you don’t need to move in a hurry, listing your property through an agent could be a good fit. You’ll be able to take any proceeds to put towards a smaller home or funding other expenses.

Downsizing could allow you to free up cash for investing or as a means for supplementing your retirement income.

Move to a smaller property and rent out your home

If you own your home, but you don’t need the space or plan on traveling more than you’ll be in the house, you could consider becoming a landlord. Renting your home could be a great source of passive income. You will be responsible for managing the tenants, collecting rent, and handling repairs.

Alternatively, you could rent space or rooms in the home on sites like Airbnb if you’re not interested in dealing with regular tenants.

Keep in mind that if you choose to keep the property, you’re responsible for property taxes, even if you don’t live in the space.

Liquidate your properties or sell your home for cash

If you have multiple properties or your current house isn’t in great shape, selling on the traditional market could be complicated and time-consuming. At Brick, we help property owners sell their homes quickly. If your primary residence needs a lot of repairs, or you want to liquidate multiple rental properties, we can help.

We know homes are like people; they all have their own stories to tell. We can help make sure the selling experience is personalized and fits your unique needs. Whether you don’t want to handle the emotional toll of listing your home the traditional way, or you just want to move on quickly, we’re here to help.

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