As Father Time marches on, the question of what to do with the home becomes a greater concern. In some cases, ruminating on the alternatives can dominate one’s thinking. If a person is aware of the various options and chooses a path that makes the most sense, peace of mind can often be the result.
Studies have shown that 90% of married couples and 62% of single persons reach retirement owning their own homes. Coupled with non-monetary considerations of whether to stay or sell, one major objective is how to convert the equity in the home to an income.
In some cases, selling the home is the most attractive option. However, remaining in the home could be simpler and less stressful. Many people are too quick to jump to the “sell” option because they are not aware of all the options that would allow staying in the home and extracting the equity as well.
Weigh each of the following options against selling before throwing in the mental towel and listing the home.
An AARP study done in 2000 showed that more than 90% of seniors wanted to stay in their homes for as long as possible. Almost 82% still wanted to stay even if they needed...
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