Today, there are many ways to sell your home for retirement and stay living in it. Retirees often view their home as one of their biggest assets and a major source of funding for retirement. One of the big differences today is that it is no longer necessary to sell your home for retirement, capture your equity and move out.
Banking and government regulations have changed. In many ways new policies seem to encourage senior homeowners to sell home for retirement and stay in it. There are several conventional financing options to put the equity in your home to supporting your retirement lifestyle.
The best way to identify the action plan that makes the most sense for retirees who want to stay in their home but have access to the equity is to understand your options.
Programs to Access Your Home Equity
Thanks to the Taxpayer Relief Act of 1997, senior homeowners can sell their long-time residence and capture hefty amounts of tax-free equity. Under this legislation, an individual can receive up to $250,000 of tax-free capital gains by selling their family home as long as the equity is there. Couples can actually claim up to $500,000 in tax-free gains. This money can certainly be used to help fund your retirement.
Of course, to take full advantage of the Taxpayer Relief Act, the homeowner must sell at a capital gain. But, if you have owned the home for a long time and have not used the Taxpayer relief Act before, this is a winning strategy. Yet, it does leave most retirees wondering where they will next reside.
Sell and Rent – Some retirees sell their family home, put the proceeds into their retirement fund and rent in an independent senior community or smaller residence that is amenable to downsizing.
Sell and Buy – Other seniors sell and use the proceeds to buy into a senior community or in a home that has downsizing potential. Either of these choices is regarded as downsizing to relieve overhead and reduce financial burden.
Reverse Mortgage – Reverse mortgages that allow the homeowner to access their equity and stay at home are being advertised heavily. However, this strategy may not be the answer as there are costs involved. And, rarely does the homeowner get their full equity out of the reverse mortgage.
Equity Loans – If you have hefty equity, you may be able to obtain home equity funding. This money can be used for whatever purpose you desire but again there are cost and interest to pay. Retirees must ask if they really want to take on a loan at this point in life.
Sell and Rent From Buyer – Do not rule this option out until you know all the facts. Residential real estate investors may be willing to buy your home for retirement and let you live in it. You can negotiate terms but you will receive your equity and pay rent for a negotiated term of occupancy that is agreeable to you.
How to Sell Your Home and Stay
Wouldn’t it be nice to stay in the family home, have someone else pay the taxes and make the major improvements should any be necessary? If you find the right investor, you can achieve all the above plus avoid costly moving and downsizing expenses.
At SellYourHomeFastOnline.com, we are open to reasonable arrangements that allow you to sell your home for retirement and stay in it. We pay cash for homes in “as is” condition. No home inspection, no contingencies and no real estate agents are necessary.
When you contact SellYourHomeFastOnline.com, we listen to your plan and make you an all cash offer and close as soon as you are ready. We make it possible for you to live in your home and have equity from you sale to help fund your retirement.
Sound too god to be true? It isn’t. SellYourHomeFastOnline.com will work with you to ensure you not only sell your home for retirement but stay in it for as long as you want. Check us out! You’ll be glad you did.
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