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3 Ways Your Home Can Help Fund Retirement

Whether you’re already retired, or are planning to retire, you may be considering ways to generate more cash to enjoy the retirement you deserve. Here are some ways on how your home can help you to pay for retirement.

 

Pay off Mortgage

Owing a home mortgage-free eliminates one of your biggest monthly bills. While you will still have to pay taxes, insurance and maintenance costs, people who pay off their homes by retirement no longer need to make mortgage payments or pay rent. Paying off your home makes it much easier to live on a limited budget. Source: Money.USnews

Downsize

The most obvious way to use the equity or value in your home is to sell your home. Downsizing—you could even call it rightsizing—to a less expensive property may provide you with a place that suits you better and leave extra money for you to invest for income. Any extra money may impact your Centrelink benefits so make sure you explore all of the implications first.

You also need to be aware that when considering downsizing, a different house may not actually cost less. A smaller house closer to transport or amenities may cost as much as a larger home further away so you’ll need to do some research before selling. Source: Amp

Reverse Mortgage

Not for everyone, a reverse mortgage is a way retirees can get equity out of their home and have a stream of revenue to live off of. Ideal for people who don’t want to leave their home to their heirs, a reverse mortgage gives you back your equity in a lump sum or in installments. Keep in mind that if you can’t pay back the loan, get sick and are out of the house for more than a year, or your heirs can’t pay back the debt, you could lose your home. Source:  Investopedia

 

If you have any questions or need further assistance please give us a call or contact us here.

Contact:
Gary Wong, MBA
Macdonald Realty,
2105 West 38th Avenue,
Vancouver,
V6M 1R8
Phone: 778-862-9787
Office Phone: 604-263-1911
info@www.garywongrealty.com

What Our Clients Say

“I think Gary’s a very professional Realtor, that’s not just coming from me as a Mentor, it’s because I’ve worked with him, he truly cares about the client… You want to work with someone who is caring.”

I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.”

“It’s because of [Gary’s] knowledge, his insight, the way that he analyzes and he’s able to put real estate in perspective… he really is genuinely interested in me and what i’m looking for, that blew my mind… because he knows the market and he specializes in the luxury market he’s really able to provide that insight”

“The word professional sums up Gary, extremely knowledgeable… extremely honest, he didn’t sugar coat things… Gary will get it done, he’s done it for me, he’s done it for lots of people I know.”

Let Me Help You Achieve Your Real Estate And Financial Goals

Real Estate investing can be a long and arduous task. But it doesn’t have to be.

With my help, and my team, we’ll make sure the process is smooth, straightforward, and as simple as possible for you. As an award-winning REALTOR®, my team and I work with diligence to help you achieve your goals. We’ll deliver exceptional results with attentive care.

So whatever your real estate goals are, 
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