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Is it hot yet? Not as hot as the housing market! For this issue, I\u2019m going to talk about finding extra money. If you\u2019re a homeowner, you\u2019re in luck.<\/p>\n
My wife, Jacquie, has been a realtor for 20 years. We decided to move into our \u201cforever\u201d home by downsizing. We sold our 2-story and bought a slightly smaller 1-story house. We have no problem with stairs now, but who knows in the future. There is also less upkeep.<\/p>\n
So how do you get money out of your house without creating more debt? Easy. The housing market is slowing down a little bit. A couple of hundred homes just hit the MLS in Vegas as I write this. We were and still are under inventoried. But the inventory is starting to fill back up. And prices are starting to come down. Don\u2019t get me wrong; prices are still up there. But, if you sell a house that seems to be larger and emptier (i.e., the kids are grown and gone) than what you need in retirement, you now have a bunch of equity. How much, you ask? That depends on where you live and how long ago you bought it.<\/p>\n
Look at it this way. If you sell the home you bought 10 years ago for, say, $350,000, owe $220,000, and now it appraises for (look on realtor.com) $700,000. You will pocket roughly $480,000. Take that equity to buy or put a down payment on your new smaller home with that $480,000.<\/p>\n
If you still have a mortgage payment after that, it should be much smaller. The rates are low, but they are going up. On the other hand, if you sell a very expensive home, like my wife\u2019s clients who keep moving to Vegas from California, you\u2019re in for a treat. She had a client who sold their 1.5-million-dollar home in California and paid cash for a $600,000 home here. We now manage the remaining $900,000 for them. So now they have no mortgage payment and a nice comfortable income from our managed money portfolio. And no more stairs!<\/p>\n
You don\u2019t want to sell your house, but want extra income? You could always do a reverse mortgage. Back 10 years ago, I wouldn\u2019t have advised that. But there are some good ones out there now. You just need a trustworthy broker who is honestly trying to help you. I have a couple that I have vetted that I introduce to my clients that could benefit from doing one. We don\u2019t sell mortgages, but we can refer you to someone who can help.<\/p>\n
Feel free to ask your American Retirement Advisor if any of these strategies interest you. We are here to help.<\/p>\n
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Is it hot yet? Not as hot as the housing market! For this issue, I\u2019m going to talk about finding extra money. If you\u2019re a homeowner, you\u2019re in luck. My wife, Jacquie, has been a realtor for 20 years. We decided to move into our \u201cforever\u201d home by downsizing. We sold our 2-story and bought […]<\/p>\n","protected":false},"author":7126,"featured_media":212365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[111],"tags":[],"class_list":["post-212389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-american-retirement-advisor-blog"],"yoast_head":"\n