How To Turn Home Equity Into Retirement Income

How to turn your home equity into retirement income. Are you confident that you’ve saved enough to fund the retirement lifestyle that you desire? The 2018 Retirement Confidence Survey by the employee Benefit Research Institute found that only one in three retirees are very confident that they have enough money to live comfortably throughout their retirement. Hi, I’m Rich Barnes owner broker of Realty Experts in West Allis, Wisconsin 53214. How confident do retirees feel about living comfortably throughout retirement, if you’re not comfortable you may be counting on your current home equity for retirement income. In fact, covering everyday expenses is the number one reason retirees give for wanting to tap into their equity. According to the Urban Institute Senior Access to Home Equity report, what is the top reason homeowners would tap into their home equity in retirement, the number one reason why is no mystery. It’s because for most homeowners that equity is their most valuable asset. Unfortunately, that asset is expensive to maintain. It stands to reason then, if you’re accessing that income to pay your everyday expenses like housing costs, it will eventually become depleted. Unless you’ve invested that equity into a low and low risk retirement account that pays out monthly dividends. Downsizing your home is one of those things that you can do to enhance your lifestyle during retirement. It’s all about converting the home equity into a stream of income that will last the remainder of your life. This investment strategy only works if downsizing saves you money in the long run. You need to work with a top agent who has experience helping retirees downsize. A great agent can help you sell your current home for the most money possible. They’ll also make sure your new home is both affordable and the monthly housing costs are inexpensive enough to leave you with a sizable chunk of equity to invest. If you have any questions on downsizing your home, turning your home equity into retirement income, feel free to reach out. I’m here to help. Thanks and you have a great day.

How To Turn Home Equity Into Retirement Income
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