June is National Home Ownership Month. We at The Seniors Center wanted to take a moment to discuss how owning a home can impact your retirement planning options.
A mortgage-free home can significantly reduce living expenses in retirement. It can also provide financial stability when income may be fixed or limited. Beyond the financial benefits, owning your home offers a sense of security and independence, key factors in a comfortable retirement. It’s not just a place to live; it’s a long-term investment in your future.
Homeowners build equity over time. You can tap into this through downsizing, renting, or leveraging home equity lines of credit. The number of retirement-age homeowners with mortgage debt rose by 13 percent over the last generation. For those without enough retirement assets to cover mortgage debt, they may want to reconsider their options, especially if they don’t need the extra space now that they have an empty nest.
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