Tap the value of home ownership in retirement
(NC) If you own a home and are looking for additional income, consider downsizing, renting out a room, or making a few changes to your mortgage, if you still have one. Such options could help you earn a few more dollars to attain your goals.
Many retirees no longer need as much space, for example. Selling your home and purchasing a smaller one can provide you with additional income, according to the Financial Consumer Agency of Canada at itpaystoknow.gc.ca. Take into account the fees and costs associated with such a move to see whether it adds up.
For some people, a reverse mortgage may be suitable as a way to get cash from the value of your home without selling it. Check into the terms and conditions.
If you rent out an unused room in your home to someone trustworthy, you could split the upkeep responsibilities and utility fees, freeing up some of your time and money.
Finally, if you still have a mortgage and are at the point where you need to renew or renegotiate it, you may be able to get a lower interest rate and reduce your monthly payments. This will free up some of your income and help you to pay off your mortgage faster. It pays to know.
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