Owning a home can be a long-term proposition, so it is not a surprise that older Americans are more likely than their younger peers to have paid off their mortgages. On average, 36% of owner occupied housing units in the United States do not have a mortgage, and for homeowners who are 65 and older, the rate is more than 65%. Even if you still have mortgage payments, the equity in your home is a valuable asset. If you are happy with your home and don’t need to tap the equity, living free of a monthly mortgage could make a big difference in your retirement. Similar to providing a monthly income equal to your mortgage (factoring in property taxes and homeowners insurance), these expenses are typically smaller than the principal and interest on a mortgage. Also, if you downsize by selling your home, the additional funds could boost your savings and provide additional income. Keep in mind that condominiums, retirement communities, and other planned communities typically have monthly homeowners association dues, but these dues pay for maintenance and conveniences that can make your retirement more enjoyable.
For our existing and former clients, we offer a cash discount over the normal and customary attorney’s fees for handling the sale of your home. For more information please contact us.