HOW TO CREATE MORE INCOME FOR A GOOD RETIREMENT
These are some of the choices if you are a Baby Boomer with a home that has much equity and you might want to have more income to do the things you want to do.
- Do nothing. Stay at your house and continue to live the way you have been living.
- Sell, take your $250,000 per person tax free personal property tax exemption and move to another area where housing prices are more reasonable, pay cash and invest what monies are left over for additional income
- Reverse Mortgage If that is a little drastic you could explore a reverse mortgage if you want to have more income and stay in your home
- Bridge Financing Get more creative and use non-qualified bridge financing when you want to acquire another property before selling your own
- Triple Net Sell as above or take out some equity and invest in a triple net lease with the capital
- Rent out your property and move to an adult community or retirement home
- Sell your home and buy 2-4 units, live in one and rent out the others.
These are some of the options worth considering when you are a homeowner contemplating retirement sooner or later in order to plan how you want to create your next 30 years.