5 Ways To Unlock Your Homes Equity In RetirementJul 20, 2023
For many individuals, their homes represent the largest asset they own, holding significant potential to enhance their retirement years.
By leveraging the value of your home, you can tap into various financial opportunities to secure a more comfortable and fulfilling retirement. With proper planning and guidance from financial experts, you may be able to harness the power of your home equity to create a solid foundation for a brighter and more prosperous retirement ahead.
- Downsizing can reduce maintenance costs, but be aware of increased strata fees.
- Renting out spare space can generate extra income without downsizing.
- Reverse mortgages allow borrowing against home equity but come with high fees and interest rates.
- HELOCs can access home equity for investments or debt repayment but require discipline to avoid overspending.
- Selling and renting can free up cash and reduce maintenance costs, but plan for timing and consider the rental market.
As with any big financial decisions such as this, you should speak with your financial planner to determine what would work best in your specific situation.
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Parallel Wealth is a Canadian based financial planning and investment management company based in British Columbia and providing financial services to people across Canada.