Reviewing Your Current Situation
Nearly everyone wishes to age in place as they grow older. But often, the spacious family house becomes too burdensome, financially and physically, to maintain for individuals over 50.
Trying to determine your next step?
It can entail a complex set of decisions relating to finances, ideal over 50 housing locations and property types, as well as anticipating future needs as you or your loved ones age.
SRES® designees can consult with you to review your current housing situation and outline the topics to weigh as you consider your next move. They will provide pertinent information on 50+ housing trends, financing and market conditions.
UNDERSTAND OVER 50 RESIDENCES WHEN BUYING
Having Mixed Emotions
Buying a residence when50+ can be both exciting and daunting. The excitement stems from anticipating new beginnings in a fresh environment. It can be daunting because there are so many types of senior residences, finite resources and sometimes emotional hurdles to overcome.
Assessing Your Real Estate Options
SRES® designees can sit down with you and your loved ones to discuss needs, outline options and help you determine the very best 50+ residence option for you. Then, working within the parameters you provide, they can locate a property that fits your needs acurately.
SRES® designees leverage their 50+ education, experience and network to find properties, determine appropriate offers, and negotiate purchases on your behalf.
When necessary, they can tap a network of experts, such as home inspectors, movers, attorneys, and CPAs, to ensure that the purchase of your new residence, and the move, proceed smoothly.
REALTORS® WITH THE SRES® CAN HELP YOU SELL YOUR HOME
There’s almost always an emotional element associated with selling a long-time home. SRES® designees are real estate agents that specialize in senior needs and can ease the transition first by talking about your reasons for selling and then exploring all the options either modifying and staying in your current home or finding a different property to be sure you find the very best housing solution.
SRES® designees use their expertise and industry knowledge to provide an honest assessment of your property and make suggestions for improving it for saleability. They may recommend hiring staging professionals who can make modifications that will best showcase your house and make it appeal to the broadest audience possible.
A Seniors Real Estate Specialist® Will Help With Pricing and Marketing Strategies
SRES® designees can also provide insight on current market conditions, determine how your property stacks up against the competition and develop a pricing and marketing strategy to sell your home quickly and for the highest possible price.
Moving Is Easier With a Seniors Real Estate Specialist®
SRES® designees can help assemble an appropriate team to ease the transition to a new property. Movers, landscapers and stagers can handle the heavy lifting. Attorneys, 1031 exchange specialists and mortgage brokers can manage the heavy paperwork.
ASeniors Real Estate Specialist® Will Help You Transition to a New City
SRES® designees can also help you find your new home locally or refer you to designees elsewhere to find property in a new city or near children.
OVER 50 FINANCES AND REAL ESTATE
The current economy is confusing for everyone, regardless of age. Especially for those who have held on to real estate for many decades, a house often is the largest asset people have.
How to best tap into and deploy those resources is a challenge in strong and less energetic economic times.
Clarifying the Financial Picture
Need assistance with sorting out the complex decisions and figuring out what role your real estate investment plays in your overall financial picture? Those considerations include taxes, retirement savings withdrawal schedules, long-term care needs, inheritance issues and others.
SRES® Designees Have Financial Expertise For Those Over 50
SRES® designees understand managing capital gains and the tax implications of owning real estate. They can provide information that addresses a host of issues, such as the uses of pensions, 401K accounts, and IRAs in real estate transactions, and how Medicare, Medicaid, and Social Security affect real estate decisions for senior citizens.
Reverse Mortgage Information
SRES DESIGNEES CAN PROVIDE REVERSE MORTGAGE INFORMATION
Are You House-rich, Cash-poor?
Even with the recent challenges in the real estate market, some who have held on to a home for many years still find themselves with substantial equity, yet may feel house-rich and cash-poor. Those over the age of 62 often find balancing the costs of home maintenance, medical expenses and funding hobbies and vacations challenging.
You Can Convert Home Equity Into Cash
One option in tackling such financial hurdles is by taking out a reverse mortgage. A reverse mortgage is a vehicle that allows you to convert your home equity into dollars. Reverse mortgage money can fund home upgrades, pay for in-home assistance or medical care, pay bills or just ease the anxiety associated with tight monthly budgets.
Reverse Mortgage Sizes Vary
The size of a reverse mortgage depends on individual financial circumstance. Usually the older the borrowers are and the more their property is worth, the larger the loan can be. Payouts can be made in a variety of ways, including as a lump sum or as monthly income.
Is a Reverse Mortgage Best For You?
Before taking out a reverse mortgage, it’s important to understand all aspects of the loan product and whether it’s appropriate for your circumstances.
Your expert team, including your SRES® designee, a certified public accountant, a lawyer and close family members, can help you to explore your options and determine whether a reverse mortgage is the financing option that best meets both your short- and long-term needs.