Housing Decisions
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If you own a home or apartment, you have three options:
Explore your housing options and get resources on where to start.
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Do Nothing
This means that you have enough money to live comfortably to 100 years old. Very few people are in that position.
Also, you do not want to be putting your property up for sale when you are in your 90s. No one wants that stress. Speak with a local Best Year’s approved realtor with experience guiding seniors.
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Sell or Rent Your Home
If you are living in the home that you raised your family in, either sell it or rent it, and downsize. If you have never lived in an apartment, go see them. Your life will be so much easier.
Put the savings in your bank account. Speak with a local Best Year’s approved realtor with experience guiding seniors.
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Stay in Your Home and HELOC
You love your home and are comfortable in it, but you need money to live comfortably to 100 years old. You get either a Home Equity Line of Credit (HELOC) or a Reverse Mortgage. For both products, you borrow against the value of your property.
Yes, you are paying interest on this money but it is considerably less than credit card interest or most other loans. HELOCs and Reverse Mortgages are a smart move so long as you use a reputable mortgage company.
If you sell the house or pass away, the mortgage company will sell the property and recover what is owed to them. Anything left over goes to your estate. Speak with a local Best Years-approved mortgage partner who has experience guiding seniors.
Explore by location
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Bergen County, NJ
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Essex County, NJ
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