If fully-sighted homeowners find downsizing challenging, imagine doing so with limited vision. One of my elderly relatives has Macular Degeneration and is continually adapting to the gradual loss of vision. After ninety eye injections, he is still at it. Vision changes have forced him to adjust his activities of daily living and change his living accommodations. Here’s what he has done and what we have done to help him.
A snapshot of a typical “before and after” transition to a retirement home simplifies the key points about this major life-change. Before the move, the equity in your home is tied up in the home and is not considered liquid. Unless there is a Home Equity Line of Credit or a reverse mortgage on the home, the equity is fully intact. This maximizes the funds available for downsizing to a retirement home. Let’s look under the covers a little more.
One of the most important considerations when reviewing Retirement Home living is the cost. This is not surprising since the monthly fees can be significant. There are many types of costs associated with this lifestyle including fixed, fixed-optional and variable-optional costs. This post explains what to expect when touring a potential retirement home and provides a free, downloadable spreadsheet as a template for your own use.
Home-owners who downsize have five choices for the proceeds they receive from the sale of their home. They may choose a combination of all five or only two to three. Very rarely will they choose only one. Here’s a breakdown of the five along with some thoughts on the one that will be very common throughout this decade.
Continue reading “Retire – Downsize – Cash Out”
Of all the ways of valuing our stuff, the strongest one is by emotion. Sure, financial and practical/useful measures are important when downsizing but if you run into roadblocks, look for the underlying emotions. Here are three, enduring emotions that may be overpowering or delaying your decluttering plan.