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.
Grandchildren are a joy to grandparents. No wonder that retiring and downsizing can be a welcome change for grandparents wishing to spend more time with their grandchildren. This is one of the benefits we experienced after my wife retired and we downsized in 2014. Here are some of the ways we have been able to have more fun with our grandkids.
A major life-change such as downsizing often lead to an evaluation of your legal documents including your Will and Power(s) of Attorney. Today’s post features a podcast interview covering this topic with an excellent Wills & Estates lawyer based in Ontario, Canada. Listen to this audio recording, if you are curious about how this may apply to you.
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Downsizing Help 