Why Getting Your Home Ready for Retirement is Crucial

Pennygem

Most homes people buy when they’re younger aren’t suitable to help them age safely and affordably. Here are a few things to consider. PennyGem’s Johana Restrepo has more.

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00:00Many people want to age in place, meaning they would prefer staying in the homes they've

00:08been in for decades than move to a senior facility.

00:11Most homes people buy when they're younger aren't suitable to help them age safely

00:16and affordably.

00:17If you're in your 50s, NerdWallet recommends thinking about your options.

00:22If you had less energy, mobility, and income, how would you live in your home?

00:26Retirees sometimes have to come out of pocket for really big home repairs and expenses which

00:32can be devastating on a fixed income.

00:35You should also consider how you'll pay for upkeep.

00:38Have your home inspected and replace or upgrade everything you need to while you're working.

00:43If you have trouble making ends meet, you can access your home's equity in retirement

00:48if you have paid most of it off by selling it, looking into a reverse mortgage, or getting

00:54a home equity line of credit.

00:56The Balance recommends downsizing so that you can purchase a smaller home in full and

01:01so you don't have to make so many changes for accessibility.

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