Assisting Move Down Buyers in Downsizing to Another Home
Are you looking to retire or want a smaller home that’s easier to maintain? Whatever your reasons for downsizing, our professionals at The Member Rewards are here to assist you in every step.
Things to Expect When Downsizing
Qualifying for a mortgage as a retiree can be more complex than during your working days. So before making any decisions on how to pay for your new home, you can tell your financial or tax advisor your estate-planning goals to avoid problems.
Home Downsizing Payment Options
Before selling your existing home and moving to a smaller one, you must determine how to finance the new one. A regular or reverse mortgage rather than a sizeable down payment can increase liquidity.
For couples who have lived in their current homes for 2-5 years before the sale, $500K in profit is tax-free. Because of this, some people purchase their homes outright. But there may be better options than this, especially considering the tax benefits.
Let Us Help You Downsize to A New Home
Contact The Member Rewards team today to learn how we can help you with your home downsizing needs.