Part of your retirement planning should be to consider what is going to happen with your home. In many cases the home is your primary asset which means that there are several ways that it can be used in estate planning. Don’t forget when planning that your home is also where you live and where you keep all of your things. Having a place for storage and for living is important too.

Living Arrangements

Is your home now too big for you or you and your spouse? When planning for retirement you might want to consider downsizing to a smaller home that is more manageable. This will allow you to use the equity in the home to purchase a new one and maybe bolster some retirement investments as well.

Reverse Mortgages

A home can be used as a source of income by taking out a reverse mortgage. The reverse mortgage allows you to stay in your home while receiving payments from a lender to live on. Remember that before the house sells, any debt from the reverse mortgage must be paid off.

What to do In Case of Incompetency

While the prospect may be difficult to think about, there may come a time when you can no longer live on your own and will need to enter a facility that can provide care. What will you do with your home in the event this happens?

If you need legal assistance with your home contact the elder care experts at Stano Law group.