How To Get Your Home Ready for Retirement

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.

Transcript

00:00 [MUSIC]

00:03 Many people want to age in place, meaning they would prefer staying in the homes

00:07 they've been in for decades than move to a senior facility.

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

00:16 affordably. If you're in your 50s, Nerd Wallet recommends thinking about your options.

00:21 If you had less energy, mobility, and income, how would you live in your home?

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

00:32 which can be devastating on a fixed income. You should also consider how you'll pay for upkeep.

00:37 Have your home inspected and replace or upgrade everything you need to while you're working.

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

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

00:54 line of credit. The Balance recommends downsizing so that you can purchase a smaller home in full

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

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