I just had a peek at a fun little site called “Adventures of Empty Nesters”!
Looks like a lot of people are enjoying the same journey into this new state of freedom! There are obviously some happy parts and some sad moments that go along with this change, but if all goes well…this next chapter of your life could be pretty sweet!!
I thought I would share some of my experiences with clients who are taking this step in life. It usually corresponds with children moving on, and all of the components of these changes can work simultaneously-and with ease! Here are some questions to ask yourself:
1. Do you stay in the family home, or is it time to DOWNSIZE? 2. Is it time to downsize, or just move to a new location (where it’s warm and sunny!), you may want to RENOVATE and freshen up your home now, in the event of an opportunity to rent it out, or sell? 3. If you want to renovate, is it time to PURGE and organize your belongings? If you are going to move, what will you want to take? In talking with pre-retirement customers, they are often thinking about travel, and possibly investing in new ventures in the next chapter. One gentleman I spoke to this summer mentioned wanting to buy a motorhome and travel Canada, coast to coast. Another client was going to move to Phoenix in the winters and wanted a smaller home here for the summers. And for many, a new exciting business venture may be around the corner. For all of these ‘incidentals’, my initial recommendation is to set up a HOME EQUITY LINE OF CREDIT (HELOC) now, before they retire. While you are still in your income earning years, and can qualify for this type of product. I strongly believe in planning ahead for the event, because the possibility of an “early retirement”, with or without notice, is more than possible in our country more than ever. This line of credit facility is easy to set up, and is always there for you as long as you own your home. Use it to renovate the home, help your kids with college costs or buying their first home. And, if you are leaning toward downsizing, think about making that step as well prior to full retirement-getting a new mortgage is easier when you are still working!
I am here to work with you at every stage of your life. It’s not about the initial set up of the mortgage, it’s the life of the mortgage and working with you and all of the changes along the way that I enjoy!
If you, or someone you know (like Mom and Dad!), are nearing this point in life, send them my way for a quick review. I’d love to help make this transition easier for them!