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Seven Lakes News November Edition Page 11<br />
Page 16 May Edition Seven Lakes News<br />
You know what they say about land:<br />
They ain’t making any more of it!<br />
There are many ways to generate<br />
income from real estate.<br />
If you’ve owned your home for<br />
several years and have not been<br />
tapping the equity you may be<br />
sitting on a gold mine. There are<br />
several ways to convert home<br />
equity into retirement income. You<br />
may want to take advantage of<br />
them early in your retirement or<br />
save them until later.<br />
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Also keep family members in mind.<br />
If you have aging parents who are<br />
sitting on a ton of equity but have<br />
little current income, why preserve<br />
your inheritance when your parents<br />
need the money now? You can help<br />
them by looking into one of the home<br />
equity conversion strategies to be<br />
discussed, perhaps even keeping<br />
the financing within the family to<br />
save fees and get tax benefits for<br />
yourself. If you do decide to enter<br />
into a loan arrangement with your<br />
parents, make sure you comply<br />
with all the tax laws.<br />
Real Estate Options<br />
For Seniors<br />
Tim’s<br />
can do this several times during<br />
your lifetime.<br />
Tips<br />
Sell Your House and Rent. Now<br />
that the law does not require you<br />
to buy another house you may<br />
Choosing The Right Repair Shop?<br />
want to rent for a while—maybe<br />
The Choice Is Yours!<br />
even indefinitely. You can put the<br />
Using the Repair Facility of Your<br />
proceeds Choice. Are from you aware the that, sale by of law, your<br />
house you can into take your your retirement vehicle to any bucket, repair<br />
facility it, and of your draw choosing, enough regard-<br />
income<br />
invest<br />
to less pay of what rent your and insurance other expenses. company<br />
Let’s tells you? say You you may net find $200,000 your insurance<br />
sale company of steering your house. you toward If you<br />
from<br />
the<br />
invest one facility it at over 10 others. percent, you’ll earn<br />
$20,000 a year enough to cover<br />
Insurance companies often have an<br />
rent in most areas.<br />
agreement with certain facilities in<br />
order to save the insurance companies<br />
money.<br />
Stay Where<br />
That<br />
You<br />
is not<br />
Are.<br />
always<br />
Reverse<br />
in<br />
mortgages the interest of are the designed best quality to repair. allow<br />
retirees Don’t be to forced stay into their taking homes your vehicle<br />
where the use you are of not the comfortable. equity now.<br />
and<br />
enjoy<br />
You Ultimately, borrow the against choice is the yours. equity in<br />
your home, but unlike a regular<br />
home loan, you don’t have to make<br />
monthly payments or worry about<br />
paying off the mortgage. Instead,<br />
the lender pays you. Then when<br />
you die or sell your house, you or<br />
your heirs pay back the loan plus<br />
interest, and keep any proceeds<br />
that remain. You are essentially<br />
borrowing against your children’s<br />
inheritance, so why not keep the<br />
financing within the family? You<br />
get the cash, your child gets certain<br />
tax benefits, and you’ll all save high<br />
lender’s fees.<br />
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Sell Your House and Buy a Cheaper<br />
One. With the kids out of the nest,<br />
no job to keep you tied to your<br />
present location, and no time to<br />
maintain a big house what with all<br />
the traveling you intend to do, you<br />
may decide to sell your big house<br />
and move to a smaller one. If so,<br />
you can take advantage of one<br />
of the biggest windfalls of the<br />
Taxpayer Relief Act of <strong>19</strong>97 to sell<br />
your house and pay virtually no<br />
capital gains taxes. The law allows<br />
single taxpayers to exclude up to<br />
$250,000 and married couples up<br />
to $500,000 in gains. The previous<br />
rules about being age 55 or rolling<br />
over the equity to another home are<br />
gone. And for what it’s worth, you<br />
Maybe a Sale/Leaseback. With a<br />
sale leaseback you sell your house<br />
to an investor, maybe one of your<br />
kids, who immediately rents it<br />
back to you on a long-term lease.<br />
You receive a down payment plus<br />
regular monthly payments.<br />
By: Diane Keating <strong>SLN</strong> Reporter<br />
910-400-5613<br />
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