SPT DEC 19 RED

Southern Seven Lakes Pines News Today December November Edition Edition Page 119
Page 16 May Edition Seven Lakes News
You know what they say about land:
They ain’t making any more of it!
There are many ways to generate
income from real estate.
If you’ve owned your home for
several years and have not been
tapping the equity you may be
sitting on a gold mine. There are
several ways to convert home
equity into retirement income. You
may want to take advantage of
them early in your retirement or
save them until later.
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Also keep family members in mind.
If you have aging parents who are
sitting on a ton of equity but have
little current income, why preserve
your inheritance when your parents
need the money now? You can help
them by looking into one of the home
equity conversion strategies to be
discussed, perhaps even keeping
the financing within the family to
save fees and get tax benefits for
yourself. If you do decide to enter
into a loan arrangement with your
parents, make sure you comply
with all the tax laws.
Real Estate Options
For Seniors
Tim’s
can do this several times during
your lifetime.
Tips
Sell Your House and Rent. Now
that the law does not require you
to buy another house you may
Choosing The Right Repair Shop?
want to rent for a while—maybe
The Choice Is Yours!
even indefinitely. You can put the
Using the Repair Facility of Your
proceeds Choice. Are from you aware the that, sale by of law, your
house you can into take your your retirement vehicle to any bucket, repair
facility it, and of your draw choosing, enough regard-
income
invest
to less pay of what rent your and insurance other expenses. company
Let’s tells you? say You you may net find $200,000 your insurance
sale company of steering your house. you toward If you
from
the
invest one facility it at over 10 others. percent, you’ll earn
$20,000 a year enough to cover
Insurance companies often have an
rent in most areas.
agreement with certain facilities in
order to save the insurance companies
money.
Stay Where
That
You
is not
Are.
always
Reverse
in
mortgages the interest of are the designed best quality to repair. allow
retirees Don’t be to forced stay into their taking homes your vehicle
where the use you are of not the comfortable. equity now.
and
enjoy
You Ultimately, borrow the against choice is the yours. equity in
your home, but unlike a regular
home loan, you don’t have to make
monthly payments or worry about
paying off the mortgage. Instead,
the lender pays you. Then when
you die or sell your house, you or
your heirs pay back the loan plus
interest, and keep any proceeds
that remain. You are essentially
borrowing against your children’s
inheritance, so why not keep the
financing within the family? You
get the cash, your child gets certain
tax benefits, and you’ll all save high
lender’s fees.
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Sell Your House and Buy a Cheaper
One. With the kids out of the nest,
no job to keep you tied to your
present location, and no time to
maintain a big house what with all
the traveling you intend to do, you
may decide to sell your big house
and move to a smaller one. If so,
you can take advantage of one
of the biggest windfalls of the
Taxpayer Relief Act of 1997 to sell
your house and pay virtually no
capital gains taxes. The law allows
single taxpayers to exclude up to
$250,000 and married couples up
to $500,000 in gains. The previous
rules about being age 55 or rolling
over the equity to another home are
gone. And for what it’s worth, you
Maybe a Sale/Leaseback. With a
sale leaseback you sell your house
to an investor, maybe one of your
kids, who immediately rents it
back to you on a long-term lease.
You receive a down payment plus
regular monthly payments.
By: Diane Keating SLN Reporter
910-400-5613
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