Selling your home is one of the most crucial financial planning decisions many Americans will make; the impacts of which can have a long-term impact on your path to financial freedom.

Home equity tends to be the largest asset for most Americans and should be treated as a financial asset. Buying and selling your home may be a taxable event and therefore should be evaluated as part of your portfolio. In addition, through our partnership with Raymond James, we can provide support for you through a securities-based line of credit to meet your liquidity needs.

As a retiree or soon-to-be-retiree, there are several mechanics that our financial advisors can help you navigate. In relation to selling your home, what is the next step? Where will you live and how will your lifestyle change? Retirement community? Condo? Apartment? We can help answer questions such as:

  • Can I afford to move? Selling, moving and buying a new home can be expensive. Before enjoying your new lifestyle, you should factor in closing costs, realtor fees, moving expenses, and home repairs and improvements.
  • Can I afford to stay? You’ll need to weigh the cost of moving to the cost of staying. Unexpected repairs, property taxes, insurance, and utilities can hit your wallet, and your plans.
  • Do I need the money? On average, people age 65 and up have more than $200,000 in home equity, according to a 2015 Merrill Lynch study, yet they have less than half that amount in retirement savings, according to The American College.
  • Do I want more freedom? Selling your home means getting out from yard maintenance, home upkeep and pricey property taxes.

Resources

  • Bridge Loans (SBL)
  • Calculator: Capital Gains on the sale of a home
  • Calculator: Refinance break-even
  • Checklist: Selling a House
  • FHA Fixed-Rate Mortgages
  • Fixed and Adjustable Rate Mortgages
  • Guidelines for selling your house x
  • Home Equity Lending Fact Sheet
  • Introducing Your Lending Solutions Consultant
  • Mortgage Product Data Sheet
  • Physicians Mortgage Program
  • Sample Letter: Introduction to Borrowing Options
  • Securing the Right Jumbo Home Loan
  • The Cost of Relocating
  • VA Home Mortgage

Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional.

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