Let Your Estate Plan Guide Your Real Estate Purchasing Decisions and the Other Way Around

Even if you are not the kind of person who watches HGTV for fun, if even at your age, you still don’t understand why your mother subscribed to Better Homes and Gardens magazine when you were younger, the appeal of buying real estate in Florida is undeniable. Real estate agents are an inherently charming, sociable bunch, but the real estate agents in temperate states have got nothing on their Floridian sisters, who are a master class in aging gracefully. You might have moved to Florida with the intention of staying in your adorable Florida McMansion forever, but now the curb appeal of the various housing developments of the Tampa Bay Area is unmistakable. At your age, you don’t get too many opportunities to daydream about how rich you will be in the near future, but these daydreams are part of what is motivating you to buy a new house. A change of housing and homeownership arrangements certainly counts as a major life change that warrants updating your estate plan. For help fitting your post-retirement real estate purchasing plans into your estate plan, contact a Dade City estate planning lawyer.

When Your Empty Nest No Longer Seems Appropriate for Aging in Place

If you are moving from your empty nest to a forever home in which you plan to spend your retirement, then the vision of your future that guides your move will be different from the one that shaped your decision to move to your empty nest. Some people plan to age in place in their empty nests only to decide, when retirement comes, that the renovations will be too costly, and the empty nest is too far from places you will need to go.

Moving to a smaller home may be an affordable option, especially if it is in a neighborhood reserved for seniors. Even if you are competing with buyers of all ages for the property you want to buy, seniors have an edge, because you have built up years of equity in the house you are selling to fund your new purchase.

Your Reverse Mortgage Can Complicate Your Plans to Sell Your Home

If you planned to stay in your empty nest for the rest of your life, and you took out a reverse mortgage on it, this can complicate your new real estate transaction. Borrowers must repay their reverse mortgage when they sell the property against which they borrowed it. If the reverse mortgage was for a lot and you received it in a lump sum, this can reduce the amount of funds you have available to put toward the purchase of your new home.

Contact a Florida Estate Planning Attorney About Buying a House After You Retire

An estate planning attorney can help you decide whether the purchase of a new house after you retire will simplify your retirement.  Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.

Source:

marketwatch.com/guides/home-equity/heloc-vs-reverse-mortgage/#:~:text=HELOCs%20are%20like%20a%20credit,the%20equity%20in%20your%20home.