In my previous post I shared several reasons why seniors might use a Reverse loan and without being redundant, I won’t repeat those reasons in this one.
If a senior homeowner opts to sell their home and not use a Reverse loan for whatever their goals are, here is what must be taken into consideration.
- Preparing their home for Listing and doing any necessary repairs and or “sprucing” up the property before it goes on the market.
- The costs for whatever those repairs and cleaning up might be.
- Agreeing on a Sales price and Broker fee ( typically 6%) and entering into a Contract.
- Allowing strangers to walk through your home that can be disruptive and annoying.
- Cleaning out years of stuff that have accumulated over time and this can be quite “daunting”.
Now, that’s just the business side of selling a home, but what about the emotional and psychological component?
- Leaving a home that you have loved for many years and is filled with a lifetime of memories.
- Possibly leaving behind good neighbors, friends and a community that you are comfortable with.
- Giving up connections to your Doctors and other professionals who’s services you use to assist with your life.
- Leaving behind a part of “you” that is ingrained in your home and leaving that part of “you” behind for the rest of your life.
- Grieving over this experience of leaving…..
- And the serious question; “Where will I live and how long will the money I receive from the sale of my home, last”?
Sometimes well meaning family members, think that this is the most logical solution for their senior parents.
But is it?