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Senior Housing • November 30, 2024

Equity gains can be pleasant surprise for longtime homeowners

by Eugene "Jim" Hills

Equity for homeowners can build significantly over time.

For those who’ve owned a home for a while, chances are it has increased significantly in value.

Homeowners who’ve lived in their homes for just five years have seen an average increase of nearly 60 percent. Those who’ve owned for 30 years have seen their home values more than triple.

This growth in equity is more than just a number. That equity can be a powerful asset when planning for a next chapter in life. For senior homeowners, knowing just how much home equity is available can provide financial flexibility. The equity can serve as a cushion for unexpected expenses, like medical bills, or helping fund a major life change.

It also can make more options available, whether considering downsizing to a more manageable space, relocating to a dream destination, or moving closer to family members. Understanding home equity helps you know exactly what you can put toward a new home without taking on a large mortgage.

For more information about home equity, check out this Realtor Magazine article.

#homeequity #downsizing #SRES #retirementplanning #seniorrealestatespecialist

 

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