Rightsizing for Seniors

As you move towards retirement, there are several options you should be examining. Fulfilling your retirement dreams begins with selecting the right realtor.

 

Having been accredited with the "Senior Housing Specialist" (SHS) designation, I am able to assist seniors in their housing dilemma. The SHS allows me to provide specific information to Seniors looking to stay or move in their retirement years. I have a variety of up-to-date information for the needs of seniors. I can advise seniors without pressuring you into making any choices about whether or when to sell and where to move. I'm there to "hold your hand" and guide you on making the right decision through being a source of information.

 

You can count on me for straight answersand personal attention to your individual unique needs. Together we will find the right option for you, whether it's to sell and right-size, or stay in your existing home. You've earned the right to enjoy your retirement,so let's talk and you can start living your retirement years.

 

Seniors have a variety of choices today - move into a mixed-age rental home, assisted living facilities, retirement housing, senior living community, or stay where they are through a "Reverse Mortgage".

 

 

 

 

 

 

 

Seniors also need to know about the capital gains tax and how it may impact them if they do not purchase another home. Some of our seniors purchased homes years ago for $100,000 that are worth vastly more today. The capital gains exemption cover $250,000 of profit for a single person or $500,000 for a married couple. But this may not be enough in today's market and they may need to consider a substantial tax bill when selling. If the spouse has passed away, the seller only takes a $250,000 tax exemption. Remember that the purchase of a "replacement home" in no way affects the tax consequences of the sale, though it did under the previous tax law.

 

With the federal capital gain tax currently at 15% and Virginia's highest marginal tax rate at 5.75%, the tax burden could be extremely high! Fortunately, with the introduction of IRS procedure 2005-14 and some smart tax planning, it is possible to avoid this massive tax bill. I want to let you know that there are strategies to mitigate your tax liability.

 

 

Yes.... seniors with income from stock and social security are allowed to obtain a 30 year mortgage. It is illegal to stop someone from obtaining a mortgage just because they are elderly.

 

 

A couple owning a home as their principle residence with at least one person over 62 can obtain a reverse mortgage, even if there is an existing mortgage on the home. The participants must initially attend an information session in person or over the telephone so that they are comfortable with the process and their questions are answered. once this is completed a mortgage company becomes involved and provides the couple with financing up to a government limit.