We all know the only way to get more money is to increase income or reduce expenses. So, if the chances of your household income increasing are slim to none, it may be time to take a serious look at your expenses.
With interest rates at record lows, it may make sense to take a look at how you can lower your housing costs. Here are four tips offered by U.S. News & World Report.
- Refinance your existing mortgage. If you’re lucky enough to be in a position that makes you a good prospect for a new low, definitely make the consideration.
- Sell your home & rent instead. It may make more sense to sell your home & rent. Look at affordability & get honest with what you can afford & what the true costs of ownership are.
- Relocate to a cheaper housing market. If you have the flexibility with your work, you might find greener pastures – or at least more affordable pastures.
- Consider a reverse mortgage. This only applies to seniors who are at least 62, but consider the feasibility of a government-insured reverse mortgage if you have no mortgage or at most a small one. These mortgages are complicated, but might be worth looking at.
If you’re looking for a way to reduce your own housing costs, let us know. We love to help our clients get creative & explore their options. Don’t be afraid to at least explore the options. You just might find a perfect and unexpected solution.
Click here for the full article in US News & World Report.