Housing can present a good news-bad news scenario for seniors; many have been in their homes long enough to see them paid off, but limited retirement income makes it difficult for them to keep up with home repairs. A smaller budget, paired with rising costs of healthcare and other late-in-life expenses, make it tempting for seniors to defer maintenance on their house.
Retirees might cut costs by cancelling their lawn care or pest control contract or by putting off repairs that they know need to be tackled. Whether it’s a new roof, more energy efficient windows, wood replacement or plumbing issues, it is common for homeowners over 65 to postpone necessary repairs because of financial worries. The unfortunate result is a home that is deteriorating, losing value and, in some cases, creating a hazard for the seniors living in it.
Some non-profits and ministries have organized programs to provide free home maintenance for seniors, and those groups can be a godsend. But because upkeep of a house is an ongoing task, most seniors need more than occasional nonprofit help to keep an older home in good condition. In many cases, seniors are realizing that a smaller, less time-consuming house would suit their stage of life better, but they don’t have the funds to even think about a move.
A life settlement can be the answer to this housing dilemma. Like an old house, an old life insurance policy can outlive its necessity and actually become a burden. In many cases, that policy can be sold to create an extra source of income, and the cash obtained from the settlement can make a way for seniors to transition to a more favorable living situation.
The profits from a life settlement might be the boost a senior needs to move into a new home, possibly a townhome, a house in a gated neighborhood or an apartment in a retirement community. There are options for seniors that take away many of the standard maintenance concerns and allow individuals over 65 to enjoy their golden years with much less stress over house issues.
Some seniors might not want to move, but a life settlement could provide them with enough money to complete all of those repairs that they have been putting away for years. The end result could be a more efficient, pleasant and attractive version of the home they have loved for years—a place to continue making memories with family or friends. In either case, a life settlement may be the key to unlocking either a new or remodeled home. To find out if you might qualify for a settlement, use Magna’s life settlement calculator.