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Key Steps for Seniors When Selling a Home Part 4–Financial Considerations

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rp_Lr7hi3.jpgAfter you have weighed the importance of health in your moving decision, the next thing to think about are the financial issues surrounding the sale of your home.

Some of the things to consider:

What should be done to the home to ensure the best price?  Are there repairs that should be made to increase the value, or is your best bet to sell it “as-is”?

Do you have the resources to make a move before your home sells, or do you need the proceeds of the sale to afford your new living arrangement?

How will taxation affect the proceeds?  What about capital gains?

What is a reverse mortgage and what can you do with the money?

What federal, state and local government assistance is available to help ease expenses?

Will the proceeds from the sale of your home disqualify you from receiving federal or state aid?

What about estate taxes?

Every situation is different so the best thing to do is to contact a tax specialist and/or financial planner.  If you need a referral to a trusted specialist, we can help you with that.  Just send us a message or give us a call at (817) 330-9235 and we’ll be happy to put you in touch with one of our trusted partners.

In our next installment we will look at legal concerns and what types of things an elder law attorney can help you with.

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