AARP PRODUCTS & SERVICES   HEALTH   FINANCIAL   TRAVEL   DISCOUNTS   INSURANCE AARP.ORG HOME  |  Join AARP

HOME IMPROVEMENTS

Buy, sell or improve your way
to greater financial security.

Owning your home is a great way to increase financial security and your net worth. That's because money that used to go to someone else for rent now flows back to you in the form of equity in your home. Later on you can use the equity to get a loan, use it for the down payment on your next house, or even create an income stream with a reverse mortgage during your sunset years.

You don't just have to pay the mortgage down to create equity, though. You can also make smart improvements that increase the value of the house — that may improve your financial position, too.

Prime Earners

Downsizing may free up cash. If, however, you have money after appropriate savings, consider home improvements that may give the best payback.

Empty-nesters

Don't hold onto a too-large house for memories. Downsizing may lower your taxes and save money. Not ready? See if your town offers reduced property tax rates for seniors. Some do.

Retirees

If you're house-rich but cash-poor, with no other way to create income, consider a reverse mortgage. In effect, you sell your house one monthly payment at a time but still get to live there.

 

"Owning a home is a keystone of wealth... both financial affluence and emotional security."

– Suze Orman


 

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, or legal, tax or investment advice, or a legal opinion. Individuals should contact their own professional tax or investment advisors or other professionals to help answer questions about specific situations or needs prior to taking any action plan based on this information.

AARP Financial Inc. manages financial provider relationships and performs quality control oversight for a wide range of products that carry the AARP name and are made available as AARP member benefits, by independent providers. Neither AARP Financial nor AARP is the insurer. AARP contracts with insurers to make coverage available to AARP members.



AARP Financial is a collection of insurance and financial products, services and programs made available by AARP. Neither AARP nor its affiliate is the provider. AARP contracts with providers to make coverage available to AARP members.

Insurers and providers pay a royalty fee to AARP for use of the AARP intellectual property. Amounts paid are used for the general purposes of AARP and its members.

AARP and its affiliate are not insurance agencies or carriers and do not employ or endorse individual agents, brokers, representatives or advisors.

AARP does not make financial product or service recommendations for individuals. Products and services carrying the AARP name are intended to be competitive products and may not be the lowest priced products. You are strongly encouraged to evaluate your needs and compare products.