HomebuyingRetirement March 20 2018

The Upside of Downsizing

Is home downsizing a good move for you? Perhaps your kids have moved out. Maybe you don’t have children, but you have space to spare. Or you possibly just need more breathing room in your budget. Whatever the reasons, scaling down to a smaller home can bring in big benefits.

Increased Cash Flow

Whether you have paid your mortgage off or not, downsizing can put more cash into your pocket. A smaller, less expensive home means that your mortgage will be much smaller—or non-existent if you can buy the home outright. Less living space usually costs less to heat, so your utility bills should come in lower as well. You can use all of that extra money on vacations, a new car, or anything else you couldn’t afford before.

Less Debt

The savings from downsizing can give you enough budget to pay off your mortgage and other debts sooner. Say you still have a car payment or a student loan. Taking the extra cash and using it to pay those loans off will save you paying interest on long-term loans. Putting the money you save on housing to work can pull you out of debt altogether.

Extra Retirement Savings

You could also use your downsizing savings to invest in your retirement fund, which will pay dividends down the road. Depending on how far away from retirement you are, you could double, triple, or even quadruple the value of your downsizing savings by investing it. Downsizing to a smaller home and saving more could help you to enjoy a more comfortable retirement lifestyle.

Downsizing to a smaller home and saving more could help you enjoy a more comfortable retirement lifestyle.

Less Maintenance

Time is money,”, as they say, and most people never seem to have enough of either. Downsizing to a smaller home can help you find a little more time in your day. Smaller homes require less time for upkeep, giving you more free time to spend on things that matter to you. Not having to do as much maintenance on your home will probably cause you less stress too.

Reduced Environmental Footprint

A smaller home consumes less energy. Not only does this save you money on your utility bill, but it also helps lessen your impact on the environment. Smaller homes tend to be older homes, so often downsizing can be seen as “house recycling”. If lessening your environmental footprint matters to you, a smaller house will go a long way in that endeavor. Home downsizing is a big decision. If you can adjust to the changes that come with a smaller residence, that big decision could lead to a big payoff. You could have more cash, less debt, more savings, less maintenance, and a reduced environmental impact if you take the leap and downsize.  

Ready to downsize?

Speak to a Loan Officer today!

  Sources www.thebalance.com www.ptmoney.com www.money.usnews.com

Search Results for query

November 14 2019

Homebuyer Solutions Group Success Story

Marylynn M. and her husband successfully improved their credit scores while enrolled in Eagle Home Mortgage’s Homebuyer Solutions Group (HBSG) program and were able to purchase their dream Lennar Home after graduation. We spoke to HBSG Credit Specialist,...

Read More

November 07 2019

Home Organization Tips to Spark Joy

There is a proven correlation between home clutter and stress. Organizing your abode is a quick and relatively easy way to bring more joy (and extra time) to your life. Here are some home organization tips to help you spark joy!

Read More

October 30 2019

Find the Right Home Loan For You

There are several types of mortgage loans that fit various needs. Here is some information about some of the most popular products and why they might work for you.

Read More

October 24 2019

Reverse Mortgage Myths Debunked

As a senior, age 62 or older, a Reverse Mortgage enables you to tap into the equity of your home and benefit you financially today! The funds you receive can be used to eliminate your monthly mortgage payment, pay off debt, increase your monthly cash flow, or...

Read More

October 17 2019

What to Expect: The True Cost of Homeownership

Most soon-to-be homeowners are prepared to budget for their mortgage payment and down payment, but you should go into your dream of homeownership with a clear picture of all of the costs associated with this milestone.

Read More

October 09 2019

A Simpler Path to Homeownership with Credit Solutions

Interview with Credit Specialist, Sara Gellatly, to learn more about what HBSG is and how it helps real customers achieve their dream of homeownership. 

Read More

October 03 2019

Digital Mortgage 19

Digital Mortgage 19 took place from September 23-24 in Las Vegas. Three of our Executives had the honor of presenting at the conference.

Read More

September 24 2019

Understanding Your Loan Estimate

As part of your mortgage transaction, the Consumer Financial Protection Bureau (CFPB) requires that you receive a Loan Estimate at the beginning of your application process. You’ll receive a loan estimate within three days of submitting your mortgage...

Read More

September 20 2019

Eagle to Attend Digital Mortgage 2019 Conference

The Digital Mortgage conference features keynote speakers, panels, and live demos. Attendees will learn from top mortgage lenders, including Eagle Home Mortgage.

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?