Getting Your Edge: How to Downsize Your Home. - Timeless Dwellings: Unraveling the Secrets of Aging in Place

Timeless Dwellings: Unraveling the Secrets of Aging in Place

05/10/23 • 35 min

Getting Your Edge: How to Downsize Your Home.

Aging in place refers to the ability of older adults to remain living in their own homes or communities independently and comfortably, as they age and their needs change. It involves making modifications to the physical environment and accessing support services to ensure that seniors can continue to live safely and securely in their familiar surroundings. Aging in place is often seen as an alternative to institutional care or moving to a new location, allowing older adults to maintain their autonomy, social connections, and quality of life.
In episode 14, we speak with local Aging in Place expert Tom Minty to inform you about what is aging in place is, and how it might work for you. Tom is an established John L. Scott realtor based in Issaquah. But he is also heavily involved in educating real estate agents about Aging In Place (AIG), and establishing norms on the MLS, for listing homes that may serve those with disabilities. Tom Minty is also on several non profit boards dedicated to making housing more accessible to the elderly and the disabled. Judy Gratton and Dennis Day welcome Tom Minty.
Tom Minty
John L. Scott Issaquah
1700 NW Gilman Blvd #300,
Issaquah, WA 98027
(206) 617-3935Email: [email protected]
Northwest Universal Design Council
https://www.environmentsforall.org/home-checklist/

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Previous Episode

Give Your Money to the IRS. OR NOT! How to Use the 1031 Exchange to Beat the IRS

The 1031 exchange is a tax strategy that allows investors to defer capital gains taxes on the sale of investment property by reinvesting the proceeds in a new property. This can provide a significant financial advantage for investors looking to build wealth through real estate investments.

In this episode, we'll cover the basics of the 1031 exchange, including the requirements for eligibility and the timeline for completing an exchange. We'll also dive into the benefits of using a 1031 exchange, such as the ability to leverage gains into larger investments, increase cash flow, and defer taxes.

Our guest expert for this episode is a real estate attorney, Richard Morse, of Washington Exchange Services, who has extensive experience in facilitating 1031 exchanges. We will share his insights on the legal requirements for a successful exchange, as well as some tips for avoiding common pitfalls.

Whether you're a seasoned real estate investor or a homeowner thinking of downsizing and renting their forever home, this episode will provide valuable information on the 1031 exchange and how it can help you grow your investment portfolio while minimizing your tax liability. So sit back, grab a pen and paper, and get ready to learn about the powerful tax-saving tool that is the 1031 exchange.
Richard Morse
Washington Exchange Services
Address: 19633 109th Place SE, Bothell, WA 98011
Phone: 206-522-1031
Email: [email protected]
Web: https://www.freetaxexchange.com/

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Next Episode

Reverse Mortgages: Scam or Savior

Is a reverse mortgage a scam or a possible financial savior, ?
In this enlightening episode of "Reverse Mortage: Scam or Savior" we dive into the world of reverse mortgages and their potential benefits for seniors who are considering downsizing. Our guest expert, Frank Borg of Fairway Mortgages, is a renowned authority on reverse mortgages with years of experience guiding seniors through this financial option.

Hosted byJudy Gratton and Dennis Day or the Edge Group Team, this episode is designed to provide valuable insights and practical advice to seniors who are exploring downsizing as a means to enhance their retirement lifestyle. With rising living costs and evolving financial landscapes, seniors are seeking innovative ways to unlock the equity in their homes while maintaining financial stability.

Throughout the episode, Frank Borg shares his deep knowledge and expertise on reverse mortgages, explaining how they can empower seniors to maximize their financial resources. Listeners will gain a comprehensive understanding of how reverse mortgages work, the eligibility criteria, and the potential pros and cons associated with this financial tool.

The conversation delves into various topics, including the flexibility of reverse mortgages, the impact on inheritance, and the responsibilities of the borrower. Frank addresses common misconceptions surrounding reverse mortgages and sheds light on the crucial factors to consider before making a decision.

Furthermore, the episode offers real-life stories and testimonials from seniors who have successfully utilized reverse mortgages to downsize their homes and improve their quality of life. These personal accounts provide listeners with a practical understanding of the benefits and implications of choosing this financial path.

Whether you're a senior considering downsizing or a concerned family member seeking guidance for your loved ones, this episode offers invaluable information to help you make informed decisions. Tune in to "Reverse Mortgage: Scam or Savior" and join us as we demystify the world of reverse mortgages and discover how they can be a powerful tool for seniors embarking on their downsizing adventure.

Frank Borg
[email protected]
3400 188th ST SW, STE 185, Lynnwood, WA, 98037
425-949-2889

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