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It also means making necessary renovations to make life comfortable.
But how do you pay for them if youre still building your nest egg forretirement?
Luckily, homeowners nearing retirement have several options for funding renovations without dipping into their savings.
Here are some options to consider, according to real estate experts.
Also see11 money questions you must ask before renovating your home.
Home Equity
One of the biggest benefits of homeownership is equity.
Home equity is the difference between a homes current market value and the amount still owed on the mortgage.
Homeowners have several options to tap into their equity and borrow against their homes.
A home equity line of credit, or HELOC, is one example.
HELOCs also usually have lower interest rates too.
Grants
Depending on the location and the homeowners circumstances, grants could help fund renovations.
It never hurts to look and see if you are eligible for any financial assistance, Nally said.
You may have luck on the state level oreven the federal levelwith finding government-backed grants.
There are sometimes also local programs that offer grants.
The funds allow eligible seniors to make home modifications that improvesafety and accessibility.
Side hustles are all the rage these days, said Desiree Avila, aRealtor in South Florida.
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