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But the question is: Should you?
Here are some things to ask yourself before making any major decisions.
Also see where boomers are selling their homes.
Whats Your Financial Situation Look Like?
How Much Home Equity Do You Have?
A recentreportfound that the average mortgage-holding homeowner has $178,000 in tappable home equity.
But if youve paid off your property, you could have significantly more than that.
Calculate the amount of equity in the home.
If you have a lot of equity and youre looking forsome financial flexibility, selling could make sense.
Where Are You Going To Live?
Before you sell, ensure you have a solid plan for where youre going to go.
After selling their home, retirees will need to find a new place to live, Haywood pointed out.
Take some time to run some numbers and find out what your new living arrangements are going to cost.
You might find that its not worth the move.
Everyone needs a place to live.
Is a Reverse Mortgage Viable?
You might have other options other than outright selling your home, like a reverse mortgage.
It all comes down to your goals and, again, your financial needs.
I think first and foremost would be to determine a budget of some sort.
How much does a person need to cover fixed expenses?
Are You Aware of the Overarching Implications?
Selling your home might put more money into your bank account, but it comes with some tax implications.
But when youre retired and living on Social Security, there are even more factors at play.
Your benefits can also be taxed if you earn income from the sale.
In the current housing market, theres a very good chance of that.
If youre not prepared, selling your home also could affect yourSocial Security benefits.
If you earn too much income, it could restrict your eligibility for assistance programs, Lieberman said.
Before you make the sale, consult an accountant and learn what you could be doing to your finances.
Are You Emotionally Prepared?
The decision also could affect your emotional well-being.
Homeownership often has sentimental value, Haywood said.
The decision to sell should also take into accountpersonal and emotional factors, not just financial ones.
Think about your current lifestyle, neighborhood and community.
And if you intend to leave your property to your descendants, selling could disrupt those plans.
Weigh thepros and consalongside your needs and goals.
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