Just under fifty percent of Americans have expenses which are equal to or bigger than their incomes, according to a Center for Financial Services Innovation Study. Jennifer Tescher, who is the Chief Executive Officer and president of CFSI, believes that half of the USA is living on the edge financially. If you want to stay in your little home after you retire, but you aren’t sure if you’ll have enough retirement income to stay afloat, you’ll benefit from discovering some finance tips that really deliver.

Consider a Reverse Mortgage

With a typical mortgage, you’ll make a payment to your lender once per month to purchase your home over the long term. With a reverse mortgage, your lender will give you money. According to the Federal Trade Commission website, reverse mortgages take a portion of home equity and then turn that money into payments that you will receive. It’s like getting an advance payment on the equity that you have in your home. The money will generally not need to be repaid while you are living in your home. When you pass away, move away or sell your house, repayment of the reverse mortgage will be arranged. Your estate might handle it, or your spouse, or you might handle it if you decide to sell or move. In many cases, the home is sold to cover the cost of loan repayment.

Re-energize Your Retirement Investments

Walter Updegrave, who is a Time.com contributor, recommends reassessing your mixture of stocks and bonds. If your portfolio is currently too heavy on bonds, which aren’t performing as well as stocks over the past few years, you may be missing out on stock dividends that help you to stay in your home after you retire. If your portfolio is stock-heavy, you may run into trouble in the future, as the trend towards stock growth may slow down. Balance risk and return to build a portfolio which has growth potential, without very high risk.

Consider Renting Out Part of Your Home

If your home has a basement suite or a spare bedroom, you might want to become a landlord. This will bring hassles, such as security issues and the tasks associated with fulfilling the right of your tenant(s). However, it will also bring income. Even a small home usually has a spare bedroom which may be rented out to a student or another type of person. Before you begin this entrepreneurial venture, make sure that you understand the law. Tenants have a lot of rights and you need to be aware of all of them before you begin. Laws for tenants and landlords vary from state to state.

Now that you know three ways to keep your home after you retire, you’ll be ready to put together a plan of action which allows you to keep enjoying your cozy home in the future. Your home is your sanctuary. When you plan ahead and make sure that you have enough money to enjoy your current abode, you’ll be able to enjoy a happy retirement in familiar surroundings.

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