Advice on Property in CT After Retirement

[Nathan Barilka]

Hi all,

My name is Nate, I'm a first time poster here on the Bigger Pockets forums. I have a question in regards to my mothers house in CT, and how she could potentially turn the property into something that could work for her in retirement. Her plan was to sell the house, take the money and buy another property outright somewhere in the Midwest (closer to family), and have the remaining funds to do with as she pleases after she retires. It sounds great, however after hearing story after story on the BP podcasts and reading on this forum of how properties can work for you, I think there's probably a better route to take. The house is worth roughly $650K, of which she holds about $150K mortgage. I discussed with her taking the equity in her current house to purchase a new one, then have tenants move in pay the mortgage on the CT house. For her, the idea of being "free and clear" of any debts or mortgage payments in retirement is an attractive one to her.

There are creative individuals on this forum, so I thought I'd throw this out there and see if anyone might have another idea how this house could work for her, while still giving her financial freedom in retirement. 

Thanks in advance, looking forward to meeting people here on the forums!

Nate