As we age, financial obligations and life events can cause us to feel stressed. For adults in their 40s and older, the most common sources of financial stress are job loss, reduced wages, consumer debt, and medical expenses. Other situations, such as divorce or a foreclosure, can also lead to financial strain.
Too often, Raleigh-area homeowners facing financial hardships find themselves in a position where they can no longer afford their home. If you are in a financial situation such as this, the trick is not to let yourself be paralyzed by hard decisions.
But the good news is, we have seen it all and can help you through your unique situation. Here are a few ways to cope with your financial stress and make the best possible real estate decisions.
Maintain Healthy Habits
Financial stress can be hard to deal with. Common signs of stress include headaches, low energy, increased frustration, insomnia, and a change in appetite. Healthy eating and exercise habits can significantly improve your mood and your health, even in stressful financial situations.
Seek Out an Expert
Unfortunately, some financial hardships, like failing health and medical expenses, are not temporary. If you are contemplating selling your home and putting the money toward medical bills, or if you are considering declaring bankruptcy, contact us. We can refer you to a recommended attorney in the Triangle area who will guide you through this hardship with your future in mind.
Carefully Consider a Reverse Mortgage
Adults aged 62 or older who own their homes or owe just a small mortgage balance may consider a reverse mortgage program to supplement their income. But before you consider applying for a reverse mortgage, talk with a reputable lender and review the fine print with an attorney. You can read about the pros and cons of reverse mortgages on AARP’s website.
Consider Downsizing
Many homeowners in the Triangle area downsize their homes in favor of a smaller mortgage payment and using the money from their home sale to pay off their debt. Follow these downsizing tips to keep from feeling stressed and overwhelmed while decluttering.
You Can Trust Linda Craft & Team, REALTORS®
If your financial obligations are causing you to worry about the future, the real estate experts at Linda Craft & Team, REALTORS® can give you the advice you need. We have helped homeowners in the Triangle through a variety of life events from divorce to foreclosure. Contact us today at 919-235-0007 to discuss you options.