Seniors & Families
Financial Planning for Seniors: How Real Estate Fits Into Your Retirement in Northwest Indiana
June 22, 2026 Golden Girls of Real Estate
Frequently Asked Questions
Got questions? Here are answers to the most common things readers ask after reading this article.
Should I pay off my mortgage before retirement?
It depends on your interest rate, tax situation, and other debts. If you have a low interest rate (under 4%), investing the money may earn more than the interest cost.
How does selling my home affect my Medicare or Medicaid eligibility?
Selling your home does not affect Medicare eligibility. It can affect Medicaid eligibility. Consult an elder law attorney before selling or accessing equity.
What are the costs of selling a home in Northwest Indiana?
Typical seller costs include real estate commission (5-6%), closing costs (1-2%), possible repairs or concessions, and moving expenses.
Is it better to invest home sale proceeds or buy a smaller home outright?
Paying cash eliminates a mortgage and provides peace of mind. Investing may generate higher returns. Many seniors choose a middle path.
Can I use a reverse mortgage to buy a new home?
Yes. A HECM for Purchase allows seniors aged 62+ to buy a new primary residence with a reverse mortgage and a down payment.
What happens to my property taxes when I move to a smaller home?
Your property taxes will likely decrease. File a new Homestead Deduction with your new county assessor and apply for senior credits by January 15.