Empty Nesters: Make Room for Adventure!

Empty Nesters: Make Room for Adventure!

The time has finally come! The children have flown the nest and your home is YOUR home again. What now? The opportunity to downsize is appealing to many newfound empty nesters. Whether your goal is to declutter, reorganize, buy smaller or refinance to gain cash for new adventures – downsizing can be both beneficial and necessary. 

Here are some tips to help you start out your new life as empty nesters!

Declutter

Having children can generate a literal mess in your home. Take back space when they move out by decluttering. Some parents find it difficult to clean out their child’s room when they move out, but if this is not the case for you, their bedroom can be a good place to start. While some items may be sentimental and stored, others, such as clothing, bedroom furniture, décor, and toys, can most likely be sold or donated. Closets can be organized and cleaned out.

The kitchen and garage are other spaces to minimize. Start by cleaning out your refrigerator and pantry areas. Do you have sporting equipment in the garage? Kids in your neighborhood or community might need these items.  

Reorganize

Once you’ve decluttered spaces, it’s time to reorganize. Bedrooms can be repurposed into office or hobby spaces. You may want to repaint and redecorate your home to fit this new chapter of your life. 

Go Smaller

You could be thinking about selling your current home and buying a smaller one that better fits your needs. There are many reasons this could be an option for you. Now that you’re an empty nester, your child’s education no longer directly affects where you live. Take advantage of that freedom by moving to an area you’ve always dreamt of. You could also benefit from lower utility costs by buying a smaller home or enjoy less time spent on lawn maintenance. Contact your lender to get prequalified!

Cash-out Refinance

Need cash in hand to live your new empty nester lifestyle to the fullest? You can access the equity in your home in a lump sum payout in exchange for a larger mortgage with a cash-out refinance. To qualify, you need to have a certain amount of equity in your home to pull from. Typically, lenders want you to keep at least 20% equity in your home. Refinancing allows you to obtain a new mortgage with a new interest rate and term. You’re not eliminating your debt; you’re moving it to a new loan.

The lump sum you receive from a cash-out refinance can be used for:
  • Home improvements and renovations. You could create your dream kitchen or master suite!
  • Consolidating debt. Pay off high-interest credit card debt or other bills.
  • College tuition or education expenses. You might be thinking about getting a degree or certification, or your child might have moved out to further their education. Get the cash needed to help pay those expenses down.
  • Money for a down payment. Purchase a vacation home or investment property and continue building equity.
  • Adventure! Take that out-of-country dream trip, have your dream wedding, celebrate with a vow renewal or use the cash to fund another dream opportunity.
This is an exciting time in your life and your home and lifestyle should fit the occasion. Enjoy your empty nest and take advantage of the opportunity it provides to downsize. If you’re considering a cash-out refinance, speak with your lender directly to see how we can help you achieve new goals. 

NOTE: Refinancing an existing loan may result in finance charges being higher over the life of the loan. Reduction of payments may reflect a longer term.