Fourplex for Fun

One of the biggest fears for many seniors is a lack of community, especially when their kids are all moved out. You can downsize into a senior living center or an assisted living facility, but some people want to make sure they can maintain their active lifestyles and hobbies or feel they don’t need the built-in health support of designated senior housing.

For Wisconsin homeowners aged 62 or older, a reverse mortgage offers a unique opportunity. You can purchase a fourplex or other multi-family home to bring you extra income and craft a community.

A reverse mortgage offers a way to tap into the equity of your current home, providing funds to explore innovative housing solutions. A fourplex allows for the creation of shared spaces, from communal gardens to recreational areas. These shared spaces become the backdrop for building memories, fostering camaraderie among residents.

Imagine you love to ski. Your single-family home is too big now that your kids are out of the house. You decide to purchase a fourplex with a reverse mortgage in a ski town and live in one of the units. There’s no monthly mortgage payment, giving you maximum flexibility in your day-to-day budgeting.

When your kids and grandkids come visit, they can each have their own units. When they’re not visiting, you can rent out the units on VRBO for 30 days at a time (to meet the FHA non-transient housing clause, the minimum rental period is 30 days). You’re able to make a few thousand dollars extra each month, and you can use those funds to fly your kids and grandkids out to visit you over breaks.

But best of all, a fourplex can alleviate the concerns about feeling lonely in your retirement years. In addition to being able to spend more time with family, you’ll have the chance to get to know the renters who share your love of skiing and form lasting memories and friendships.

Book a call today!