Short answer, yes if you plan to sell your house in retirement and use the tax free gain. No, if you don't want to sell your house. I would never recommend borrowing money in retirement if you are on a fixed income. Your home usually doesn't produce any income, so it isn't not wise to just die with hundreds of thousands of dollars in equity, unless you want your kids to fight over it. If you are disabled, I would recommend selling your home and living in a nice apartment complex with a pool. You don't have any maintenance and you can enjoy life without worrying about mowing the grass or cleaning the pool.
We are selling our home to move across the country to be closer to our son. We want to rent until we have an idea if we like it there. Is this a wise decision?
I think it's wise. I wouldn't buy a home in a city that I don't know very well. I would want an easy drive to see my son, shopping, doctor's office, etc.
Short answer, yes if you plan to sell your house in retirement and use the tax free gain. No, if you don't want to sell your house. I would never recommend borrowing money in retirement if you are on a fixed income. Your home usually doesn't produce any income, so it isn't not wise to just die with hundreds of thousands of dollars in equity, unless you want your kids to fight over it. If you are disabled, I would recommend selling your home and living in a nice apartment complex with a pool. You don't have any maintenance and you can enjoy life without worrying about mowing the grass or cleaning the pool.
We are selling our home to move across the country to be closer to our son. We want to rent until we have an idea if we like it there. Is this a wise decision?
I think it's wise. I wouldn't buy a home in a city that I don't know very well. I would want an easy drive to see my son, shopping, doctor's office, etc.
Where is "there"? In a country as vast and diverse as ours, no 'wise" person would offer advice without this critical bit of info.