4 Easy Ways for Seniors to Grow Their Bank Accounts

The following is a guest post

The world has changed a lot since the good ol’ days. The average age of retirement keeps creeping up little by little every year. Many Americans have a tough time making ends meet on a daily basis, let alone finding ways to save for retirement. Luckily there are still ways you can make some cash on the side to stabilize your financial future. Here are 4 ways seniors can grow their bank accounts.

Part Time Job

This one might be the most obvious choice to earn some extra cash on this list; it might also be the least agreeable one. No one really wants to spend their golden years flipping burgers or holding in passive aggressive rage toward rude customers. Still, there is probably no better way of finding guaranteed income than a part-time service job even if it does sting a little.

It doesn’t have to be so bad though. If you have a computer and internet connection, you can make money. The amount of simple, at-home jobs you can find on the web is astounding. Some of them don’t even require you to do anything but surf the web. Check this great website out for all sorts of useful and sometimes wacky ways to make money from home

Reverse Mortgages

One way to get quick access to a lot of money is through Home Equity Conversion Mortgages (HECM), otherwise known as reverse mortgages. Basically, reverse mortgages allow homeowners to access a portion equity they have built on their homes and use it for any purpose. This is done through a HUD and FHA -approved lender agency. The lender gives you a portion of the appraised value of your home (up to a whopping $636,150!) and in return you simply complete the remaining balance on your mortgage (if necessary) and then use the rest of the money as you see fit. There are no monthly payments and the remaining equity still belongs to you or your heirs. Payment of the loan is only due when the borrower moves, or is deceased.  There is a list of qualifiers, available to view on this website , that lets you know whether you are eligible for this great service.

A reverse mortgage can come in handy when planning your retirement because it gives you access to a large portion of your equity that you wouldn’t have had before. It can add overall financial stability to your retirement, or be there when unexpected expenses pop up, like health bills or home repairs. Best of all there are no monthly payments associated with the loan, and the borrower’s name remains on the title of the property. You can find lenders from big banks to smaller online businesses, but they are all HUD approved and insured. Here is one that offers Award-Winning HUD Approved Direct Lending as well as helpful guides and learning tools so you can make an informed decision.

Airbnb

For those seniors who are lucky enough to own their own homes, the explosion of technology and the app marketplace have brought easy ways to earn some extra cash. One of the most obvious is through the company Airbnb.

Airbnb allows anybody to rent a spare room, bed, or couch to weary travelers all over the world. All money transactions go through the company, with customers paying over credit card, and then Airbnb transferring that money to the host. It can be a great way to meet people from all over the world and share experiences with people you would have never met before. Though it can be a lot of work cleaning sheets, organizing rooms, etc., you can make more in a few days through Airbnb than with traditional renting structures. While not everyone is going to be open to hosting travelers in their homes, for some people it can be the perfect way to earn some extra cash while having unique experiences they are sure to remember.

Selling Junk

I am pretty sure everyone has a box of something in their garage that they are never planning on using or looking at again. That could include anything from books and CDs to antique items and memorabilia. It is easier than ever now to connect to people looking to buy whatever it is you are selling. Vinyl records have made a resurgence in the past few years and you could probably get away with selling a few “vintage” ones if you have them. Really anything is fair game so long as you are ok with parting ways with it. Check out sites like eBay and LetGo to get started. They make selling your old unwanted objects easy.

Final Thoughts

That’s it! All it takes is a little time and effort and you can start seeing the cash roll in. You can even make money without changing out of your PJs. Get out there and start adding to your income today!

 

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