Downsizing Your Home Could Be Pricey

A mortgage specialist says downsizing your home during the later years in life could end up costing a lot more than you might expect.
John Cavan has spent 26 years in the industry.
He says some seniors can expect to spend a minimum of $40,000 if they decided to move into a smaller home or condo.
Those fees include land transfer taxes, real estate agent costs as well as legal and moving fees.
Cavan says many people decide to downsize because they haven’t saved enough money for retirement.
He suggests looking into a reverse mortgage to access equity in your home to ensure it stays in your family.