The idea of packing up a lifetime of belongings and trucking them to who knows where can seem down-right unfathomable. It’s the little things that weigh big on your mind: What to do about the door with all the kids’ growth marks on it? Will the new owners cherish the patina that life has brought or tear everything out? Should you take your prized rose bushes with you or bid them farewell and head on to your next journey? To Move or Not to Move?
As people age into their late 50’s and early 60’s you start to feel a bit more weathered than you remember. Things aren’t as easy as they once were. The retirement clock is ticking faster by the day and you start to worry about aging more than ever.
Not only are you getting older, so is your home. When will it need a new roof? Or a new water heater? How old is your washer and dryer? How about your fridge and freezer? These large purchases can wreak havoc on a retired person’s income and possibly bring life as they know it to a screeching halt.
Most Americans’ are unprepared or under prepared for retirement. Let’s face it: Saving money is hard, almost impossible for a lot of folks. Even if you do have a large chunk of savings; not being employed can make getting traditional financing or credit a big headache.
It is very important to consider your home when preparing for retirement: Is your home suitable to age in?
- Is it handicapped accessible?
- Is it expensive to heat in the winter or cool in the summer?
- Does it have good lighting?
- Are all the large appliances, wiring and plumbing updated and reliable?
- How is the condition of the roof, siding and paint?
- Do you utilize the space or are their unused areas in your home or property bogging you down?
Most Americans’ greatest asset is their home. It has been where the majority of your money has gone over your many years of working. Your home has kept you safe, the walls have given you stability during hard times and brought you serenity after a stressful day. Your home can continue to hold a place in your heart even if you decide to part ways with it.
Saying goodbye to a home is bittersweet but don’t hold yourself back. With a reverse mortgage for purchase, you can utilize the equity you built all of those years to provide financial security for yourself during retirement and still be able to purchase a new home with no monthly mortgage payment.
We have helped many seniors sell their current home, use some of their proceeds coupled with a reverse mortgage loan to purchase a new home that is better suited to their needs and they were still able to put some money from the sale of the previous home into savings. It is possible and we can help you navigate the ropes of purchasing a home in retirement.
The transition into retirement is a big deal and you only get one shot to do it right. Make sure you consider all of your options. Your needs are changing; is your home still meeting your needs and your budget?