All Roads Lead Home: Evaluating Your Retirement Living Options
Where do you picture yourself living in retirement? Is staying in a familiar setting a priority? Entering the next phase could mean remaining in your home, moving to a condo or retirement community, or relocating to a new area entirely.
If you’re pondering the age-old question — Should I stay or should I go? — use the following guide as you consider your options:
Venturing to a new place
Many states actively recruit retirees, touting more temperate climates and a lower cost of living. That may be true compared to a major metropolitan area in the northeast, for example. But be sure to do your homework. You may be trading lower property taxes for higher sales, estate and motor vehicle taxes, among other unplanned expenses.
And cost isn’t the only concern if you’re considering relocation. You’ll also be leaving behind a familiar support framework, including family, friends and healthcare providers, and insider knowledge of your area and its resources and activities. Isolation can have serious physical and mental health side effects, so be sure to include emotional factors in your decision-making process.
Family ties and social activities
Aging in place can be a solitary experience if you’re single or have no family and friends nearby. Moving to an over-55 community can minimize solitude with planned entertainment and activities, communal gathering spaces, and residents close in age and with similar interests.
If you remain in your current home, you may have the luxury of space for overnight visitors, as well as a yard or outdoor recreation area to enjoy. Consider if you’ll still have easy access to social activities outside your home, volunteering and community events, as well as transportation when you no longer feel comfortable driving.
Depending on where you’re moving, moving costs alone can be as high as $12,000. And that’s just the start. A new home, apartment or condo may need fresh paint and minor repairs or require the purchase of furniture and other household must-haves if existing items aren’t compatible with your new space.
Also keep in mind commonly made renovations to make the home safer and more comfortable as you age. According to Consumer Affairs, these include:
- Installing grab bars
- Adding outdoor ramps
- Updating flooring
- Improving lighting
- Replacing faucets
Sometimes, larger renovations are necessary. A new bathroom could set you back $5,000-$25,000, while a kitchen remodel could cost $10,000-$50,000.
Make yourself at home
Whether you want to make improvements to the home you have or find a new dwelling that better fits your needs, a reverse mortgage is a financing solution designed exclusively for older homeowners and homebuyers that can play an important part of your retirement funding strategy.
Contact your local loan specialist at Reverse Mortgage Funding LLC (RMF) to learn more about leveraging the power of your home equity to build a stable financial future. Call RMF today at (888) 277-1567.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans live the retirement lifestyles that they imagined and deserve, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 5-star / Excellent score on Trustpilot; 4.5 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call (888) 277-1567 to speak with one of our experienced reverse mortgage specialists to learn about our retirement financing products and solutions.