Retirement Living: Is Your Current Home Your Forever Home?
Retirement is often associated with big changes — from your daily routine to your finances to where you decide to live out your best years. It may spark the desire to relocate for a fresh start in a home that better fits your changing needs.
When choosing where you want to live in retirement, there are many factors to weigh:
- Should you remain home, move to a condo, try out life in a 55+ community?
- Do you plan to drive?
- What activities might you participate in?
- How will you maintain social connections?
Keep in mind your long-term plans, budget, proximity to family and even access to familiar healthcare providers when considering your options:
- Move in with adult children/extended family. If you’re looking to reduce your retirement costs and be close to family, a cohabitating situation can be mutually beneficial for all parties. For example, retirees can help with childcare for busy working parents while staving off loneliness and depression as part of an active household.
The downside, being part of your family’s daily routine could infringe on your own personal space and independence. It may be difficult to create boundaries, putting a burden on your personal relationships.
- Purchase a home in an independent living community. Whether it’s a retirement village, an active adult community or a 55+ development, this housing option offers retirees the chance to live on their own with access to convenient amenities and services to make daily life easier.
Everything from floor plans to activities and social events cater to older homeowners within the community. But the convenience could come with a hefty price tag. Depending on the location, you can pay anywhere from $1,500 to $6,000 a month, plus additional costs for social activities.
- Relocate to an assisted living facility. This type of property may be best suited for retirees who require help with daily tasks. Staff is available to assist with personal hygiene, eating, getting dressed, housekeeping and medication reminders. Residents usually reside in individual apartments, but communal spaces offer meals and social activities.
But is it affordable? Over 800,000 Americans currently reside in assisted living facilities, paying on average $54,000 a year in the United States.
- Downsize. Moving into a smaller dwelling can help save on mortgage costs, utilities, property taxes and more. It’s less space to clean and maintain — which can get more challenging with age.
But an apartment or condo also offers less space for your family to visit or to finally build the breakfast room or the backyard garden you’ve been dreaming of during retirement.
- Age in place. Data shows that 77 percent of adults 50 and older want to remain in their homes for the long term. From moving costs to monthly fees, there are many financial reasons why aging at home may be the logical solution. Plus, think of the social connections you may lose if you relocate.
Still, you may have to make some modifications or renovations to ensure that your home is safe and comfortable as you age. That’s one of the many benefits of having a reverse mortgage loan.
Making moves for brighter future
Is it time to pack your bags, or have you been living in your dream home all along? The good news is that a reverse mortgage may help alleviate some of your financial concerns, whether you decide to age in place or purchase a new house that better suits you in retirement.
Designed for older homeowners, this type of loan allows you to borrow against the equity in your home while you live in and retain ownership* (*As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance and keeping your home in good condition). In doing so, it provides funds that you can use at your discretion to make home renovations, travel, pay for medical costs, buy a new home and so much more. And it gives you the flexibility to decide if you want to make monthly mortgage payments or none at all.
Intrigued by the possibilities? Reach out to Reverse Mortgage Funding (RMF) at (888) 277-1567 to learn more. We’ll be happy to set up an appointment with a local loan specialist at your convenience.
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 lifestyle that they imagined and deserve, in the comfort of their own home. 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; 4.7 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call (888) 277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.