Common reasons why seniors relocate to a new home

When it comes to making a housing change, seniors generally have common reasons and goals that they’re hoping to achieve by doing so. Look at the table below to see if any of these ring true to your situation. . .

We have gathered the following insights from speaking directly with seniors on a daily basis as they explore their options to find their new home.

Move Into New House, AND 
Cash in on Existing Equity, OR –
Be Mortgage Free
move closer to     kids/grandkids
lower monthly housing payment
use equity from sale, buy new home in cash
downsize and, or, simplify
pay off existing debt
use reverse mortgage for purchase – never have payment again
desire a single story / safer home
cash for healthcare
improved lifestyle
health changes
refinance and stay in current home
refinance and stay in current home
move closer to quality healthcare
need money to last for rest of life
need money to last for rest of life
less home maintenance
stretch for, realize life-long dreams
stretch for, realize life-long dreams
desire lower cost of living / taxes
get affairs in order / estate planning
get affairs in order / estate planning
desire a more active community
help children / grandchildren
help children / grandchildren
desire better weather
 
 
desire a quieter neighborhood
 
 
tired of feeling isolated
 
 
spouse cannot do as much as before
 
 
desire a more metro region
 
 
desire a culturally diverse area
 
 
desire safer neighborhood
 
 
desire people in same age group
 
 
end commute – less driving
 
 

Regardless of the reason for the move, most seniors also aim to be in a more financially stable position after this life changing move.

Seniors who are researching ways to put themselves in a better position should be proud of themselves. It takes a healthy dose of courage to step out of one’s comfort zone and make a change. The seniors who make this type of move also share something else beyond reasons and goals – they look at this change as taking charge of their lives – purposely designing it to fit what they know is best for them in terms of physical, mental and financial health.

The most difficult part in this process is keeping the momentum moving forward. Habit wants to keep us in what we believe to be a comfortable spot. Habit wants to keep us surrounded by possessions that we’ve accumulated over the years, even if we haven’t looked at, or used those items since Bill Clinton was in the white house.

Even after hearing testimonials from other seniors who have taken the brave step of moving – how this positively affected their lives, and how they wish that they had done it sooner – many still surrender to habit and remain in a situation that isn’t healthy or sustainable for them.

For many seniors, the goal of moving and being mortgage free is obtainable. One vehicle for this – if you don’t have enough equity to sell you current home, pay for your next home in cash, and have enough left over to last the remainder of your life – is a reverse mortgage. These aren’t for everyone, but are certainly worth investigating to see if it is right for you. Learn more about whether a reverse mortgage might be a good fit for you here.

The most successful seniors in making this type of transition suggest that clearly defining the reasons for the change is the best way to keep moving forward towards the flourishing retired life that awaits you. Identify the best two or three reasons, write them down and post them somewhere that you can see them daily. Whenever those pesky habitual doubts kick in, reaffirming your solid reasons will keep you on track.

Need to sell your home first? Get a real estate agent referral from us to get started with the listing process and find out all your options and logical next steps.

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