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