“There’s No Place Like Home” or “A Home Away from Home”?
Where Will Baby Boomers Live During Retirement
It’s a question many baby boomers are probably asking themselves as they enter retirement. The possibilities are endless but so are the possibilities of enjoying your retirement with a reverse mortgage loan. In truth, reverse mortgage loans can supplement four of the five suggestions presented by an article, “Where are Baby Boomers Going to Live?,” published in Yahoo! News.
Tom Sightings, the article’s author, presents five suggestions to where baby boomers are going to live in the next 10 to 15 years, based on past retirement trends:
Baby boomers will stay where they already live. It’s probably the most common option during retirement. You are comfortable where you live and have gotten to know your neighbors, the neighborhood as well as the surrounding areas. Moving is difficult and you’d rather stay in the place you’ve called home for years. If this is the case, a reverse mortgage loan can help during retirement and you are able to stay in your current home mortgage-free. It’s a cost effective options for retirees who do not want to deplete their savings via mortgage payments but want to stay in their homes for their retirement.
They will move to be near their children and grandchildren. Finding and buying a new home, on top of moving, can be a hassle for anyone but, in order to be closer to your children and grandchildren, it’s worth it. A reverse mortgage loan can make the burden easier by using a HECM for Purchase, which allows homeowners the power to purchase a new home using the equity of a previous home. It’s a viable option for seniors hoping to sell their old home and move to a new one.
They will relocate to areas with lower cost of living. Saving as much as you can during retirement seems like an oxymoron. It’s the time to spend your hard earned money on doing what you chose to do but, in order to do that, you have to save money to so that your retirement doesn’t blow through your savings. If you chose to relocate, a HECM for Purchase can be the way to do it. Like moving to be closer to your children and grandchildren, you can also downsize with a reverse mortgage loan during retirement.
They will move to less congested areas. If the hustle and bustle of the city has taken its tool and you want to move somewhere calmer in order to enjoy retirement, the Reverse Purchase is the way to go. It can help you move to an area ]with less traffic and more sunshine without the need to make monthly mortgage payments. The flexibility of the reverse mortgage loan allows homeowners the opportunity to relocate without the burden of debt.
There are risks involved with a reverse mortgage loan. While you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.
Where you will live is only one of the decisions you will have to make during retirement. Let a reverse mortgage loan make the decision, and the transition easier.
If you think a reverse mortgage loan is right for you, PS Financial Services, a reverse mortgage loan company in Florida, a call at (888) 845-6630 or send us an email at info@PSReverseMortgage.com. We do not pressure those who inquire, we are simply here to help.