The Magic of 62: Moving in Retirement (Remove the fear of running out of money)

The Magic of 62: Moving in Retirement (Remove the fear of running out of money)

In a study on Home in Retirement published by Merrill Lynch, over 50% of respondents indicated they planned to move at least once during retirement. They sought solutions to move to a desirable community, often closer to family, to maintain independence, and empower aging in place.

Home buyers in or nearing retirement age 62+ can take advantage of an ever-expanding pool of retirement mortgage programs that enable all the above.

Retirement mortgages include both conventional loans with expanded qualification designed to fit retirement income situations and loans using home equity for both purchase and refinances with no mandatory mortgage payments.

For older adults who can sell their current home and pay cash for their next home purchase, the question then becomes, is that a good overall financial decision or could the right mortgage help preserve retirement resources?

For many, much of their retirement savings is tied up in home equity and often neglected in the “spend down” planning. To create a comprehensive plan, start to think of home equity as an asset just like other retirement savings. Evaluate adding safe access to home equity to help maintain the home, cover unexpected or planned expenses during retirement and provide extra security. Now remove the fear of “running out of money”.

Whether still earning income, seeking to qualify based on assets or perhaps looking to finance without the obligation of a mandatory payment, all become options at age 62. We’d love to hear from you and help in your planning.

 

Note: All programs require the borrower to pay property taxes, insurance and maintain the home.

Generations in a home is a treasure, downsizing is a gift! Please feel free to contact Mature Moves Made Easy or the Mature Moves Real Estate Team at 971-227-1302 or email Kimberly@mmret.com.