One of the largest challenges that I have found for homeowners who want to rightsize (upgrading, downsizing or making a strategic move in real estate), is coming up with the down payment for the new home.
For many older adults, the idea of downsizing from a large home that once buzzed with the energy of growing children can evoke a myriad of emotions. Deciding when it’s the right time to shift to a new place, possibly a smaller space, can be daunting. Yet, with the right guidance, it can also mark the start of an invigorating new chapter.
Whether buying or selling, retirees stand to gain a great deal from the services of an experienced real estate agent. From understanding the local real estate market nuances to advocating for their client’s best interests, professional realtors offer many advantages.
What I love about the Home Equity Conversion Mortgage (HECM) is that the ways to utilize the program are endless and it can be used by virtually anyone age 62 and over with a significant amount of equity in their home.
There are 3 buckets of money in retirement (if you own a home). Bucket #1 is your Income Bucket, Bucket #2 is your Nest Egg Bucket, and Bucket #3 is your Home Equity Bucket.
For many people, retirement represents an exciting new stage of life. However, there are downsides to aging and to retirement, most of which are new financial concerns. Let me give you a few of the top financial concerns of Americans today.
You do not need to look very far to find something that points to the fact that we have a looming housing crisis on our hands in this country.
So, let’s break some of these issues down and get a better understanding of the challenges and what we can expect going forward:
A Senior Real Estate Specialist (SRES) can help navigate the constantly evolving housing market and offer customized solutions for seniors who are downsizing.
I recently spoke to a financial advisor about a client’s retirement plan that I wanted to share with you. The situation is such that the client is getting ready to retire and he was looking at ways to reduce his expenses to ensure that his retirement income and his retirement accounts would be setup in a way that he would be able to meet all his financial obligations and still be able to have some fun in retirement.
Over the last 35 years, there have been dozens of changes and improvements to make reverse mortgages better and safer than they had been historically.
In one sentence, a HECM/Reverse Mortgage is a home equity loan that does not require traditional monthly payments.
Have you heard of a HECM loan? If not, let me share with you what it is and clarify if it is something you should consider.
The pandemic has expedited retirement plans for many older people. Much is written about the perfect types of homes for older folks, but not much about how couples that are retiring survive this adjustment.
The upcoming Aging at Altitude Expo will be held at the Boulder Jewish Community Center on April 23. One of the sessions at the conference will explain reverse mortgages as a financial tool for those who are 62 years of age and over.
There are certainly few things in life we’re too old to do, like playing in the NFL. However, when it comes to buying a home, you’re never too old. In fact, the National Association of Realtors® (NAR) says that about 25% of first-time homebuyers are over 52 years of age
It’s time for New Year’s resolutions! This year, why not add a real estate resolution or two to your list–and see if you can make it happen?
In addition to financial investments, start thinking about where your ideal retirement home might be located, whether it’s here in Colorado, in another state, or even another country.
Downsizing is almost inevitable for most of us. Just like the home-preferences of single adults are different from those of families with young children, so are the home needs and wants of retirees.
The number of Americans living in a household with three or more generations increased nearly threefold over the past decade, according to a recently released study from Generations United, Family Matters: Multigenerational Living is on the Rise and Here to Stay.
There are certainly few things in life we’re too old to do. However, when it comes to buying a home, you’re never too old.
If there’s one group poised to sell their home, it’s the boomer generation – those aged 57 to 75 years old. And in today’s hot market and high prices, this group is cashing in.
The COVID-19 pandemic has taken a toll on the retirement accounts of many seniors. Senior homeowners may be able to seek relief through a reverse mortgage.
The economic effect of the coronavirus pandemic been global. Seniors who are homeowners have another alternative to access to cash for living expenses: the reverse mortgage.