Make The Right Move To Kick Off Your Retirement
Retirement has arrived, and the next stage of your life is set to begin! But should your second act include a change of scenery? If you’re contemplating a post-retirement move, we suggest taking a moment to ask the right questions and consider your options carefully.
Of course, it’s best to start with the question, “Why do you want to move?” Is it to be closer to family, to enjoy a better climate, achieve a lifelong dream, take advantage of new opportunities? Once your motivation is clear, it will be easier to weigh against the other advantages and sacrifices that accompany the decision.
Community Living Options
One of the advantages of retirement is that it can open the door to moving to a community designed for retirees just like you. These cover the spectrum from exclusive neighborhoods with a social focus (but no additional care options), to fully staffed, assisted-living facilities with care available on site as needed.
If you’re relatively healthy and mainly concerned with having an active social life, buying a home in a retirement community may be an attractive option. The process will be similar to buying any single family home; however, there may be additional fees to cover maintenance and other amenities. These properties are also likely to meet the Home Equity Conversion Mortgage (HECM) requirements if the funds from a reverse mortgage are part of your financial plan.
Relatively new developments called Continuing Care Retirement Communities provide independent living, assisted living and nursing home care all on the same campus, so you can transition as your needs change. Like most assisted living facilities, these are likely to require monthly rental payments rather than purchasing a property.
A critical piece of the decision-making process will come with keeping an eye toward your medical requirements as you age. Though medical problems can be unpredictable, planning ahead can ensure that you will be in the best position to deal with whatever the future holds.
Choosing an area with excellent medical facilities that also has appropriate assisted living options will create an easier transition should an unexpected ailment or change in your health situation arise. Similarly, your distance from relatives willing to help may also be a factor worth taking into account.
As a new retiree, be careful not to fall into the initial spending spike that can damage even the most solid plan. There are many unknowns ahead, so while splurging on your relocation may seem like a well-deserved approach, staying thrifty will likely be rewarded in the years to come.
Wherever your next stop may be, the Loan Origination Specialists at Open Mortgage are your best partner when it comes to traditional or reverse mortgages. Contact us today to start planning your future.