Moving to Age in Place? Here's What to Look for In a New Community
Making decisions about the future is never easy, but that’s especially true for those considering where they want to age in place. A HECM for Purchase can give you options, and help you move to a community better suited for your later retirement years. You may be wondering what that community would look like—after all, no one can predict the future. Though everyone’s needs are unique, we offer some tips everyone should consider when searching for the right place to buy.
Look For Like-Minded Peers
As we age, it’s common to move closer to family, and especially to adult children that want close access for regular visits. Family is important, but having friends in the same place in life is important, too—after all, you won’t just be socializing with family members. That’s why it’s crucial to move to a place with the right community, where you can establish new routines and close ties to like-minded peers. Look for a neighborhood close to the group activities, religious services, and entertainment options you already love.
Think About What’s Best For Your Health
When we think about a plan for the future, we often think about how a new environment could affect us physically, mentally and emotionally. That’s why experts suggest single story homes, wide, wheelchair or walker-accessible doorways, and bathrooms with safety rails and walk-in tubs. But health and wellbeing is also about staying strong and keeping fit. Many community centers and gyms offer group classes geared towards seniors. A few examples include water aerobics, yoga, dancing, strength and balance. Regardless of the activity, having a nearby option that’s easy to get to (and affordable) is an important factor to keep in mind when you choose the location for your new home.
Ask How You Can Connect With Nature
It may be cliche to talk about the weather, but climate affects so much more than just small talk as we age. Research shows that “older individuals with access to nearby nature showed increased participation in outdoor physical activities, improved mental health and cognitive function and an increase in social interaction with those around them and their community.” Besides moving away from cold weather locales that create dangerous living conditions for those of any age, consider a place that encourages you to spend time outdoors. Depending on your interests, you might look for a neighborhood with shaded walking trails or nearby nature centers. And, while you probably won’t want to maintain a large yard, you might want to find a place where a small container garden is possible.
No matter where you decide to move, Open Mortgage lenders have helped thousands of retirees use their home equity to leverage their financial security and wellbeing. Give us a call today at 888.602.6626 to discuss whether a HECM or HECM for purchase is right for you.
Things to know about Reverse Mortgages:
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees
- The loan balance grows over time and interest is charged on the outstanding balance
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment