Understanding Mortgage Paperwork

Posted on: 4 August 2018

As the retirement years approach, Americans begin to get serious about their future housing needs. For many, the ultimate goal is to downsize into a home that will offer more convenience and be affordable on their expected retirement income. However, since there are several options available, including condos, apartments, smaller single-family homes, and retirement communities, the process can become confusing, especially if your retirement date is looming and you must also plan the sale of your current home. If you are planning to retire in the next few months and would like to enjoy an easier transition, the following tips can help you get off to a great start. 

Choose the location first

The first step in finding your optimal retirement home is to give some careful thought to figuring out where you really want to live. When thinking about this, it is important to consider several points in order to be sure you are making a choice that will continue to work for you as you age. These points include: 

• choosing a location where the housing and cost of living is affordable for your retirement budget
• choosing a location where you will have access to any specialized medical care you require now or expect to require in the future
• choosing a location with a climate where you can live comfortably

Additionally, retirees who have children and grandchildren should also give serious thought to finding a location where it will be possible to spend time with your loved ones, or where travel arrangements can be made easily for them to visit with you and vice versa. 

Choose the most suitable housing option

Once you have one or more possible locations in mind, the next thing to consider is what type of housing you want to spend your retirement years living in. Active seniors who plan to travel frequently or those who do not want to spend their time maintaining a home will want to consider choosing a condo or apartment in a development that provides exterior maintenance. If, however, you enjoy doing gardening or lawn care and home improvement projects, a small single family home may be preferable. 

No matter which you choose, make sure that you also consider the physical amenities of each home, to ensure that the one you choose will continue to be comfortable for your needs, should you develop a mobility or health issue in the future. 

To learn more about choosing the best possible retirement home for your specific needs, make an appointment soon to discuss your situation with a real estate professional who specializes in 55-plus real estate.