Real Estate Professionals, llc
Real Estate for the Young at Heart
There’s a lot of advice out there for first-time homebuyers, but what about last-time home sellers?
Seniors who are buying or selling a home often have very different issues than younger buyers and sellers. Seniors may be contemplating downsizing or moving to a more accessible home, or they may be looking for a way to age in place.
The first thing to consider is whether you need to sell, or whether there might be alternatives that would allow you to remain in the home. If a sale is necessary, then a professional Realtor can help guide you through the entire process. If you are purchasing a home later in life, you’ll want to make sure you have a property with good market appeal, and that can be easily sold by your heirs. Access to public transportation, stairs, maintenance, and a friendly convenient neighborhood are also considerations.
A reverse mortgage may be an option if you’d like to remain in your current home. A reverse mortgage is a type of home equity loan for older homeowners. It does not require monthly mortgage payments.
The loan is repaid after the borrower either moves out, or upon the death of the borrower. To be eligible for a reverse mortgage, you must either own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan. You must also use the home as your primary residence. However, before you rush to apply, there are some drawbacks to consider. Reverse mortgages can be complex and costly and may affect eligibility for Medicaid and Supplemental Security Income benefits.
Working with our senior clients is a very rewarding experience on many levels. At the same time, there are unique challenges that we encounter. Selling the family home that you’ve lived in for 30 or more years can be a stressful time. When it’s “the family home,” and adult children and grandchildren are involved, the challenges and stress are often magnified. For the most part, it’s more about the “emotional move” than the “physical move.”