Often the biggest source of retirement funds for seniors is the equity in their homes and reduction in equity was significant in the last few years for many. I find some seniors are waiting to recoup the money they “lost” (which could be a long time depending on the location of the home).
While it is true some seniors are now underwater with their mortgage, most seniors have lived in their home for years. From the 2011 AARP Housing Profile – 25.4% of seniors own their home free and clear, 46.1% own a home with a mortgage, & 26.9% rent.
Recently some seniors have found themselves with children and grandchildren moving in when they lost their jobs. This offers some benefit to the senior if the others help with maintenance and care of the home or senior’s needs.
While the economy has been slowing up the moves, there still is resistance to making a big change that has always been present –
- Some seniors are in good health and do not feel a need to make a change yet.
- Others feel uncomfortable just thinking about making a change after all the years in the home.
- Some do not know their options or where to start.
For the 1st group – Well done & Carry on!
For the 2nd & 3rd group – I would recommend enlisting the help of a knowledgeable Realtor, especially one trained to assist Seniors (Senior Real Estate Specialist). The Realtor can give you an idea of what your home might be worth and offer suggestions for your next home or refer you to someone in the area that you might consider moving to.
Another task is consulting someone trained to help with moves. For a good guide on moving go to http://www.nasmm.org/education/guide_to_relocating.cfm
For help in organization and your paperwork, I would suggest a local businesswoman who owns Exit Stage Right. She has been working for years with seniors and their families. www.exitstageright.com.
Have more questions? Need some guidance? Comment here or call.
Pat Chadwell, broker
Realty World – Residential Specialists (San Jose, CA)
Senior Real Estate Specialist
408-927-6565 x 11 (direct)