Retired seniors’ guide to downsizing - Reverse Mortgage

When considering downsizing your home, there are issues and stressors you may have never encountered. For seniors, this is a situation that sometimes comes from necessity.

And now, as the coronavirus pummels assets and incomes, downsizing may be more necessary for many as a way to reduce spending.

Already, as the number of baby boomers entering retirement continues to climb in the US, more people were considering downsizing than ever. And as many of these individuals have been empty nesters for years, some probably should have downsized already to save money.

Reasons for downsizing include:

  1. Economic necessity. It’s common for many older adults to be faced with unexpected medical expenses, rising home insurance premiums and rising utility costs. Selling the house and moving into a more affordable space is often a solution.
  2. Health concerns. Many seniors downsize to a home where at-home care is more available and there are fewer everyday obstacles to maintaining good health.
  3. Convenience. If you’re tired of doing all the housework that comes with a larger home, you’re not alone. A lot of retirees choose smaller homes where upkeep is less expensive.
  4. An existing plan to relocate for retirement. Of those planning to move again for retirement, about half of those surveyed said they’d like to downsize. A projected 10 million retirees will downsize over the next decade.

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