Today I wanted to tell you a story about a Baby Boomer buyer we just helped downsize and why she’s so excited about her brand new home in her retirement years.
I got a call from a lender with a client who was very stressed out–she had a nearly 4,000 sq. ft. house with three living spaces and a huge garage. It was an older brick home that needed some paint and just some all-around love. The payment was also huge, nearly $4,000. It was just too much.
She has been working hard all her life and is coming up on retirement. She was also having a hard time making ends meet because of this monstrous payment and all the maintenance required. So my lender spoke with her about her whole financial situation and found that she was in a position to buy a reverse mortgage.
Now, a reverse mortgage is not for everyone and there are some important criteria to consider, so I’ll refer you to my lender for that conversation if it’s one you want to have. “Where are you in the cycle of your home life?” With the reverse mortgage, our buyer was able to put down a significant chunk for a down payment, and now she’s not going to have a payment for the rest of time she lives in her home. All she has to do is maintain her insurance, taxes, and the home itself.
When looking at houses, she needed something with separate spaces for both herself and her adult son who lived with her. We were able to find her a split-level home where he has the lower level and she has the upstairs, and the home is much newer than her previous home. It’s perfect for them.
And this was the very first house we looked at. We looked at a couple others, but the first house ended up being her perfect home. It really does happen once in a while. We’re getting her previous home ready for the market, and we know it will be perfect for someone needing more space.
If you’re looking into your retirement years and you’re thinking about your house and your mortgage, I’d love to talk with you about it. The question is this–where are you in the cycle of your home life? Give me a call or send me an email and we’ll talk soon.