real estate advice

The very best place for you to retire might be on the beach, in the mountains, near family, or in the same house you’ve lived in for years. It’s a personal decision. However, if you haven’t already decided on a retirement destination, an objective analysis of your options can help narrow your search.

Over the past decade, reverse mortgages have been aggressively pitched in TV ads as an easy way for seniors to cash in their home equity to pay for living expenses. In reality, reverse mortgages can be a good option for seniors in certain economic situations, providing greater financial security and allowing them to age in place. In other circumstances, it could potentially create financial distress and keep seniors trapped in a home that no longer suits their physical needs.

Are you a senior, or an adult child of a senior, who has procrastinated on downsizing because it just seems too overwhelming or intimidating? You have accumulated a lifetime of memories and personal possessions that you don’t want to lose. Yet, it has become harder to maintain your current home and the neighborhood has undergone a generational turnover, with older friends and neighbors selling their homes to younger families. To give you the spark and motivation to downsize, or as we like to say, open the door to a new season of life, check out our new “Senior Moments” series as aired on The Eric Stewart Show.

Andrew Carle is an award winning professor and Executive-in-Residence and Founding Director of the Program in Senior Housing Administration at George Mason University in Fairfax, Virginia. On a recent segment of Eric’s radio show, Andrew provides insight on the future of retirement communities, and how they will follow in the diversification footsteps of American icon, Coca-Cola.

The article, How Downsizing Can Save Your Retirement, in the September issue of Money magazine, covers the top four reasons why retirees downsize and four questions to address to avoid financial mishap when moving from one residence to another.

In a previous blog I discussed rightsizing and a process for evaluating your overall well-being to determine your preferable future. Once you have decided what you want your future to be, the question becomes do you age in place or find a new home to help you achieve those goals? Consider these five factors to help you decide.

In addition to helping clients buy and sell homes across the Washington, DC metro area and hosting a weekly radio show on WMAL, Eric Stewart recently founded Widow Care, a 501(c)3 nonprofit. The mission of Widow Care is to provide desperately needed support services to widows and widowers dealing with the loss of a spouse so they can become empowered to carry on with their lives.

As we get older, downsizing to a smaller residence is typically inevitable. However, downsizing can be particularly intimidating for seniors who may find it overwhelming to think about letting go of cherished memories and items they’ve accumulated over a lifetime.

Do you live in a home that is too large? Maybe there are entire portions of your home you no longer live in, but you heat them, clutter them, and ignore them. It may be time to downsize, or as we call it, rightsize your life.