What Should Seniors Look For In A New Home?

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Are you thinking of downsizing or moving? Many seniors who opt to move do it for a variety of reasons, including convenience and for family. But what should you look for when you are looking for a new home?

The HECM for Purchase product, also known as a Reverse Mortgage for Purchase, is intended to help seniors purchase a new home to better suit their lifestyle and receive a reverse mortgage loan in one transaction.

The hardest part of doing a HECM for Purchase would probably be looking for a new home that suits for your needs. When you are looking for a new home, here are some of the things that you should look into:

1. Location: Many senior clients use their HECM for Purchase loans to buy homes to move closer to friends and families or neighborhoods that better suit their needs, such as being in close proximity to places they frequently visit, like stores or pharmacies. Another option to use your HECM for Purchase loan is to buy a house in a senior community, which is simply just a neighborhood meant for 50+ living. The decision for location often depends on what you feel comfortable with. Some parents would like to remain close to their children, grandchildren and help out their children by babysitting. Others may like to be in an area with other people they can relate to, build new friendships, and there are also others who are looking to move to a more comfortable climate.

2. Size: With an empty nest, you may feel that your home is now much too big for you. If you are looking to downsize your home to better suit your needs, then this would be ideal. Some borrowers even prefer to downsize their two-story homes to one-story for safety purposes. A cozier home would be a great idea since a smaller space equals less cleaning time and with all that extra time, you could focus on a new hobby or project in your new home.

3. Safety Amenities: Another thing to think about is to see how you can transition your potential new home into a safe place for you as you age. Look for a home with plenty of handrails, easily accessible baths or showers and other amenities that can help you easily get around. Even if you are currently able to move freely, if you plan to age in place, you must prepare for any potential hazards that may hinder you in the future. This will help you save in renovation costs in the future.

4. Is it perfect for you?: Aside from all the practical traits to look for, you must always think about whether or not this new home will be perfect for you. Everyone has a different definition of what perfect is, but as long as you feel that you can make your new home a “home,” then it would be worth it.

To learn more about HECM for Purchases, you can speak with an advisor at 1-888-808-8486 or send us a message.

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HECM for Purchase Basics

What is HECM for Purchase?

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