Buying a Home
There are many reasons why seniors look to purchase another home. These factors could be retirement, health condition or even upsizing to a larger home to accommodate their adult children. many seniors choose to downsize and purchase a smaller home to provide more cashflow with less house to maintain. Sometimes seniors even stay within their community, typically 20-40 miles from a current home, opting for a more suitable type of home i.e. one story home with a better layout and more accommodations.
Seniors have access to a wide array of living options. Condos can require less maintenance and upkeep, yet require additional fees for services. A retirement community that has a 55+ population and amenities such as swimming pools, golf courses, social programs and more can be appealing.
Your next move should be one that best suits your needs and lifestyle.
Seniors have access to a wide array of living options. Condos can require less maintenance and upkeep, yet require additional fees for services. A retirement community that has a 55+ population and amenities such as swimming pools, golf courses, social programs and more can be appealing.
Your next move should be one that best suits your needs and lifestyle.
Watch my helpful video where I share additional tips for seniors buying a home
Location Is important
Location is one of the most important factors to consider when looking to make a move. It's even more important for seniors to make a decision to be close to life's necessities like healthcare facilities, family and friends, and grocery stores. Deciding what location works best for you is the first step in the home buying process.
Aging In Place
Thinking long-term about aging in place is important for seniors looking to buy a new house. Your next home should meet your changing needs as you grow older.
First floor bedrooms, spacious floor plans with wide hallways, level sidewalks, and the ability to add grab bars in the shower are some things to consider.
First floor bedrooms, spacious floor plans with wide hallways, level sidewalks, and the ability to add grab bars in the shower are some things to consider.
Mortgage Options For Seniors
Many seniors will need to obtain a mortgage from a lender to finance their next home. There are many factors that lenders look at including credit score, income, monthly debt. A common question amongst seniors is whether or not lenders look at someone's age when deciding to lend out money. While you do have to be at least 18 years of age to sign a contract, the Equal Opportunity Act makes it unlawful to discriminate against age. This means seniors have an equal opportunity to obtain a mortgage for a home.
Mortgage options for seniors:
Mortgage options for seniors:
- Conventional loan – A conventional mortgage is one issued by a private lender, not backed by the government like FHA and VA loans are. You must put down 20 percent for a conventional loan or pay for private mortgage insurance (PMI).
- Cash-out refinance – With a cash-out refi, you’ll get a brand-new mortgage, usually at a lower rate and maybe a shorter term, and cash out some of your home’s equity to use for what you wish.
- Home equity loan – A home equity loan is a lump-sum loan, usually with a fixed rate, fixed monthly payments and a term between five and 30 years. You typically need at least 20 percent equity to qualify. Lenders have loan-to-value (LTV) limits that help them decide how much can be borrowed.
- Home equity line of credit (HELOC) – A HELOC is a variable-rate loan that works similar to a credit card — you’re given a line of credit to draw on as needed. You’ll have a certain number of years to draw the money, then a certain amount of time to repay the loan. Your monthly payments will vary based on the movement of interest rates and how much of the credit line you’ve used.
- Home Equity Conversion Mortgage (HECM) – A HECM is the only reverse mortgage insured by the federal government and is available through FHA-approved lenders. Anyone considering this type of loan is required to meet with a HECM counselor. To qualify, you must be at least 62 years old, own your home outright (or close to it) and live in the home as your primary residence. You also have to be able to pay for the property taxes, insurance, HOA fees and other upkeep on the home.
Looking To Buy Another Home
If you are looking to downsize and purchase another home that is better suited for your needs, Jason Gelios can help.
Jason knows what it takes to find the best matched home for your needs. For seniors, this means housing adaptability that fits their needs, providing a safe and private environment. Jason will never show you properties that don't align with your wants and needs. Locating a home is a personal emotion which should be handled by a real estate professional that cares.
When you work with Jason Gelios, you will also get access to the MLS to further assist your search! Of course, Jason will be there by your side to help you find the right property, negotiate the best offer, and even guide you through the process, so that you feel comfortable in making your decision.
It's just that simple.
Jason knows what it takes to find the best matched home for your needs. For seniors, this means housing adaptability that fits their needs, providing a safe and private environment. Jason will never show you properties that don't align with your wants and needs. Locating a home is a personal emotion which should be handled by a real estate professional that cares.
When you work with Jason Gelios, you will also get access to the MLS to further assist your search! Of course, Jason will be there by your side to help you find the right property, negotiate the best offer, and even guide you through the process, so that you feel comfortable in making your decision.
It's just that simple.
Housing Options
There are so many housing options for aging adults. It's important to do some research first to determine what kind of assistance or living arrangement you need, what your health insurance might cover, and what your affordability is.
Here are some helpful questions to consider:
Here are some helpful questions to consider:
Why do you want to sell and where are you moving?
Making the decision to move can be difficult. Sharing the reasons for moving, be they financial, care-related or other, can help your Jason Gelios, SRES® provide you with a broad array of options to make the process as easy as possible. Many seniors can take heart in knowing that their next move is to the home of an adult child. Other seniors and their families face the task of selecting a home which will meet their needs in terms of care, community and comfort. Choosing housing that meets your family’s current needs, and anticipates future needs, can be a challenge. Further, it can require a significant financial investment depending on the level of care desired.
Jason can help you navigate this process. He can:
• Familiarize you with the various types of senior housing available in your area.
• Suggest important questions to ask when you’re visiting various housing options.
• Refer you to other professionals who can help you understand and compare the true costs of each option, determine which options are affordable based on your financial situation, and examine the legal contracts involved in the process.
• Suggest a geriatric care manager to help determine the parent’s needs.
Senior housing is categorized by the level of care available to residents.
At one end of the spectrum, there are communities that offer little or no care; at the other, facilities that provide continuous care. Between those extremes are a wide range of housing choices that can meet changing needs.
Retirement or age-restricted communities:
• Are usually comprised of single-family homes, townhomes and condominiums, and in some cases senior apartments
• Restrict residency to adults age 55 and older; additional restrictions may be found
• Are designed for older adults who are physically able to care for themselves
• May offer basic services like housecleaning, laundry, and transportation, but seldom offer medical care and more
involved support services
• Are often built using universal design guidelines, making them handicapped-accessible Assisted living arrangements
• Provide seniors with support services in a community setting
• Accept residents who may have medical problems, but do not need continuous skilled nursing care
• Are usually apartments, but can be single-family homes providing “board and care” and “personal care group homes”
• Encourage residents to bring their own furnishings to make the apartment resemble their former home
• Generally offer a wide assortment of activities, clubs, and transportation to religious services, personal appointments,
cultural events and shopping malls
• Often accept pets
• Encourage residents to maintain their independence, while offering them access to professional medical care and
support services when needed
Making the decision to move can be difficult. Sharing the reasons for moving, be they financial, care-related or other, can help your Jason Gelios, SRES® provide you with a broad array of options to make the process as easy as possible. Many seniors can take heart in knowing that their next move is to the home of an adult child. Other seniors and their families face the task of selecting a home which will meet their needs in terms of care, community and comfort. Choosing housing that meets your family’s current needs, and anticipates future needs, can be a challenge. Further, it can require a significant financial investment depending on the level of care desired.
Jason can help you navigate this process. He can:
• Familiarize you with the various types of senior housing available in your area.
• Suggest important questions to ask when you’re visiting various housing options.
• Refer you to other professionals who can help you understand and compare the true costs of each option, determine which options are affordable based on your financial situation, and examine the legal contracts involved in the process.
• Suggest a geriatric care manager to help determine the parent’s needs.
Senior housing is categorized by the level of care available to residents.
At one end of the spectrum, there are communities that offer little or no care; at the other, facilities that provide continuous care. Between those extremes are a wide range of housing choices that can meet changing needs.
Retirement or age-restricted communities:
• Are usually comprised of single-family homes, townhomes and condominiums, and in some cases senior apartments
• Restrict residency to adults age 55 and older; additional restrictions may be found
• Are designed for older adults who are physically able to care for themselves
• May offer basic services like housecleaning, laundry, and transportation, but seldom offer medical care and more
involved support services
• Are often built using universal design guidelines, making them handicapped-accessible Assisted living arrangements
• Provide seniors with support services in a community setting
• Accept residents who may have medical problems, but do not need continuous skilled nursing care
• Are usually apartments, but can be single-family homes providing “board and care” and “personal care group homes”
• Encourage residents to bring their own furnishings to make the apartment resemble their former home
• Generally offer a wide assortment of activities, clubs, and transportation to religious services, personal appointments,
cultural events and shopping malls
• Often accept pets
• Encourage residents to maintain their independence, while offering them access to professional medical care and
support services when needed
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