Every day, 11,000 baby-boomers turn 65 in the United States. Many might be ready for a big more but are staying-put because of limited income, tight inventory and fluctuating interest rates.
If you’re nearing or in retirement and wondering whether now is the time to make a move, you’re not alone. The good news? You may have more options than you think. Whether you’re looking to simplify, relocate, or upgrade your living situation, right-sizing your home could be the key to a more comfortable and flexible retirement.
What Does Right-Sizing Really Mean?
Right-sizing is all about finding a home that fits your life today. It could mean downsizing to reduce expenses, relocating to be closer to family, or even upsizing to a home with modern features and easier maintenance. It’s less about square footage and more about the lifestyle you want.
Right-Sizing Options for Today’s Retirees
Buy a Smaller or Lower-Cost Home in Cash
If you’ve built significant equity in your current home, selling it may allow you to purchase your next property outright. Many retirees use this strategy to eliminate their monthly mortgage payment altogether. A smaller home typically comes with lower utility bills, maintenance costs, and property taxes, which can stretch your retirement dollars further.
This option is especially appealing to those who prefer to simplify their finances and avoid taking on new debt.
Relocate to a More Affordable Area
Another popular option is relocating to a city or community where the cost of living is lower. Whether it’s moving from a major metro area to a smaller town or exploring states known for being tax-friendly to retirees, a well-planned relocation can open up new possibilities.
In addition to saving money, retirees often find lifestyle benefits in these areas, such as walkable neighborhoods, mild climates, and access to senior-focused amenities like fitness centers, clubs, and health care services.
Upsize with the Right Loan Product
Right-sizing doesn’t always mean going smaller. Some retirees find that their dream home is actually a bit bigger or simply newer, more accessible, or better located. But how do you afford that on a retirement income?
That’s where the right loan product can make a major difference. With innovative mortgage options designed specifically for buyers age 62 and older, you may be able to afford more home without adding a monthly mortgage payment.
How the Lifestyle Home Loan Can Help
The Lifestyle Home Loan is an FHA-insured financing option available to homebuyers age 62 and older. It allows you to purchase a new primary residence with a one-time down payment and no monthly mortgage payments, as long as you meet a few basic requirements:
- You live in the home as your primary residence
- You stay current on property taxes, homeowner’s insurance, and basic maintenance
This loan is ideal for retirees who want to:
- Increase their buying power by 40 to 60 percent compared to a cash-only purchase
- Avoid monthly mortgage payments to help stretch their retirement income
- Preserve retirement savings by avoiding large cash outlays
- Move closer to family or into a better-fitting home without added debt
Whether you’re downsizing to a more manageable home or upsizing to your forever home in a dream location, the Lifestyle Home Loan can help you do it on your terms.
The Next Chapter Starts with the Right Plan
Your home plays a major role in your quality of life during retirement. The right home can offer financial freedom, peace of mind, and the flexibility to enjoy your time the way you want, whether that means traveling, spending time with family, or simply relaxing without the stress of home maintenance.
At Keller Home Loans, we understand that every retiree’s situation is different. That’s why we work closely with our partners at Mutual of Omaha Reverse Mortgage to help you explore your right-sizing options with confidence.
If you’re thinking about making a move in retirement, now is the time to learn what’s possible.
Contact Keller Home Loans today to find out how a Lifestyle Home Loan can help you take the next step, without taking on monthly mortgage payments.
