For Baby Boomers It’s Decision Time: Aging in Place vs. Other Options

It’s been reported that 10,000 Baby Boomers go on Social Security and Medicare every day. It’s understandable that with that milestone come thoughts of how they will manage their remaining years as aging adults. If they live in a home with stairs, for example, they might start thinking about moving to a single-story home with few or no stairs so they’re prepared when and if climbing stairs becomes a challenge.

Although it does have its limitations, “aging in place” is a popular trend. You can have stair elevators installed and hire out yard maintenance, and maybe even count on home nursing care when needed. Of course, the proximity of family, and their ability or willingness to assist could also factor into your decision.

 

For aging in place, a reverse mortgage might be an effective financial strategy. It allows you to stop making mortgage payments and even draw cash against your home’s equity for as long as you stay there. Our agents recently participated in an office-wide continuing education class about when and how a reverse mortgage might work for people age 62 and over. We have no loan officers at Golden Real Estate, but can refer clients to quality lenders knowledgeable about the various loan programs available, including reverse mortgages.

 

Of course, aging in place isn’t for everyone. For example, I have a client who is planning to sell their single-story home in Lakewood and move into the new Vita senior apartments in Littleton, which is nearing completion. I joined the couple at a Vita presentation and was really impressed at Vita’s concept, which includes having a garage with parking spaces outside each apartment’s door, no matter which floor it’s on. Call me if you’d like more information about Vita.

Below you can read about one of our agents, Kristi Brunel, who has received extra training in serving the real estate needs of seniors. If selling your current home and replacing it with one more suitable for seniors is in your plans, she can help you. But who’s going to help if you choose to move into a retirement community and pay rent, versus purchasing a different home?  For that, we refer prospective sellers to CarePatrol, a company which assists seniors in choosing the senior community best suited to their needs.

 

The best time for seniors to make their move, whether to a better home or a senior community, is before they physically need to. Moving can be strenuous and stressful, and it’s best to do it while you are physically, emotionally and mentally able to deal with such a major life change. The brokers at Golden Real Estate are equipped to make such a move easier.  We provide our own moving trucks, boxes and packing materials for your use (free), and we can connect you with movers for loading and unloading at reasonable rates. You just pack and unpack. Invite one of us to meet with you in your home and we’ll give you free advice and information to help you make the right decision.

Broker Associate Kristi Brunel recently earned the Senior Real Estate Specialist (SRES) designation. While Kristi is committed to all of her clients, earning the SRES designation demonstrates her desire to provide specialized service to those over 50 years old. If you are considering modifying your home to age in place, downsizing and selling your home, exploring housing options, or just have a question, call her at 303-525-2520. Her email address is Kristi@GoldenRealEstate.com. She will be working with her colleagues at Golden Real Estate to serve that market, including giving educational presentations to senior organizations. Call her if you’d like us to make a presentation to your organization. Early next year, Kristi will begin leading monthly walks with seniors.