Your Own Home --
Should You Stay?
Do you intend to stay in Your Own Home?
Did you know most seniors move less than all other age groups? We stay in our
own homes in retirement.
Makes perfect sense to me as they've established a home, know the
neighborhood, and are psychologically attached to their home and their "stuff".
Most of us want to stay at home, but here are a few negative points to
Can you really afford your home? Can you pay the monthly bills and
taxes? Do you still have a mortgage? This depends on your income... but if your
entire income goes towards remaining at home -- how do you have "fun" in
retirement (and I don't mean long vacations in Florida, but what about going out
to eat? movies? art classes?) Do you have enough income to do a few things each
month to feed your mind and soul?
If you really need to stay in your own home, you might consider a Reverse
Mortgage as the bank pays you a monthly payment coming from the
equity in your home. Please be sure to get help with this option so you aren't
- Is your home difficult to live in? Yes, I know, you want to stay there
very badly, but maybe it really doesn't work well for you -- meaning that maybe
the bedroom is upstairs and it is difficult to climb those stairs? is the home
large and costly to heat? is the home simply too large for you to keep clean?
- Is your home old and needing repairs that you can't afford and can't do
yourself? Maybe you purchased it many years ago, and over time, it's had
problems, but you don't have the cash nor the strength to fix her up?
- Is family nearby to help you should you need it? Do they really have the
time to help you with daily chores or medical issues should the need arise?
- Are you familiar with your neighbors? or have they moved away and you
don't know who lives next door to you..
- Home Sharing options are another avenue to explore. Consider your friends
to see if there is anyone you'd care to live with (easier than advertising a
room for a stranger, right?) and ask them about the possibility. You could
remain in your home, rent out a room to a friend providing you with another
income to pay your bills or simply share the costs of the food and bills so you
aren't living alone.... just an idea! This also offers the assistance with
everyday chores, someone else in case of emergency, etc...
- Moving after all?
If you've decided to move, downsize to something
more comfortable, smaller and safer, you might consider checking out Free Cycle where
you can list the household items you need to give away.. so someone else can use
more Senior Independant Living here