Retirement home buying options for their new lifestyles

How about these options?

Most people, when queried will admit that they should have started to save more and earlier for retirement. However now that you may be about ready for retirement and you are calculating what you can afford for the home you desire for your lifestyle living, and you already know what resources you have to work with you have to make the hard assessments. Most people say there is never enough. But you can learn new lifestyles and ways to live like you want to.

Options to consider prior to owning your next home, are about how you want to pay for it. There are several ways that something like the HECM or H4P program can help. If you have a lump sum of money from the sale of a previous home:

1.  You can Pay cash for your home, but it ties up money that you could use later for living, all of the money is tied up in your home and you may have a meager retirement income left for daily expenses.

2. You could put about half of the money down on he home with the HECM program and keep the rest for living expenses, without paying any monthly fees except Taxes and insurance on the home. (That means you still have half of the money in your account for living expenses)

3. You could put about half of the money down on the home with the HECM program and pay interest only, and the taxes and insurance. (That means you still have half of the money in your account for living expenses, and to preserve the equity in the home when you pass)

4. Or you can use all the funds from your previous home sale, and still afford a home beyond what the cash amount could provide for you.

5. The other option is if you have a healthy retirement you could get a home with a conventional type mortgage.

So, there are many options, even if you have not been able to plan as well as you wanted for retired life and your new lifestyle. Remember there are many folks that still work in retirement as well.