Your Guide to Buying a House After Retirement

You’re ready to live the retirement lifestyle of your dreams, but what does that look like for you? Perhaps you’d like to be surrounded by loved ones, immersed in rich cultural experiences, or pursue activities and socialize with others your age. If your current neighborhood or residence doesn’t offer you these options or you’re simply unhappy with where you live, don’t let your surroundings hold you back from living well in your golden years. 

Consider a change of scenery. Buying a new home once you retire is definitely doable. And in this article, we'll explore how retirees can finance the purchase of a dream home for the next chapter of their lives.

Pros and cons of moving after retirement

Several factors are at play as you decide whether or not to uproot your life and move somewhere new. Sure, the idea of a fresh start in a new city sounds exciting, but the reality can be daunting. Plus, if you own your home outright, dealing with the hassle and expense of buying a new house might make you want to stay put. The most compelling reason to stay where you are is that it feels like home. There’s no reason to mess with a good thing, as they say. 

However, if you’re feeling stuck in your current neighborhood or ready for a change, that doesn’t mean you have to pack your bags and move across the country to find a new home. You may be pleasantly surprised to discover that a change of scenery is closer than you think. Don't be afraid to explore different parts of town or cities that are close by; you may discover the perfect mix of charm, convenience, and ambiance you're looking for just around the corner.

If you're looking for a new place to live in retirement, you get to choose the location that best fits the lifestyle you dream of and meets your goals. Lots of places offer more activities, better weather, and closer proximity to your loved ones. Retirement is your chance to shine and create the life that will bring you joy for years to come.

And, if you're thinking about a new home where you can bask in the glory of retirement alongside others doing the same, we've got you covered. Say goodbye to feeling lonely or disconnected from loved ones who are still hustling and bustling to meet the daily demands of work and life. Living in an active adult community can provide the perfect blend of stress-free living and social connection with neighbors who understand this chapter of life. 

Applying for a mortgage on Social Security income

You can make your dream of a new home a reality by applying for a mortgage based on your trusty Social Security income. To maximize your shot at getting the best loan terms, you want to keep a close eye on your credit score. Monitoring your credit history every month and reducing any debts, like those student loans and old credit card balances, will help your credit score soar. And the higher the number, the sweeter those loan terms will be. 

With some research, you can also find assistance programs that make homeownership possible whether you're a first-time homebuyer or not. From grants to cover the down payment, home inspections, and appraisals to programs that cater to individuals with disabilities or military backgrounds, there are several resources available. The U.S. Department of Housing and Urban Development has a wealth of information on its website that can reduce the burden of homebuying costs. 

If you're retired and relying solely on Social Security income, don't lose sleep over the thought of getting a mortgage. Contact a mortgage lending expert experienced in working with retirees and make your dream of homeownership a reality today.

Explore Del Webb and discover the active adult community for you today.

Contributed to The 55+ Society