I honestly don't know too much about this but a friend of mine retired and took out something called a "reverse mortgage for purchase". She was in the process of selling her home in Missouri and buying one in the Mt. Washington area and learned of this and said it was the best thing ever.
She dealt with a company in New Jersey (she is originally from there). She had to put down a large down payment but after that nothing else ever. (She has no family so no issues with leaving an inheritance.) So she got to keep a lot of the proceeds of the sale of her former home, has no mortgage and can enjoy her home until her death.
We retired this year and we sold our 2600 square foot home on 10 1/2 acres in NY and had to rent a house for several months while our little 1100 square foot house on a teeny, tiny lot was being built in The Weirs. So had to move twice- hard- but at least we had the money ready when the house was finished.
My comment on downsizing is if you want this to be your last move (before the nursing home) plan like you are already 80 years old. Keep your new life simple. Think about stairs, grab bars, access to the laundry, the shower, ability to reach cabinets, low maintenance yard, closeness to friends, family and shopping and health care, etc.
And remember grandchildren eventually grow up so don't worry too much about having lots of room for everyone to sleep over. Eventually they won't and you will have excess space that needs to be heated and dusted. You'll be paying taxes on it as well.
With the home front being simple it leaves lots of time for enjoyable activities and hobbies and socialization.
Good luck!
|