With the rate at which the U.S. population is graying, it might seem that most cities and towns would have similar numbers of elder inhabitants, relative to their size. But this silver tsunami is not uniform.
Continue readingRetiring Retirement Myths: Part 1
While reverse mortgage professionals are on the “front lines” of the quantum shift in the way people we call “seniors” perceive themselves in the third millennium, it’s especially exciting to hear from elders themselves on what later life stages can look like.
Continue readingWould they rather die than talk about death?
It’s not common dinner table conversation. Even those of us who are pragmatic shy away from talking about our own death; it’s not a topic most people wish to contemplate…
Continue readingRethinking Housing, Boomer Style
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There’s no question the Boomers are reimagining every aspect of retirement, as we’ve discussed extensively in previous posts. One of the biggest factors is where and how to live, since, unlike prior generations, there’s no assumption that they will simply retire, sit back, and relax in the home they’ve always owned.
According to The Power Years by aging expert Ken Dychtwald, a Del Webb survey indicates nearly two-thirds of Boomers — 59 percent — plan to relocate after leaving their primary careers. Ten percent even plan to purchase a second home. Clearly, many Boomers view retirement as a time to expand, not contract. And they embody a wanderlust that characterized their coming-of-age in the 1960s — a nomadic state of mind which they’ve never lost, and now embrace with fervor.
So in facilitating your younger reverse mortgage prospects with their housing options, release the images of both staying put and of a golf course in Florida or Arizona, advises Dychtwald, now 62 and hardly the image of a “retiree”; while these states still top the list of places to move as Boomers age, many other locations, including Colorado, Pennsylvania, and Maine, hold allure. How to find the best combination of weather, opportunities, affordable housing and leisure? Interactive websites such as Find Your Spot and Best Places allow people to mix a number of criteria, then offer suggestions of the best places to settle in the power years.
Another idea is theme communities. Dychtwald cites examples of one couple who relocated to a horseback riding ranch, and notes that there are also one focused on the arts, fitness, gardening, and ecology. Some people are opting for intergenerational communities in which elders play an active role, but unlike “retirement villages”, such communities are not off-limits to the younger set.
College towns are popular for the mix of culture, walkability and affordable housing they usually provide. If one of your reverse mortgage clients has strong ties to his or her alma mater, this might be an excellent suggestion of a place to seek a primary or secondary residence for their power years.
Some people will not relinquish the city for anything, so if this is your prospect, perhaps they’d like the reverse of typical retirement housing: a primary city residence and a sometime-home in the country, rather than the other way around.
Whatever constitutes your Boomer reverse mortgage prospects’ ideal homestead for the Third Act, supporting their shifting perspective will help cement a sound relationship as you discover how to best serve their evolving needs.
Learn, Earn & Return: “Repowerment” in the Third Age
Aging expert Ken Dychtwald discovered something crucial about his own life: he had achieved significant success, but that didn’t equate to significance. He awakened to the truth that many older adults face as they move into the Third Age: how to move from creating success to contributing greater meaning later in life.
Continue readingThe new longevity. Does it mean working forever?
We’re living longer, and generally healthier, than ever before in history. And while that’s good news overall, it can completely alter the trajectory of retirement, unless seniors are aware of their potential longevity and begin to plan accordingly in their pre-retirement years.
Continue readingA Matter of Choice, Not Chance
“Destiny is not a matter of chance; but a matter of choice. It is not a thing to be waited for…” Yet many seniors are reluctant to seize the day, as they perceive reverse mortgage with the psychological equivalent of “deer in the headlights” panic..
Continue readingScare Tactics
Many seniors are becoming wise to telephone scams telling them they’ve just won a sweepstakes, they probably feel they can trust what they read in Time magazine, or what an elder abuse attorney shares in a letter. Both recent scenarios entail gross misrepresentation of the reverse mortgage industry — and mislead seniors by what should be trustworthy sources of information
Continue readingIndependence Day
It’s almost Independence Day…but as we grow older, and as the need for assistance increases with age, independence again becomes a questionable commodity.
Continue reading“Graduating” Into Your Own Home
Life can seem like one long stepping stone towards graduation: Fortunately, for elders who want to remain in their own homes as long as possible another kind of graduation exists, thanks to the reverse mortgage. It’s a rite of passage that is often overlooked; the decision to age in place….
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