Baby boomers born between 1946 and 1964 are now beginning to think about retirement, and just as this generation changed popular culture in their earlier years, they are beginning to change the way Americans look at the retirement phase of life.

A 2009 AARP study found that 79% of baby boomers want to stay in their current homes as they age, while more than 20% are ready to relocate. Rather than moving into retirement communities, many baby boomers want to move to areas with youthful populations and plenty of activity.

In fact, some of this desire to move may be a result of the recession. Many baby boomers hope to escape high taxes, and save money, by moving to areas where the cost of living is lower.

Top Choices for Baby Boomer Retirees

1. Loveland/Fort Collins, Colorado
2. Las Cruces, New Mexico
3. Rehoboth Beach, Delaware
4. Portland, Oregon
5. Greenville, South Carolina
6. Sarasota, Florida
7. Ann Arbor, Michigan
8. Tucson, Arizona
9. Montpelier, Vermont
10. Honolulu, Hawaii
11. Santa Fe, New Mexico
12. Atlanta, Georgia
13. Charleston, South Carolina
14. Northampton, Massachusetts
15. San Diego, California

Whether seniors want to stay put or move into new homes, reverse mortgages can give them added financial freedom. Compare reverse mortgage lender programs to decide if such an option may suit your needs. For seniors interested in staying in their homes, a reverse mortgage can provide a lump sum to make home improvements, pay off debts, or provide cash for an emergency savings fund to pay unexpected bills.

Seniors who prefer to move into new homes should also consider reverse mortgages. Whether you are sticking close to home or moving cross-country, be sure to explore the possible financial benefits of a reverse mortgage.