In a recent Del Webb survey, "cost of living" was identified as the most important factor when deciding where to live during retirement. Between 30%-40% of those surveyed said they want to move to a new home during retirement, which means that 60%-70% prefer to stay in their current home.

A Reverse Mortgage Can Alleviate Cost of Living Concerns

Whether you want to stay in your current home or downsize into a smaller home, as many seniors prefer, a reverse mortgage can provide a lump sum or steady income to meet your financial needs. While many people understand that a reverse mortgage, available to homeowners age 62 and older, can be a good way to access your home equity without requiring mortgage payments, few realize that a reverse mortgage can help you move into a new home as well.

Reverse Mortgage for Home Purchases

Would you prefer to sell your home and purchase another, but worry about tying up too much cash in the new home? Beginning in 2009, new rules allow seniors to use reverse mortgages to purchase a principle residence. To learn more about the new reverse mortgage rules, consult with reverse mortgage lenders to compare quotes and determine if this program works for your individual needs.

Senior Home Preferences

The National Association of Home Builders' consumer preferences survey shows that seniors want practical features in their homes, such as:

• Washers and dryers in the unit
• Storage space
• First floor master suites
• Attached garages
• Windows that open easily
• Garage door openers
• Private patios
• Private porches
• Bigger bathrooms

Whether you are looking for a new home or choosing to stay put, you should consider comparing reverse mortgage programs.