Palm Beach Relocation Guide

SPR-SUM 2016

The Palm Beach Relocation Guide is Palm Beach County's most respected relocation publication and is a MUST for anyone considering visiting, moving to, living in, or just wants to learn more about the Palm Beaches.

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180 P A L M B E A C H R E L O C A T I O N G U I D E – S P R I N G | S U M M E R 2 0 1 6 A C T I V E A D U L T S & S E N I O R L I V I N G Lifestyle Inventory: Active golf enthusiasts, for example, might want close proximity to a local golf course. Those who want to use this time for community involvement might want to live close to schools, churches or community centers, while others who want to continue developing and pursuing an active lifestyle might want easy access to hike and bike trails or fitness centers. Again, being realistic on the front end helps determine smart choices that can only benefit later. SHOULD YOU STAY OR SHOULD YOU GO? Staying Put: Packing up and selling a loved home with so many memories is a difficult decision for many longtime homeowner. One viable option open to senior homeowners is the reverse mortgage, which allows home- owners to turn the value of their home into cash without having to move or repay the loan each month. Guaranteed by the U.S. Department of Housing and Urban Develop- ment, HUD offers seniors a federally insured private loan as a means to provide financial security and supplement social security, meet unexpected medical expenses, make home improvements, and more. The money from a reverse loan may be paid to the borrower in a variety of ways, from a lump sum to a regular monthly cash advance, as a credit line account or in any combination of the above. Typically, borrowers do not have to pay anything back until they perma- nently move out of the home, sell, or pass away. Eligibility for most reverse mortgages requires that the home should be owned outright by the applicant, and that the appli- cant is 62 years of age or older. Visit AARP's website and use their Reverse Mortgage Calculator at www.rmaarp.com. A reverse mortgage offers retirees a distinct advantage. Since most lenders require that borrowers have some sort of income so they can determine a borrower's ability to pay back the loan, many retired seniors simply cannot qualify for a traditional home equity loan. But a reverse mortgage does not require monthly payments, and therefore no minimum amount of income is required for the loan application. Most reverse mortgages require no repayment as long as the owner, or any co-owner, lives in the home. The best way to determine if a reverse mort- gage is the best fit for one's retirement plan is to honestly assess the following: • How much would the home sell for on today's market? • What would the cost be to buy and maintain, or rent, a new home? • Would there be any money left over from the purchase of a new home that could be safely invested? • What are the options for downsizing into a less expensive home, renting an apartment, or moving into an assisted living or alternative senior housing situation? Jumping into borrowing money for a reverse mortgage is not advised until looking into all of these senior living options. By being honest about current needs and housing trends, and exploring all the options, seniors can rest easy that they have selected the best housing choice that custom fits their particular budget and life- style needs. Pack It Up: Being realistic about your life, finances and longevity is a must if you decide to move to another community, says Calvin Chamness, real estate agent/ developer and builder with JW Develop- ment Inc. "You have to think about your health and your future," advises Cham- ness, "and expand your thinking beyond the average life expectation. Make sure that you're close to hospitals and doctors that can provide you with the best care. Do they accept your insurance? All of this needs to be considered when moving

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