You’ll never guess how seniors are changing the NOLA housing market

/ / Mortgage

There’s a misperception brewing here in America. A big one.

The traditional idea of retirement is changing. Fast.

Most people think Americans have it all planned out… work until your early 60s. Retire. Sell the big house and move into a smaller home or even a condo. Something with less maintenance.

Not so fast.

New data has come out and things are changing. And given the sheer size of the baby boomer generation, it’s having ripple effects throughout the housing market.

The Trends Will Surprise You

Baby boomers are the largest generation (in terms of sheer numbers) to enter retirement in American history – and they’re starting to enter their “golden years”!

Recent data shows some interesting trends in senior behavior:

  • Seniors are working past 65 & delaying retirement
  • Seniors are staying in their homes, NOT downsizing
  • Seniors like having extra rooms in their home for company

Wait, what?

That’s right… the baby boomers are working longer than prior generations and they’re hanging onto their larger homes to keep space for family and guests.

If you’re a numbers person, click here to see all the data from Trulia.

Growing Need for Reverse Mortgages

If you’re a financial planner, CPA or real estate agent and work with baby boomers, take notice because this trend is REAL!

Your clients are staying in their homes longer, so there’s a good chance they may want to tap into the equity they’ve built up sooner rather than later.

If your clients were counting on selling their home to reduce their mortgage note or tap into their equity, they may actually be feeling a financial crunch.

That’s where a reverse mortgage comes in.

We recently did a training class to show people how reverse mortgages give seniors amazing lifestyle choices offered by no other product available today.

Please contact us to learn more.