Picture this: You’ve finally entered the glory years of retirement, where your days are your own to schedule, spent with loved ones and relaxing times. Now ask yourself this, who would want to add making mortgage payments to this list? Well, surprisingly, 64 percent of retirees today agree that they wouldn’t mind moving at least once.
Why is this? Two solid game changers: high return on investment (ROI) and low interest rates. By keeping investments and 401(k)s intact, retirees are more likely to make a profit rather than making a house payment, says the executive vice president of home lending at Jacksonville, Fla., Tom Wind. Living a longer life and access to improved health care plays a key role when it comes to retirement decisions.
Another surprise when it comes to the 64 percent of retirees, either thinking of or already have moved, is that it isn’t necessarily to downsize. In fact, 30 percent of moving retirees choose to relocate into larger homes. The top reason for this, at 33 percent, being that they want enough room for when family comes to visit.