6 Reasons Baby Boomers Should Consider Downsizing | Bedford Real Estate
According to AARP, for the next 18 years, baby boomers will be turning 65 at a rate of about 8,000 a day. That's a lot of American homeowners who are reaching retirement age and are starting thinking about their next phase in live. Part of that next phase may include unloading their large family homes in favor of spending their 'empty nest' years enjoying their newfound freedom. When you think about the combination of approaching retirement and the children off on their own, what are the real advantages to downsizing? Here are six enticing advantages to living the "Less is More" lifestyle. Smaller House = Smaller Mortgage Generally a smaller home can translate into a smaller monthly mortgage payment . In many cases, if you have lived in your family home for many years, and built up a sizable home equity, you may be able to cash out and purchase a new smaller, less-expensive home – even possibly eliminating a mortgage payment completely. When searching for ho...