As for the front porch, seniors in Austin, Texas find that they have a wide variety of
housing options that can accommodate their budget, while enjoying their lifestyle
in a community that encourages the development and pursuit of their personal
interests, goals and activities.
According to U.S.News (July 2011), the
number of pre-seniors between 55 and 64
has more than doubled in the Austin-Round
Rock, Texas, area since 2000. Honored
among the Top 10 Best Places to Retire (CBS
News, February 2012), the Greater Austin
metro area was also recognized in the Top 50
Best Cities for Successful Aging (Milken Institute, July 2012). Due to the warm weather
and the solid economy in Texas, more seniors
are enticed to move here as evidenced by
being listed in the Top 10 Best States to Retire
(Forbes, October 2012). Central Texas seems
to be, THE place to be.
While aging is inevitable, medical advances,
as well as healthy lifestyle choices, are responsible for increasing the number of years a
person may live, as well as improving that
person’s lifestyle. The result is that the demographics of seniors in Austin, Texas have
undergone some significant changes: the
term “senior” may describe an active person
in his/her late 50’s, or someone in his/her
early 80’s. Baby Boomers now entering the
senior arena are faced with the responsibility of preparing not only for their own
retirement, but with making retirement and
housing plans for their elderly parents as well.
Fortunately, Austin offers a wide array of
options to accommodate the different requirements and lifestyles of its seniors. From
upscale retirement communities offering
residents a choice of social, cultural, travel
and sporting opportunities to active seniors,
to full-care facilities specializing in caring for
the elderly with mental and physical disabilities, there is a senior citizen living solution to
fit every need.
TAKING STOCK OF YOURSELF
When making retirement housing plans,
there’s no denying that the number and
diversity of choices available might make
the process feel overwhelming. Begin by
taking a personal inventory that takes into
account personal living expenses, health,
interests and expectations.
Budget Inventory: Make a list of monthly
expenses, from rental or housing fees to
day-to-day living expenses such as dry
cleaning and energy bills to current or anticipated medical expenses. The point is to be
realistic about everyday expenses now, so
there are no rude surprises later.
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,
fitness centers, etc. 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 Austin residents.
One viable option open to senior homeowners is the reverse mortgage, which allows
homeowners 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 Development, 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,
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?
