Two out of the five cities Boomers are leaving in high numbers are in CA. One of the obvious reasons boomers are leaving these cities is due to the high cost of living.
If I had to guess, I'd say housing is especially out of line with many Boomers and their retirement budget, even when they own their home free and clear of a mortgage. While not having a mortgage payment is wonderful, property taxes and homeowner's insurance must still be paid. The recent and abrupt 40% increase in homeowner's insurance has undoubtedly put a dent in your budget.
If you’re a boomer that does not want to move and wants to grow old in your home, a reverse mortgage may be your ticket to some financial freedom.
If you still have a mortgage payment, you will eliminate it and you can also get much-needed cash for home repairs and/or a rainy day fund. It may also be wise to take some of your equity and invest it so you can get a monthly income from it. The possibilities for you to have a more abundant life in retirement really are endless.
It’s always best to have your money work for you versus letting it sit stagnant in your home doing nothing. The main thing is YOU HAVE OPTIONS. Call me and let’s review them.
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