Once the kids have left home, a whole new world opens up for empty nesters. For some, that means moving from the house where they raised their kids and seizing the opportunity to relocate, downsize, or even build a new dream home from scratch.

The opportunities are endless.  You will want to look at what is most important to you when planning a move. Do you want to be closer to family? Live in a home with lower maintenance? Live in a state with lower income tax? It may sound obvious, but making a list of priorities together as a couple can go a long way in narrowing down the many options empty nesters have and deciding what type of loan makes sense for your next move. Once the big questions like these are answered, the hunt for a dream home can begin.

Some empty nesters seize the opportunity to embrace a new lifestyle when the kids leave home.
Preparing to downsize after living 20+ years in the same home requires some planning (and decluttering). Experts advise to start this process as early as possible—right after the kids move out. This way empty nesters are in a position to move quickly once the right dream home comes along. Empty nesters should also keep in mind that certain lenders can offer flexible options for retirees with more freedom and less stress.  Some loan programs allow retirees to close on a new home the same day they sell their current one, or even before. Providing proof that they are under contract to sell can, in some cases, be enough to qualify to purchase a new one in the meantime.

Finding the right type of loan is key when deciding whether to downsize, take on a renovation, or even upgrade to a larger home in retirement.  We have resources to help empty nesters in any of these situations, and can connect you with a home lending advisor who can personally advise on which products are right for your needs and goals.

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