Milbank Court, Greenwich CT.
Many adults over the age of 55 are leaving behind the single family home they raised their family in and moving into town homes and condominiums in the downtown Greenwich CT area. Some call this downsizing others refer to it as right sizing. The purpose is to find a home that suites their needs of their current lifestyle. Many factors can go into this decision weather it is to diminish the amount of maintenance required in a larger home and property, the kids have grown and moved out creating the empty nest factor, or another town that offers lower property taxes.
Whichever the scenario this is a growing trend. The U.S. Census Bureau’s population projection forecasts that the amount of Americans’ aged 65 and older will more than double by 2030, increasing from 35 million in 2010 to an estimated 72 million!
There are options as to how a buyer can approach financing a purchase. A home equity line of credit against a current residence, a home equity conversion mortgage or a cross collateral loan may be a way to downsize without having to sell the current residence prior to a purchase easing the downsizing process.
It’s nice to have options so contact a professional that can assist with the search for a new home.