Baby Boomers Do Things Their Way

Portland_Maine_Real Estate_Tru Brit Realty_ Baby Boomers

Portland, Me: There was once a prescription for retirement that said you burned the mortgage upon retiring and looked forward to debt-free golden years; that plan has largely gone out of the window with company (or union) retiree health insurance plans and pensions.

Today, a newly released report shows the Baby Boomers are carrying their mortgages into retirement and have much more mortgage debt than previous generations at this stage in their lives.

Boomers are also defying conventional wisdom and are looking for nicer and larger homes instead of downsizing during retirement. That means that there is a whole segment of homebuyers that sellers should recognize since Baby Boomers plan on retiring into the style to which they have become accustomed while still working.

In addition to all the “mod-cons” Baby Boomers also tend to move to retire to areas where there are a good deal of services close on hand as well as plenty of open space.

Considerations relating to the type of housing and the location of the property desired by the Baby Boomer group – there are many 55+ developments out there for example – are coupled the particular loan programs offered to this demographic, assuming they are not paying cash which, given the recent study, is suggested is far from always the case. As always, no matter at what stage of life, there are many things to weigh up before drawing up a strategy for finding the right home.

If you’re a part of the “brave” generation of Baby Boomers looking to upsize rather than downsize at this time let us bring our experience in this specialist end of the market into play for you.

As a first point of contact call Donna Saxby on 207-553-1384 or email donnasaxby@kw.com.

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