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 If you are a Baby Boomer who is wondering
whether you will be able to retire and hang onto your house,
or even whether you can afford to retire and have a roof
over your head, this is the right place for you.
First, realize that there are many
low-cost housing alternatives for Baby Boomers who are flexible,
wish to retire, and put
controlling your own time as your highest
priority...while still maintain a comfortable lifestyle.
Downsizing
The most obvious solution for Baby Boomers
to stretch their money is to downsize their living
arrangements. Big homes that were purchased to raise a
family eventually turn into empty nests. Downsize to a
condominium, investing the balance of your equity. Or
relocate to an
area where housing is less expensive, again investing
the balance.
Usually this strategy results in a more
enjoyable and financially comfortable retirement. Even
when the real estate market is in the tank, as it is now,
baby Boomers can rent out their home and arrange a lease to
purchase for their ideal retirement home in a location of
their choice. That way, Baby Boomers can take
advantage of today's low prices and sell their old home in
the future when the real estate market bounces back.
Reverse Mortgages
 Baby Boomers who have a home that is paid
off can tap into their equity to receive the equivalent of
an annuity payment for the remainder of their lives as long
as they live in the home. And they don't incur a house
payment! This is called a "reverse mortgage."
Reverse mortgages are not for everybody, and
they incur significant fees. Moreover, the money
borrowed against the home equity must be paid off upon death
or the sell of the property. Learn more about reverse
mortgages and how they work at
AARP.
Mobile Home Communities
55+ Mobile home communities provide
affordable, comfortable housing for Baby Boomers of all
ages. Many are really pre-fabricated homes and consist
of landscaped parks with amenities and recreation (e.g.,
adjacent golf courses) in temperature locations. Most
are warm communities with many activities and the
opportunity to meet new friends in a secure environment.
 Typically, mobile homes reside on rented
space within a managed park. Space rent (which may
include trash and water) is your main expense and can be
high, so be sure to shop around and look at the park's
history of rental increases. Some parks also prohibit
sub-leasing, which can make it difficult if you want to move
somewhere else and are having trouble selling your unit.
The best way to go is to purchase a mobile home whose price
includes the land or which resides in a park that is subject
to rent control. And the best buy is a home that is a
few years old, as mobile homes tend to depreciate (depending
upon the location, of course).
Co-Housing
A novel idea that is gaining traction among
Baby Boomers is "co-housing," a type of collaborative
housing in which residents actively participate in the
operation of their own neighborhoods. And this
solution is affordable. For those finished raising
kids, this is a great way to re-invigorate your social life.
Co-housing offers a mixture of private homes
with common areas (e.g., meal halls) and neighborhood
participation. It is based on a commitment to
community living. Co-housing is said to be a more
healthy way of living, with social ties providing medical
benefits.
Retirement Communities
There are a variety of planned retirement
communities for Baby Boomers and seniors. Many are for
active lifestyles, while others offer assisted living
facilities. Most cost a lot of money, but some are
affordable. Check out some of the links below to learn
more.
Housing Assistance
 Local, state and Federal government agencies
offer assistance programs to help Baby Boomers whose income
is an obstacle to finding good housing.
HUD has several excellent programs for seniors that
should be investigated.
Recommended Books
Recommended Websites
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BestGuide-RetirementCommunities.com - Good directory
of all types of retirement communities across the
nation.
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55CommunityGuide.com - Comprehensive directory of
retirement communities and retirement homes of all sorts.
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ElderCohousingNetwork - Good place to learn about
co-housing benefits for Baby Boomers.
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CoHousing.org - Everything you need to know about
co-housing. Contains an extensive co-housing directory.
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SeniorHousingNet.com - Excellent resource for baby Boomers,
offering helpful tools and valuable housing information.
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RetireNet.com - Complete directory of retirement communities and
homes. If you have a small nest egg, this is worth looking at.
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RetireCommunity.com - Good directory, especially if you have
health problems.
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RetirementLiving.com - Good directory and information about
retirement communities.
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