Downsizing in retirement is not a new concept. However, the rise in popularity of tiny homes is adding a unique twist to the goal. In pursuit of simplicity and flexibility, and sometimes by necessity, a growing number of seniors are using small, often portable residences to be closer to family and enjoying the added freedom that they can provide.
The Big Advantages Of A Small Home
If hanging out in a big empty house seems like the worst way to spend your free time in retirement, a tiny home might be a perfect fit. In addition to forcing you to de-clutter your life, scaling down your space so dramatically is likely to result in a more active lifestyle. You’ll spend less time cleaning and maintaining the home, while hobbies and socializing can move up your list of priorities.
A Healthy Alternative
While this added activity certainly provides health benefits later in life, a tiny home can also offer an attractive alternative to senior living communities or assisted living facilities.
If the time comes when you’re still able to live mostly independently, but may need a bit of extra care occasionally, the flexibility and portability of a tiny home could be the answer. Placing the home nearby, or even on the property of a loved one, is a less-invasive and more affordable option compared to moving in or paying a caretaker.
Although these smaller homes typically come with smaller price tags than traditional homes, they aren’t cheap. If you’re swapping your full-size house for a tiny one, then finding the cash may not be much of a problem. But if you’re targeting a tiny home for part-time use as a convenient getaway spot, or a more substantial version of a travel trailer, fitting it into your retirement budget and keeping your current home could get trickier.
Consider speaking to an Open Mortgage specialist at 888-602-6626 to discuss your options. Our expertise in tools such as a Home Equity Conversion Mortgage (HECM) or reverse mortgage could provide the financial flexibility to start your big adventure with a tiny home sooner than you thought possible.