College towns often make good retirement destinations for aging according to the findings in a recent study released by the Milken Institute. The study surveyed and ranked more than 350 cities and metro areas across the U.S. to find the best locations for retirees to spend their aging years.
The Milken Institute is a nonprofit, nonpartisan think tank that “works to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital, and enhance health.”
The common themes for successful aging according to the Milken Institute include opportunities to work and volunteer, a learning environment, top-notch health care, an active lifestyle, great connectivity, and easily accessible conveniences.
The Milken index is different from many other rankings in that it focuses on successful aging, rather than simply looking at cost, accessibility or any other single measure.
“Don’t confuse the Milken Institute Best Cities for Successful Aging index with the many rankings and opinion polls that identify the sunniest or most inexpensive spots to live out retirement,” the Institute writes. “Up to 90 percent of older Americans want to age in place, according to a recent survey by AARP, and our goal is to enhance their communities so they can do so with the greatest quality of life possible.”
Milken’s Best Cities for Aging
The best cities list from the Milken study may be a good place to start if you are seeking a new home in retirement.
Topping the list:
- Provo-Orem, Utah
- Madison, Wisconsin
- Omaha-Council Bluffs, Nebraska-Iowa
Also receiving high marks:
- Boston-Cambridge-Quincy, Massachusetts-New Hampshire
- New York-Northern New Jersey-Long Island, New York-New Jersey-Pennsylvania
Each of the cities boasts some college presence, a trait which Milken points to as a bond between services and amenities that appeal to both 20-somethings as well as the aging population.
Relocating with a Reverse Mortgage
Many seniors today are using reverse mortgage loans to successfully age, whether they’re looking to obtain a reverse mortgage on their current home or want to relocate to a new home that is better equipped for retirement.
If one of the cities in the Milken study is on your retirement destination list, there is a reverse mortgage that allows homeowners aged 62 and older to purchase a new primary home with the loan proceeds from a reverse mortgage, all within a single transaction.
It’s called a Home Equity Conversion Mortgage for Purchase (HECM), popularly known as a HECM for Purchase. It was introduced in 2008, and is available to eligible borrowers under the Federal Housing Administration (FHA)-insured HECM program.
The HECM for Purchase allows homeowners to use the equity from the sale of a previous residence to buy a new home, whether it’s newly-built or a dwelling that is simply better equipped for aging. With a HECM for Purchase seniors are able to eliminate their monthly mortgage payments which helps improve their cash flow. However, borrowers must continue to pay taxes and insurance and maintain the home.
Added benefits
In addition to eliminating monthly mortgage payments, the HECM for Purchase can increase your purchase power. By getting more house for your money you may be able to afford upgraded and additional features to help you age successfully.
Whether you are interested in getting a reverse mortgage for your current home or are looking to relocate through the use of a reverse mortgage, we’re here to help. Contact us for more information about how a reverse mortgage may be able to help you age in place.