As parents whose children have left home prepare to make changes based on their new lifestyle, empty nesters have many choices as to what to do next. They have a multitude of options for how to flex their funds to their advantage, whether that involves leveraging their equity to help their children pay for college or utilizing newly freed-up funds to get into the home they always wanted, or even to downsize.
Real estate professionals working with clients in this life stage can help them best by partnering with an independent mortgage broker who can ensure they fully explore their options and make the most of their money.
Consider this: people whose children no longer live with them full time may have more flexibility and freedom in terms of their location. Depending on their situation, they don’t have to be concerned about school districts and won’t necessarily feel restricted to staying in the same area or even state.
Empty nesters are also likely to have plenty of equity to invest in their next home, which gives them a lot to consider when planning their next steps. Partnering with a mortgage broker, who inherently has access to the widest range of home loan and financing options available, will ensure they are best positioned to take advantage of their newfound flexibility. For example, those who want to stay in their current homes may consider refinancing, which could help decrease the cost of their mortgage payments and free up money to help support their kids through college or to put toward their own retirement.
With the cost of college education rising, data has shown that more people in their 50s, 60s and even 70s are taking on student loan debt on behalf of their children, which can impact their ability to qualify for a future mortgage should they want to move. By working with a mortgage broker, these borrowers will have access to a greater variety of loan products, which makes it more likely they’ll find the right fit.
Partnering with a mortgage broker can also help empty nesters who are interested in relocating to that dream destination they’ve been thinking about for years. Depending on where they’d like to move, your clients may need a jumbo loan – and mortgage brokers are well versed in this and other options what can help make that dream a reality.
Whether they’re looking for extra funds to help support their children’s education or thinking about the next stage of their own lives, empty nesters are at an important crossroads. Partnering with an independent mortgage broker allows real estate professionals to help these clients make the most of their money at this exciting time in their lives. Help your empty nester buyers find a mortgage broker in their community or anywhere across the country by visiting FindAMortgageBroker.com.