Lisa Mailhot | April 25, 2024
Buyers
Older homeowners like Susan Apel and Keith Irwin paid off mortgages expecting home equity would allow downsizing but are struggling to find affordable, suitable one-floor options despite having substantial equity.
Their situation highlights concerns that homeownership may no longer provide the expected retirement cushion for some seniors as mortgage debt rises and accessing equity through reverse mortgages becomes costlier and more complex.
The lack of appropriate housing supply for aging exacerbates the issue, with developers favoring multi-level properties over single-floor homes, leaving many seniors trapped in increasingly difficult-to-maintain houses.
While still a valuable asset, policymakers, and the housing industry must address older homeowners' challenges through streamlined reverse mortgage programs, broadened lending criteria, and incentives for developing age-friendly housing to alleviate this growing crisis.
Recognizing and accommodating older homeowners' unique needs through a more inclusive, supportive housing market is crucial to ensure they can age gracefully in suitable living environments.
If you or someone you know is considering downsizing or exploring housing options in Orange County, let's connect. I'd be delighted to assist you in navigating the local market and finding the perfect solution for your evolving needs.
Stay up to date on the latest real estate trends.
Lisa Mailhot | May 3, 2024
Discover the untapped potential of using auctions to rejuvenate your real estate listings. Learn how to leverage auctions for faster sales and market value without a p… Read more
Lisa Mailhot | May 2, 2024
As Californians invest in wildfire mitigation, homeowners face an insurance crisis. Lawmakers aim to bridge the gap by recognizing mitigation in underwriting and rate-… Read more
Lisa Mailhot | May 1, 2024
Discover how to truly understand and convey your value as a real estate agent. Learn about the importance of self-worth, fee-setting, and mastering commission conversa… Read more
Lisa Mailhot | April 30, 2024
Craving an unforgettable luxury experience? Michelin, the renowned restaurant guide, unveils its prestigious "keys" for exceptional US hotels. Discover the 11 extraord… Read more
Lisa Mailhot | April 29, 2024
Explore the current state of the real estate market with insights into the February 2024 pending home sales data. Learn about the challenges and opportunities in home … Read more
Lisa Mailhot | April 26, 2024
Discover the essential strategies for leading real estate agents with a focus on empowerment over micromanagement. Learn how setting realistic goals and providing supp… Read more
Lisa Mailhot | April 25, 2024
Explore the challenges older homeowners face when downsizing and aging in place, including the lack of suitable housing options and difficulty accessing home equity. D… Read more
Lisa Mailhot | April 24, 2024
Explore creative ways to save for a down payment on your dream home, including side hustles, strategic budgeting, and high-yield savings. Learn how couples are moderni… Read more
Lisa Mailhot | April 23, 2024
Explore the intricacies of California's "builder's remedy" law, which empowers developers to bypass local zoning restrictions in cities without state-approved housing … Read more
You’ve got questions and we can’t wait to answer them.