Consumer Reports National Research Center recently ran a survey of more than 19,000 Consumer Reports online subscribers between the ages of 55-75. The latest Consumer Reports Retirement Survey which has a plethora of generic and common sense retirement advice provided this bit of advice on moving out of the current home:
“Don’t abandon moving plans. Your $400,000 home may have lost $100,000 in value, leaving you with less to spend on housing elsewhere. But values are down in many areas, and moving to a lower-cost area might still be worth that trade-off.
You can do a side-by-side comparison of crime statistics, climate, and cost of food and housing in pairs of cities, at www.bestplaces.net, a site produced by Fast Forward. It also has a cost-of-living calculator you can use to determine how much you’ll need to maintain your current standard of living elsewhere. The Retirement Living Information Center Web site, at www.retirementliving.com, has a “Taxes by State” guide that lets you do state-by-state comparisons of income, property, sales, estate, and other tax rates. “
Additionally, the tone of the article is fairly negative on reverse mortgages and provides little overall insight other than common sense ideas. For the full press release from Consumer Reports, click here.