My concern is whether they should be making such a move at their age. I worry about them getting into a big mortgage payment at a time when my father is getting ready to retire. Is there anything I can do to make sure that they have thought through all the issues?
A: You are correct in feeling cautious about your parent's idea of selling the family home. The selling and buying of property is never a decision made without significant thought. Those such as your parents, who are in the 55- and-older age group, have several additional issues to consider.
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However, as Realtors are discovering, seniors bring with them additional needs and concerns that are unique to their age group. For example, those in this age group must consider their own long-term care needs as they plan for their advancing age. Estate planning also plays a major role in a senior's real estate decisions, as well as his or her medical condition.
Seniors must take into account their medical condition when deciding where to move. Good health is never guaranteed, and a health crisis is better handled when you can access and receive the appropriate services and assistance when needed - bringing new meaning to location.
Medical insurance coverage is another area that some people may not think about when considering relocation options, but it, too, can cause a problem. For instance, Kaiser Permanente does not have facilities all over California, and, depending on where a person relocates, they could be faced with a long drive to their doctor or to get to an approved hospital.
So, as you can see, there are special considerations, and the real estate industry has taken notice and developed the SRES designation, for Realtors who specialize in working with the senior population. SRES stands for Seniors Real Estate Specialist.
In late 2002, the National Association of Realtors granted to the California Association of Realtors permission to endorse and confer the SRES designation through its Senior Advantage Real Estate Council subsidiary.
A Realtor who has the SRES designation has met certain requirements and has completed course work that focuses on the special needs and concerns of clients who are over the age of 55. A Seniors Real Estate Specialist is skilled in developing an approach that is customized to your situation and how to best fit into your overall long-term plan.
In addition, a specialist can provide you with a variety of choices to help reduce out-of-pocket expenses, gain cash, or create or defer income streams to either help a person stay independent or to help finance assistance.
Therefore, I would say that it is essential that anyone over the age of 50 begin real estate research by meeting with a Realtor who has the SRES designation.
You can find out more information about Senior Real Estate Specialists on their Web site at www.seniorsrealestate.com.
Jeannine Clark is a Pescadero resident, medical social worker and private geriatric care manager with Clark Consulting. She writes an occasional column for the Review on topics relating to aging and transitions associated with aging. Send questions to Clark Consulting, P.O. Box 101, Pescadero, CA 94060, or email to: clark@southcoast.net.
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