SRES: An Option for Seniors Purchasing a Home
Regardless of whether this is your first time buying a home or your third, purchasing a home in your later years comes with a whole different set of possibilities and things to consider as you decide on a home you can comfortably age in (read more about the things you should consider here). Each season of life is unique and different, so why not enlist the help of someone who specializes in the season of life you are currently in – a Senior Real Estate Specialist (SRES).
What is an SRES?
According to Age In Place, an SRES is a specialty real estate agent whose focus is to address the needs of home buyers 50 years of age and up. In order for a real estate agent to earn the SRES designation, they must successfully complete an education program under the National Association of Realtors. By earning this designation, an SRES has “demonstrated necessary knowledge and expertise to counsel clients age 50+ through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home.”
An SRES knows the ins and outs of buying a home for aging seniors, including the search itself as well as financial options, important house features, and laws. When you purchase a home, it is important that you consider your current and future needs, and an SRES is trained to do so. An SRES has special knowledge in reverse mortgages, pensions, 401k accounts, and IRAS, and they can help you avoid loan schemes and scams.
Knowing that an SRES has gone through the training necessary to be able to successfully and confidently walk you through the home buying process is well and good, but what it is exactly that they were trained in? According to Senior Real Estate, an SRES is trained in:
· Methods for counseling 50+ buyers/sellers
· Assembling a team of experts to serve you
· Learning distinguishing characteristics and trends of the 50+ market
· Identifying key life stages, viewpoints, and transitions involved in housing choices
· Recognizing how a home can be modified or adapted for aging in place, comfort, and safety
· Understanding how Medicare, Medicaid, and Social Security impact 50+ housing decisions
· Uses, benefits, issues, and procedures involved in reverse mortgages and other financing options
When thinking of an SRES, consider their designation as their degree or area of concentration. They are just like a regular real estate agent, but they took an extra class to be able to help people in a particular stage of life. An SRES can help make this life transition a little easier by making sure you have all your bases covered when it comes to choosing the right home to meet all of your needs. Real estate agent Lori Younder says, “Selecting an SRES to work with ensures that you are working with a trustworthy professional, who recognizes your interests as you construct your strategy to age in place.” An SRES tailors the entire process to you.
How to Find an SRES?
Finding an SRES is as simple as typing “SRES [your location]” into your favorite search engine or using the SRES locator tool. Consider calling local real estate brokerages in your area and asking if they have any realtors with the SRES designation. If they don’t, they may be able to point you in the right direction of someone who does.
The decision to purchase a home is a big life choice, and having someone by your side that understands that life choice can make the entire process so much easier and fun.
Article by Jim Vogel