Mortgage Products Beyond the Empty Nest
Just one look at Dan and Barbara Nostros' Ridgewood, N.J. home tells you that the last thing this couple ever thought they'd do is downsize to a smaller house. Nearly 3,500 square feet with four bedrooms, the Nostros' home has the feeling of a warm cocoon that's slowly expanded over the 12 years the family has lived there. A kitchen with a large, central cooking island. Generous bedrooms with big windows and closets galore. A living room with terrific built-ins.
Everything seems to have its place -- but the Nostros. Ever since their 20-year-old left three years ago for college in Los Angeles, the family has been spending less and less time in Ridgewood. Two years ago, Dan and Barbara decided to rent a small home in Encinas; last year they also rented a pied à terre in Manhattan because Dan was spending so many nights working in the city.
Now the Nostros have sold their Ridgewood home, and are diving back into the market, but not without some trepidation. What's the right mortgage product for baby boomers who have a newly empty nest and are just starting to enjoy the good life?