Re mortgage without a job. At your age; take your cash and financial investments, divide by 30. You will have to be able to live on that amount and feed a mortgage. SS may be added or not. Your mortgage will be a point or three higher that the rates you see for 30 yr fixed. Refi your home before you quit/retire. take out as much as you can afford, put that money in a savings account. Use that money for an interim place until you sell your existing place.

We moved across the country at age 69 to be close to family. We knew the area we were moving to, because our son has lived here since he went to college. So we knew the general prices of property in the area. I started by tossing a lot of junk in preparation for selling our house. Then I scheduled maintenance-type work and got that done. I found a short-term corporate-type housing that was by the day, and included all furnishings including internet/cable/cleaning. I got a PO box in our destination area, and planned on all mail going there.

When we put the house on the market, we had tremendous interest and multiple offers. We scheduled to close in 6 weeks. I rented a POD (from PODS, I recommend their service). Paid real movers to pack it completely tight. And it went into storage until we had a new house.

We found a house quickly when we arrived here. No trouble with a mortgage, which was based on our income (SS+IRA monthly). Same rate as anyone else might get.

When we closed on our new house, we scheduled the PODS delivery and hired more movers.

Only thing I might different would be to rent two PODS (our was 8x8x16) I could have used a 8x8x8 one as well. But downside of that would be to keep too much junk, And I did get to go shopping for some new furniture. As it was, I finally dumped some of my mother's furniture that I was hanging onto only for sentimental reasons.

Selling your existing house before moving is different than keeping the existing house and trying to purchase a second house. I did not read the OP is planning to sell before moving.

My post is based keeping the existing house while looking for the new house.

This is a very helpful website

https://www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php

If your bank does not provide your monthly FICO score use one of the free online services to receive an estimate. Your comment about no mortgage could also mean not credit card or other debt. No usage of debt vehicles can mean for some a rude awakening when they go to finance something. Known several that because they had no or little credit usage their scores were low enough either to be refused outright or charged a higher interest rate.

Before someone says I am full of it by the time my husband died his credit score was in the low 600s simply because the mortgage had fallen off and he was unable to make any credit purchases. Mine was much, much, higher simply because all of the debt was in my name and I made the payments.

Re debt and credit scores, I was told, 3 active current debt accounts helped the score.

You have five years to: discard non-necessities, make certain house gets any needed maintenance/improvements; save $$, travel a bit to different states, and within a preferred state, different cities. If you are looking for 'warmer' winters, you need to figure out just how much warmer AND what the remainder of the year is like weather-wise.

I live near (but not actually on) the Texas Gulf coast - we rarely have freezing weather for more than a day or so. But lots of humidity in the summer, mosquitoes, hot, hot summers, no real winter, but fortunately I am far enough inland that 'usually' hurricanes are not a problem (and my property is high enough that rushing or standing water isn't a problem either). Large city, or just close enough to large city for medical issues.

My sister and her DH purchased property in a very, very small town, fairly near a slightly larger town. BIL fell, broke his ankle, best ortho/surgeron was two hours drive away. They have since moved, now only 30-45 mins away!

Credit scores will now include active utility and cell phone bills that will help people without other debt.

https://www.cbsnews.com/news/new-credit-score-changes-help-consumers-and-lenders/

Credit score is very good, actually. [sigh] Moved here with husband who passed away 9 years ago. Contemplating leaving is bittersweet.

Much thanks for all the info, especially the Kiplinger site.

I re-financed 3 years ago and even though I had a credit score of 840, I had some problems as 1/2 of my income was from income from multiple trusts. Apparently bankers think these are "risky". Huh? But I did finally get a 15 year fixed rate at a very good rate when they realized that I also had a LOT of cash as well. Liquid assets are very popular with banks.

Yes, do spend the next 5 years getting your house in good repair. Call in a few realtors now and see what they suggest. If your roof is 18 years old, you may want to think about a new one. So much depends on whether you want top dollar for your house or just sell it and be done with it and let the next guy do the repairs and upgrades. Many older people just sell their houses "as-is" as they don't want the bother/expense of upgrading electrical panels/plumbing/gutters/roofs. I am NOT talking about remodeling kitchens and baths - that is usually NOT a good way to spend money.

I have told my children to remove all the wallpaper in my house and to refinish all the floors. They don't all really need to be, but it will help sell the house. I have also told them to have the painter re-paint the wood shutters and do any necessary touch-ups of wood on the outside. When everything is out of the house, they may also want to spend the money and do all the millwork in the entire house as well. They'll just have to see how it looks empty.

But this is assuming that I will have moved out of the house before it is put up for sale.

You don't say if this is what you will be doing. I would plan a few trips to possible destinations over the next 5 years to see what you like.

I, too, hate cold weather. I'm also older than you (75) and I'm also a widow. I've thought about moving, but all those warmer winters have their downsides - hotter summers, and if coastal, the risk of hurricanes. I sure don't want hotter and I'm far too old to weather a hurricane alone.

I do have friends (a couple) who bought a 2nd house in FL a few years ago. It is quite small - cash purchase. They do like where they are located and are now ready to sell their other house in the northeast and buy a larger one in FL. They are coming to buy in a "country club" community so there will be ready-made friends/activities. They have already joined the club (very inexpensive) so they know they like the people they've met so far.

There are so many different ways to do this, but it is daunting the older one gets, and especially being alone.

Lots of good info offered here but one thing struck me from your post that no one has addressed - you said "leaving my family" in the same sentence with all the other things you find overwhelming. I understand about the winters and wanting smaller living, warmer climate etc but give a lot of thought to being far from those you love. Maybe there are easier living options where you are, like a condo, and you can rent an apartment in a warmer location for the worst of the winter. I obviously don't know where in New England you are but if you and the family there are within easy driving distance of an airport, make part of your consideration for a new location based on easy, non-stop flights. We moved from suburban Chicago to western NC, easy 1-1/4 hour non-stop flight from O'Hare to Asheville. Problem is that's an expensive flight comparatively so visiting family prefers to drive. Plus there are no direct flights to where either of our sons live and travel for them or for us is an exhausting all day event. This is a big life change so taking 5 years to put the pieces together is wise.

ct-

"How does one get a mortgage when one is retired?"

Just so you're clear, it doesn't matter what age you are, or whether you are retired or not, the process and requirements are the same. Federal law prohibits age discrimination. If you want a mortgage, you apply and the amount you can borrow is dependent on your financial circumstances and what your income is: you could be 25 or 105...it doesn't matter.

Also, you can typically get "pre-qualified" for a loan before you start looking for a home. This helps you understand what the limitations are on what you can afford, and saves time when you find a place to purchase.

How to get pre-approved

I know it was autocorrect that changed does to dies but tiggerigh is correct. A long time ago I attended a talk that suggested to keep credit records current simply plan on purchasing something you need at least once a year and paying it immediately. The speaker mentioned purchasing a candy bar which at that time I thought was silly but it keeps your card active.

at age 67 I was wanting to retire 'soon' and move further away from the 'big' city (Houston). My DH was a country boy, raised 40 miles from Houston. We had a mortgage on our existing home (we owed less than half of the mortgage). Started looking for a bit of land, either with or without a home. Within six months DH was diagnosed with cancer (but we kept on looking). Signed the closing papers on our 'retirement home' the weekend before he started radiation/chemo. Having a sizeable down payment certainly helped with getting a mortgage.

We kept the 'main' home (closer to my work and closer to medical center hospitals). Over the next 22 months he spent a lot of time at the new place and I am thankful we did purchase it; however when I was almost 70 he died - I had to decide which place to keep, which place to sell. I decided to sell the 'first' house and keep the country property, retiring at the end of that year. My only regret is that I am 12 miles from the nearest town with a grocery store, post office, church, etc.

Having seen the difficulties of people that I have known moving to an area away from any of the "family" last week I discussed this with my steps and niece who all live away from here. Although owing a house or apartment provides ownership when your death comes they must sell the house. When I do give up this house I am moving into a month to month rental/lease apartment. Then when the time comes they can simply fill a dumpster or donate everything I have and get on with their lives with an apartment. Much better in my mind than having them hope for a quick sale but if there is no sale having to maintain the property for months or in some areas years.

A few more notes about moving for retirement. Please keep in mind that sh*t happens, to us all. Make sure you are close to family and/or medical facilities.

My husband has macular degeneration. He is still okay to drive, but keeps it to the immediate neighborhood, and I have taken up all other driving. I guess if something happened me, he could take Uber. Our son and his wife live two miles away, which is why we moved here. But they have demanding jobs and a a teenager, so we try not to impose. But they know they are the back up.

I knew a woman in California who had no family, moved from the city to a lovely lake area two hundred miles away. She had a stroke within about 6 months, had to come back and live with friends while she did rehab. And her house by the lake was vandalized while she was away.

A neighbor has breast cancer. She couldn't drive when she had chemo treatments, Now she is getting radiation, 5 times a week for 6 weeks. Friends help by giving her rides.

May you never have physical problems, but please keep in mind what ifs and how you'll deal with them.

More than getting a mortgage, I'd be worried about moving to a new place at an age when having friends and family near you is more important than ever. Perhaps you don't have those things currently in your life in New England and won't be leaving that behind. Maybe there are retirement communities filled with people in similar circumstances who are open to creating satisfying and sustaining friendships, but I find as I age it seems to be more and more difficult to form closer friendships. Part of it for me is that I've become more discriminating, less willing to invest time in people in a superficial way, or who are needy or too self focused. I also find more and more aging people completely focused on their health/aches and pains and I don't want to hear it. I treasure my long term friendships (family is limited for me) and can't imagine moving away from them (or them from me).

I hope you find happiness whatever you decide to do.

Based on your initial description of your situation, why do you assume that getting a mortgage is a good choice? If you can sell your current home for a good price, then plan on renting from now on to maintain your flexibility. Moving to a new place and then going into debt for a mortgage in retirement seems like a bad investment. In fact its not really a good investment unless you can find a place with steady home value appreciation and predictable resale potential.

When moving to full retirement, it is very likely that you will only stay in that new home/situation for a few years, and then be looking at other options. You may decide you want to move back to be near family, or need a home with better accessibility, or have any other reason, but its very likely that you will be considering a change. If you are renting, the change will be simple - give notice to your landlord and move out. If you have taken out a mortgage there is much more involved.

Bruce

When my DH retired we thought about moving from our lifelong home(s) in Chicago suburbs, where our family is located. Instead, we built a Senior-friendly single story home in a quieter town 16 miles north of the more commuter-friendly suburb where we had raised family. We are still close to 'everything', including excellent medical services.

We solved the 'winter' problem by buying a 1BR 2Bath condo on Maui. Our weather at home is nice enough nine months of the year. The condo is nice for winter months -- and we rent it to vacationers via VRBO when we are not using it.

The only drawback over the last two decades was the long and expensive flights and needing a rental car there. That also makes it expensive for family to use the condo often.

Now a new problem has cropped up. I was diagnosed with a blood cancer last spring. The care I require right now isn't reliably available on Maui. This is the first year in almost twenty that we are 'enjoying' winter at home in Chicagoland, Polar Vortex and all!. We *may* be able to return to Maui if I reach remission, stay in it, and require less involved chemo. If not, the condo has appreciated well and would sell fast. Or, we could continue to rent it, but year round, including the most lucrative winter months.

We may be back to the drawing board for winter escapes. At 78 and 80, who knows when further aging issues will also have us considering a move from our SFH -- most likely to a rental apartment.

I was waiting for someone to address the Age thing: banks cannot discriminate on the basis of age. They have to consider your loan application the same as anyone else's - your income vs. what you wish to borrow. Doesn't matter where your income comes from (social security, savings account, IRA disbursements, monthly retirement benefits, etc.).

My advice is to consider very carefully before leaving your family and friends. Maybe instead of moving, you should sell your current home and move into a smaller, more convenient one. Perhaps an all-maintenance-provided condo or townhouse near public transportation?