"With the kids gone, the aches and pains amplifying and retirement nearing, those once-fulfilling household maintenance duties such as mowing the lawn, fixing the roof, mending the mending and cleaning may be getting less therapeutic and more laborious," said Realtor Jim Magill, with Village Square Realty in Los Gatos.

Magill finds many seniors facing a financial decision as they determine whether to keep their homes and "age in place" or make a change in living quarters and lifestyle.

"Seniors are pondering a 'right-sizing' to new quarters that will better fit their lifestyles and proximity to loved ones, as well as their health and wealth needs. For those who elect to adapt to their changing world in a different setting, there's a litany of things to consider and mistakes to be avoided before placing their house on the market," Magill said.

He recommends that seniors not only secure the services of a Realtor or broker who is experienced in working with seniors but also consult legal and accounting professionals as well.

"Many of these folks have been living in their homes for 50 years. They bought a nice little place for $50,000 and it is now worth $1 million or more and they often can't believe it," Magill said. "In addition to a market analysis of the property by a Realtor, I recommend a full financial evaluation in which investment objectives, equity-conversion strategies, capital gains taxes and the other implications of selling are thoroughly discussed."

Seniors also need to analyze their lifestyle to find out what they like about their current situation and what will become most difficult as they age. Some factors might include the cost to maintain a home, how easy it is to navigate if many steps or a second story is involved, whether it's close to public transportation if they can no longer drive and how important it is to be near quality medical care and family and friends. Security is also often an issue for seniors.

"This all leads to the discussion of different housing options. Realtors try to emphasize how a change in habitat could make the senior's life much less complicated and more carefree. It's easy to get overwhelmed after you've lived in the same place most of your adult life. The older generation needs a little more hand-holding in this process and a focus on the positive rather than the negative of such a big step," Magill said.

One housing option seniors are considering as they start planning for their future is a retirement community, where security, maintenance, and often health care is provided.

At a recent presentation at the newly opened Saratoga Retirement Community in Saratoga, seniors in attendance learned about retirement living that is focused on a carefree lifestyle and the security of knowing a comprehensive continuum of care is available right on the campus.

Designated as a continuing care retirement community, the 37-acre Saratoga Retirement Community offers private apartments or cottages for residential living while assisted-living services, specialized care for individuals with Alzheimer's and skilled nursing care are also available for residents. Other retirement communities in the area with a health-care component include The Terraces of Los Gatos, Los Gatos Meadows and The Forum at Rancho San Antonio.

Saratoga resident and broker Roseann Rose handles the real estate and sales component at The Forum at Rancho San Antonio, a resident-owned continuing care retirement community in Cupertino. The Forum offers a unique equity ownership plan that allows people to purchase a membership interest in The Forum's nonprofit stock cooperative. The plan is designed to provide a return on the original investment plus a share in the appreciated value of equity when sold.

Rose, who is a senior real estate specialist, finds many seniors have built up substantial equity in their homes but aren't aware of the options available to them. Others are fearful of making a move from the home they have lived in for so many years.

"Many people lose sight of how much they have in equity in their homes. Since The Forum's business plan is based on equity ownership, people can preserve their investment to pass on to their children. Seniors also realize what a great advantage it is to own real estate in this valley without the responsibilities of home ownership," Rose said.

After residents move in to The Forum, they often tell Rose they wished they had moved to the retirement community much earlier than they did.

"Once they move to The Forum, they realize they don't need to worry about fixing meals, doing laundry and taking care of dreaded maintenance issues. While keeping one eye on the future by having the security of health care so they won't be a burden to their families, they often have more self-reliance and independence," Rose said. "Equity is also a concern. They want to enjoy the fruit of their years of hard work and still leave a nest egg to their families."

Rose recommends seniors begin looking at all their retirement options as early as possible, because many communities require a health assessment before admission.

"You're never too young to enjoy all the activities and the broad spectrum of new relationships. Don't wait until it's too late. Come when you can enjoy the freedom of travel, exercise and the richness of a fuller life," Rose said.