Today's mortgage rates hover around 6.5% to 6.7%, more than double the rates many homeowners locked in during 2020 and 2021. Mortgage News Daily reported average 30-year rates around 6.67% this week. Freddie Mac reported a national average of 6.52%. As a result, many seniors feel "stuck."

Thinking about downsizing to a maintenance-free community? Before you buy, learn what HOA fees typically cover and what expenses may still be your responsibility. From lawn care and roof replacement to termite protection and warranties, here's what every retiree should know.