Age in Place with the Help of a Reverse Mortgage

For those who don’t plan for the future, aging in your own home can come with some disadvantages.  Monthly maintenance and upkeep may become tasks too heavy to bear alone.  Daily routines that were once done with ease could become a strenuous hassle.  Features that didn’t seem problematic at the beginning may now be impacting how much of your home you can enjoy.  For those who intend on living in their current home during their golden years, planning ahead and making necessary modifications is vital.

Two main areas of the home that are commonly modified for senior living are the bathrooms and kitchens.  Bathroom changes typically consist of reducing trip or slip hazards, large “curbless” showers, seats added to existing bath tubs or showers, raised toilets, smart toilets, and even a layout or location change.  Common kitchen changes consist of easy to reach storage, lowered counters, seated work areas, and space widening or location change. For those who live in 2 story homes the installation of a lift or elevator can keep them from being unable to easily access an entire area of their home.1

These types of projects and services vary in cost, and to ensure that the home is safe and accessible to an individual, a combination of various upgrades may be necessary.  When added up, these can be quite the financial burden to those who are intent on staying put.  That is one of the reasons many seniors are opting to take out a reverse mortgage in order to eliminate their monthly mortgage payments and tap into their home equity to be able to afford such changes.

In the past year, 60% of seniors opting to remain in their home have made modifications anticipating future needs due to aging. 2 These costs could be partially or even completely covered with a reverse mortgage and help pave the way to a happier, more comfortable, and convenient retirement.  If you are currently planning for your retirement years, call 866-751-3606 for more information and to see if you qualify.

 

Sources:

1 http://www.cnbc.com/2015/08/03/six-home-modifications-to-help-you-age-in-place.html?slide=1

 

2 http://reversemortgagedaily.com/2015/08/06/cnbc-6-home-modifications-seniors-want-to-age-in-place/