One question that many seniors face as they enter retirement is how they would like to address the possible need for long term care as they age. Although long-term care facilities are a necessity for some, many seniors will have the option to remain in their home and age in place. Staying at home allows seniors to remain in a comfortable and familiar place while staying close to family and friends. Aging in place can also save a significant amount of money over moving to an assisted living facility. Despite the widespread consensus regarding the many benefits of seniors staying at home, the age in place remodeling that must be done in order to prepare the home can often feel like a challenging hurdle.
In order to comfortably age in place, most seniors will need to make modifications to their homes. Age in place remodeling can be broken down into the four categories below. The National Association of Home Builders recommends completing this checklist during age in place remodeling to ensure the home is equipped for its aging occupants.1
While the above changes may be an uncomfortable expense for most retirement budgets, the cost of age in place remodeling can actually be quite affordable when compared to the cost of long term care facilities. The Network for studies on Pensions, Aging, and Retirement reports that assisted living facilities typically cost $77,000-$88,000 a year, while healthcare expenses outside of assisted living, such as home health and hospice services typically average $11,210 annually.2 By comparison, a report by home improvement website Fixr, which provides cost guides and comparisons for hundreds of remodeling, installation, and repair projects, estimates that the average cost of age in place remodeling is $9,000.3
If you wish to age in place and need to make renovations to your home, a reverse mortgage may be an option for converting your home equity into the funds you need. To learn more or request a free eligibility assessment, contact a licensed reverse mortgage loan advisor at 1 (800)976-6211 or click here to fill out the online form.
1 National Association of Home Buyers. Aging-In-Place Remodeling Checklist. https://www.nahb.org/en/learn/designations/certified-aging-in-place-specialist/related-resources/aging-in-place-remodeling-checklist.aspx
2 Network for Studies on Pensions, Aging and Retirement. Medical Spending of the U.S. Elderly. http://arno.uvt.nl/show.cgi?fid=139768
3 Fixr. Aging in Place Remodeling Cost. https://www.fixr.com/costs/aging-in-place-remodeling