Considerations for Aging In Place
4 videos • 4 views • by The Truth About Reverse with Brian Scott McRae Where you live in retirement influences so many aspects of your life — from your family life to your hobbies, comfort, safety, cash flow and more. While many older adults want to age in their lifelong homes, others seek alternative living options that closely align with their current and future needs and wants. Where you live in retirement influences so many aspects of your life — from your family life to your hobbies, comfort, safety, cash flow and more. While many older adults want to age in their lifelong homes, others seek alternative living options that closely align with their current and future needs and wants. Whatever your situation is, there is a wide spectrum of living options for you to consider. There is no one-size-fits-all “best” living option — so give careful thought to what’s most important to you for this phase of your life. Aging at Home According to a recent AARP study, the vast majority of older adults prefer to live in their own homes and communities for as long as possible. There are many advantages to aging in the home you know and love, such as: The comfort of home Proximity of family members Familiar neighborhoods and neighbors Social engagement in the community Affordability Ability to remain independent Aging in place does not mean you have to do everything yourself. You, of course, can get assistance from family and friends along the way. And you can add aging-in-place services (which may or may not be covered by your health plan or government benefits), such as meal delivery, transportation and home-care services. However, aging in place does involve planning for the future. Home Modifications If you want to age in place and your home isn’t designed for long-term care, it’s wise to consider home modifications that can increase your safety and comfort. There are professionals, such as occupational therapists, who can help you assess the modifications required to make your home both accessible and safe. Here are a few common modifications: Widen Doorways: Navigating your home can be made easier and safer with wider doorways, especially if you rely on an aid such as a walker or a wheelchair. Install Ramps: Falls are a leading cause of injury for older adults. There are many types of ramps, inside and outside the home, that can help prevent falls and accommodate those in a wheelchair. Bathroom Modifications Aging in place often means reconfiguring your bathroom space. For instance, replacing your standard bathtub with a walk-in shower can make entering and exiting the respective area easier and safer. Adding a fold down seat and safety bars can help prevent slips and falls. Kitchen Modifications As you age, you may find the design of your kitchen is no longer ideal. There are many ways to increase the usability, safety and enjoyment of your kitchen area — for instance, you can hire a contractor to lower your countertops. Using Your Home to Stay at Home If you are an older-adult homeowner with equity in your home, you may want to consider putting your equity to work to help you cover the costs of aging in place. There are several home equity release products available that enable seniors to access built-up in equity in their homes while continuing to live in and own the home. One such product is a HECM (Home Equity Conversion Mortgage) loan, the only reverse mortgage insured by the Federal Housing Administration (FHA). To put it briefly, a HECM allows homeowners 62 and older to access a percentage of their home equity as cash or a line of credit. The borrower can pay as much or as little toward the loan balance each month as they wish, with most HECM borrowers opting to make no monthly mortgage payments (though they must live in the home and pay property charges, like taxes and insurance). Downsize to a New Home Was your current home picture-perfect for raising your family? And now are you now finding it too big or too outdated? Downsizing to a smaller home or condo can make a lot of sense in the right situations. For example, consider how a modern, single-story condo that includes universal design and low-maintenance living can help you to age in place more comfortably. There can also be financial advantages when you downsize. A smaller, energy efficient space could mean you’ll be spending less each month on utilities. If you own your current home outright, based on the price difference, you may be able to pocket a nice profit when you sell your home and buy the new one. Did you know? A reverse mortgage can also be used to purchase a new home. It can be a way for you to increase your purchasing power and keep more of the profits from the sale of your home to use as you wish.