There are a number of approaches those who wish to remain in their home for as long as possible can take to help them achieve their goal of aging in place, such as through the use of a reverse mortgage or retrofitting for accessibility, according to a recent article from Kiplinger.
Highlighting six strategies to help seniors age in place, Kiplinger focuses mainly on the theme of home repairs and renovations to modify residences fit for aging inhabitants. While installing things like additional handrails and grab bars in the shower can help seniors live potentially safer at home, these modifications cost money.
And just as there are a number of ways to age in place, there are also various ways to finance these projects, one of which includes using a reverse mortgage to unlock home equity and help cover costs.
“If you have substantial equity in your home, you have multiple ways to pay for home improvements, such as a cash-out refinance of your mortgage, a home-equity loan or line of credit, or a reverse mortgage,” Kiplinger writes.
Technology also plays a critical role in helping older adults live comfortably in their homes even as their needs change. But while robot caregivers are no longer reserved only for the science-fiction, they are still years away from mass production.
Read the Kiplinger article on other ways to age in place.
Written by Jason Oliva