Aging in place is a term that means that seniors continue to live in their own homes instead of moving into an assisted living home. Aging in place has become a growing trend in the United States as many seniors have adjusted to living on their home. One way seniors are doing that is with a reverse mortgage.
With the advancements in medicine and health care programs more and more seniors are able to live in their home on their own without relying on others to help them out. People are now living longer with these advancements and also people are staying healthier longer as well.
Another factor helping seniors stay in their homes longer are all the affordable home modifications that can be made to make the home an easier and safer place to get around. With the additions of hand rails in bathrooms, and other modifications homes are now safer for seniors with mobility issues.
Aging in place has grown in popularity mostly because of all the benefits there are. People who choose to live in their home tend to be more connected to friends, family and the community. Aging in place people tend to be more active and do more than those who move into assisted living homes. More and more seniors are determining that they can in fact live in their home on their own.
One benefit of aging in place is many seniors tend to save money. Assisted living facilities on average cost around $80,000 a year. Another benefit to the home owner is they are able to stay in the home that they love and are familiar with.
Some concerns with aging in place are the cost. Experts from the Bipartisan Policy Center’s Housing Commission have supported the reverse mortgage product as a way for seniors to stay in their home and afford retirement.
With a reverse mortgage there are currently no income requirements or credit score requirements. To qualify for a reverse mortgage you must be at least 62 years old, reside in your home as your primary residence and have sufficient equity in your home. The reverse mortgage process is quick and easy. A licensed expert will be with you every step of the process to answer questions you may have.
Kristen Curzytek is a writer for Retiring Wise. Give us a call at (800) 401-8114 to talk to one of our licensed professionals. They can discuss your financial situation with you and determine if a reverse mortgage makes sense for you and your financial goals.