Seniors leave their homes in retirement as a result of a combination of factors that often have financial and medical needs topping the list of reasons why seniors are forced to leave their homes. In 2011, an AARP study found that 90% of seniors over the age of 65 want to stay in their homes, but the percentage who actually do, is miniscule. As a result, aging in place became a hot topic at the National Aging in Place Council (NAIPC) meeting earlier this month.
Here are three organizations whose fresh ideas are setting the stage for aging in place.
Full Circle America is a program specifically designed to helping the oldest age group of seniors (aged 80+) remain in their homes. Full Circle America combines technology with human interactions to assist seniors without the expenses that come with 24/hr care. The organization uses monitoring systems that assure family members that their loved ones are safe without having to hire a full time caregiver. This still gives the senior independence when it comes to their own medical care as well as the peace of mind that comes with being able to live in one’s own home.
Full Circle America refers to their program as the “new approach” to elder care: one that continues to value the contributions that seniors bring to their communities. Although there is no replacement for human contact, the personal attention from a caregiver matched with technology allows seniors to have these social interactions without being under constant care as they would be in an assisted living setting. The program is expensive, but for the right person it can be a huge money saver if your alternatives are an assisted living facility or 24-hour care option.
Capitol Hill Village is a membership for seniors in the Washington DC area who value an independent lifestyle but could benefit from some additional support. This program is targeted towards younger boomers who may not necessarily have a medical condition, but do need assistance when it comes to home up-keep or transportation needs. Besides employing volunteers to help seniors live more comfortably in their homes, CHV offers social activities that engage members in their community. Currently the program is located in the DC area but we should expect to see similar programs expanding throughout the country as the Boomer generation enters retirement.
Generations of Hope offers seniors a unique opportunity to receive subsidized housing in exchange for living in a community that could benefit from their assistance. Through this program, seniors are matched to a family caring for foster children. Seniors are responsible for assisting the family through tutoring, babysitting, gardening, and basic activities that can help the families who are providing for a foster child. Seniors have the ability to age in place while creating new social connections, engaging in cognitive activities, and volunteering. Generations of Hope creates an environment where 3 generations can interact. An experience like this gives seniors a new feeling of purpose in retirement that can replace the often empty feelings that come with the abundance of free time that you are met with after leaving a full time job.
It can be unsettling to leave the home you love as a result of growing older. A reverse mortgage loan is another option that allows seniors 62 and older to age in place. With a reverse mortgage you have the opportunity to access the equity in their home and convert it into tax-free cash* that can be used to help re-finance your retirement and stay in the home you love. Call a One Reverse Mortgage expert to discuss the reverse mortgage program and how it can help you achieve your dream retirement.
What are the reasons why you want to stay in your home?
*Please consult with your financial advisor.