“Aging in Place” is a term which describes the phenomenon of Seniors choosing to stay at home rather than move to a retirement or nursing home. Most people would prefer to remain in their own home as long as they can but are often pressured to move to a retirement home due to health or safety concerns.The decision to “retire at home” or move to a retirement home is often determined by the following:
1) Cost
2) Health and safety
3) Proximity of family
4) Emotional Attachment
Cost is often the primary determining factor in choosing to “Age in Place”. When leaving the family home is not an option financially, some “healthy” renovations may ensure safety and address your needs. Moving laundry, bedroom, and bathroom to the main floor, lowering kitchen cabinet/countertops, adding walk in tub, stairlift, automatic lighting, etc are some of the most common renovations that will improve function and accessibility. The cost of “medical retrofit” renovations can be daunting for those on a fixed budget, however, the renovations can be usually be completed for a fraction of the annual cost of a retirement facility.
For seniors who own their home but have limited cash resources to spend on renovations, a Reverse Mortgage may be the perfect solution. A Reverse Mortgage will give access to the equity in your home and allow you to modify your living space, providing a
safe and comfortable home that you can enjoy for many more
years. A variety of mortgage options are available and monthly
payments are not required.
Renovations completed before the end of the year may qualify for
up to $10K in tax credits through the “Healthy Home Renovation
Tax Credit” program, which will end December 31st, 2016.